The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1856-01-08 00:00:00

(FROM THE MORNING HERALD.)

IT appears now to be almost universally acknowledged that
the conductors of the daily press should not forget, among
their multifarious duties, the necessity of warning the public
to be cautious in its known tendency to snatch at any corn.
mercial bait which presents itself, however extravagant or
impossible of attainment its promised allurements may be.
If this be conceded as respects ordinary business-speculations,
it behoves them to be doubly watchful in such matters as life
assurance, where the victim, once spell-bound by specious
promises, is likely to remain enthralled until, possibly, the
savings of a life are expended, and until, in old age, the
bursting of the bubble suddenly surprises him with the heart-
breaking announcement that his family are destined to penury
in place of the competence which it had been the dream of
his life he had provided.
Considerations such as these, we suppose, have led many of
our contemporaries in the metropolis and elsewhere recently
to draw the attention of their readers to the position which
has been attained by one of the many excellent establishments
now in existence connected with life and fire assurance. We
allude to the Royal Insurance Company ; and certainly the
success of that company has- been so rapid, and itas so mani-
festly followed on sound prudence in the management of its
finances, that we consider it advisable to refer to its proceedings
as an example to the conductors of similar institutions.
The attention of the public appears to have been first and
mainly drawn to this company by the wisdom which marked
its financial operations in the year 1849. From the annual
report read at that time, it appears that, after paying ample
interest to its proprietors during. the four preceding years,
there remained a reserve fund of $108,e40 to be disposed of.
Considering the practice and banefil example of many modern
public companies, here was clearly a, stropg temptation to
divide'a large'snm among the shareholders, which,-as it turns
out, might have been done in safety,• as the manager stated
in his speech, a year or two since, that every subsequent year
has yielded a profit and added to the surplus capital, after
paying a dividend to the proprietors.
However, instead of following the course we have indicated,
the directors of this respectable company added from the sum
named about £90,000 to their permanent capital; for the in-.
creased protection of its insurers. This step distinctly shows
that the company has always acted on thaprinciple enunciated
by one of the directors at the last annual meeting of the pro-
prietors —" thatthe interests of the assured have a paramount
claim on the-directors—a claim superior even to that of the
shareholders themselves."

From that moment, as might be expeed, the company
attained the• highest consideration throughout the country,
and has retained ever since. The result io shown in the
unexampled fact that` its fire revenue alone rose, in about five
years, from little-more than £30,000 to about £130,000."
A further cause of this rapid growth _lies somewhat below
the surface, but is yet of importance. From inquiry we learn
that no fire office possessing half the above racenue annually.
deposits its accounts with the registrar-generak,
This fact has recently been noticed with just-commendation
by one of our contemporaries. Instances have -followed each
other of late years of•firms and companies enjoying a celebrity
almost the growth of generations, flourishing by. the sole aid-
of their established prestige, multiplying by these means-
their vast responsibilities, and thus only heaping up by the
aid of their annual -resources, which serve but-to defer the-
anal catastrophe, an-ultimately is.kmslAn nclgta = '.O dvuleStle,
and public woe.
These events could never have happened to the same extent
if the public had had -the means to sift and examine the posi-
tion of these establishments annually during their-existence.
It has been truly said that the "wealth of the oldest com-
panies may have dwindled. instead, of accumulated," so far as
the information which they afford to the public gives any sign.
The resources and balance•-sheets of this great company are,
on the contrary, annually registered, and unmistakeable evi-
dence is thus given. periodically of its capacity to meet its
engagements.
But we should not omit the- life branch, which has chiefly
attracted attention lately. The-reversionary bonasto assurers
on this branch is stated to.he•"equal on the average .to 80 per
cent. on the premiums:-paid from ages 20 to 40. Although
this amount of bonus, strikingly large and satisfactory as it
undoubtedly is, is not' unprecedented, as some have stated, it
has evidently reached a-point of magnitude which is not likely
to exceeded in permanence by any respectable-and prudent
office• computing its-liabilities on so sound a principle as that
recited in the actuary's report.. This is, indeed, „self-evident
from the statements-of- that document itself, to the effect that
the• mortality has been more favourable than the ordinary
tables of mortality—the• expenses unusually small; and that
the interest on the investments has yielded fullTs per cent.,
without the loss of a single fraction by bad debb—a financial
success in itself almost unexampled, we should think, in such
large transactions..
If with all these- advantages the result preduees such a
bonus as that adverted toy people may indeed look with sus-
picion on any company. either declaring, or- leading their
assurers to anticipate larger results in the wayof,profit. The
opinion acquires greater strength in our minds when we-
remember that the bonus is stated to be larger than that
latterly given by some of the most successful. and flourishing
offices either here-or. in. Scotland.

