The Northern Daily Times.
Liverpool, Merseyside, England, 1857-04-10 00:00:00

MUTUAL LIFE ASSURANCE.

VROITI
DEi N T INSTIT U T I O N.
The NINETEENTH ANNUAL GENERAL, MEETINGeof thet.DONTRIBUTORS to this SOCIETY was held in the Waterloo-
roanos, Edinburgh, on 18th February. On the motion of Professor Motes.
• 13.010.11.T4IIINVER.'Ethee, litheritrOtt Dumber on and Bute, was called to the Chair.
The CHAIRMAN said—Genhiepen, allow ene to offer you my corail thankifor the honour which you have Chairs
In placing me
here, and, at the same time, to exekese my-sincere regret, in'vArielii You ,will all concur, that indamensable business has occasipne t the
absence of the regular Chairman of. this meeting—Mr. John lemeterthise.eadltorfoteleeCeurt of Session. Butit is consolatory. to me
that, year by year, the duties of the Chairman of the General Meeting become more easy and. agreeable, as they consist chiefly in his -
ten* etithorieed td assure you of the actuol prosperity, of tho Institutidn, and of the brightness'of its prospects and of pointing to the
•Annual Report of ihe' Directors as emiloirinst the evidence of that Assurance.
.he principles oir Which this Institution rest& have. been so thoroughly canvassed, they are so well known to all of you. and the
appreciation of them by the comulu i ty has been so dearly evinced be firm and coetibucd support, that while to detail them would
be maims, even a Rlat4ol othkiene would he AnimifiQua. Rut it may be well that I should state as briefly as practicable, the.more pro-
minent portidn of the administrative rules by which the Dliectohe have been governed, son the consequent course of action, as it is
to adherenewto then-has:lt secendarehttoOrseethat therespei ity of the Institution is, in a gre it measure, to be attributed.
The Chairman having stated these rules, and the principles on which they rested, their practical application, their results, and the
probable future course of admioiseratiolliuroceeded—
Whilethese are Some of the means by which we have promoted our welfare, and by which we hone to promote it hereafter, there
Is a coll,terallopic which'maye at'flort sight, appear Soinewhet out of place here, but which, on consideration, will be found to hive a
practical bearing on Our corporate Interests. A war, of the justice and sound policy of which very few have bad any substantial doubt..
lay subjecting u; CO heavy direct taxation, cheerfully borne, hese ught theme,' of this day, and revived in the minds of those of older
times, those lessoes of prudence, economy, and retrenchment, which a war-tax never falls to impress. rhete valuable habits, com-
paratively Short es their duratian'tetay have been, willeerth, many continua t', be effective, and enable them to eeve the surplus of
e come above expenditure which the cessation of the' property-tax wilt create May we.not hopeetbenethae a portion of those sayings .
will be applied to the purpose of Life.lnsurente? This :applicttion is the discharge of a sacred du y. as, with a large bgdy of the com-
munity,. it affords, ;if not the only, certainly the most safe and of e,ent means of making that provision for the future ertUch is ineuni-
l'ent en'all. When triadeOthe provision will be seeure.and orofltable, This Institution involves both of these beneficial qualities in
a mode and.to an extent which will satisfy every reasonable man. , Our policies ~,re indisputable in the only sense in wh ch the word
can have around practical meaning; foathry-can be annulled' MAY by full legal proof of actual fraud, ore e hat is equivalent, of wilful
fa'sehotele It is in vain to mane, that under the Niger of ,s ch delicts, a poilcy,m ght'bearnahled when there existed innocent error
onitn. As the dietinctimi must ever be palpable to the-ettnieefeuce and inteilect of the perpstrator, it must be equallyen to thd minds
of the director and the judge; and no Insurance 111SO:10104 wonld attempt to effect a forfeiture, when 1.11,y must know that the
atiemet would fail, and that it would result in loss and'd sterace. ' While in no instance have w,e "disputed" a policy, it is 'both in-
etre,: ire and amusing to know that several of the losatanee.Offices which have adopted the ehtradter of being I' indOrputible", hav e
ectuelly been involved in courts of law, in acelmonions'addlatile "-disputes.' • ,
Provision, by sure accemulatiens,te, doubtless; the prinary.'object of Life Assurance, but it affords to the Policy-holder advert-
