The Northern Daily Times.
Liverpool, Merseyside, England, 1857-04-13 00:00:00

BOOT AND

1 AND 2, CGAIMIITATION ROW, CORNER OF LONDON ROAD.
Goods supplied to any amount on the shortest notice, and at the lowest wholesale prices.

Our Manufacture of Pe g'd BOOTS and SHOES are specially noted for giving great wear; they
are neater, lighter, and mor durable than sewed work, never lose their shape, and each time repaired,
appear equal to when first rim

MUTUAL LIFE ASSURANC

QCOTTIS.II PROVIDENT INSTITUTION.
L..
The NINETEENTH ANNVAL GENERAL MEETING of the CONTRIBUTORS to this SOCIETY was held in the Waterloo-

Kdinhurgh, on Itith February, On the motion of Professor Mottle,
ROBERT HUNTER. EN:, Sheriff of Dumbarton and Bute, was called to the Chatr.
The CHAIRMAN said—Gentlemen, allow the to offer you my cordial thanks for the honour which you have done me in placing me
here. and, at the same time, to express my sincele regret in which Stott Will all concur, that ind'soensible Madness has oecasionel the
einem eof the regular Ch' irman of this meeting—Mr-John Hunter, the Auditor cit the Ceert of Session. But it is consolatory to me
that, year by year, the duties of the Chairman of the General Meeting become more ease and agreeable, as they consist chiefly in his
being authorised to assu e yell of the aetuai prosperity of the Institution, and of the brightness of its prospecte and of pointing to the
Annual Report of the Directors as embodying the evidence of that Assurance.
'She principles on which this Institution rests have been so thorough!), canvassed, the; are so well known to all of yeti. act! the
appreciation or them by the comniun to has been so clearly evinced by firm and continued support, that while to detail them would
be tedious, even e elance at them would be supe, Sous. But it may be well that I should state as briefly as practicable, the more pro.
minent portion of the administraeve rules by which tee Directors have been governed, and the consequent course of action, as it is
to adherence to them, atta secondary course, that the irroepeilty of the Institution is. in a greit measure, to he attributed.
The Chairman having stated these rives, and the principles on whit h they rested. their practical application. their results, and the
probable future course of administration, proceeded
• While these are some of the means by which we have promoted our welfare, and by which we hope to promote it hereafter, there
is a colt oeral topic which may, at first sight, appear somewhat out of place here, but which. on consideration. will be found to ha. e a
practical beating on our co, porate interests. A war, of the justice and sound policy of which very few have had any substantial doubt,
by subjecting ue to heavy direct taxation, cheerfully borne, has t oight the men of this day, and revived in the minds of those of older
times, those lessons of prudence, economy, and retrenchment, which a war-tax never fails to impress. nese valuable habits. com-
a paratively short as their durotion may have been, will with many continue to be effective, and enable them to save the surplus of
income above expenditure which the cessation of the property-tqx will create May we not hope, then, that a 'portion of triose saviDlS
will be Welled to the purpose of Life Insurance? This application is the discharge of a sacred du y, as, with a large body of the com-
munity, it affords, if not the only, certainly the most sate and efficient means of making that provision for the future which is incum-
bent on all. When made,, the provision will be secure and orofitable. This Institution involves both of these beneficial qualities in
a Mode and to an extent which will satisfy every reasonable man. ur policies are indisputable in the only sense in 'whch the word
can have around practical meaning; for they can he annulled only by full legal proof of actual fraud, or, what is equivalent, of wilful
fa sehood. It Is in vain to ar tie, that under the colour of such delicts, a policy m ght be annul'ed when there existed innocent error
onle. As the distinction must ever be palpable to the conscience and intellect of the perpetrator, it must be equally so to the minds
of the director and the judge; and no Insurance Instl:ution would attempt to eff et a forfeiture, when tb-y must know that the
attempt would fail, and that it would result in loss and disgrace. While In no in,itance have we "disputed" a policy, it is both in-
, atrucrive and amusing to know that several of the Insurance Offices which have adopted the character of being ind.sputable" have
activate, been Involved in c ,arts of law, in acrimonious and futile " disputes."
Provision, by sore accumu!ations, is, doubtless, the prier ry object of Life Assurance, but it affords to the Policy-holder advan-
tages, secondary indeed, buz legitimate, in the fund of credit which it creates, anti in the position which it gives him as a member of
one of the principal aggregate public bodies which this country c ntsins. The important consequences which must accrue from the
increasing number and accumulating result of Assurance Associations, is a subject which. I thick, has nut yet attracted the atten-
tion of the statesman and politicel economist, in the manner and to the effect which its magnitude dernanes. Assurance Associations
are the recipients and dministrators of the savings of a propottifin of the middle classes. Savings by insurance cannot, like other
savings, be. resumed or relinquished at pleasure; once begun, it must proceed, and every nerve will be strained, and every sacrifice
made, to avoid forfeiture. The accumulation is but Rifle retarded by the emerging claims, for te e proportion which these be rto the
aggregate :mount is small, and, within a shoat time, much of their amount will revert to the general fund from which it sprune. The
necessary investments must seriously influence securities, the rate of interest, and the money market generally. The effects are
fast becothing ebvious. • The greater permanence of their loans gives Assurance Societies a preference over private capitalists; and
while they can never supersede the trade of the banker, or even materially encroach on it, they can, by skilful arrangements, safely
participate in the profits of some of its departments, These conside atious establish the wei;ht of those institutions, and conclu-
sively show how important it is to the community that, along with their groath, every care should be taken that they be sound and
healt, yin their constitution and administration.
Mr. CHARLe:S LA WSON, jun., Seed Merchant, said—The Directors meet you In this place once a year, to give you a brief,
but at the same time dis'inet anti accurate, report of the state of the Institution. Atter the excellent remarks so eloquently
delivered by ih. borne t Sher ff in the choir, as to the general working of the Office, little remains for me to do ; but as convener of.
the committee for the annual meeting, I have tee pleasure to lay before you the Report of the business done d ring the past season,
and which will be lead '.y the Ma alter. Ido not wish to aroi^ipate any of its details. but when I tell you that this year we here to
report the lirg s- amount of'Policies twc*pted in one year since the formation of 'the society, you will consider that we have not done
amiss, and that the business of the office continues to increase and prosper. At a time when so much is said about the solidity of
rnt ny feeurance Companies, it is gratifying to be able to state that I believe that all the Scotch offices are urceiestionably noun i, and
I kn, w that they appreciate the merits of each other, by the interchange thr ,ngh re,neu:ance, of their surplus risks. Of the species
of business lam glad to say we have a considerable share. I suppose there are five to six m !lions of heads of families in the United
Kin, done who ought to insure so that there is plenty of room for us all to prog-esv. White I thus however bear a wliliug testimony
to the character of the other offices 'in this' country, I would not like to lose sight of the particular merits of our own Society—the
only one in which the generally acknowledged a'ivantages of the mutual system can be obtained without the counteracting
disadyaniaee of having to pay an unnee..saarily higher rate of premium.

