Northern Times.
Liverpool, Merseyside, England, 1860-02-15 00:00:00

LANCASHIRE FEMALE REFUGE.

-•
The general annual meeting of the friends and sup-
""ers of the Lancashire Female Refnge, was held on
Yesterday afternoon, at the rooms of the Bible Deposi-
t°l7, Slater-street. Mr. Barclay presided ; and amongst
the gentlemen present were Messrs. IV. Gregson, A.
The ' 11°dRson A Gladstone, G. Holt, the Rev. T. Carter,
A
ev. I*. Appleton, &c.
GREGSON read the report of 'the "operations
of
fell the Refuge during ,the past year, which ran as
the
oeltt.. Presenting their report for the year 1859, the Committee
t• the Lancashire Female Refuge are thankful to be enabled
00uffratulate the subscribers and friends of the Institution
• improved condition and prospects. Not only has it been
tiedeved from embarrassment, and its subscription list
torreased, in consequence of the kind response to iheappeal
1/0,, Pecuniary aid at the close of
.1858, but some inaportx,t
Prf rovements hare been effected in the es:ablishment. The
euaulses at Mount Vernon have been completely drained, and
4,'11,an entire reconstvuetion of the .laundry has taken place
'will facilitate the labours and increase .the earnings of the
4luatv. The cost of •thase improvements have been defray .d
generous
or a fund raised for the purlose by a few tried and
4,1p.0us friends of the Institntion.
ith.',•ue gross earnings of the inmates for the last year have
L'l''Ounted to £144 16s. fid., being £55 I7s. Bd. beyond the earn-
V,_of the previous ycar.
ten ?,-0 character of the " Refuge," as an Institution for
N.,;,erving females on their discharge from prison, and endea-
k, 'ring by the best agencies, industrial, moral, and religious,
Ajeforra them. and train them for domestic service' has been
huLY Maintained by the results-of the last year. The total
twhiber of inmates during the year was thirty-three, of whom
th:otY-four left; of these twenty four, three were restored to
ov_ir friends, eleven placed in service, one left to work at her
1414 business as a dressmaker, one was removed to the hoapi-
tei;t.°he absconded, and seven quitted the house from discon-
doh• Of the eleven placed in service, seven are known to.be
let;qf well, the eighth is married, and the +Aker three have
.111' their situations, and nothing further is k4own of them.
one who loft to resume her b siness, is doing well.
110inthese are results for which the friends of the Institu-
aY well thank God and take courage.
rti,:Lere remained at the beginning of the present year only
ILMates, btit an additional number. may shortly be ea-
". It is feared that some WM-disposed women are

deterred from entering the Refuge on their discharge from
prison, bebause they fancy that it is little better than another
species of prison; whereas•if they were fully and accurately
informed as to its real character, they would learn that ;t is a
Itpuse of mercy and ,a home, which they may enter without
and sacrifice of their liberty, with the certainty of receiving
the kindest treatment, and with the prospect of eventually
obtaining.by good conduct such a situation as will restore
them t 3 a respectable and happy position in society.%

On the, motion of Mr:, seconded by Mt. A.
Gladstone; the report liras unanimously adopted; and the
committee were* re-appointed. •
Mr. A. GLADSTONF, in .presenting the statement of
accounts, said he had again to Congratulate the society
on its improved "financial eondition: The balance this
year was £lB7 7s. being more than £lOO in ex-
cess of the balance of last year. The donatiOns to the
special fund amounted -t0..C156"-ls. 1_ - • _

The Rev. T. CARTER, in encouraging terms, moved a
resolution to the effect, that the Lancashire Female
efuge having, by the results of last year, proved its
efficiency as a reformatory institution, was deserving of
all the support with which it had lately been favoured.
He passed a high compliment upon the manager, Mrs.
Young, and expressed
,his entire confidence in her abi-
lity and discrimination. _ _

The resolution was seconded' by Mr. GREGSON, and
agreed to unanimously. , .
The Rev. M. APPLETON moved the thanks of the
meeting to the Ladies' Committee, to the Rev. 'F. M.
Ilarke,, the honorary chaplain, and to Mr, Robet Batty,
the honorary medical attendant.
Mr. A. HODGSON seconded the motionn, which was
promptly carried.
A. vote of thanks to the chairman terminated the pro-
ceedings.

LIVERPOOL AND LONDON INSURANCE

COMPANY.

The committee of investigation, appointed by the
.special general meeting of the proprietors of the Liver-
pool and London Insurance Company on the 13th Dec.,
1859, has issued a report , tQ, the shareholders. As our
readers are aware, Mr. Forster, who proposed an inves-
tigation, declined to attend the committee appointedlor
this purpose, but in his absence the committee pro-
ceeded to deal with his published statements, and the
following is an • •

ABSTRACT- ,OF. REPORT.

