The Sun.
London, England, 1852-08-27 00:00:00

FRIDAY EVENING, AUGUST 1868 i

BRITISH EMPIRE MUTUAL FIRE

ASSURANCE SOCIETY.
The fourth annual meeting of this society
was held
yesterday at the offices, New Bridge-street, Black-
friars ; James Low, Esq , of Gracechurch-street,
presiding.
The CHAIRMAN said he hardly knew whether to be
pleased or not at the very small number of subscribars
who were present on that occasion. It certainly did
seem somewhat extraordinary that the attendance
should be so limited when they had issued nearly
7,000 policies, the holders of which must all be deeply
interested in the prosperity of the society; but be felt
assured that this was owing to the confidence which
was reposed in the board of directors, and to the
knowledge that the reports and accounts of the society,
giving ample information on every subject of interest,
would be printed for the use of the members and the
public. The report always enabled the members to see
the exact position of the society, and therefore rendered
it unnecessary for them to waste any time by attending
the annual meetings. The society originated with a
few gentlemen, who united themselves together with
the view of carrying out what they believed would
be an important principle in connexion with fire
assurance. After examining the statistics of the sub-
ject, they thought there was no reason why the mu-
tual principle should not be successfully introduced
into fire assurance, instead of having a large nut',
costly proprietary, and laying aside a great sum 0I
money uselessly. Under this system the profits aris-
ing from the business, after laying by a sufficient such
to meet any losses which might be sustained by the
society, would be divided from time to time among
the shareholders. This being the fourth annual meet-
ing, a good opportunity had been afforded for testing
the soundness of the principle on which the society
was established; and the promoters considered that
all their anticipations had been fully realised. In the
first instance they had no funds on which to fall
back, but the directors were so convinced of the se-
curity of the society that they made themselves re-
sponsible for any losses that might occur, and, of
course, it was impossible to carry on the business of
such an office without some losses. During the four
years the total losses amounted to 3,7341., and that
was made up of sums varying from ls., though it
could hardly be supposed persons would make
so low a claim, to 8001. and 9001. It was
the main object of the directors to pay all
claims as soon as their amount could be
fairly ascertained, and he believed that no office
was more prompt in that respect than the British
Empire Mutual. The society was not managed by
persons with high-sounding names, but by plain
tradesmen who had lived many years in London, and
always borne an untainted and irreproachable
character, and no doubt they would have
more weight with the public than persons
who were simply known for their • titles. He
considered that the society was now fairly estab-
lished in public favour, but he felt that neither the
directors nor policy holders had done all they could,
or their 7,000 policy holders might soon be doubled.
Though their income was now nearly B,oook a year,
they could do ten times the business without mate-
rially adding to their expenses. Last year they had
made their first triennial return to the policy holders,
which the directors saw their way to making 12f per
cent. on the premiums, and at the next distribution,
two years hence, he expected they would be called to
make such a return as must tell on the public mind in
favour of the mutual system. He had been for many
years paying 1201. per annum for premiums, and he
had never had any returns from the old offices, though
he would have been very glad to have obtained 12f
per cent. He hoped next year every policy holder i
would bring another, and t they brought twenty it
would be all the better, as they would make then so
much more profit, which must be divided amongst
themselves. In conclusion, he called upon the secre-
tary to read the short and pithy report which had
been prepared by the directors.
Mr. W. S. Gwen, the secretary, then read the
report, of which the following is a copy :
The directors have the pleasure to state that the pros-
perity of the society, so uniform and gratifying in years
past, has not only been maintained but increased during
the year now closed.
The division of profits al
year has given much satisfa
The following statistics ev
of the public in the applieat
without personal liability, tc
surance, and their apprecis
The number of new policies
issued in the

t the commencement of last
fiction to the assurers.
vince the growing confidence
Lion of the Mutual principle,
) the operations of Fire As-
aion of its advantages:—
T hepoalmicoieusn tisassuseudreidn bt
the
newe
'lst year wa5..,,,, £659,080
2dyear ............ 501,431
3dyear .......... .. 731,069
4thyear ........ ..... 829,540

Ist year Was
2d year
3d year
4th year ... 2,074

:aking a total of
policies issued 6,766
in four years ...