I ages, secondary indeed, but legitimate, in the fund of credit which it creates, and in the position which it gives hit- es a membet of -
oie of the principal aggregate eneblic"he4ies whiclothie,entitey e intents. The important consequences which must accrue from the
increasing number and accumulating result of Assurance Associations, is a subject which, I think, has not yet attracted the atten.
(too of the statesman and politicaheconoinist, in the menaer and to the effect which its magnitude demanes. Asaurpnce Aseociat'ons
are the recipients and administraters'of the sovings of a proportion of the middle classes. litivings by insurance cannot, .like other
reeingsabe. resumed or relingaisbed at pleasure; once-begun, it must proceed, and every nerve will be strained, and, eery sacrifice
nierieeto avoid forfeiture. The accumulation is but little retarded by:the smeaging cite ens, for tee proportion which these be rto the
apgreg,te amount is small, and, within a Short time; reich Af their amount will revert to the general fund from which It sprume, The
necessary investments must seriously infldeuce securities, the rate of interest, and tie 'money merket generally. The effects are
fast becoming obviouh. The greater permanence of their losns 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 skil fat 'arrangements, safely
paractpate in the profits of some of itsdepartmerits. These considemtious establish the weight of those institutions, and conclu-
sively show how important it is to the community that, along with their growth, every care shoUld.be • taken that they be sound and
healtOy in their constitution and administration.
Mr. CHARLES. LAWSONi jun., Seed Merchant, said—The Directors meet you In this place once a year, to glee yon a brief,'lit at the same time distincoarrdaccurate. -report bf the state of the Institution. 'After the excellent remarks so eloquently
delivered by the learned, Sheriff in the chair, 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 the'pleastre to lay before you the Report of the business done daring the past season,
and which will be read by the Mrthager. Ido not wish to antilpate any of its details. but when I tell you that this year we hive to
report the larg -sr amonnt of Policies accepted in one year since the foe mama of 'the society, you will consider that we have net done
amiss, and that the business of the office continugs to increase and, prosper. At a time when so much is said about the solidity of
many Insurance 'Companies, It is gratifying to be able to state that I, believe that all the Scotch offices are unquestionably *tint, and
I knew that they. appreciate the merits of each :ether,' by the Interchange through reinsuranceeof their surplus risks. Of th-a species
of business! am glaato say we have a cepsiderable sharp. I suppose there are five to six m Ilions.of heads of families in the United
Kinectoita Veho Ought to insure. so that there is platy of room for us all to progress. While I thus however bear a willing testimony
so 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 iu which the generally acknowledged advantages of the mutual system can' be `obtained without the ceunteracting
disadvantage of baying to pay an unnecessarily higher rate of premium.
We have beard it urged at the meetings of other (Mee, especially of the higher rated Mutual Societ'es, that a prefer-
ence ought to be given to high rates. I presume this can only be on the score of their supposed greater security. I neednot take
up your time with a defence of our Office on this pehit•;: but were' there any doubt, it is sufficiently dispelled by the fact that these
higturated Offices themselves act upon apeale of paemiuree equally, low with ours; the only difference being that they give those
who assure by it no shire in the 'well:is. t On' the.'eciniriiy; in premising the profits from this branch of business to their other t
assurers, they, as I think, eraphatically,heark. their ,sensehif its safety, by interposing the guarantee of 'he-General Fund
• The learned Chairman has alluded to the' reduction hhincomeit ar, and the sum
.rWil 16111 thus became, veilable, for „private;
•
expenditure,'er for purposes of family provision. •It may.not be out of plaee to no:e an instance two showing hOw'advantegeously
such surplus maybe employed in' Life Assurance. Take,lne eiample,the•case of a young noineif tweenty,fiee; havingeto laconte of
• £l5O. The saving of tax in bis case, at-.9d,iter pound, is, 13s 6d—a sum equal to the premium on .4306, which would thus' be
