The Northern Daily Times.
Liverpool, Merseyside, England, 1857-04-07 00:00:00

MUTUAL LIFE ASSURANCE.

QCOTTISH PROVTDENT• INSTITUTION.
The NiNETEENTH ANNUAL GENERAL MEETING ,of the CONTRIBUTORS to this SOCIETY was held in the Waterloo-
rooms, Edinburgh, on 18th February.' On the motion of Professor Monet,
ROBERT. HUNTER, Esq., Sheriff of Dumbarton and Bute, was called to the Chair.
The CHAIRMAN said— Gentlemen; allow me to offeryou my cordial thanks for the honour which you have done me in placing me
here, and, at the same time, to express my sincete regret, in which you will all concur, that ind.soenseble business has occasioned the
absen, eof the yegular Chairman of this meeting-11i r. John Hunter, the Auditor of the Court of Session. But It is consolatory to me
that, year by year, the duties of the Chairman of the General Meeting become more easy anti agreeable, as they consist chiefly in his
teing eushosised to assure you of the actual prosperity of the Institution, and of the brightness of its prospects and of pointing to the
Annual Report of the Directors at embodying the, evtdence of thatekisurance.
The principles on which this Institution rests have been so thoroughly canvassed, they are so well known to all of yen, and the
appreciation of themiby the community.has been so clearly evinced by firm and continued support, that while to detail them would
be to !leas, even a glance at them would be superfleue. But it may be well that I should state as briefly as practicable, the morepro•
mirorst portion of the administrative rulesby which the Directors have been governed, and the consequent'course of action, as it is
to adeerence to them, as a secondary course, that the prosperity of the Institution is. in a great measure, to be attributed.
The Chairman having stated these rules, and the principles on which they rested, their practical application, their results, and the
prohsble 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
la a 'oil teral topic which may, at first sight, appear somewhat Out of plac •• here, but which, on consideration, will be found to base a
practical bearing on our corporate interests. A was, of the' justice and sound policy of which very few have had any suiatantial doubt,
.ea.stit jecting,tm to heavy direct taxation cheerfully borne, hss t ught the men of this day, and revived in the minds of those of older
times these lessons of prudence, economy, and retrencemeat. which a waotax never faiis to impress. Them valuable habits, corn-
paretieely short as their duration may; have been, will with mmy contlaue to be effective, and enable them to save the surplus of
c • e above expenditure which thb cessation of the property-t X will create May we not hope, then, that a portion of tsetse savings
beepplied to tbemarposerof Life Insurance? This application is the discharge of a sacred du ye 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 oil all. When made, the provision will be secure and profitable. This Institution involves both of these beneficial qualities In
a mode and to an extent which will satisfy every reasonable man. Cur policies ere indisputable in the only sensein wh eh the word
can have a sound practical meaning;, foe they-can be annulled only by full legal proof of actual fraud, or, what is equivalent, of wilful
fa'sehood. If is in vain to ac ue, that under the colour of such delicts, a matey maght be annulled when there existed innocent error
only. As the distinction must evee_ 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 Institution would attempt to effect a forfeiture, when they must know that the
attempt would fail, and that it would result in loss and diserace. While in no instance have we "disputed" a policy, it is both in-
stru.cave and amusing to knew that several of the Insurance Offices which have adopted the character of being' Indisputable" have
actually been involved in courts of law, in acrimonious and futile' disputes."
Provision, by sure accumulations, is, doubtless, the prim ry object of Life Assurance. but it affords to the Policy-holder advan-
tagss, secondary Indeed, but legitiMateain the fund of credit which it creates, and in the position which it gives him as a member of
one of the principal aggregate public bodies which this country csntoins. The important consequences which must accrue from the
increasing number and accumUlating result of AssinancesAesoelations, is a subject which, I think, has not yet attracted tee atten-
tion of the statesman and politicsl economist, in the manner and to the effect which its magnitude demon s. Assurance Associations
are the recipient% arid edministretets of the savings of u propoition 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, end every sacrifice
made, to avoid forfeiture. The accumulation is but little retarded tiY the emerging claims, for the proportion which 'these be r to the
aggregate amount is small, tied, within a short time, much of their amount will revert to the general fund from which it sprung. The
necessary investments must seriously inflactice 'securities, the 'sate !of interest, and the money market generally. The effects ere
fast becoming obvious., The greater permanence of their loans gives Assurance Societies a preference over private capitalists; and
while they con 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 coreside ations establish the weight of those institutions, and conslu-
sively show how important it is to the community that, alongewite their growth, every care should be taken that they be sound and
healthy in their constitution and administration. • !
Mr. CHARLES LAWSON; jun., Seed Merchant, said—The Directors meet you In this place once a year, to give you a brief,
but at the same time distinct and accurate. 'report of. the state of the Institution. Atter the excellent remarks so eicenently
delivered by the learnee Sher:if in the chair, as to general working of the Office, little remains for me to do ; but as convener of .
the committee for the annual Meeting, I have-the pleasure to lay before you the Report of the business done daring the past season,
and which will be read
_by the Manager. Ido not Wish to antiMpate any of its details. but when I tell you that this year we have to
report the berg as amount of Polkies accepted in one year since the fbrmatlon pf ;the society, you will consider that we have not dune
amiss, end that the business of the office continues 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 tlitsi. I believe that all the Scotch offices are uuqaestionably soun t, and
I know that they appreciate,the merits of each other, by the interchange threngh reinsurance, of their surplus r sks. Of iii s species
of -business I am glad to say we have a considerable share.. I suppose there are five to six m Mons of 'lauds of families is the United
Kingdom who ought to insure. so that therees plenty of room for us all to prog este While I thus however bear a willing 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 ges.erally acknowledged. advantages of the mutual system can be obtained without the counteracting
r disadvantage of having to pay an unnecessarily' higher-rate of premium.
•We have heardit 'aged ati the, public meetings of other Olhic s, especially of the higher rated Mutual Socie: es, that a prefer-
ence ought to be given to high retell.' • i presume this can only be on the score of their supposed greater security. T need not take
up your time with a defence' of our Office on this psint • but were there any doubt, it is sufficiently dispelled by the fact that these
high rated Offices themselves act uphn a scale of Isieinfume equally low with .ours; the ores, difference being that they give those
who assure by it no shatedn.theprqfits. On the contrary. in moist:tine the profits from this branch of business to their other
assurera; they. as Uthinkeeninhaticelly mark their sense of eti
its'sral .• .....eosing the guarantee of the'General Filed
The learned Chairman has alluded to the reduction. f income "t
ix, and the suns which Will thus become veilable for private
expenditure, or for purpeisea of family Pro talon. It may not be Out of place to note an instance or two showing how advantageously
such surplus may be employed in Life Assurance. Take, for example, the case of a young man of twenty-five, having, an income of
.11:150. The saving of tax in his case, at gd per pound, is %et, 13's lid—a sum equal to the premium on £3OO, which would thus be
secured to hislamily in the event Obis death, ,A mats Of thirty, again, with an income of 4400 per annum, will saveV 15, which
would secure a policy with us for about 4720; while 'a man of forty, on an income of £l,OOO, will save as 'Lech as would enable him
to effect a similar provision- of £l,lOO nearly.
The Scottish Provident Institution yearly receives an accession of Members from all classes of the commusity, and of late years
wei have a good number of Agriculturists. whom we ere glad to welcome among us. Their occupation is much in tavour of health
and longevity, and they are just the people who should join us, as most likely to reap the greatest benefit from our peculiar aystem.
If you approve of the list of 'new Directors, which will shortli be submitted to you. we shall receive the sent es at our Board of a
most eminent member of this class, generally known, not only in connection with agriculture, hut with the sound and practical
application of the rules -of political'econornY," 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 brethren to associate themselves with us.

