The Sun.
London, England, 1852-06-10 00:00:00

He had great pleasure in moving this resolution, be-
'use he knew the importance of having such gentle-
n
attached to an institution like this.—(Hear, hear.)
had ofeen been a'sked "What names have you
in the mannement, to give stability to the
:piny?'" and when he' showed those who
stioned. him in that way the prospectus,
nth slice necies on• it• as those mentioned in the
elmiers itlad at once proved satisfactery.—(Hear,
kr.) 'lt was his decided impression that the
imes Life Assurance Company was peculiarly
pted to the wants of the people; and in propor-
that its merits became known in the same ratio
mid the company be appreciated.—(Hear, hear.)
Mr. T. W. BAKER seconded the resolution, which,
the former, was carried unanimously.
D. PRATT moved the third resolution, which he
id he conceived would require no argument to in-
le the shareholders to adopt. It was that they, the
ireholders, shouldhe paid five per cent. per annum
uponpaid-up capital. He for one, as a shareholder,
le considered this as payment out of capital, he
luld go without interest for five years rather than
:a ic, hat he regarded the money which the com-
iy had spent in the same light that a tradesman
;arded the money which, he expended to get his leu-
esa together.—e(lear.) During the past three
irs the money of the company had been judi-
usly expended with the view to future operations,
a as had been well observed by the Chairman,
y had sown their sued, and hoped in future years
reap a good crop.—(Hear, hear.) This was
business meeting, and he should there-
ire be loth to trespass upon their atten-
in at too great length, but as one of the audi-
Ira from the beginning, and one who had examined
amounts with Matte nerutiniaingsvigiimmseekaiwaa.
ixious to bear his testimony to .the Admirable man-
ner in which the accounts were kept.—(Hear, hear.)
He could testify to their strict accuracy, having, with
his brother auditors, checked every item and examined
every Voucher, and he could assure the shareholders
that the accounts generally were in so satisfactory a
state that they had a perfect and legitimate right to
declare a dividend of five per cent. upon the capital
which had already been paid up. There was one
gratifying fact announced in the report which he
could not help adverting to—a paragraph in the report
told then that all the shares had been issued—(Hear,
hear)—and there was now a prospect for those vibe
felt that they held too many shares to sell them at a
premium.—(Hear.) But they had, a sound, honest,
and fair proprietary body, and he very much doubted
whether any shareholder would he disposed to " sell
out" when he came to consider the truly excellent
prospects that were opening up to the company.
Mr. LATRAEL seconded tine resolution, but at the
came time begged permission
_to go away from the
point which it related to. Hitherto all scientific
matters had had but one tendency, and that
was to help the intellect, but quite recently
science. had taken a wider turn, and see helped now,
through the works of the engineer and the actuary, to
extend commercial intercourse and promote the social
welfare of the people.— (Hear, hear.) m
Formerly life
assurance was only a theory, but for some few years
past the theory had., been reduced to a practice, and
f
now it was cue of the most sticcesSful agents of mo-
dern iiines.--(llear, hear.) He happened to have
been brought up within a few miles of a well-known
hunting and racing locality, and be knew that a vast
deal of money was spent in preparing race-horses for
the Struggle on the course, but on that course
there • was this disadvantage—only one horse
could win. On the life assurance race-
course, however, it was widely different,
for they were all winners—(A laugh)—and in the
end they were certain to obtain a prize.—(Hear,
bear, and a laugh.) The same uncertainty that at-
tached to.a horse-race attached to life, but in the
latter case the uncertainty could alwaysbe provided
for. If a man saved a little money, and begat/Ito
build a house •as a provision for his family, death
might overtake him before he had completed the first
story, and be would leave the work behind him un-
finished, whereas if he insured his life, no matter if
be died the next Morning, the work would be corn-
pletea---(llear, hear.) They could not therefore be
too active in striving to extend and make known the
advantages of life assurance, and, then, in addition to
benefiting their fellow-creatures, they would also
have the additional consolation of knowing that they
were promoting the interest of their own institution.
The resolution was then put, and carried unani-
mously.