Illakinga total of
assurances ef-
fected in four 2,724,120
years of
The receipts on the foregoing were—in tho
Ist year ... £2,083 19 5
2d year ... 3,159 17 0
3d year 4,870 2 9
4th year ... 6,589 18 5

Making a total of £16,703 17 7
Of this amount 8,2581. 35. 7d. were premiums, and
8,445/. 14s. duty.
Average new business per year, 681,0301.
The receipts of the second year show an increase of
1,075/. 17s. 7d. upon the Ist year.
The 3d. 1,710/. ss. 9d. upon the 2d year.
The 4th, 1,7191. 15s. Bd, upon the 3d year.

The ratio of increase becoming-larger year
The Assurances in force have been carefully se
lected, and form a safe and profitable class of business.
_o
The Total Losses sustained dnrinz four years ,1a1„,
amounted to 3,7341. 15s. Bd., being 451 per cent a
ratio,
satisfactory received; and it is believed that this
..__
satisfactory as it is, will be much diminished as
,T,'"„
operations of the society extend, and a less fiactuaut's
average is consequently obtained.
steps
The members will be interested to learn that
by year.
have been taken by the directors to endeavour t?_ns
re-
move inadvertent and unjust Governmental imPeslll6
upon fire insurers.
mob
extended. Many new agents have been appointed, In the provinces the business of the society has
and
much new business obtained.
The local board in the West Riding of Yorkshire
od
maintains unabated activity, and has established a good
agent in nearly every important town in the district.
The propriety of forming local boards in the mar are
turing districts, where the principles of the society are
much approved, is under consideration; and ge.nie:,,nd
the provincial operations present indications of wine "
permanent success.
The directors recommend to the agents, members, and
-, le p.
all interested in the success of the Mutual priVone of
plied to Fire Assurance, that the coming year of the
earnest exertion for the extension of the business
society.
diree-
the
h
Successful• as have been its operations,
above
tors feel that with such a principle, worked out
_3:
easily
6,000 insurers, the business and the society !nig'
a induce
be doubled. Let each member, as in Plat year'of new
obnuesiefreisesndbetyoefbodllow
i .
neand the
precedent hie
example,
society placed in a still bolder position before
bbalance The SECRETARY SECRETARY also read the following -- Receipts
will andbe ar n
realised,
public
count for the year ending 30th June, 1852: 6d.; and
from premiums, 2,8951. ss. 2d.; duty, 3,312/. os
lot year, '
to these sums were added from the balance of _ account,
1,5411. ss. 9d.• and from the loan and guarantee _d. The
2,2971. 17s. 10'd.—making a total of 10,0461. '
984 14s. 2d ;
expenditure was—For working expenses, 1,8,,,,L 3a. 6d.;
duty and stamps, 3,1561.:155.11d.; losses, 2,3,7. 7d.; ba-
re-assurance, 2551. 3s. 10d.; interest, 2361.
_Jr,. mi. 3d.;
lance at bankers' and in agents' hands, 2,120
allowing a total of 10,0461. 9s. 3d.
f the report,
Mr. C. JONES moved the adotion 0
manner in
and bore his testimony to the admirable
ducted by
which the business of the society was n_a.. if they
the directors, and by the working . "6"
shitherto done,
should continue to prosper as they had.,,ouriehing so
they would become one of the most 0
cieties in London,
and ex.
Mr. J. R. BURTON seconded the
motion,ilder to the cll..
pressed the deep obligation he was, le ,oeiety, and
rectors for their able management or '"
: utmost exertions
assured them that he would use his during the en-
to bring new policies to to the office
suing year.
In reply to a member, society was estab•
The CHAIRMAN stated that the
monies Act, and
lished under the Joint-stock Ca ired in obtaining
that no cost had therefore been in"
a special Act of Parliament. and the retiring
The report was then adopted,
directors and auditors reelected. 0
t call attention
Mr. JOHN GOVER said he wished with the society.
to one or two points in connexionv,ant of confidence
At first they had to contend with
naturally attended
on the part of the public, which
had
been successfully
all new institutions; but that that
by the state of their
shown
overcome, he thought, was , they could not afford
accounts. In the second pla would require the
at first to take large risks, which and they had,
cent.,
Payments of 5/. or 101. per
, 3 to risks where the
therefore, ' confined themselves
premiums did not exceed 10s. Ilya er cent., because, as a
done to incur large
young office, it would not b
risks, which would give theme character for rashness.
They also, in the first instance, limited their policies
tly been enabled to ex-
to 1,0001., but they had re
n 7- and be doubted not that
tend that amount to 1,5001+ ere long they would bo in a position to undertake as
any other office. His ob-
ject and important risks es
was to lead them to a consideration of the future, as
andtheY were rapidly ris-
ing into thei!youth was
manhood. On -ossing avilk, '
the 3 th of June last, they had
• increase on the previous
assured 2,724,1201., being a.Tiolorne of 9,507/. If they
year of 826,5401., and an income
same rate of increase as
went on for seven years at the
od have 12,265,000/.
they were now making, thfeY'lB,4B,sL, and in ten years
insured, and an income 0
they would have insured
20,000,0001., with an in-
come of 30 000/. Of course, if they followed the
,
doubled their business
advice of their chairman, and he income he had
in the course of the next year, t .
mentioned 'alight be produced in three and a half or

