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

THE BRITISH PRESS.

because nothing in the world was so silly as fo complain, when
there was nor the slightest prospect of a remedy. The argument
was also advanced, that certificates of death were generally delayed
for three weeks or a month before they were sent in to the Society,
and (hetet-ore there could be but little ground for supposing that
there were luny cases of immediate necessity. This argument was
extremely futile, for motives of delicacy alone would.operate to
prevent people tram advancieg their claims within leas sums third
of which, it might be ohserved, elapsed prior to the interment.
The Report also contended, that there could be no hardship is the
case, because it was melee months before the executors were
called upon to pay die creditors of the estate. This Mg*.
meat was so lawyer-like, that he could hardly imagine that his
worthy trivia. Mr. Morgan, had had any share in drawing up
the Report. But he would ask, at one*, was that any argu-
ment at all ? or ■hoist' the slightest weight be accorded to it, in
regulating the administration of the affkirs of the Society ? He would
next proceed to stare the practice of other oPI-es, although he did
not mean to rest his srgiiment upon their proceedings. The time
at which the London Life Assurance paid their policies was three
moailis, and the same petited governed the payments of the Guar.
lien, the Imperial. the Globe, the Rock, the Law Assurance, the
Pelican. the London Assurance, the Surrey and Sussex, die Union,
the Norwich, and the Colonial Assurance Offices; the United Em-
pire in three months; the Royal Exchange immediately; end the
Albion in one month. He had also discovered that there were two
others which paid in six months—one was the Economical (immense
laughter), the other the Clerical. There was also the Medical,
which plaid in six months ; but he hid received a letter recently
from ore of the Directors, who deemed the practice extremely hard,
and declared it to be his intention to have it altered. if possible, to
three months. He was sorry to have detained the sleeting so long,
( Hear, hear.) but he was wholly disinterested in the subject at
issue. lie merely stood there to plead the cause of the weak, arid
he hoped he would not be allowed to plead in vain. Though many
of those gentlemen whom he had then the honour of addressing
were cleft. end though it would be no hardship upon their executors
to await the appointed time of six months, yet he entreated that
they would consider that there were others not so fortunately tie-
cumstanced—others who laboured under the severest pressures, and
to whom in justice and in equity they were bound to concede the
boon which he required at their hands, lie trusted confidently that
they would grant him their support, and that he might not be mor-
tified i'y the reflection that he had mom! up in that room to plead
the cause of justice and homanite, anti had pleaded it in vain. The
lion. Member then sat d6wn amidst loot;-continued cheers.
A MEMBER, whose name we could not !urn, seconded the
motion.
Mr. BUSIINF. r. T. said that the lion. MemherlMr. Poynder) had
favoured them with copious extracts front 'he Report of 1823. He
understood. however, that the Directors had reconsidered the sub.
jeer since the notice of the present motion had been given, aed he
wished to ask what were their opinions at the present moment ?
The CII Ain 31A Ti said that the Directors had reconsidered the
question, and had prepared a Report upon the subject.
hits filnettEdt. said. that in that Court the Directors were
merely itniivititials. ever whom the Court was paramount.
Mr. Bestir:Ede said that it was regular to ask the opinion of
the executive body.
31r. iltutlll3.l.—Then you had better move that the Report be
reed.