IST.-AS TO THE LOSS ON RAILWAY SHARES.

Your 'Committee finds that the whole of the ordinary
shares held by the company-have been acquired by them
as mortgagees, and are still subject to claim for redemp-
tion by the parties to whim the company lent the money
at. a high rate of interest on-seeurity of the shares.. The
money. so lent amounted on the sth of May, 1846, to
£231,045 ss. 4d., whilst the • Market value, being
£333,127, shows that a considerable margin was reserved
at the time_ the advances were made. The monetary
Panic 0f'1847-48'affectedall securities, but more particu-
larly ,ordinary railway shares.; and your. committee
find that in May, 1850, the South-Eastern Company's
shares -reached'their •loweat point of 122 per share, or
£4l, 13s. 4d. for the £lOO stock, at which rate only two
hrnall transfers were made. Had the company been
compelled to realise their mortgages on £150,000 (the
amount they, held in 'lB6O in the stock of that Company),
it might have entailed a loss of £88,750, in respect of
these shares; but this amount could • only be considered
as a loss on the supposition, which is contrary to 'the
fact, that. the money lent was secured on these shares
' only, end-that every one of the mortgag,ors was unable
to :repay the deficiency for .which he was liable. •
The actual paid7up capital of the, company on the Ist
of JanPary, 1850, irrespettive of the reserve fund of
£130,002 10s., being £188,547 10s.- • .
Your committee further finds that the London board,
froni Conimeneement in 1846, was cognisant of the
nature and extent Of the company's advances on the
security of railway shares; that the facts in relation to
these advances were kid' before the London board on
the 11th January, 1850; and that, after full discussion,
a resolution was agreed. to on the .I.Sth January, in,
which bothihe London 'and Liverpool boards-Concurred,
recommending that the assent of the shareholders should
be asked to appropriate the -sum of £40,000 by way of
reduction in the value at which the shares should stand
in the capital account of the 'company. The resolution
received the approval of the shareholders at the general
• meeting of 13th February, 1850, since which time it
has been the practice to treat these railway shares as
doubtful securities ; and
,in estimating their value for
the annual balance sheet, to deduct £40,000 from the
claims pfthe company against the mortgagors.
Your committee further reports that since 1850 the
market, value has so'inuchimproved that, if 'the whole
of the shares held by the Company had dieen sold in-the
market at the lowest prices on the 31st ;December .last,
according to the'Published list, the company would only
have had claims as against' 'the mortgagors beyond the
amount written off in - 1850 to , the extent of about
£13,000. On the other hand, it Should be stated, that
the company receive in respect of these shares an income
of £5,648 12s. 7d., or rather more than five percent. on
the whole amount which the shares Would have realised
if sold.

The only railway shares purchased as an investment
on account' of the Liverpool and London Company are
some 41- per cent. preference shares in the Midland
Railway.
2ND.-FOREIGN BUSINESS AND AGENCIES, INCLUDING
FIRE- AT VALPARAISO AND CLAIMS ON TIM- LANCA-

SHIRE AND. UNITY OFFICES IN RESPECT THEREOF.

Your committee finds the extension of the company's
fire and life business to foreign parts received its first
impulse from the London board wishing to extend the
company's operations to New Zealand and the East
Indies. That after a conference with the London board,
and mature deliberation by the Liverpool board, steps were
taken to obtain the assent of the proprietors to the esta-
blishment of local boards and agencies. The establish-
ment of a local board at New York was resolved on, and
the names of the proposed directors were mentioned in
the report for 1850, which was submitted to the annual
meeting on the 13th February, 1851, and not only
received, the assent of the' proprietors, but the necessary
alterations in the constitution of the company, embodied
in a suppleirientary deed of settlement, were approved
and received the final assent of the shareholders at a
special meeting, held for that purpose, on the 28th
February, 1851. These proceedings were followed by
the establishment of offices, with local boards of direc-
tion, at Melbourne, Sydney, and Montreal, and of
agencies at nineteen other places.
. The whole of the foreign agencies, including hical
foreign. boards, being twenty-three in December last.
With regard to the Canadian business, it appears this
.dompany did not buy the business of the Globe office,
but only took their fire risks in Canada on receiving
from the Globe a sum of money which was considered
adequate to the risks for the unexpired terms for which
the policies had to run, and the transaction has proved
remunerative to the Liverpool and London Company.
With 'regard to the agency at Valparaiso, your
committee. find this agency was estab!ished by the
Liverpool board, .to whose particular care the fire
business of the company pertains. That the ques-
tion of extending the agency to risks on life was
brought under the consideration of the London board
on the 9th October, 1857, as having the special
charge of the life business of the company. That
the agent at Valparaiso was authorised to grant policies
on lives, on such terms and conditions as the London
board thought advisable for the interest and protection
of the company. Whilst your committee hope the Val-
paraiso fire nifty be considered, like the great fire at
Hanibtrg, as exceptional, they are glad to find your
directors have since gone fully into the matter, and
made alterations in their tariff. They have also further
contracted the limit to which the agent can act for the
company.
Your committee, considering the Above circumstances
had given rise to grave doubts as to the proitableness
of the foreign business of the company, believed
_they
should best consult the important interests committed 0
them by having the accounts properly gone into, and they
have now to report the amount of premiums received on
the home business to