• REPORT BY THE DIRECTORS.
•
The Report, which the Directors have 'now the pleasme of submitting, presents a very satisfactory view of the progress of the
Institution, the new bueinesi during the year being considerably In advance of that of either of the two last years.
The new Proposals accepted have been 689 in number, assuring Capital Sums to the amount of .4325 905. The yearly Premiums
onEthe new business amount to 4'9,274 7s 4d; and a further sum of £.73,735 5s Id has been received for Aesimances by Single Pay-
ment, and for Annie:ties contracted for in the year. The gross amount of Premiums received was .4:8,079 Is. 4d.; and, including
interest on the A ccumalated Fund, the Income of the'year was £106.2'22 3s 7d.
The claims on account of Policies. which have emerged daring the year, by the death of 59 Members, amounted to .436,36075,
being considerably urider'the amount in the preceding year.
At the close of the year there had been issued, in all, 8.494 Policies, assuring £3,745,639, besides annuities and miscellaneous
transactions. The subsisting Assurances were X 2,911,522 3s, and the nett yearly premiums corresponding to these 479,224 Os 2.1.
Thexealised Fund. wising from accumulated Premiums, was, at 31st December last, .X 445,347 4s 7cl, and the Revenue from Premiums
and Interest, 498,763 ids 2d. •
The Report and relative Statements having been read—
' 'On the motion of ROBERT WALKER, Esq. (Bell add Bradfute), Publisher, seconded by ROBERT NAEMYTH, Esq., Dentist, the
Report was unanimously approved of. i ,
Rev. THOMAS APIA UCHLAN said—l rise to rnove,lhat the thanks of the meeting be given to the Directors for the manner in
which they have toneueted the business of this Institution for the past year. And, in making a few remarks on the general claims of
the Institution to receive Supptirt, Ido not know that I posse es any qualification for doing so, beyond that of being a member of it. I
insured my life several years ago ;" but, many, it was more lrOrn instinct than as the result of any process of reasoning. I felt as a men
feels when he goes to provide his daily bread, that I could not do without ii. At the same time, teere are abundant good on.l 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 aware of one god argument that can be adduced on the other side. There are three arguments
in rammer ee Insurance that stand out very prominently.—First, A man owes it to his Mater. lie is placed by Him in circumstances
in which providing for the future is ever a pressing dirty. , irespring time he has to provide for the cowing winter; to winter, again.
for the opening spring. • The great business of life is, to
.pronme for death, and what lies beyond it. And this is true In the
most subordinate matters. Nor can we quote .againat this principle- the emphatic passage of Scripture which tells us' that
" sufficient for the day is the evil thereof." It is comforting to know that there is a wise, superintending Providence, and that, In
his u 'nest extremity, man has that Providence to lean on; but Providence was never intended to be a pillow for human indolence
and human negligence, or a substitute for human forethought or human effort. 'Then, Secondly, we owe this to others.
We owe it to these who arc dependent on us for support. It is a poor token of our affection and regard for :hem to resolve that,
when we ourselves die, they shall be left to the haphazard action of ordinary benevolence This, surely, is not sufficient to satisfy
a rtgbt 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 mayvery justly decline to bear them in such circumstances, and his shortcomings and neglect may come
to be punished in the persons of those of whom we should most love, and most liberally provide for. Thirdly, A man owes this duty
to himself. His the readiest way of getting rid of sources of mental anxiety, to which few men are wringers. Ido not know that
a man, who has wfamily or other relatives dependent on him, ever feels more comfortable titan 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 complacency I could not feel before. Indeed, I bel eve that Life Insurance becomes a help to longevity. and Ido not know but
Insurance Companies should lake this into their calmilations 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 I have said applies stronely 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, and 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 for their families. As to these, and
such as these, no greater earthly blessing could visit them and their households than such as came within their reach, through the
development of the sestem of Life Insurance. ,
One word, ere closing, as, to Ihis Institution. It a'ways struck me as having two strong recommendations. First, its economy.
Feonomy is the cry of the day, and' fig more powerful-lever can be devised to move the public mind than bringing before it a desirable
object, associated with. conomy in the conditions on which it is offered. Well, here We have It It appears to me that in this
Institution the Insurer has the best penhyteorth for his money. I have 'reeked around, and I have not been able to see another whose
terms are, in this respect, as favourable to the insurer. And there is a second recommendation: in that you have, after meeting the
fair and just claims of all insurer', 'the just principle' in operation of giving the largest 'share in the clistribut'on of your profits to
those by whom the Institution has profited meat. I don't like the term bad and good lives. What men call tad lives often turn out
the best; but I speak of those who, by their payments, have benefited the Society most, and I say that these are justly enttled to a
measure of benefit from its profits, somewhat proportional to the benefit they have conferred. But I have d, ne ; and without adding
a word as to the seccesa of the measures adopted by the Directors for the last year, for which the report itself speaks, I move In terms
of the motion I have already announced.
The motion was seconded by Mr. JAMES Huron, Corn Merchant, Haymarket, and unanimously agreed to.
Thanks were also-voted to the Auditors and Trustees, and to the Office-bearers; and the Management having been constituted for
the ensuing year, (the three last-named Directors being new appointments), the meeting separated after a vote of thanks to their
Chairman.