secured to his family in the event of his•deith, A Man 'Of 'thirty, again, with an income of .thiSti peg minutia ,wilasareieel'4,, wit' cis
would secure. a policy with us. fornheut £72o;' while tt map of forty, on an income of £l,OOO, will save as inch as would enable him
to effect a similtr provision of ,el,lOO nearly. .
• The Scottish Provident Institution yearlyweceives-anacceesiOn of Members from all el sees of the commu ity, and_ of late years
we have a good numbet of Agriculturists. who're we are glad to welcome among us. Their occupation is math in faioineof beatthe
and longevity; and they are just the people ivbosi,ould. join us, as most likely to reap the greatest benefit from our peculiar system. .
If you approve of the list .pt new Directors, which, will etiqrth be submitted to 'you, we &hall receive the sea i• eti at otir Board of a
'most eminent member of this class, generally known, tot only in conneetiop with agriculture, but with the sound and practical
application of the rulee.of political economy; and who has long been, a Member of this Society. I have no doubt that his example
will be the means of inducing many of his brethrealoasSl:ciate thentsel tee with us.
BEPQRT: BY THE DIRECTORg. .
The. Report, which the Directors have now the pleastr e of submitting, presents a very setisfactcry view of, the •progre.s of the
Institution, the new business during the. year being o.onsiderablY in advance of that of eith r of the two last years. • •
The new Proposals accepted have been 689 in nutnhea, assu-ino "e^rtel hums to the amount of .6326 #l5. , The yeaily Pr,etninens
onithe new business amount to £9,274 7a 4d; and a• farther suo. a.i Irani has been received for Assnrances by Single Pay-
ment, and for Annuities contracted for in the year. The gross mount of Premiums received was .6'13,079 le.-4d.p and; ineleding
interest on the Accumulate-4 Fund, the Inoome of the year' was £106.322 3s 7d. . .
The claims on account of-Policies which hare emerged during the year, by the death of 54 Blembereotisounteti to -$16,30073,
being considerably under the hmount in the, preeeding'year. ,
. At the close of theyear there had been issued, in all, 8.494 Policies, • assuring £3;745,639, betides, annuities anitodZeellaneous •
transactions. The subsisting Assurer:cat were £2,911,822 3s, and the nett yearly, premiums correspondleglo these £79,224 Os 21.
The realised Fund, at using from accumulated Premiums, was, at 31st Deteimbealast, .e 445.347 4s t'd, and' the Revenui Troia Premiums
and Interest, 93,763 lOs 2d. . • - • . •
The Report and relative Statements having been read—
On the motion of Roxizar;WAteisa, Etre, (Bell and Bradfute), Publisher, ,seconded ,by Rowel* Nwsmyeu, Esq,,, Dentist, the
Report was unanimously approved of.
`Rev.' THOMAS MiLAUCRLAN said—l rise to move, that the thanks of the meeting be given to the Directors for the manner In
which they have contucted the business of this Institution for the past year. And, in making a few remarks on the general claims of
the Institution to receivetupportel do not kno' that I'Posse-is anyegealification fur doing so, beyond that 'ghillie a member of .
insured my life several years ago ; but, really, it was moretrom inettnet than 'as the result of any processef reasoning. I felt as a man
feele when he gees to provide his daily bread; that'l Could not doaeitilemit it. At the same ititnep there are abundant good' sad sub- ,
stantial reescns that can be.adduced, in favour of such a. step; andavleh one does begin to look about for them, he does not eyed to
go far td find them, while rash not Ware of one'goad argument thet.ctin be atid,nceel on; Other slOe.i Them are three areuments
•in favour,oflnsuranee that atand out very prominently:—First, A man owes it to his Ma'' ea He Is placed by Him in circ instances
in which providing fier the future is ever a pressing "duty. la spring ;hue be•hp.s to provide Or the; carping -winter idn whiter, again;,
for the open,ng spring. The .great business of life "is, to provide for death, and what nee beyond it. Aqd this is tree in the
most subordinate matters. Nor can vie quote against this principle the :emphaticepasatre ,of :Scripture, which tells us that •
sufficient for the day' is elle evil thereof.", ,It is contorting to know that there is a wise, superintending Providence, and that, In
his w most extremity, man has that Providence to lean on; but Providence 'was .never intended io be a pill-ow for human indolentei,
