The Sun.
London, England, 1855-07-05 00:00:00

presence .o these eminent professional gentlemen, in
order that they might tte the result of the examination
they had upon their own -ninds, in a.dditibn to that in
_ _

I the-able report which had just been read ; and with the
permission of the meeting he wourl call upon Mr.
Neison to address them upon the su!:ject.
Mr. Hux (a proprietor) objected, on the point of
order, that in all such cases the adoption at the report
should be moved before any statement was made or dis-
cussion arose upon it.
The CHAIRMAN explained that he had 'adopted that
course in the interest of the meeting if:self, inasmuch
as he wished, before moving the adoption of the report
and balance-sheet, that they ehould have the advantage
of a full explanation of the beds upon which the valua-
tion rested from impartial and competelitoersons.
This view of the subj6ct-having been sustained by the
whole of the meeting, with the exception cf Mr. Hux,
Mr. NEISON proceeded, at some leegth, to explain the
result of his examination upon his Gent mind. It had
fully satisfied him that the society was in a:most prosper-
ous condition. In fact, it was not possible to subjeet
the affairs of the society to a more severe test than bad
been done by Mr. Laundy. It would have been easy
for him, with the example-of many flourishing societies,
to have adopted a very different basis of calculation, by
which the balance available for valuation would have
been largely Mere sled, without subjecting himself or the
society to any imputation of exaggeration. But he
thought that Mr. Laundy had taken 8 better course. In
the first place, he had assumed an interest of 3/. per
cent, upon the capital; whereas he might have assumed
3i or 4 per cent. In the latter, he would have presented
their affairs as several ehodsand pounds better on the
credit side than he had .done, and many other offices
and high commercial houses would have been inclined
to take the other assumption as a Torfect;y safe one.
He thought, however,' the basis assumed was pre-
ferable, because, though at present they might be
able, when their capital was comparatiyely small, to
obtain 5 per cent. ; yet, in future years, when it would
be certain to largely increase, tlit'y would -find it
difficult to obtain more than 3 or 4 per cent. ' • and a
larger portion of it would be in the hands of agents,
without interest being receivable upon it, although,
for the purposes of calculation, the actuary should
include it the moment it was due. It was not only pos-
sible, but highly probable, that a larger interest would
be realised ; but he thought Mr. Laundy had acted pru-
dently in estimating the lowest seas. (Hear.) Again,
he thought that Mr. Laundy had done right in assuming
that the rate of mortality, in future, would be that of

the whole community ; because, though at present they
might be assuring a select or a superior class of lives, be
believed that the tendency of assurance was to carry all
companies in that direction, when the tables of mortality
for the whole community must be the basis of calcula-
tion. There was another point of scrieus importance.
The society had a revenue of 12,0001. a year, or there-
abouts, at pres:mt, a sum which left them a margin of
some 15 or 20 per cent. over what was necessary to cover
all current liabilities. In future years that margin would
become of great importance as the revenue of the so•
ciety increased. He might state that the Law
Life Office had, in the seven years preceding
the last, saved upwards of 700,0001. from this source,
and in the seven years just ended between 700,0001.
and 800,0001. more had been saved, which was a gigantic
sum, over all expenses. (Hear.) He had carefully in-
vestigated the whole affairs of the society, and he bad
no hesitation in expressing his fullest confidence in the
principles which had been assumed, and in the perfect
safety of the present dividend and valuation. The busi-
ness had been most economically conducted. But upon
that point he must say that it was a question whether a
more liberal expenditure would not give greater returns
to the society. If they spent, for instance, 2,5001. a
year in getting 2,5001. worth of new business, and an in-
creased expenditure of 2,5001. more, or 5,0001. in all,
would bring them in new business to the amount of
6,0001., it was clear that they would gain 1,0001. a year.
The policy of the directors had been to reduce expendi-
ture, and that year it did not exceed 1,3001. ; but other
offices which pursued the opposite c-mrse had found that
it increased their revenue in a much greater rate, and he
would leave the suggestion to the consideration of the
directors and the meeting. After some further state-
ments of a similar nature, Mr. Neison concluded by ex-
pressing his own perfect confidence that the state of the
society would have fully warranted the declaration of a
much larger bonus, while he commended the prudence of
the course adopted.

Mr. J. JONES, in a short speech, said the subject had
been treated in so exhaustive a manner by Mr. Neison,
that there was nothing left for him to add, save that he
fully endorsed every statement that had been made as to
the safety and prudence of the valuation.