Mr. G. STURGES moved that the allowance to the
directors be voted at 2601. 14s. It was in vain to
expect their business to be done well if they did not
remunerate those who did it for them. The labourer
was worthy of his hire and if they paid the direc-
tors they gave them such an interest in the duties,
that they took care to fulfil them. He had, there-
fore very great pleasure in proposing this resolus
tion.—(Hear, hear.)
Mr. IleeeieN seconded the resolution.
The resolution was then put and carried unani-
mously.
The Rev. J. GEORGE moved a resolution to the
effect that the thanks of the shareholders were due
and tendered to the directors for the assiduous man-
ner in which they had promoted the interest of the
company, and he took the opportunity of reminding
the shareholders that* life assurance societies acted
most beneficially upon the people, tending, as
they did to improve the social habits and to encourage
industry and economy.—(Hear, hear.) He once
lived near the estate of a titled landowner, and he
beard a controversy between the noble pro-
prietor and the manager of the estate, as
to the best method of making a man industrious.
" Once get a man," said the noble proprietor,
" to put money into the savings' bank, and he will
redouble his industry to increase his savings." Now
he would say, once get a man to insure his life, and
he will become a more satisfied and useful member of
society.---(Hear, hear.)
Mr. L. F. EDMUNDS seconded the resolution. Jae
considered the directors were not half remunerated,
and wondered Hon. Gentlemen cculd work and give
up so much time for so little pay. He had much
pleasure in seconding the resolution, which was car-
ried unanimously.
Mr. Lieowaea moved a vote of thanks to the
auditors, and said he concurred with what had fallen
from the reverend gentleman who had pre-
ceded him. The philanthropist, the politician,
and the economist were alike interested iu
the advancement of life assurance societies.
A man was always the better for having a stake in
his country, something, in fact, to think about and
caie for, and crime and poverty and political animo-
sity would diminish as Life Assurance increased.
Mr. SWAN seconded the resolution, and as he re-
presented the Manchester board, which was, perhaps,
one of the most efficient and influential in all Lan-
cashire and Yorkshire, be could state tbat they were
highly satisfied with the position of the company.
The usefulness of institutions like this might be
illustrated by a reference to the paupersm of
the country. A short time ago he iaw a
statement, that out of seventy-four persime
in the Birmingham Workhouse, ',something like
seventy of them bad been members of benefit clubs
that had failed to fulfil their objects. Now, had these
poor persons joined an institution like this, and made
provision for an annuity after a certain age, they
would thereforee been the inmates of a workhouse,
and he to strongly re.commended the directors
to grant policies and annuities for very low sums,
sucha aoe or 40l.—(gear,hear.)
In his opinion,
every min ought to insure his life, as no one
could be certain of what the future might pro-.
duos ; for instance, three or four months
ago, a gentleman made a proposal to him to take out
a policy upon the joint lives of himself and d
his wif
wase
for 4001. The
proposal was satisfactory, an it
about being accepted when the gentleman went into
the country for few days, there he was pt into
to
bed, caught a fever and died without u
making
any provision whatever for his family.—
(Hear, hear.)
The resolution was then put, and carried unani-
mously
Mr. LATHAM moved, and Mr. PLATT seconded a
vote of thanks to the medical officers of the company,
which was carried ananimously.d
took the opp t OTa-
Dr. COOK returned thanks an
g in urging upon the directors the expediency
nofity of again
granting policies for small sums such as 10/ , as
such a proceeding would enable him to bring at ;east
10,000 proposals of that nature to the office.—(Hear.)
aar. ALEX. WEBBER moved a vote of thanks to
Mr. Sheridan and the other officers of the com-
panY•
Bin ALEXANDER WEBBER then said he had much
pleasure in proposing that the cordial thanks of the
shareholders were due to Hi B. Sheridan, Esq., the
maDager, and the other offic.ers of the company, for
the efficient manner in. which . they had performer"
their duties. Mr. Sheridan, their respected manager,
was not only an efficient servant of the company, but
be had the talent to develop its resources—to exa-
mine and sift the, whole business connected with it—
that it would he difficult, if not impossible for the di-
rectors of any similar office in London to point to
their managers and say to them—" That now excels
yoi•
ire• (Hear, hear.) As regarded life as-
surance, there were many offices for that purpose,
and many managers, and he would give
the best they could; bat
them all for doing

i He
l
Mr. Snearneet acknowledged the enenpiemerit
said—Mr. Chairman. and Gentlemen, I have to t
you on the part of myself and my colleagues for the
unanimous manner in which you have passed the vote
last submitted to you. Certainly it is true, as use
Webber has stated, that I have contributed somewhat
to wards the formation and progress of this institution.