4We have heard it urged at tha public meetinv.s of other Offices, especially of the higher rated Mutual Societ..es that a prefer.
once ought to be given to high rates. 1 presume this can only be on the sco:e of their supposed greater security. I need not take
up your time with a defence, of our. Office on this p lot ; but were there any doubt, it is sufficiently dispelled by the fact that these
high rated wlices themselves act upon a scale of Premiums equally low with ours; the only difference being that they give those
who assure by it.no share in the profits. On th, contrary. in promising the profits from this brands of business to their other
assurers, they. as I think, emphatically mark their sense of its safety, by interposing the guarantee of the General Fund
The learned Chairman has alluded to the reduction cf Income t x, and the sum which will thus become vdilable for private
expenditure, cr for purposes of family provision. It may not be out of place to none an instance or two allowing how advantageously
sub surplus may be employed in Life Assurance. Take, for example, the case of a you:ig man of twenty-five, having au Income of
£l5O. The Saving of tax in his case, at gd .I,er pound, is £5 13s 6d—a sum equal to the premium on £3OO, which would thus be
secured to his faiuily in the event of his death. A man of thirty, egain, with an income of £4llO per annum, will save!'ls, which
would secure a policy with us for abut eno ; while a man of forty, on an income of £l,OOO, will save as much as would enable him
to eff: ct a similar provision of £l,lOO nearly.
. .

