The Sun.
London, England, 1852-11-26 00:00:00

On Tuesday evening, a meeting was held at the Rose
and Crown, Watford, to hear an explanation of the
merits of the Deposit system, as carried into effect by
the above-named company.
The chair was taken shortly after eight o'clock, by
P. 0. H. Brady, Esq., of Watford.
Mr. RENDALL, in opening his address, gave a brief
and lucid description of the manner in which Life Assur-
ance Companies were got up, from the period when they
were first registered, under the Joint Stock Company's
Act, till their complete registration, which could not be
effected till they had a specified sum of their capi-
tal paid up. But he could assure the gentlemen
present that paid-up capital was not essential, nay he
would assert, without fear of contradiction, that it was
positively injurious to it. He was supported in this
view by one of the greatest writers on life assurance—
the authority of Mr. Babbage was everywhere acknow-
ledged and received. But he would tell them what was
positively required to ensure the success of a life assur-
ance company. They required, in the first place, twelve
honest bond fide men as directors ; it mattered not if
even they were men of the working-class, pro-
viding they were intelligent —in that case
they would be equally as eligible as twelve
dukes or bishops—energetic and persevering officers
—accurately constructed tables of rates, and last,
though not least, a sound and beneficial system. Now
he (Mr. Rendall) was prepared to prove that the Deposit
and General Life Assurance Company possessed all
these requisites, and, what is more, offered, as he would
show by and by, greater advantages than any other
office in existence. To come, however, to particulars. The
Board of Directors consisted of gentlemen of the highest
standing in society—men whose names were synony-
mous with good faith and honesty. Then they
had the untiring energy of one of the most
clever and most active business men in Lon-
don, for their Secretary, Mr. Charles W. Bevan. Most
of the gentlemen of that town had seen, and would
no doubt appreciate, the business habits of the gentleman
who stood by his side—he meant Mr. Strousberg, the
inspector of agencies, a gentleman who did more busi-
ness for the Deposit in one week, than any six
men together for other offices in six months ;
who, last week, effected policies to the amount of
4,5001., and, in the last eight weeks, policies to
the amount of TWENTY-FIVE THOUSAND POUNDS.
This, gentlemen, can be verified by any of you
who chose to take the trouble of inspecting the office
documents. The tables of the society had been con-
structed with great care and ability, by Francis G. P.
Neison, Esq., F.L.S., and who, in a letter which he had
written to the secretary, stated that they were the most
complete tables he had ever constructed, and founded
on the most correct data. The letter would be open to the
inspection of persons desirous of seeing it. This gentleman,
they must remember, was well known to be one of the
soundest actuaries of the present day. Now for the
system itself. Premiums when once effected, are always
at all times, and under every circumstance, the avail-
able property of the assured—as much so, he would assure
them, as though they had opened an account at any of
the safest banks in London, and were receiving compound
interest on their investments. Men of every class and
station could avail themselves of the advantages to be
derived from the Deposit Assurance Company. But it
was the small tradesman and the industrious mechanic
who would particularly experience the benefits arising
from it ; persons who had been prevented from assuring
their lives by the fear, not only of losing their
policies, in case they should be unable by sickness
or otherwise from keeping up their payment, but
actually of losing all they had paid into that
office—in the Deposit such a thing was impossible.
On the ordinary system, a person of the age of 20 has,
in order to assure 500/., to pay an annual sum of 81. 6s.
3d., and will, therefore, after 30 years, and when he has
attained the age of 50, have paid into the office 2491.75.
6d. His policy at that time, in the case of death, will
be 5001. The sum the ordinary life offices would give him
for the surrender, or sale of his policy after 30 years'
payments, amounting to 2491. 7s. 6d., of which they
have derived the benefit, at compound interest, would
be a little more than 801., perhaps 901. If he were un-
able or omitted to pay his current annual premium of 81.