I certainly have done all in my power to extend its
relations in every way, to develop its resources, and i
to carry a knowledge of the peculiar features that
characterise this company throughout the whole of
Great Britain.----(ilear, hear.) I sey Great Briteie,
because we have done a large- business in Scotland,
which is of an increitaing character, while we are
Anginuing434l-110- 4Filuol-in-Wntel, On4itlaatr .
even than there, ' that we have extended
our operations to Germany, and with considerable
success.—(Near, hear.) Sir, I can assure the meet-
ing that the duties which devolve upon the manager
of an institution of this sort, end the care and anxie-
ties that are attached to his office are, under the best
circumstances, of an arduous character ; but when the
company has to be formed, when the businens has to
be created, and when the features of a new system,
such as the combination of life assurance with mu-
tual guarantee, have to be introduced, and to be ac-
knowledged by the commercial world—when share-
holders end policy-holders have to be obtained, end
often satisfied after obtained, together with a thousand
other cares, these difficulties and labours of a gentle-
man in such a position become greatly increased, and
cannot for a moment be compared to the even tenor
of that very agreeable way exhibited by the managers
of institutions more time-honoured than "The
Times."—(Hear, hear.) For a certain number of
years with a young office it is one long striving fOr a
name—one great effort to inspire the public with con-
fidence for an institution, which, if not new, is cer-
tainly but young. Then the capital has to be spent
in what should seem stock in arranging the machinery
for future operations ; and if experience be worth
any thin; —I mean th At experience which is afforded by
the elder offices, the features of whose early efforts
resembled ours, and whose ' maturity has been so
proeperous—then, I say, ;Awe are taught that such
efforts and laying in of stock must,• if accompanied
with A littlepatienee, beCome alanudantly.produntivee
The first stage in the progress of assurance offices is
the third year, the probationary period—the trial
period, es it is termed, being the first three years. If
there be anything unsound in the constitution of an
office, if there be anything wrong, in its system, if
there be any weakness in any part of the fabric, the
first three years invariably developes it, and the ulti-
mate fate of the office is determined. I do not mean
that if your tables are wrong it could be found out in
that time. I do not mean if you have taken bad
lives, or that you have had none at all but minor
evils, pulmonary disorders, an incomplete•share list,
dissensions at the board, or dissatisfaction .among the
shareholders—for this office has passed with. safety
this narrow channel—and the consequence will be
that the next year in the history of this company will
exhibit a still more marked increase in the
amount of business done and in the in-
dividual amount of the policies effected.
Indeed, as allusion has been made to the probable
increase of our income, I will prophecy that by the
next annual meeting of the shareholders the
income of the company will be approaching
14,0001. per annum. It may seem ha-
zardous to indulge thus boldly in such an anti-
cipation, but I do so from the knowledge I have of
the resources of the company, of the new sources of
business opening up to our view, and from the ener-
getic measures we have taken to carry a knowledge of
the principle of life assurance into the rural districts
of England. Sir, I think I may say that the turn of
1 the third year has already caused a marked increase
in the general success of the company ; for I
see by
the supplemental balance-sheet which I hold in my
hand, and a copy of which I believe each shareholder
is supplied with, that in the month which has elapsed
since you closed your third financial eear the office
has received in cash; from premiums, shares, &c., the
very large sum of 1,796/. Again, I have caused the
last eight weeks of the company's operations with
respect to the number of policies issued to be ex-
tracted, and I find that in the first of the eight weeks
twenty-seven were issued, in the second twenty-two,
the third nineteen, the fourth seventeen, the fifth
twenty-five, the sixth thirty-one, the seventh thirty-
seven, and the last week thirty-three, making an
average of twenty-four policies a week. The idea of
the elder offices was that two policies a week would
be sufficient for prosperity, so that if we can go on as
We have begun there will be no question,
I should think, about the success of the company.—
(Hear,' hear.) Mr. Webber has referred to the pro-
posals averaging
30 a week, but I am now speaking
of the policies actually completed, paid on, and issued.
