The Express.
London, England, 1861-12-19 00:00:00

THE EXPRESS, THURSDAY

tab) inttlitarnct.
EQUITY6OI7ITB7.—De.e. 18.
(Dam Our Ilwitgr of the itas.)

TO NATKIIAL

Lord George Paget was examined by Mr. ituiliurgh.
His lordship said be was introduced to Mr. Morrison by the
late Hoe. Henry Fitzroy. Mr. Morrison asked him to be-
come a director of the society. lie did so, and was ita
chairman for some time in 1852 sod 1863. The transactions
in question took place eight years ago ; since that period his
meld had been occupied with other matters, so that upon
some smaller things his memory was not he said very doz.
A Mr. Macartly was the promoter of the society, and an be
was leaving England for Australia, he wished to convert
into money an annuity and policy he held from the society.
The board declined to porcine" them, and upon the advice
of Mr. Morrison, who cone to him ou the matter,
his lordship purchased the policy and annuity for
600 f. He was then a holder of capital stock for 1,500 f.,
for every shilling of which he bad paid. Including the money
for the policy, be had paid 2,1001. He UMW had any loan
from the association. He regularly attended the board
meetings, and paid particular attention to the affairs of the
society. Everything was dime, he firmly believed, on "the
square." While he was chairman, a resolution was passed
that no investment of monies of the society should be made
in the shares of any company not guaranteed by the English
government, and that not more thao 1,0001. should be ad-
ennead on personal security. He 'wither was, nor had he
ever acted as • director of any of the companies with which
the society had involved itself. The most strict inquiries
were made se to the position of parties to whom loans were
made, and in this, as in other matters requiring
caution, their solicitor, Mr. Horn, was always
consulted. He could not remember that any balanie-
sheet was produced before cheques were signed for the pay.
meat of dividends, but the directors were always informed
by Mr. Morrison, as they believed truly, that the affairs of
the society properly admitted the proposed payments.
There were men of business at the board, by whom from
time to time and regularly everything was scrutinised. He
bad not the retroteat notion that anything was wrong, and
Morrison always gave reasons which appeared sufficient for
any steps approved by the board. For his own satisfaMion
on one occasion Mr. Morrison handed him a statement,
which his lordship produced, of the financial business of the
period, showing • balance to the good in all the amounts.
The principal branch was the life business, which he thought
was then good. The account committee met once • fort-
night to examine the books, and all the investments
at that date ware sanctioned by the solicitor. In
1853 the policy and annuity purchased from the promoter
were surrendered to the society in coosideratim of 3,0001.
capital stock of the company. This transaction was con-
sidered by the board to be for the benefit of the society, and
uit concerned himself his lordship said he left it to the
other members of the board to determine. The board
wished to convert the policy aad annuity into capital stock.
He was abroad in 1814 and 1856 in the Crimea, from which
he returned in July, 1836. During his absence he bad beard
of the scheme of the society in reference to working with a
French company, of which he disapproved. On his return
be wrote the following letters to Mr. Morrison :
"22, Albernarle-strest, July 30, 1856.
" Sir,--I have the honour to inform you that it is not my
intention to offer myself for re-election to the office of
chairman and director of the National Assurance and In-
vestment Association at the general nesting of the com-
pany, which will be held in the spring of next year for the
re-election of the officers of the company, and I beg you
will inform the board of directors of thin-1 have the
honour to be, sir, your obedient servant,
" (Sifted) Gnome noir.
"The Managing Director of the National Assures:wand
Investment Amociation, Pallmell Est."
" 22, Albemarle-street, July 30, 1850.
" Sir,—ln requesting you to lay before the hard of
directors of the National Assurance and Investment AM°.
cation my announcement that I shall not offer myself for
reelection to the post of director and chairman at
the general meeting to be held in the spring
of next year, I avail myself of the opportunity
to state the grounds on which I have felt myself compelled
to take a step that I do with so much regret. I joined the
emaciation some years ago, having the greatest faith is the
soundness of its principles, and from • conviction of the
integrity and high character of the directors. I have in no
way changed my opinions in these respects, on the contrary,
the greater the knowledge that I have acquired of its work-
ing from • somewhat close attendance to the duties of my
*Mee, the more have I been strengthened in ray conviction
of its soundness, while the intimate relations which I have
held with my co-directors during a period of some years has
added to the respect in which I have held those gentlemen ;
bat it is within their 'mewled(' that during the hat two
years I have been inevitably precluded from taking a pert in
their deliberations in cousequeeme of my absence in the
Crimes, and that daring that time a step has been taken by
the board to which I was not • party, god on which I
should ham given an adverse vote had I been consulted.
This is the ansociation of the company with a French
company called ' L'lmperiale.' Into the merits of that
ilecisios it is not in my province to enter, further than to
say that I have no grounds for tenni( in question the ad-
visability of that step. But inasmuch as my name for
originally joining the associatim was, that by • dime atten-
tion to its business I could coannand a strict au of
its proceedings, and whereas I consider that I should not
have the same amount of centred over the business brught
in by the French company with which the 'NatWest? is
now associated, and as I weak" not conned to
share in the responsibilities of a concern over width I
could not exercise that amount of control which
I think is incumbent on • director, I hays cows so tbs
minatioa that I have announced. 1 will only add that I
consider that a director of Duch a company as the National
would be hardly acting fairly by the company were be on
light grounds to withdraw from its direction, and that a dif-
ference of opinion with the board on a matter of detail or of
small importance would hardly justify him in such a step,
but that the decision of the board in this matter, though it
may and probably will be to great advantage, yet involves
such an important departure from the principles ou the
strength of which I joined it, that I should not feel myself
justified in continuing on lb. direction, from which 1 should
never have separated but from this new enterprise. It was my
intention at one to resign my mat at the board en my
' return home, se melee the arcumatimese newly brought
into existence it was sot my intention farther to take part
in its proceedings, bet I feel that my object will be squallgained, and that I shall perhaps be acting MOM is ape
mice with the wishes of the board in taking the stop I
now do, of eatememag that it is not my intention I. offer
myself for re-deetion next year.—l have the boater to be,
Or, your obedient servant,

