The British Press; or, Morning Literary Advertiser.
London, England, 1826-06-02 00:00:00

EQUIT.4BLE ASSURANCE COMPANY.

Yesterday • Quarterly General Court of the above Society, was
held at their house in Chathirti.nlace, at E even o'clack precisely.
•• • . •

Sir in AHLT.9 MOROAN, Ihn. in the Chhir.

As aonn'as the usual routine business of the Court was dis-
posed of
Mr. Po'esrDien rose to move, pursuant to a notice given at the
last Quarterly General Court, " That in future the claims dust
upon policies be paid at the period of three months from the time
when the death of the party assured shall have been proved to the
satisfaction of the Count <of Directors', lastead of the period of ail
months. as at present practised.'' Ile was. he said, perfectly aware
that a similar mica of motion had once betore been given ; and
that it had been subsequently withdrawn by the Member oho
had given it ; but he was not then aware that the Court of Direc-
tors had taken the subject into their consideration, and reported
that such a measure was inadvisable. Since then he had read that
Report. and was not at all prepared to come to the same conclusion
as the lion. Mens'• r, or to act as he had done by withdrawing his
motion. No person had a greater respect than he had for the Di-
rectors, and he could assure them that nothing was further front
his thoughts than to create opposition to their opinions merely for
oppeahion 'sake. No body of men did their duty with greater
credit to themselves, or with greater advantage to these for who.n
they acted, and be might add, with worse remuneration, than the
Dittman...oldie Equitable Assurance Society. !laving thus. belyed,
get himself right with them as to waiters .if feei...g, lie should pro-
ceed at once to the moat impurtact part of his argument, in order
to save the time of the Court. and, to use a vulgar :triage, to take the
bull by the horns at once. The Don. Gentleman then read an ea-
tract from the Report of the Director., which stated, that if the
term were ahottened from six months to three. in the manner pro-
pe.ed, a loss of at least &WV. per annum must be sustained, inas-
much as larger balances niust be retained in the hands of the Bank,
the interest of which would be lost to the Society. The Directors
therefore deemed it advisable to persevere in the yresem practice,
as the alteration most prove liujurious to the individual members,
as well as to the l•haiiety itself,. Ile (Mr. Poytuden did not think it
at all unlikely, nor had lie the stighteat difficulty in mg:oising that
the prniits reaiized in this way might amount to Zi..0001. per annum.
But what he would contend was this, that it was not a fair source
from whence an Equitable Society should derive its profits. (Much
Cheering.) lie should eland upon that ground, if he thought that
the Report of the Directors emit! be supported, but he 'lid not
think that it could be supported. The Director. laboured under an
impression that there was a separate interest existing between the
Society and its in.licidual members, whets in fact duce was 11A suelt
distinction in an INititahle Society such ae theirs, the individuals
tieing all members of the Society, and alluring in its profits and
levies. The Society could gain tioiliing by the longer period, when
Its principles were that of mutant mattrance. Thin therefore was a
palpable fallacy ; but independent of this, he would enotead that
it was an unjust sourceofg till, and ought therefore to be abandoned.
It might br said they were warranted in the present practice by the
deed of policy, awl that might Le true enotigh t but they were not
warranted la it by the deed of corporation. It might Rita be said
that they could not altet their bye laws to such an ea tent ; but they
bad altered them in cases 'if 'suicide, and of dtath beyoual ace, and
would continue to do so, he trusted, whenever such alteration should
clearly be for the better. (Hear, heat.) Ile recollected a man
(alr. Till, we believe), who used in that room to stand with his
back to the wall at the bottom of the room, and always wore a huge
cocked hat and buckles, the dress of the preceding century. until he
was at last laughed out of them, and appeared ih the improved cot.
tome of the motlans. (A laugh.) The Directors stated that there
was no inconvenience resulting front the present prattler, and that
where money was required in shorter periods than the six months.
it was given upon the deduction of a discount. Now Le would ask
what could possibly justify the deduction of a discount in eases
where the property was the actual vested right of the party claim-
ing against the Society (cheers) ; and in many instaeces those
eleimaate were but badly able to air .rd such a lose, and as little
able to do without the money. lie would m‘atinn one such ease,
lest icelmuld be supposed that he was putting an imitein.try one ;
a etre which was so creditable to the gentleman concerned, that

delicacy would have sealed his (Mr. Poylider's) lips upon the sub-
ject, but that the gentleman was then absent from the room. This
gentleman was lett executor to a person whale life was assured in
their Society to the amount of 3'lool. The circumstances of the
family were peculiarly distressing; but still not feeling Platifiei is
a !eking the loss of the tquanitit, he actually paid ihe 3,0001.
out of -his own pocket, and waited the espitation of the six
month' to reimburse Aimed!. (Much cheeting.) Ilow was it'
possible that the Society should be able to unow witst were
oe were not cases of distress? The fact was, that in this 'solid roan-
kind knew but little of each ether's distresses. At all events, the
claimants had a vested right to the money, and no Society' way
jus-
titled in imposing any further delay than was absolutely necessary. I
(Hear, hear.) Three months was ample time to make such M.
quiries as truuW preclude the possibility of fraud. Another ergo-
melt which nad been used in the Report was, that there were but
few cases in which people sought to get their money upon the limy-
client of the discount. Surely this was taking advantage of their
own wrong. They first fixed a distant period fi;ir payment, and be-
cause parties did nut ask for it sooner, at the loss of the discount,
they assumed that there were few rases 10 which having it at an
rally period could be an object. (Hear, hear.) It might be true
tlitt the Directors had heard of few compl.kiuts
.upon the subject,