SCOTTISH PROVIDENT INSTITUTION.

TRUSTEES•

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

William Campbell, Esq.. Tillichewan
James Peddle, Esq, Writer to the Signet

DIRE,

Alex. Keith Johnston.-Esq., Geographer to the Queen
Graham Binny, Esq., Writer to the Signet
Neil Colquhoun, Esq., Advocree
Robert Hunter, Esq., Sheriff of Dumbarton and Bute
Charles J. Kerr, Esq., Banker •
James Usher, Esq., Brewer
John S. More, Professor of Scots Law
John F. Macfarlan, Esq., Chemist

.ftoRS.

AUDIT,
William Brand, Esq., W.S.,
Alex. Bryson, Esq.. Watchmaker
Bankers—THE NATII
Medical Officer—JAM us
Manager—JAMES WATSON.

James Crawford, Jun., Esq., Writer to the Signet
John Auld, Esq., Writer to the Signet
James Cathcart.: Esq., Merchant, Leith
Andrew it. Clarke, Advocate
Charles W. Anderson, Esq., Merchant, Leith
George Hope, Esq., Fentonbarns, East Lothian
Edmund Baxter, Esq., Writer to the Signet

'ORS.
secretary to the Union Bank.
Robert Walber, Esq., Publisher
ONAL BANK of SCOTLAND.
DUNCAN, Heriot Row.
Secretary—ions WATSON.