We have had proposals for double that number, in-
deed no less than 40 a week have been laid before the
board most frequently, and on the average a third
have been declined. Still the same trouble is neces-
sary to investigate declined cases, and 2,0001. a year
has this year been refused. Allusion had been made
by Mr. Webber to the guarantee departments and
as a great deal has been said about life assurance and
little about this department during the meeting, I
should like very much to call your attention again
to the passage in the report which has reference to
guarantees. It is this :
" The system of mutual guarantee, praotised and first e
warmest approbation and support from
introduced by this office, continues to receive. h
• r houses;
ways, banks, public institutions, .endt
ocnommee leading
saying,
threcaute g rtail-
that
and your directors. have no
of the company, must,
such a system, combining, as hesitation
does,ita the interests of the
t
party guaranteed with the interests
original system of guarantee.
the preference over the
assurance, endowments, when it becomes universally known, obtain universally
The combination . of life
an-
nuity policies,
practise, has ;also met with
com-
pany was one of the first to ,
Fee., with guarantee bonds, which this
considerable-favour, and your directors are every year
more of theopinion, that a principle by which each year of
honesty to a 'party guaranteed becomes one of invest-
ment and saving, is not only the correct system, morally
speaking, not only the most judiciou, Qua saving system
to the guaranteed, bat, at the same time, the moat pro-
fitable one to a commercial company,"
Sir, I quite concur in every word which is hero stated.
From what -I have remarked in the progress of our
guarantee department, I am convince that the
time is fast approaching when public guarantees
will become universally adopted in the lead-
ing commercial establishments of the country
many first-rate houses.cmlPari:tm.
though I am astonished to find it is as yet c '
however, that when it shall become fully
There are
toifveolpyinuionnk,nohwown
known and understood, the few guaranteeTh
panicssome o
fi existencenour
directors will
abnedovferriebnadlas
newedl; believe that
public guarantee has a higher mission, still lteh
they be-
lieve that, through the means of these societies
moral and social improvement will be effected societies, great
crime will be diminished by limiting the temptation
to crime, that the temptation is lessened by the
strongly restrictive and precautionary
re-
quired at the hands of the employers, measures
and by which
means the lax and inoperative system hitherto in
force will be crushed and altogether
altered. Again, by
the system of this office the part
active and increasing interest in his
guaranteed has
.ann.
asmuch as each year of honesty lots own honesty,f
iln.
vestment and saving, the peofite''coemes adyearartment
being divided amongst the guaranteedo thisdepartment
life
and llt
as-
surances, combined with their policies.
The result of all this cannot guarantee .
fail to ameliorate in a
great degree the general condition of these classes of
the people.—(Hear, bear.)
The auditors having been re-elected, and a vote of
the thanks having been •
given to the Chairman, ~..,
meet-
ing, which had been,
throughout of a most satisfac-
tory tory character, then terminated.
1
....
el ..._ t late!

- - ROYAL POLYTECHNIC INSTITIITIoN.—The latest
addition to this establishment has lecraiesl de-
partment, pertinent, in which Madame Bregazzi
been
gdtubceesillauss
national ballads, the chief of which arein a French song, a
German melody which was received With great applause by
the audience, and a EVg;,B "y has a pleasing and
I- h ballad, by Linley, " I. cannot
mind my Wheel, Mother.' Thhichlaacppeared to be duly
eele voice and manner, The chemical ap-
preciated by the audience. lu profenor, Mr. j.
lecture on Monday next " On
li• Pepper, will deliver a
Fermentation, with
ten Burton Brewers,"
cident of names, we find
eluitient OreiTers 9- amongrst which, by a curious coin-
especialeference to the Bitter Beer of
at of Salt, who is one a the
f that PIA"'