The CHAIRMAN then moved the adoption of the report,
and congratulated the members upon the statements they
had just heard. At the same time he was bound to say
that the directors believed they were fully justified in
keeping down what was in their own power, namely, the
expenditure of the society, as much as they could, consist-
ently with efficiency. Last year they had been enabled to
reduce it 2501. by paying off the temporary loan, for which
they had ample means, and they did not see the propriety_
of paying 5 per cent. or a loan, while their own bankers
, had gradually reduced interest from 4 to 2fl, per cent.
With respect to their fina,noial.pesitioq;:erhey stood that
day with the assets mentioned in the balance-sheet of
28,0001., with only a claim of 221. 108. against them,
of which 211. was unclaimed original capital. (Hear.)
If they proceeded in the same ratio the valuation and
bonus in 1857 must be much larger, but it was danger-
ous to prophecy on these matters. Since the commence-
ment they had paid off 22 claims with a sum of 4,7201.,
,and, he need not say, with how much advantage to the
widow and fatherless. The reversionary bonuses de-
clared that day amounted to 291 per cent. upon the net
premiums, and the bonuses on reduction of premium to
27 per cent. Upon such a gratifying proof of progress it
was not necessary for him to enlarge. The society had
overcome its early difficulties, it was now established on
a secure and satisfactory basis, and he therefore had
great pleasure in moving the adoption of the report.
The Rev. Mr. LEWIS expressed the very great satisfac-
tion he had in seconding the motion, not only on account
of the interest he felt in life assurance generally, from the
benefit it conferred upon the community, but from the
exceedingly frank, candid, and satisfactory explanations
which had been tendered as to the condition and pro-
speets of -he society.
Mr. Hux then asked a number of questions relative to
the accounts, and to matters of detail, with the view of
showing that the expenditure was too large in proportion
to the business transacted, This gave rise to a lengthened
discussion.
The CHAIRMAN said the books, in which all the items
referred to were entered, could be brought into the
room, and read seriatim, if the meeting wished if.
This proposal was, however, met with x negative, to
which there was but one dissentient.
Mr. Hux then moved an amendment to the effect that
three members should be appointed a committee to exa-
mine all books, papers, and records, and that the adop-
tion of the report should be postponed until the 3d of
August, to receive the report of that committee.
The amendment fell to the ground for want of a
seconder, and the original resolution was then agreed to,
with one dissentient.
The Rev. W. LEASK moved, and J. cog, jun., Esq.,
seconded—" The members present tender to the direc-
tors their hearty thanks for their judicious management
of the society's affairs, and offer to them their congratu-
lations on the very prosperous position of the society ;
at the same time they pledge themselves, and invite the
absent members to join them in such pledge, that they
will use their efforts to extend the business of the office,
by inducing their friends and connexions to take out
policies of assurance."
The Rev. W. ICIRKIIS moved, and T. B. GODDARD,
Esq., of Cheltenham, seconded—" That J. S. Margetson,
Esq., T. Chambers, Esq., M.P., and Joseph Davis, Esq.,
being the retiring directors, under the deed of settlement,
and the board recommending those gentlemen for re-
election, that they be re-elected accordingly."
J. S. Margetson, Esq., T. Chambers, Esq., M.P., and
Joseph Davis, Esq., the retiring directors, were then
re-elected ; as were the auditors, Messrs. E. Fox and H.
Brett.
The CHAIRMAN said that he could not allow the vote
to pass without saying that the directors were under
very deep obligations to those gentlemen.
The CHAIRMAN proposed a vote of thanks to the trus-
tees, whose services were performed gratuitously, and in
a manner that entitled them to the grateful acknowledg-
ments of the proprietors.
Carried unanimously.
Mr. Davis moved a vote of thanks to the secretary,
whose onerous duties were performed in a manner that
could not fail to give general satisfaction, He was a
gentleman of great ability, perseverance, and industry ;
and he (Mr. Davis) felt that the society wns deeply in-
debted to him for his very valuable services. (Hear.)
The motion also included the medical officers and solici-
tors to the society.
The CHAIRMAN begged to second the motion ; and he
did so because no one knew so well as himself how much
they were indebted to those officers. The secretary, as
an actuary, stood as high as any man in the metropolis ;
and the medical officers had shown the most skilful and
diligent attention to their duties.
The motion was carried by acclamation ; and the
meeting terminated with a cordial vote of thanks to the
chairman and directors.

PARIS EXHIBITION.—At a meeting of the British
jurors, held en the 2d of July, at 14, Rue du Cirque,
Paris, Lord Ashburton in the chair—present the Mar-
quis of Hertford, Lord Shelburne, Lord Elcho, Sir
George Clerk, Sir Charles Barry, R.A., Sir Joseph
011iffe, Messrs. Addington, Amos, Dr. Arnott, T. Baz-
ley, Bird, Butterfield, Alderman Carter, Cockerel],
R.A., W. Crum, T. De la Rue, Warren De la Rue,
Evelyn Denison, M.P., W. Fairbairn, W. Felkin, T. F.
Gibson, W. J. Hamilton, President of the Geographical
M'Adam, jun., D.
Society,mac
R.A., C. Marshall,
e, J. Hartley, C. Knight, J.
R.A., J. IL Robinson, Dr.
Royle, J. Scott Russell, Warrington Smythe, Professor
Tyndal, Professor Willis, Professor Nilson, and T.
Winkworth—it was resolved unanimously :—" That it
is desirable an early intimation should be given to the
British public of the great excellence of the Exhibition,
and of its marked advance in the objects exhibited over
that of 1851. That it is eminently worthy the attention
of artists, of manufacturers and their workmen, and of
all clams in the United Kingdom."