the end of 1858.. £789,838 6 4
The claims were .. •

£447,100 4 7

And the premiums
received on the
foreign business.. 1,078,165 12 8
The claims paid,
including that at
Valparaiso, were.

661,658 14 11

£1,868,003 18 0 £1,008,768 19 6
These.results show a gross profit on the home busi-
ness of 43 per cent., and on the foreign. business of 48
per cent.

With regard to the claims of the company on the
Lancashire and Unity offices, your committee finds that
proceedings have been taken to enforce the company's
claim ; and that, in the case of the Lancashire office,
the claim of the Liverpool company has been so far
recognised as that approved security has been given for
payment of such sum as Vice-Chancellor Sir W. Page

Wood may'determine to be due on the sealed guarantees
issued by the Lancashire office to your company.
• - .3RD.—PURCIIASE OP THE BUSINESS OF OTHER
• COMPANIES.:..

Under this head your committee finds the first com-
pany purchased by the Liverpool office was the London,
Edinburgh, and Dublin, in May, 1846. For the in-
troduction of this company you areAindobted to Mr. M.
Forster; who, it appears, took so lively an interest in
carrying out the amalgamation that, although at that
time unconnected with either company, he was mainly
insfrurnental in forming the London board, and became
a member of your bOard of management in London on
the 9th of Dee3mber,_ 1846. The second company
amalgamated with the Liverpool and London Company
was the Australasian, in 1852, Your committee finds
that the London board were fully consulted on all the
arrangements, two of its members vacating their scats to
make room for two•of the Australasian board.
The third company purchased was the North of
England, a small provincial company, and which being
More immediately in the Liverpool district the terms
.appear to have been arranged by the Liverpool board.
The fourth was the Monarch company. Your com-
mittee finds this was first introduced to your compan y
by a telegram, addreised to your secretary, in December,
1856. Under the usual limitation of secrecy, the
matter was laid before the sub-committes of the board
at Liverpool, and upon -their considering that an amal-
Lamation might be effected with advantage to the
iverpool and London Company, your sub-committee
came tei certain resolutions, which. with the consent of
the iMonarch directors, were laid before the London
board on the 9th February, 1857. Your committee
alsofinds that some of the resolutions were agreed to—
some disSented from.
With regard to the sum of £2,000 hinEed over to Sir
John Musgrove, Bart., as chairman of the board of
directors of the. late Monarch Company, and by him
divided amongst the Monarch directors, your committee
finds that the money was paid on the 25th 'of March,
1858. by the Liverpool directors out of the funds of your
company, as a settlement of claims for the loss of office
by some of the Monarch.directors, and its. compensation
for the decrease of fees to be received by others taking
seats at the London board of the Liverpool and,London
Company. - -
. In 1859, the fire business of the Bank of London and
National Provincial Insurance Association was pur-
chased by the Liverpool board ; and there is no evidence
before your committee to show the London board were
previously consulted.
. 4TH.—VALUATION OF LIFE ASSURANCES.

The board of directors have had reports from Professor
De Morgan, Mr. Tucker, Mr. Sprague, and Mr. Neison,
and joint reports from Professor De Morgan and Mr.
Tucker, also from Professor De Morgan and Mr. Nelson,
and have directed a valuation to be made on the 3 per
cent. Carlisle tables, and also a second.valuation in which
the-ToliCies under No. 2 of the company's tables will he
computed by the 4i per cent. Carlisle tables, the
bonuses and premiums accruing being taken into con-
sideration. The company, it may be remarked, has
realised during the last ten years above 5 per cent. on
their capital. As these valuations will be laid before
the London board for .their consideration, and after-
wards before the Liverpool board for theirs, before the
result is carried into the decennial account, your com-
mittee have not thought it advisable to interfere ; but
trust the great importance of the valuation, and the
opportunity afforded of testing the practical result of
the 'company's tables; will have the serious attention of
both boards, and if it should be found that the tables
either admit or require improvement, your directors, it
is fully expected, will not hesitate unreservedly to submit
to the proprietors such alterations (if any) as experience
may render advisable.

