The Sun.
London, England, 1855-04-13 00:00:00

holders, to adopt at the outset of the company, they have
to report that they still continue to transfer their fire busi-
ness to another office, which office has been selected with
great care, as being one of a stable character, based upon
a durable foundation. As regards losses in the life depart-
ment, the directors have to report the falling in of nine
policies, assuring in the aggregate the small sum of 4451.
, which is a peculiar source of gratification to them, as
it evinces the care and caution with which the lives are
selected by the medical officers of the company, whose
duties this year, the directors would wish to impress upon
the shareholders, have been more than usually responsible,
Owing to the severe outbreak and lengthened visita-
tion of the cholera in the summer. The directors
have further to report that they have succeeded,
since the meeting of 1854, in considerably in-
creasing their staff of efficient working agents in
England, Scotland, and Wales, and also in opening a
branch office in Hamburg, with representatives in the
smaller dependencies thereof. It is with much pleasure
the directors have also to inform the shareholders that the
subscribed capital of the company now amounts to 69,7101.,
being an addition of 27,440/. upon the last return. The
,directors have lastly to report, that a dividend on the paid-
up capital of the company, after the rate of Si. per cent.
per annum, will be paid upon application at the chief office
of the company, on and after the 31st of May now next
ensuing. In conclusion, they would urge upon the share-
holders, policyholders, and their friends generally, the
necessity of keeping their office well and often before the
public, not by advertisement, but by using their personal
influence and interest in introducing it to the several
domestic circles in which they move, and to their respec-
tive acquaintance and business correspondents."
The CHAIRMAN then moved that the report be received
and adopted.
Mr. WEBBER had great pleasure in secondingthe motion,
for he was quite sure that, on looking over the balance-
sheet, every gentleman connected with the society would
agree with him, that the increase in their business during
the past year had been everything they could have expected,
considering the difficulties which they had had to encounter.
It was necessary for him to mention those difficulties in de-'
tail to them, as they were patent to them all. They
were well aware that commercial affairs were at pre-
sent in what might be termed a state of stag-
nation. They were also oppressed with a doubled
income tax, and there was every prospect of the
national burdens being permanently increased by the pay-
ment of interest on a loan which it was rumoured was about
to be raised. When things were in that state, it was not
usual for people to put their hands in their pockets for the

purposes of speculation. Leaving aside any further allu-
sion to the state of the times, he wished to call the atten-
tion of the meeting to two or three items mentioned in the

report. First, h; observed that their losses duringthe
year had been exceedingly few. This was the more grati-
fying, as there were few offices which had assembled their
shareholders during the last few months which had not to
apologise to them for the ravages of the grim tyrant ; and
although their own escape from them might be considered
to some extent the result of good fortune, yet he could not
help feeling that their thanks and gratitude were due to
their medical officers for the care and caution which they
exercised in the selecting of lives. He also noticed that
they had considerably increased the amount of their sub-
scribed capital, and he felt pleased that they had done
so, as he was of opinion that a paid-up capital went
far to the establishment of a society like theirs. It gave
them rank and position, and it inspired the public with
confidence in their stability, , seeing that they had an
ample fund to fall back upon. Of their agents in the
country, he had to observe that they were well selected
and highly efficient. Indeed hi had lately had an oppor-
tunily of examininz their despatches and accounts,
and he was bound to say that he felt quite sur-
prised to see how well they worked the principle
of life assurance. These were facts which were satis-
factory paid gratifying as regarded the present, but which
also augured welt of their future success. These were the
principal items to which he wished to call their attention.
He did not wish to expatiate on the benefits of life asstr-
cues, but he could not help referring to an expression
which, although enunciated in a language different from
their own, had now become a household word among them.
It was usual to say, " ntortuis nisi bonunt," but he
thought that, if they were to read verunt for bonunt, they
would be doing no harm to the dead ; but, on the contrary,
a great benefit to the living. They had each one, no
doubt, been acquainted with some one now dead of whom
they spoke as a good-natured, jolly, kind-hearted fellow,
whereas, if the truth were to be told of him, they would
have to hold him up as a beacon to warn off others from
the rocks and shoals of improvidence, instead of as an ex-
ample to be followed by them. Of all provident habits,
those, he thought, were the most honourable and the most
to be admired, in the good fruits of which it was impossible
that he who practised them could himself participate.
When a man provided for the comfort and independence
of those whom he left after him, he did a great deal to-
wards lessening the poignancy of their grief for his loss,
and to brighten with hope thst tear of affection which they
shed over his new-male grave. Of him they might say—
" Light be the turf of thy tomb,
May its verdure like emeralds be;
There is not a shadow of gloom
In aught that reminds us of thee."

(Cheers.) These remarks brought him to the conclusion of
what he had to say, but he couid not sit down without
impressing on them all the necessity of carrying out the
recommendation expressed in the last words of the report,
by using their influence with their friends to get them to
insure in the office, as by doit, so they would not only
advantage the society, but would also confer a great benefit
upon the individuals themselves. It was true that they
might be equally benefited by insuring their lives in some
other office; but as charity began at home, he thought that,
as shareholders, they were bound in duty to do their best
forthe ins titution in which they were themselves interested.
Much had been already done in that direction by the direc-
tors ; and he could not sit down without giving expression
to the satisfaction which he, asa shareholder, derived fromtheir having done so ; and he thought that too much
praise could not be given to their excellent manager, Mr.
John Sheridan, for the able and zealous manner in which
he had similarly exerted himself. He found that youth
would be served ; and although any allusion to politics
would be there out of place, he could not help saying that,
if they had had a few younger men in another quarter of
the world, things would have been better managed than it
was reported that they had been.
The CHAIRMAN having put the motion, it was unani-
mously agreed to.