five years ; and here he wished it to be understood
that he had made his calculations on their net income,
irrespective of the duty, which would, if he took that
into consideration, double the receipts. Once they
convinced the public that the mutual was preferable
to the proprietary system for fire assurance, he be-
lieved this institution would become one of the best
in the country.—(Hear, hear.)
A vote of thanks to the chairman and directors
terminated the proceedings.

THE ATLANTIC STEAMERS.
TO THE EDITOR OF THE TIMES.
Sir,—Thera may be some excuse for the pertinacity
with which the farmers cling to a belief in the justice of
Protection when they see the inconsistencies into which
some Free-traders aro led when their private interests
are at stake. A striking instance of this appeared a few
dc..ys since in one of the last letters of " Our own Cor-
respondent" from New York.
In order fully to appreciate the inconsistency to which
I allude, it will be recollected that the English and Ame-
rican Governments have each a subsidized line of steamers
between Liverpool and New York; that hitherto the
subsidy granted by the respective Governments being
equal, there has been as fair a competition between the
rival companies as the vicious system would admit of.
Both have done their best in the trial of speed, and, as
yet, it must be conceded the advantage lies in a slight
degree with the American company. This small ad-
vantage (about four hours, I believe, in the race across
the Atlantic) is considered by the Americans as a victory
unsurpassed by the Nile or Trafalgar. Their news-
I PpPe r 5 allude to it continually as a national triumph.
"
The cerapany, however, found that racing with the Bri-
fishers, though highly honourable, was not ( qualiy lucra-
tive, and, Odver Twist, w.,,0t to Congrers "to ask
fur more," xpiessly on the grounds chat they bad
beaten the " Britiihero," aud could nut afford to continue
to do so without an additional grant. Sundry indepen-
dent members of Congress demurred, as the bum de-
manded by the American Compacy was exactly twice
as much as the English Government paid for the same
work, and because there were sundry enterprising New
Yorkers who offend to beat the Britishers at the old
price. However, at last interest nod claptrap about na-
tional glory prevailed, and the vote was passed. This,
your correspondent—a rrgular Free-trader, be it remem-
bered—naively calls " rewarding the peaceful victories
of American citizens." How he can reconcile his free-
trade principles with the approval of a bounty of the
worst sort, intended avowedly to crush all competition
by an overwhelming State grant, is for him to say, and
the inconsistency is not diminished on learning that the
agent of this gigantic monopoly in this country is a
zealous free-trade Member o f Parliament, an opponent of
the
Navigation Laws, Rod an advocate of unfettered
commerce throughout the world.
Speaking of the Americans, they seem to have peculiar
ideas about reciprocity. Theyat
e giveho
horrified
fieendo enormous
the
es
idea
bounty
to their own steamers, andof
tho colonists giving a small one to their fishermen. They
are too happy to fish in our waters, where theeisplenty
of fish, and are willing, in return, to concede to us the
right of fishing in theirs, where there are no fish to
catch. They have doubts about the interpretation of
Convention, the word " bay" in the Fisheries but are
quite sure that a voyage round half the world to Cali-
fornia is a mere coasting trip; and, finally, they have
now some reciprocity in pickle about Peruvian
Sam Slick used to talk about their gains from wguano.
ooden
nutmegs, but that is nothing compared with the legal
profits from reciprocity.—l have tho honour to be, &c.,
Carlton Club, Aug. 25. FAIR PLAY.