The Scottish Provident Institution yearly rereives an accession of Members from all cl sees of the commu ity, and of late years
we have a good number of Agr.culturists. whom we are glad to welcome among us. Their occupation is mach in favour of health
and longevity, and they are just the people who seould j.)in us, as most likely to reap the greatest benefit from our peculiar system.
If you approve tai the list of new Directors, which will short' be sub.nitted to you, we shall receive the ser,i es at our Board of a
most marmot member of this class, generally known, not only in connection wi'h agriculture, but with the sound and practical
application of the rules of political economy, and who has long been a Member of this Society. I have no doubt that hie example
wul be the means of inducing many of his brethren to associate themselves with us.
REPORT BY THE DIRECTORS.

The Report, which the Directors have now the pleasu eof submitting, presents a very satisfactory view of the progrers of the
Institution, the new business during the year being considerably in advance of that of eith. r of the two last years.
The new Proposa's accepted have been 689 in number, assuring Capital Sums to the amount of 4'325 935. The yearly Premiums
onithe new business amount to 4'9,274 7s 4d; and a further sum of 4'8,735 fis Id has been received for Assurances by Single Pay-
ment, and for Annuities cnrpractert for in the year. The gross amount of Premiums received was 4.!8,079 Is. 4d.; and, including
interest on the accumulated Fur,d, the Income of the year was £106.222 3s 7d.

• The claims en account cf Policies which hare emerged daring the year, by the death of 59 Members, amounted to .e 36,36075,
being considerably under the amount in the preceding year.
At the close or• the year there had been issued. in all, 8 494 Po'ides, assuring £3,745 639, beides annuities and miscellaneous
transactions. The sub,isting Aseuracces were £2.911,522 3g, and the nett yearly preen urns corresponding to these £79,224 Os 21
The realis..lFur.(l, a ising from' accumulated Premiums, was, at 31st December last, £445.3474s 7d, and the Revenue from Piemiums
and Interest, £93,763 10s 2d.
The Retort and relative Statements havinrr been read—
tin the tuolion of Roßaar WALKER; Ern (Bell and Bradfute), Publisher, seconded by ROBERT NASBITTR, Req., Dentlit, the
Report was unanimously approved of.