!be Rev.lllr. Srtr PH AN n thought it would be indelicate not to
read the Report of the Directors ; independent of which, if they did
not do so, they would be going to the question, as it were, blind-
fold.
11r. Comer. tr. then moved that the Report, be read.
Mr. SWEET thought it would be indecorous to the individual
wad made the motion. to seek to influence the Meeting by reading I
the Report of the Directors, to which many persons would be
likelZ to defer,without calling in the aid of their own judgment and
understanding.
The motion for reading the Report was finally withdrawn upon
the rugeestion of Mr. JONES. who said that it was not the desire
of the Dire-one to ioffuence the 31eeting by the expression of their
opinions. They were not by any means anxious to obtrude their
opinion—they were equally peel:owed to give, or to withhold it, at
m the °kt of the heeling itself. There could, however, he no ob-
jection to his stating the facts upon which the opinion was founded,
without at all expretairee what that opinion was. The view taken
by the Directors of the question was very correctly stated by the
lion. Member, who had made the motion; but lie could not agree
in the correctness of his observation.. It was true certainly that
the question was not one between the Directors and the Proprietors;
it wan simply whether the adoption of the proposed alteration
would be ndvantsgcous to the Society. It should, amongst other
things, be taken into consideration, that all their calculations were
made for twelve months ; and it would therefore be desirable to
preserve the present practice, as six months was a medium
.periud.
It should also be cuneidered whether it could be done consistently
with their deed. It was true that in most caws discount was
taken when the period wan curtailed; but the Directors would
foil the necessity of ordering payment without any discocut,
shot a strong case wis made out to authorize such a pro-
ceeding. If the Court, however, wished to make the alteration,
the D recurs had not the Wig:nest eitectian. The Report con-
tended that there we no actual necessity, generally %peaking, upon
the part of the claimants; for a much greater period was generally
suffered to 'elapse than three weeks before the money was de.
mended. even atter the expiration of the six months. Besides, it
should be known to the Proprietors, that the extent of Os:lap:at;
which would be sacrificed by the propelled alteration wasnotch
greater than was estimated in the Report of 1n23. Then they
were eupptised to he only 5.0001., whereas now the difference which
the interest would yield forehe three months, would amount to
7.0001. Thin wan a large annual sum to give up; but the Director*
bad tin wieh whatever to ir RUCOM their proceedings.
Mr. SWEET said, that lie was surprised that such an expression
should have found its way into the Report, as that executors wile
oat called upon by law to pay debts until after the expiration of
twelve months. This was rot the ease, for they were allowed
twelve months to pay all debts due of, and to receive all debts due
to, the estate ; so that they are bound to pay debts as soon as they
shall have property sufficient fnr that purpose in their hands. Thus
the law, with respect IT executor+. so fur from being in favour of
the opinion maintained by the Report, was directly opposed to it.
There were, however, two parties in the case, one of which must
lose In proportion to the gain of the other. If the interest were in
this way subtracted. the benefit wculd be entirely given to the old
Proprietors, at the expense of the new, who could partake of it in
no way whatever. This was a difficulty which he hoped the lion.
31ember would grapple with in his witty, as he believed it had not
been at all adverted to in the course of pia arguments.
Mr. RAY expressed a hope that the Proprietors would not suffer
themselves to be led by their feelings, in direct opposition to facts.
Their objcet was, of course, that their families might be benefited
to the greatest poerible extent ;and in order to do this they should
not abolish such a source of profit, as the sum saved by the diffe-
rence of the discount would bear no proportion to the gain of each
individual by the continuance of the present system.
,This would
become immediately apparent to any gentleman who would take
the trouble of trultii.g the calculation.
Sir. POT N DER then replied ; and in doing so, declined to enter
upon that portion of 31r. Joiirs'a speech relative to six months
being a proper medium period. because the insurances were calcu-
lated by the year. This he did because of the length into which
he must inevitably be led by such calculations. lie was of opinion
that the manner in which risks were calculated way not right ;
fin the charges were undue beyond all chances of risk, not in that
Society merely, but in all others. Ms Jones said, that the
Director's, in any case of hardship, would feel the necessity of re-
linquieffing the discount. To this lie would reply by asking, if
they could adduce a single met in which they hail ever done so ?
lie also stated that the sum to be sacrificed was 7,001. per annum
now, although in 1823 it was only 5.0001. To this he (31r. Pow-
der would reply—so much the better ; for the increase front that
source proved that they could the better afford it, inasmuch an such
increase was tine necessary consequeice of an increase of business.
(Cheers.) He would sally say in conclusion, that he felt confident
his motion must be successful, founded as it was in justice and
equity.
'file motion was then pot from the Chair, and carried by an
immense majority; after which the Court adjourned.