It has been asserted that uo check can be devised by which:
either the public-or-even the government, if assurances offices
were placed under its control, should be able to test the com-
parative soundness or danger of each. We confess that, look,
ing at the report ot the actuary of this company, we arrive at,
a different conclusion.

The bases ()this mathematical investigation, of the liabilities-
of this company are: given in plainer terms, and freer from,
technicalities, than.: in, the report of any other actuary that we,
happen to recal.ot the moment.
The safety of the,coraputations is prove ,by the. following
facts :

The rate of interest assumed is fixed at; 3 per cent. Con-
sidering the fluctuations to which interest of money is liable,
taking the -scope of an extended series. of years, any higher
rate than this would, we opine, be unsound. If the legislature
solely required that at the periods of valuation each office
should declare the rate of interest it adopted, that singlestep
in the right direction would riot be unattended with, good
results.

But further, the future premiums receivable are not taken,
it appears, at the rate which the assurer has undertaken to
pay, but at a smaller sum, which, in the actuary's opinion,
wouhLat 3 per cent. interest just provide the exact amounts,
assured. It is clear that this is, another act of judicious
prudence, providing another element of safety. It is obvious
that each office includes in its annual charges for assurance.a
sum to cover future expenses, as well as to provide a..profit on
its- transactions. If this be the tnse, it is equally evident that
if the present value of those future payments in, full were
taken to reduce the present amount of liabilities of a company,
the computer would be anticipating as an immediate disposable
sum the future profits, and we-aid be giving a delusive appear-
ance of prosperity to the ace,..mts, contrary to. fact. Thus
again we have a feature in life, valuations which, if required to
be stated, would tend to the security of the assured.
The actuary, having stated his mode of valuation, explains
the' sources of future profit in the following plain terms,
intelligible to the masses who are interested in.life assurance :
"There remain, therefore, untouched, for your entire security
and future profit, over atul above the ample aeserve set apart to
meet future liabilities under your present engagements, the fol-
lowing items, viz.:—
"1. The additional interest above 3 per cent, which you will
receive on the said reserve and on the future premiums.
"2. The amount of annual premiums now receivable beyond,
that which is involved in the calculation, This has already been.
referred to as the "loading," and will be-an addition of upwardw
of 20 per cent.
" 3. The probable advantage of a more favourable decrement
of life than the tables of mortality would indicate, arising from
the high standard of eligibility which has been adopted by. the
company.
"4. The property arising from policies lapsed or surrendered.',
The statements from which we have taken these remarks

are contained in a little almanac lying before us, which is
circulated by this company, and which contains very interest-
ing and useful information on fire and life assurance, as also
on other general subjects.
We have taken up this subject, and selected as our example
this influential company, as the management, or rather the
mismanagement, of many of our commercial establishments,
as well as insurance offices, has recently startled the prudent
and violently shaken the confidence of many ; and we con-
sider that by holding up to public commendation anyinstance
importantsuch
an
n epresentnd beingo f the
governeda rs ofb ya an est
sound
a b hs
judgmenthmet fo r a
ns
do
unshaken integrity, we are helping on a better state of things
successf or th e
has and a
tbeyn
dt
ehdi s
thecase at
society, l
aret, rlloums t
rtaht
ienegmtion
theen t
directors of public companies generally the truth of that
homely, though oft-forgotten, proverb, that after all, and in
the long run, " honesty is the best policy.
While upon this subject, we would call the attention of
some of the most eminent insurance companies to the fact,
that there are now in existence many small offices which,
from the nature of the business transacted by them, we are
certain cannot be in a prosperous condition; and we would,
therefore, suggest that some steps should be taken either to,
amalgamate the affairs of these doubtful concerns into one or
more respectable establishments, or that the more fortunate
undertakings should gradually absorb their smaller brethren,
and thus prevent anything like public scandal being brought
upon a principle which, under proper management, we look
upon as one of the most valuable of the age.