Mr. HARDING said that he had the pleasure and honour
to bring before the attention of the meeting the merits of
the retiring directors. Of these gentlemen there was only
one who offered himself for re-election—namely, Captain
Malkin, who had been a member of the society from its
commencement, and had seen its infancy, its troubles, and
its prosperity. He was one of the few who had from the
commencement stuck to the ship, and now that they were
sailing in deep waters, it would not be fair in them to-
wards him to withhold their recognition of his services.
They were aware that with him two other directors also
retired, and he thought it well that the meeting should
understand why it was that they did not offer themselves
for re-election. Mr. Glenn, one of these gentlemen, had
never professed to take any active part in the management
Of the society to which he had kindly lent the weight of
his name, and had in that manner materially assisted in
giving it stability, but he had done so on the condition
that, when they were strong enough to do without him,
they should allow him to withdraw. The other gentleman,
Mr. Hilles, had not been much among them for the last
two years, nor was his interest in the society large, and
therefore it was that his name (lid not appear for re-elec-
tion. Recurring, however, to Captain Malkin, it was un-
necessary to make further remark than to say that he had
been with them, and stood by them, from first to last. It
was true that they had gone through many phases, and
that differences of opinion had existed between himself
and Captain Malkin, but those differences were but paper-
kite differences ; and, as the paterfamilias of the society,
he might say that they had now altogether passed away.
Here Captain Malkin entered the room, when Mr. Hard-
ing explained to him the tenovr of the observations which
he had made in reference to him.
Mr. JAMES seconded the motion, which was unanimously
agreed to; after which
Captain MALKIN briefly expressed his acknowledgments
of the compliment, and took possession of the chair.
Mr. FITCH, in moving the re-election of the retiring au-
ditors, Messrs. J. Britten and H. B. Sheridan, referred to
their fitness for the office. The latter gentleman, from his
connection with another assurance company, was one whom
they might expect would go carefully into the examination
of their accounts, while of the former he would observe
that, being his colleague as auditor of another society, he
found him most careful in the discharge of his duties.
Mr. HODSON, in seconding the proposition; said that he
thought it would be a work of supererogation to add a single
word to the observations of the last speaker on the claims
of their retiring auditors to re-election. In fact, their own
report was, he considered, their best praise, and they well
deserved all that had been said in their favour.
The motion was unanimously agreed to.
Mr. H. B. SHERIDAN expressed for himself and colleague
the high sense they entertained of the compliment paid to
them.

Mr. H. B. SHERIDAN then said, that having returned
,banks for the auditors, he had now to move that a vote

similar to that which they had received should be passed
in favour of the directors. It had been stated that he
belonged to another assurance company—he would not say
to a rival one, for it was the courtesy of the profession to
altogether ignore the idea of rivalry—but he could assure
them that he did not the less on that account rejoice in
seeing this society thriving and prosperous, and proving
remunerative to the shareholders. While he thus denied
the existence of rivalry, he was, however, bound to state
that there was great keenness of competition,
office often ran neck and neck with another, lz!
i h important
they would agree with him that it was
rhelance
on their
honourable spirit; When societies so competediy, he thought
ti the shareholders should have full i
extent of their stake.
aUltdaltlh that
one
directors, who, on their part, by
satisfactioncumof-
the principles on which the• society
satisfactory to the sb are-
gave convincing proof of their
stance that could not fail to czeptpythrwoevaasl
the more apparent when their
holders. That approvalw waonrdk
ed_
a c i r
Wilingan indirect emnplituente'to the
manager, the society. It was also t
kinds f
d showed that he was he 0 111 nAi whom
directors were found asto continue in the mana,ement
Having alluded to the hecfit to he de-
manamer, al,
as % menus
seconded the motion, it
tritydrbfergoimiirethe issue of small policies , tuns of extend-
ing the connection of au assurance company, he concluded
tho Chair-
byTfhoormitllvly.
mmro.v.wingotphehraevsionlgutton.
unanimously agreed to, and acknowletfl,the
so3iety towtahse
tlilaualkllketi of the
and assi-
minaaMnnar..geFri
ar cmticoiffin
eme
rosy, i nhgi the
ley
proposition, and corrobo-
,lu3ityr. oBfuARI Tc.HJEOThTng :.oenr,ii (el at In.
the
reted Mr. Fitch's estimate of the value of Mr. Sheridan.
carried by acclamation,
Themr. mjootHiNonshi
jazvßinigolbileen.
Was a , in teturning
that the vote thanks, observed
kind and character, but nevertheless
one at meetings of that
one, as it tended to nevertheless a very satisfactory
and prove that the officers had at least
dons their duty,
tirely failed in ,that their just endeavours had not en-
their object.
fur the kind
theyreception they had given to the vote, for the
terms in which
bad carried it, and for the continued
reposed
confidence
trusted they in them, which he' sincerely hoped and
that, when ile might never see transferred. II ethserved
Onate the closey last met in this room, 'they met to cele-
of what appeared to them a very sods.