(From the Times.)
Most readers will recollect that during the recent de-
bates in the American Congress the stormy discussions
upon national rights were varied by the introduction
cira of
a very different proposition. A commercial
charging itself with the navigation of the Atlaeticpabney
tween Liverpool and New York, and subsidized expressly
by the State in aid of its performances, applied to have
its premium increased. As the augmentation demanded
amounted to 100 per cent. on the original grant, the pe-
tition created some little consternation, but in the end it
was granted, and the American line of Atlantic steamers
will henceforth receive twice the subsidy before given.
This circumstance has been made the subject of allusion
by a correspondent, whose communication, with the sig-
nature of " Fair Play," will be found in another part of
our impression. That the writer is strangely mistaken
in his reference of the question to that of free trade will
be very easily discovered ; but the general train of
thought suggested by the letter may be turned, we con-
ceive, to some profitable account. It is by no means clear
that these matters are rightly understood either on one
side of the ocean or the other.
Between Liverpool and New York there are running
two lines of steamers, one British and one American,
encouraged in each case by large grants of money from
their respective Governments to perform the voyage in
the shortest possible time. The subsidy contributed to
the British line amounts to a quarter of a million ster-
ling; that enjoyed by the American Company was till
lately about the same. It is understood that, in consi-
deration of these special allowances, the stipendiary
companies are to disregard certain ordinary views of
mercantile enterprise. The vessels are built for speed
only, and carry no heavier cargoes than mails and pas-
sengers, their otherwise enormous tonnage being ab-
sorbed in engine and coal room. They differ, in fact,
from vulgar merchantmen little less widely than ships
of war, being constructed not, indeed, for fighting, but
for running, to the prejudice of all more productive ca-
pacities. Under these circumstances the passage across
the Atlantic has been reduced from weeks to days,
and is now literally a question of hours. The
American steamers, though not excelling our
own in their average performances, have succeeded
in winning one race by about half a neck; that is
to say, the very quickest transit on record—being four
hours shorter than that next to it—has been executed by
an American vessel. As the passage may be set at about
250 hours, there, of course, seems margin enough to
make up the odd four, and it is evident that favourable
circumstances of work or weather might any day turn
the scale in favour of the English. The competition,
indeed, is to be prosecuted more vigorously than before,
and it is upon this assumption, coupled with the credit
of " victory," that the American company has sun-
ceedEd in obtaining the large increase of subsidy men-
tioned above.
Between the two Governments, therefore, a bounty
amounting to something like three-quarters of a million
annually will be paid upon ocean racing. Now, there
can be no doubt that it is of the very highest import-
ance to bring two such countries as Great Britain and
America as close as possible to each other. It may be
conceded, also, that the great principle at stake is not
damaged by the smallness of the gain apparently pro-
curable. Four hours is not a large proportion of 250, but,
if hours and even minutes had not been closely
reckoned, that very average of 250 would never
have been reached. A chronometer obtains the
prize over another by the difference of thirty seconds in
a year. This difference in itself may be inappreciable,
but it is owing to this competition for seconds that oar
ordinary timepieces go so well to minutes. In a good
all ot.her-
race the actual difference will always be sm.
wise, indeed, the race would not be a good one.
_. Bat,
granting all this, is it worth while, upon sound
possibly
.0 .
tainable at so high a premiere, and if £O, is this premium
offered in the most advisable shape and manner?
Considering the relative position of the two countries,
their commercial relations, and their natural advantages,
it is perfectly certain that the traffic across the oc.ean