• Rev. THOMAS UCH LAN said—l rise to move, that the thanks of the meeting be given to the Directors for the manner in
whieh they leave con. octet hs business of this Institution for the past year. And, in making a few remarks on the general claims of
the Ireet'utesn to receive support, do not know that I posse-5 any qualification for doing so, beyond that of being a member ot it. I
insured my life several years ago ' • but, really, it was more 'rom instinct than as the result of any process of reasoning. I felt as a men
feels when he g' es to provide hisdaily bread, that I could not do without it. At the same time, there are abundant good and sub-
stantial reasons that can be adduced in favour of such a step; and when one does begin to look about for them, he does not need to
go far to find them. while lam not swam cf one go d argument that can be adduced on the other side. There are three arguments
in teveur of Ineeran. e that stated out very prominently.—First, A man owes it to his Ma, er. He is placed by Him in c'rmenstances
in which providing for the future is ever a pressing duty. In spring time he has to provide for the coning winter; in winter, again,
for the open rig spring, roe great business of life is, to provide for death, and what lies beyond it. And this is true in the
most subordinate matters. Nor can we quote against this principle the emphatic passage of Scripture which tells us, that
sufficient for the day ,s the evil thereof.. It is comforting to know that there is a wise, superintending Providence, and that. in
his u most extremity, man has that Providence to lean on; but Providence was never intended to be a pillow for human indolence
anel human negligence, or a substitute for human forethought or hu nau effort. Thep, Secondly, we owe this to ()there.
We owe it to the,e who are dependent on us for supcort. It is a poor token of our affection and regard for hem to resolve that,
whew we ourselves die, the y shall be left to the haphazard action of ordinary benevolence This, surely, is not sufficient to satisfy
a right affection, nor is it just to those on whom we leave the bUrden. A man has no right to leave his friends under burdens which
truly belong to him They may very justly decline to bear them in such circumstances, and his shortcomings and neglect may come
to be punished iii the persons of those of whom we should most love, and most liberally provide for. Thirdly, A man owes this duty
to himself. It is the.resdiest way of getting rid of sources ef mental anxiety, to which few men are s'rsngi-rs. Ido not know that
is man, who has a family or other teletives dependent on him, ever feels more comfortable than going home after insuring his life.
He feels that, so far, they are secure. To tell the truth I can look upon my own children, after paying my insurance, with an amount
of complacer.cy I could not. feel before. Indeed, I bel eve that Life Insurance becomes a help to longevity. and Ido not kno.v but
Insurance Companies sin un take this into their calculations in estimating the value of a life. It helps to drive away some of those
cares and anxieties which sap the very foundations on which physical life is based.
What 1 have said applies strongly to those like myself, who have only a stated annual income, dying with themselves. To take
my own profession, it is the only means most of them have of providing for their families. There is one thing whith most ministers
want. They may have learning, aed they may have piety—they may have prudence, and they may have eloquence—but they rarely
have wealth ; and, whether it be right or wrong, they. thus seldom have the means of laying up fur their families. As to these, and
such as these, no greater earthly blessing could visit them and their households than such as came eithia their reach, through the
dee& pment of the system of Lit- Insurance.
One word; ere closing, as to this Institution. It always struck me as having two strong recommendations. First, Its economy.
Economy is the try of the day, and no more powerful lever can be devised to move the public mind than bringing before it a desirable
object; associated with economy in the conditioi aon which it is offered. Well, here we have it It appears to me that in this
Institution the Insurer has the best pennyworth ter his money. 1 have looked around, and I have not been able to see another whose
terms are, in this respect, so fa. ourable to the insurer. And there is a second recommendation: in that you have, after meting the
fair and jest claims, or all insurer., the just principle in operation or giving the largest share in the distributon of your profits to
those by whom the Institution has profited most. I don't like the term bad and good lives. What men call tad lives often turn out
the inest; but I speak of those who, by their payments, have benefitted the Society moat. and I say that these are justly enttled to a
measure of benefit from its ',refits, somewhat proportic nal to the benefit they have conferred. But I have d. ne ; and without adding
a word as to the estecess of the e.essures cdopted by the Dit ectors for the last year, for which the report itself speaks, I move Is terms
of the motion I have already announced.
The motion Was sea nded by Mr. JAMES Home, Corn Merchant. Haymarket, and unanimously agreed to.
Thanks were al .° voted to the Auditors and Trustees, and to the Office-bearers; and the Management baying been constituted for
the ensuing year, ithe three last-uained Directors•being new appointments), the meeting separated after a vote of thanks to their
Chairman. _ _

Sir William Johnston, of Kirkhill
Charles Cowan, Esq., M.P.
John Masteraian, Jun., E q., London

Alex. Keith Johnston Esq , Geographer to the Queen
Graham Binnv, Esq , Writer to the Signet
Co;quooun, Esq., Advoca e
Robert hunter, Esq., Sheriff of Dumbarton and Bute
Charles J. Kerr, Esq., Banker
James Usher, sq , Brewer
John S. Vlore, Professor of Scots Law
John F. Alacfarlan, Esq., Chemist

James Crawford, Jun., Esq., Writer to the Signet
John Auld. F.! q., Writer to the Signet
James Cathcart. Eeq., Merchant, Leith
Andrew K. Clarke, k sq.. Advocate
Charles W. Anderson, Esq., Eterct.ant, Leith
George Hope, Esq., Fentunbarns, East Lothian
Edmund Baxter, Erq., Writer to the Signet