[JANUARY 8, 1856•

ECCLESIASTICAL INTELLIGESCL

PREFERMENTS AND APPOINTMENTS.
Rev. J. C.' Bates, M.A., of Queen's College, Oxford, to
the
Incumbency of King Sternriale, Derbyshire. nes
Rev. W. Blow, M.A., to the Vicarage of Layer Breton,
Colchester.
Rev. W. H. Davies, to the Curacy of Shipley, near liorsll4
Rev. C. J. D'Oyley, to the Incumbency of St. Mark's p
Church, St. Martin-in-the-Fields, formerly Long-acre VD'
London,
Rev. J. D. Gray, to the Vicarage of Abbotsley,
Rev. Hobson, to be Chaplain of Kilkenny Goal. ,
Rev. H. Howes, M.A. to the Rectory of Spixworth, gat,
Sunning
near A. W. Pearson, 8.A., to the Curacy of
near Chertsey.
College,
Rev. M. Roberts, M.A., Chaplain of Magdalen
ford, to the Rectory of All Saints', Saltfleetby,
Rev. J. W. Ramsey, Curate of Grays Thurrock, to the '
of Rolvendon, Kent.
F?rrefh Rev. R. S. J. Shirreff, to the Rectory of Woodham
Essex.
Rev:J. Todd, to the Vicarage of Ardleigh, Essex.
.„ Weo"
Rev. H. Tudway, ',M.A., to the Rectory of Walton-MP'
in Gordano, Somerset.
se%.
Rev. G. C. Tufnell, M.A.. to the Vicarage of Takely,
Hantiofldensbir6
Rev. 'l'. Wildman to be Domestic Chaplain to the ItiguderiDe
the Earl of Galloway, at Galloway House, Wigtonshire,ue
licen of th BisLo of Glaolsow and Galow. Rodoef'
Rev.ce C. M. W ilsonp , S.C.C., to the Rectory of White
near Chipping Ongar.

b
DIOCESE OF IVIAN-CIIESTEE.—The Lord Bis..oP of glv
,1,0
chester, on Wednesday, licensed the Rev. John Bob'P'
the stipendiary curacy of St. Oswald's, Collyhurst
Ernest Augustus Lang, 8.A., to the stipendiary curao ;14
James's, Birch, near Manchester; Rev. Alexander Shaw go.
8.A., to the stipendiary curacy of St. Paul's, Preston'
Edmund Boteler Chalmer, 8.A., to the stipendiary
St. James's, Manchester ; and the Rev. John Leighton F
to the chaplaincy of the Manchester General Cel
Harpurhey, in the place of the Rev. Charles Marshall'
signed.

COURT AND FASHION.

Her Majesty and the Court have remained at
during the past week. 06 LORD STANLEY has left Knowsley for Hughendou
on a v APPROACHINGthe Ri Hon. B. Disraeli.
*wee tl!
AN MARRIAGE is announced ue.-- •
Lady Emily Curzon, daughter of the Earl Howe, and
Colonel Kingscote, of Kingscote Park, Gloucestershire' witli
1)4 THE MARRIAGE OF SIR ROBERT PEEL M, Barv., tsPt.
the Lady Emily Hay, is postponed until the 17th ins loft
The Duchess of Wellington will celebrate the event
grand breakfast in the Waterloo Gallery of Apsley 11P11900
MR. WILLIAM Ross, brother of Major-General Su' goo,
Rose, is about to form a matrimonial alliance with the oj
Miss ,Thellussou, daughter of the Lady Rendlesbaill,
sister f the Ld Walsingha. DO'
Their Royala Hiy ghnesses them Duchess of Kent, the fr
Cambridge, P-' Ed -d •ince