6s. 3d., after having paid into their coffers 2491. 7s. 6d.,
or, in the event of his death, one hour after such omis-
sion he would receive nothing. The rates here men-
tioned are advertised by the English and Cambrian
Office as low rates; those paid in the older offices being
much higher. On the Deposit system, to assure 5001.
the annual premium is 71. 10., which will secure, at the
expiration of the same time specified in the above ex-
ample, the sum of 5221. 2s. 7d. ; and should he wish
after that time to sell or surrender his policy, the
office would give him 2871. 2s. 9d. If unable
to continue to pay the annual premium, the
policy would still remain at its full value.
Shouid the party wish to cancel the policy, he
could not only draw out all he has pnt in, but a certain
bonus of 621. 2s. 9d., which is more than one-fourth of
his whole payments ; or he could draw out a part, thereby
diminishing the policy only by the assured value of the
part so drawn out. The advantages of the new system
are as follows :-Ist. A person, for a smaller annual
sum, can insure a larger sum, in case of death. 2d.
Should he desire to sell or surrender his policy, he would
receive three times as much as from the ordinary com-
panies. 3d. Should he discontinue the payment of the
annual premium, his policy would retain its full value,
whereas, under the old system, he would get nothing.
4th. He can at any time, by giving a fortnight's notice,
withdraw any part, from 1/. up to the whole
amount of his previous payments, with interest.
This he can at any time repay into the office,
and thus raise his policy to the former or a , greater
amount. By this means he has a fund to which he can
.1‘,,,3,v0 fly in case of necessity, with this advantage over
a bank, that he would gain interest tor Ins money, and
in case of death his family would receive more than the
amount of his savings. In ordinary offices, the moment
he ceases to pay his current premiums, his policy
is cancelled, and his hard-earned savings serve to
benefit the pockets of his more fortunate co-assurers.
These were advantages offered by no other office—
advantages that had already procured for the Deposit a
large amount of business, and he was sure that the more
its principles became known, the greater would be its
prosperity. (Hear, hear.) They courted public inquiry
to prove the correctness of their data, and the soundness
of their principles. He thanked the meeting for the
very kind manner in which they had received him, and
concluded by requesting any gentleman present who
might wish to ask any questions, to do so now, and that
it would give him great pleasure to afford them all the
information they required.
Mr. C. HEALEY, an extensive wine merchant of Wat-
ford, asked several pertinent questions as to the policy
and management of the Deposit Company! and 11-on
pressed himself perfectly satisfied with the info
afforded him.
Mr. MERRIMAN, late agent to the L.nons pdono rant
ofd
County Office, then addressed the meet
the Deposit and General Assurance Offi il:an
d Thatconcluded this meet-
by
moving the following resolution Which the Deposit
ing approves of the principle p
Life Assurance has been founild,:ain)ndrswidheirnshi,tsbpeilnang
of operation worthy of
duly seconded, was carrigednuenraan'imPously.
Mr. F. P. F. STROUSBERG, in answer to a question,
stated that it was impossible inf theed— Deposit Office that theh
e
payments could become foreitwheras, in
offices, the moment a person ceased to make good his cur-
rent premium, that moment all hisTh Thus
sreivit
wouassptahymat payments
obe-
cameld forfeited to that office.
offices were enabled to congratulate their shareholders
upon the prosperity of their institutions ; and as an in-
stance, he would adduce the Law Life Assurance Com-
pany, that had recently had the modesty to congratulate
its shareholders upon the fact that last year they had
pocketed in one year the enormous sum of seven thousand
five hundred pounds from lapsed policies. Is not, gen-
tlemen, a system like this most unjust? (Applause.)
A vote of thanks being passed to Mr. W. Rendall and
was adjourned to some future
the Chairman, the meeting
day, most convenient to the directors, to attend for
the purpose of affording an opportunity to the many
persons who were unable to remain until the time of
meeting, of hearing an exposition of the equitable and
benevolent principles of the Deposit and General Life
Assurance Company.