anti human negligence; or a substitute fOr :hutnan forethought or human effort. Then,. Secondly, we owe this to others.
We owe it to these who are depefuleht on-us fer support. 'ltis a pour txikenlof 'our affection, and regard tie Bern to iesolVe that,
• when we ourselves dlei:they shall:be left to. the haphazard action of ,ordinary benevolence This, surely, is not sufficient to satisfy
a right affection, monis it just to those on whom we leave. the burden! "-Aitnan Has no right to leave his friencla under burdens 'Which
tr.)", belong to bins , flies may very justly decline to bear themlq such cifsurn stances, god his shortcomings and neglect may come
to be punished in the ppesnnie ‘.r those of whom we should most lovteeand feat providd fdr. Thirdly, A Masi owes this duty
to himself. It is the reatfiest way of getting rid 'or sotkces uf mental anxiety, to vv,hich few men are strmgt rs. Ido not know that
a man, who has a family or.other relatives 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 tiuth: can look upon my own'ehildreneatterpaying my insurance, with an amount,
of complacency I couldmot feel,before. Indeed, I behevethat Life Insurance becOntea a help to longevity. and Ido not know but
Insurance Companies shenie, fore this into theic•calcuattions In estimating the italue.of et life. It helps to drive away,sonae of these
cares and anxieties which sattte,yery,feupdetions on which physical life is based.
'What I have said. appliee Strongly to thoselike'inhielft who have orilyarstated annual incnine; dying With themselves. take
my own professieu, it is the duly
,means most-of ehenoleav,e of providing for their families: There is one thine which most ministers
' want. They may have learning, sad they mat, h'are iii4ty-ethey may have prudence, and,thhy ay'lleve hlcquence—but they :tahely,
e have wealth ; and, whether it be right or wrong, they thus seldom have the means °fl 'maying up for their families. As to these, and
such as these, no greater earthly blessing could visit them and their households that; sueheas eatile within their reach,' through the
development of the system of Life Insurance.
, One word, ere clos•ng, as. to this Institution. It always struck me as having twee strontr.redottimendatioarr. .Firet, its economy.
a:coot:nay )s:the 'cry of the &wowed, no more powerful lever can be devised to move the public mind than. bringing before it a desirable
objeet, associated with economy in the conditions on which it is offered. 'Wen, herh we hit-v it : It appears to nie that in • this
lestitutiou the Insurer has the beat pennyworth for his money. I '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 meeting the
fair and jest claims .o.all insurers, the just principle in operation of giving the largest share no, the distribeh on of your profits to
these by whom the Institution has profited most. I don't like the term bad and good lives. Wind men call I.ad lives often-turn out
tee test; but 'speak' of now, who, by theireieymeataihave benefited the.Soeiety most, and Irsay that these are' justly eat tledoo
-:ineastue of benefit from its Keats, somewhat proportional to the benefit they have conferieti.` But I have ne ; and Withoutedding
a word as to tbe Saccess'ofehemwntures adOptedhy theiDhectors for the last year, for which the reportitself Speaks,' move la ternsa
hpf the motion I. have already.announced. . , .•
•
The Motion was; seconded bY•Mr. 'JAMES Finny, Corn Mach ad, Ilayynarket, and unanimously agreed to. • ;
Thanks were al,o voted to the auditors and Trustees, and to the Office-bearers; and the Management Laving been constituted for
the ensuingyear, (the three last-namedDireetois'be.ing new appointments), the: meeting Separated after a vote of (batiks to their
Chairman.
• • ''SCOTTISH • 'PROVIDENT INSTITUTION. •
. .

TRUSTEES•

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

I

WlMain Campbell, EN.. Tillichewan
James Petklie,Esq , Writer to the Signet

Alex. Keith Johnston. Esq , Geographer to the Queen
Graham Binnr, Esq., Writer to the Signet
Neil Colquboun, Esq., Advoca'e
Itched Hunter, Esq., Sheriff of Dumbarton and Bute
Charles,l. Kerr, ESQ.'. Banker
Jomes Usher, Esq., Brewer
John S. More, Profeisof of Seetti Law
John F. Macfarlan, Esq., Chemist

James Crawford, Jun., Esq., Writer to the Signet
John Auld, Req.' Writer to the Signet
James Cathcart,:EN.,llferchanti Leith
; •
Andreveß. Clarke; h. F q.,' Advocate
Charles W. Anderson, Esq., Merchant, Leith "
George Hope, Esq., FentqnbArns, East Lothian
Edmund Baxter, Esq.,lVriter to the Signet