igatoed) " Grows PAC
"This Masaging Director. National Assurance and TS.
Investment Association."

"leak of Depadt, National Ainuraoce and Inveatineet
Assuciatioe,ll-mali Fast, Aug. 5, 1856.
"My Lord,-1 have the honour to acknowledge receipt
of year lordship's letters of the 30th ult., which shall be
Mid before the board on Thursday seat. Agreeably to
yew lordship's request I enclose copies of both lettere.—
I have the honour to be, my lord, ha.
" Pr= Mosszeos, kasegiag Director.
" The Right Hon. Lard George Paget, KY., C. 8."
The following wee irebeeqesativ seat by Mr. Matirtees to
Lord G. et,:—"Copy of imaintsca passed at the ordi-
nary gmimd meta. of proprietors of the National Assur-
ance and laveetealet Association, held on Thursday the
28th day of May, 1857 The board of management bin
of opinion that it would be for the interest of the essosia-
Non that no further capita.' stock of the emaciation be issued
and the stock already issued should be redeemed, and having
remenusended the seine for the consideration of ties mans-
ben present at a meeting specially convened for that par
pose, it is resolved as follows—That from henceforth so
further capitol stock be issued, as provided for by the deed
of settlement of the 9th December, 1831. That the capital
stock already issued be redeemed upon such terms and sub-
ject to such condition aa the board of management may be
enabled to effect, and for that purpose that the board of
management be, and they are hereby empowered and
authorised to enter into arrangements with the capital
stock for the purpose of redeeming the capital stack upon
such terms and subject to such cooditiose as they slaJ be
enabled to effect, and as they may consider most bmaiaial
for the interest. of the amoctation. —Missed), nen.'"
When his lordship retired in 1858 he did not wish to 00111.
Lions to hold capital stock is aaoepasy of which he was not
a director. There were so few holdws that he could only
sell his stock to the compaoy, who offered 2,1001. for it
DOG or 1857. In May, 1857, Mr. Oadqpii, a relative of his
lordship, saw Mr. Morrison en the subject, and Mr.
Merriam then made or renewed this offer. His lordship
did sot accept it, ea he thought it worth much more. He
might have accepted it at any time down to 1880.
Ho did accept it in November of that year,
as be was about to be married, and wished to
settle the affair. During all this time be believed that the
company was is a prosperene °militias, and that the stock
was of mesh greater values Till Mr. Harding's report he
always isonsidered that he had not received the fair vales for
it. He accepted the offer in November. The transfer was
sent to him oo the Ist of January following, and be then
executed it. The deposit stock receipts were scut to him
later.

Mr. Garth and Mr. Riley appeared for and examined
Lord G. Paget at the coachmen of Mr. Roxburgh's
questions. Mr. C. Swaoston, Mr. Faber. Mr. Hobhonea, red
other learned counsel ►eld watehing briefs for peraeb In-
terested in this unhappy concern. Major Adair was ex-
amined in Lis Jimmies private room, owing to his halms
state of health.

COURT OF QUEEN'S BENCH.—Due.
Sittiop at Nit Prim at Guildhall.—(Be(aer Lord Mkt
Jodie Osokbara and a Speoishlary.)
111:91811 v. 00DpUlf.

This was sa adios far smolt sad fake kapriemment, for
the wrongful 'seraglios al essisin goods bakeigiug to the
and also for ware.
The defondant pleaded not sulky ; esooodly that be bad
rasaooable aied probable oases to bife►e that the plaided
bad committed & felony. and ha paid W. into court.
Mr. flegleant Shige sad Mr. Byres were counwl for the
plaintiff ; and Mr. Lloyd, Mr. Hawkins, and Mr. Poland
oesdaMed the defame.

iou ltar bowleg ',ideate on both ides, the case woo ad-
rsoiL

DEATH Or TIM MIMI 00111101 T,
The Lord Chief Justice pun *odes tart this road would
sot sit es Monday ask tM day appointed for the humid