which divides them would not only be performed with-
out the aid of bounties, but would be performed under
the stimulus of strong competition. This competi-
be itimately pushed to the
lion would not eed g
extent of tradingind without p rofit. Remuneration would
always be looked to as a fair condition of a
voyage ; but what, it may be asked, would be the
probable difference between voyages thus executed under
the ordinary incentives of trade, and those performed
under the artificial encouragement of bounties? It is for
this difference, and nothing mere, that our state pre-
miums are now paid; and if 11a miles an hour could be
done at a profit, is it desirable to do 11i at a loss? Per-
haps it may be said that four or five hours difference in
the delivery of a mail may make the difference of peace
or war between the two countries, and that we need
hardly look beyond the recent crisis for an illustration
of the contingency. But would even the mails, on the
whole, be carried less expeditiously than at present if the
duty were left to the unaided energies of British and
American mariners? For it is not to be forgotten that
if bounties provide us with one swift line of steam-ships,
they entirely drive all others from the field. If the.
sti-
mulus of fixed premiums is gained, the stimulus of
againstfre
competition is lost. No vessel will attempt to run:
another which starts with the advantage of a subsidy.
The reader will easily observe that there is a great
distinction between bounties thus allotted and the en-
couragements commonly offered to mechanical or scien-
tific excellence. When premiums were proposed for the
best chronometers, we did not contract beforehand to
pay an annual stipend to some manufacturing house, but
adjudged the reward to the best performance after free
competition. In the same way with racehorses and with
yachts, there are substantial incentives to excellence,
but they do not include special bounties to breeders_
or builders, although the ordinary stimulus
in of
that
tcomP:i
tition is much weaker in these m
seagoing steamers. It is hardlycasceles thanar therefore that
our policy in this respect is sound, although,
other hand, it may be said, perhaps, that wort:al;
erica at
stake than mere superiority of speed. TheAssnerican,
ultimately triumphant, whether British or it to and
searing will monopolize the whole traffic of the °°e° • by
fro• this traffic it is well worm
and go „t no private
a bounty to the conqueror& jus-a-laried company,
speculator could contend with aaseid compete with
so no unsubsidized British line The Americans,
a subsidized American 10,e' tetiag the Atlantic to
indeed, say that we werereortuo evoked competion on
good P,
ourselves when a na they now expect that a still
their side of the watery:own in our place. But what
better premium sailisPori sattaggle? Four hours' advan-
is to be the end of win certainly not decide such a
tage, more or
and, if, as has been plainly confessed,
ehanapionshiP,e cost an extra quarter of a million
the expense of a genuine or perma-
these fowerbalwariallhbaev
a vent victory?
own out these remarks for public con-
nent viiciatfatriir
because it appears to us that experience is
s crenrese tvi
eo
re; towards convicting
near the country of error
sr-e as before us, and that the two States are ap-
i° 138'
the Predicament of rival railway companies.
preaching .
.At the very period when the room for improvement has
become smallest we are reudeting ourselves liable to the
largest demands. As things now stand, it is scarcely
possible, in the absence of any remarkable invention,
that the speed of our Atlantic voyages can be ma-
terially increased. We may work up our four hours'
arrearage, or the Americans, perhaps, may turn this
surplus into five, but we hardly see how much more
to be expected. Meantime, the free course of compe-
tition ap-
.s
c
tition is entirely suspendsd, and after giving away -s
quarter of a million a year, we shall be reduced—to-Ith;
necessity of either spending as much more, or submit-
ting in this respect to a disadvantage which will neutra-
Ilize our bounty altogether.
son

--
IMPROVEMENTS IN HYDE•PARK.--During the last
few days a large number of workmen have been busily en-
gaged by the Commissioners of Woods and Forests in
widening the carriage-way which runs by the side of the
serpentine, and makuig (Aber anproyernent§ and alterntions•