STH.—LONDON OFFICE. •
Your committee reports, that upon the amalgamation
of the-Liverpool Company with the Lopdon, Edinburgh,
and Dublin Company, an act of parliament was obtained,
authorising a change of name from the " Liverpool" to
the 't Liverpool and London Insurance Company," and
the .subsequent establishment by the company of an
office in' London, with a board of directors with full
authority to accept assurances and sign policies, haying
a secretary, auditor, and all other necessary ,machinery
for carrying. on the business of an insurance company,
is, in tho opinion of your legal adVisers, sufficient fully
to make the company, for all legal purposes, a London
office.

6TH.-THE LONDON BOARD OF DIRECTORS.
Your committee reports that this board was first
appointed under the name of a board of management,
and appears to have been a mere agent to examine and
report to Liverpool on the cases brought before it, all
policies being signed at Liverpool; that its powers were
subsequently enlarged, and designation changed to that
of the • " London Board of Directors ;" and it appears
from reference to the supplemental deed of the 28th
February, 1851, that it is a local board when sitting in
London, having special powers, but every London
director, when sitting in Liverpool, is a director of the
coMpany.
Your committee, after very careful examination, can-
no t find that any information sought for by the, London
board from the Liverpool board has been refused or
withheld, with the' exception of that mentioned in the
reply of the chairman of your directors to the " State-
ment of Facts." '

Your committee, whilst they abstain from entering
into any of the personal matters which have been im-
ported into the public discussion, cannot help regretting
that the Liverpool board of direction have not thought
it advisable: to bring before the shareholders some well-
digeited measure tha should, in the spirit of the London
board's resolution of the 13th February, 1849, abrogate,
" all distinctions between the several members of the
boards of direction, under arrangements which may un-
equivocally reserve the superior authoiity to the board
of direction sitting at Liverpool."

7TH.—SHARES IN THE COMPANY.
Your committee finds'there were 31,815 shares issued
up to the 3rd December, ' 1544, when the directors
thought it advisable to double the number of shares and
subscribed Capital of the company. To prevent failure
in the operation, the board of directors offered to take
any shares which the shareholders should decline, and a
circular was issued; dated the sth December, 1844, to
every shareholder, offering him the option. of his taking
as many new shares at 255. premium each, as he then
held shares in the company; it further appeared that
the shareholders so largely availed themselves of the
offer, that only 282 shares remained to be disposed of
by the board. Your Committee further find that these
shares were sold by direction of the board to Mr. Thos.
Fielden, at 30s. each premium, and that the whole of
the money so received passed to the credit of the funds
of the company. . •
ThuF, whilst the reserve fund was benefitted by the
prethiums to the amount of £39.768 155., it left the full
amount of the call to be received by the company ; this,
with the exception of about £5,000, has been since
received and added to the capital of the company.
. With respect to the conversion of the shares of the
company into stock, that measure having been so
recently approved of by the proprietors in public meet-
ing called for that purpose, your committee think it no
part of their duty to reopen the question ; but as
opinions have been expressed that under tiis arrange-
ment the board is enabled to issue additional stock up
to the amount of capital named in the deed of settle-
ment, your committee suggests that no fresh issue of
stock beyond the 100,000 shares now represented by
£200,000 stock, be entered upon without the subject
being first submitted to a general meeting, of the pro-
prietors, specially called for that purposC.
BTH.—INVESTMENTS OF TILE FUNDS OF TUE

COMPANY.

Your committee has, given most particular attention
to the securities on which the funds of the company
have been invested; and as far as they have been able,
without proceeding to a re-valuatian of the company's
assets,—independent of that which is being conducted
by the directors for the annual valuation,—have check-.
ed, by independent evidence and their inquiries, the state-
ment set forth by the directors in their reply. With the ex-
ception of the railway
.shares before adverted to, and the
amount permanently invested in the company's various
buildings, your committee feel satisfied not only that the
investments are perfectly safe, but also that the greater
part of them are capable of being realised at very short
notice, in case of need; and that, although the directors
have not purchased Government securities, the railway
stocks, on which they have lent money on mortgage
are as realisable, and offer, under the restrictions
on which your directors now lend on the security of
railway shares, advantages in their greater immunity
from loss than monies invested in Government securities.
For in the case of money lent on mortgage of shares, the
loss must fall on the mortgager, whilst on money
invested by the company in consiols, or other Govern
ment securities, the loss, if any, would fall upon the
company, in addition to the deficiency in the rate of in_
terest to be derived from the public funds.
The chairman of your directors having already, at the
special general meeting of the 13th December last,