_Three sward of Saxe Weimar, and Priri,'"aili
nest of Leiningen have been on a visit to her Majesty
the week.
The Prince of Wales and Prince Alfred came to Lendlce
Wednesday, and visited the Duchess of Gloucester at Gl° 31r
ter House. Their royal highnesses afterwards attendeu.,4l
Faraday's lecture at the Royal Institution, and then retux"
to Windsor.
rsd'il
LORD PALMERSTON, who had been staying since Thum
the guest of the Queen, took leave on Saturday forryo
having to attend a meeting of the war department.
Palmerston accompanied his lordship to town.
His Royal Highness the Duke of Cambridge- was Pr-,'d at
on Friday, at the meeting held at the war department, °„'"dor,
which Lord Panmure, Lord Palmerston Lord- Clare‘lrooil
Lord Hardinge, Sir Edmund Lyons, • and 'Sir Charles
attended.
TB Hon. Wyndham Quin, /ate' of the Grenadier ug or
only brother of the Earl of Dunraven,,is about to 003 01
trimonial alliance with Caroline, third daughter of -Adjji4
Sir George Tyler, M.P., of Cottesell, Glamorganshire• 5.0
Harriet Tyler, eldest daughter of the Admiral, will be 1113,411
at the- same time to Mr. Edw. P. Richards; of Plas
in the same county.
ON Saturday, Her Majesty and his Royal,Highness mill
Albert, attended by Lady Ely and the equerries in waitinkir
the Castle,-and travelled by a special railway train torts
don, in order to inspect the Gailery of Paintins- in B_Ato
Colours, in,Pall-mall East. The Royal cortege returnet'o,
the Castle from town, by a special railway train. Her the
jesty, before leaving London, paid a visit- to her ann'"!oo
Duchess of Gloucester, at her residence, Gloucester Du
Park-lane.
.0v0;
ALARMINE,ILLNESR OP LORD ADOLPHUS FITECIdea
—Rear-Admiral Lord Adolphus Fitzclarence= is in 31,101
critical state, arising from a relapse of gout; from a o.l' frer
attack of which the noble and gallant admiral had been 56 icsi
ing for the last three weeks. On Friday morning he fear'
assailed by the most serious symptoms, and the greatest '
were entertained,,.when the members of his lordship's fsrlo
learnt from the medical attendants that their patient;es
seized with gout in the head. About three o'clock,on Stid 0,4
morning a decided change for the better took place, 9,11,.,,5t0
medical advisers hold out hopes of his lordship's nttl.,—,e,
recovery, although it could not be said he was out of de 3cll
Up to a late hour in the evening the noble lord remained."' thl
the same, and the favourable change noticed early. 13
morning continued.
-vmaerer,
IMPERIAL PRESRSJP, MO HER MAJESTY.—The
Napoleon, with fine taste and delicate courtesy, has sea' ift
to the Queen a very pretty and very precious Christnoliii
It is in the form of a -lady's album,—and the substance IV
is an artistic Memorial, of Her Majesty's Visit to Paris• cb
drawings are in water-colour, by the most renowned Frv„sJ
masters. The Queen at,Boulogne is by M. Morel Fatio,:oo,
the departure from that port by M. Mozin. M. Chavet vet'
arrival
at
st
ar ue
st e tributes
uttwodstt
.hi 1
Cloud.
u sIo
mut r adp.
et ireills
f-setuowp,tpoheterz yr
Tda, album—Thewe
ewin
g Queen'ss
a rieat
übrr;ibvsaat lrritlaitet
artists
is Qs ...n.ss MM. taus ass • mi. Etzgen Lam
known in England. The case which contains these treasar;;
is got up in the most exiinisite style, and with all the rich lye
of ornamentation for which French design is renowned. of
book, we believe, was produced for trio Emperor at a cos
a: thousand guineas.—Athenceron.
DEATH OF THE MARQI.7IS• OP AITP4DURY,
Marquis of Ailesbury expired on Friday morning, at TC' The
ham-park, the family scat, near Marlborough, Wilts- NO
venerable marquis had been in declining health for the a
03
three years, so that the members of his Lordship's 11
were not unprepared for the mournful, event. The verse F)
Peer was born on the 14th-of February, 1773, so that be The
on the verge of attaining..the advanced age of 83 yea,frs'„ged
deceased marquis, previous to his- accession to the tise—Avtil,
Peers on the death of his, father, the Earl of Ailesbury, in
1814, represented Marlborough in the House of Cotn'-iplic
during several Parliaments, and was, throughout his IL/. 01
life a zealous Tory of the old, school and warm. supPorntie'
" our Protestant institutions." The• noble deceased
ceeded in the family honours by his eldest son, George„.it of
liam FredrickSarl Bruee,Lieutenant-Colonel Commalw.„ber.
the Royal Wiltshire Yeomanry Cavalry, born 20th Nove_nipe
1804, who married, 11th of May,. 1881, Lady Mary enfig
Herbert, third daughter of the late Earl of Pembroke...A,
Lordship was, in 18395_ summond to- the House of I.o—
title of Baron Bruce, of Tottenham.
4
TER ANNUAL DISTRIBUTION 02, HER MAJEST-
„es 0
YEAR'S GIFTS.—On New Year's Day the gifts to the neld,
ing poor of New Windsor) Holy Trinity, and Clewer Psrreol
were- given in the Riding School. The arrangements 'ye,"
a similar description to. those of former years, and the 0,
mittee of management consisted of the Hon. and VerlwlN
the Dean of Windsor,_Colonel Phipps, and Colonel Biddo
with the Rev. Henry. John Ellison, vicar of winasoq.
Rev. Henry Hawtzee, . Holy Trinity ; the Rev, „„cielt
Carter, Clewer; and.. other clergy, the churchw''tiarF
overseers, and some -of the leading residents of the tY,
parishes. Her Majesty_ and tbe Prince Consort, Wit rock
Prince of Wales, the Princess Royal, and the rest of the jog
family left the Castle at ten o'clock, walked to the IlprtOcei
School, and took their places as-usual in the gallery cir',ll.
eastern entrance, from which.. they had an excellent 13;01
the proceedings. In preparing. the list of recipients cart yrof
taken that the poor to whom the gift did not extend 10-5_009
should be included.in. the present distribution. The r"..
value altogether was X 65.0.