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

it. Kk,
JUNE 10/ 1852.

He had great pleasure in moving this resolution, be-
cause he knew the importance of having such gentle-
men attached to an institution like this.--,(Hear, hear.)
He had often beeii asked " What iatnes hive you
upon the` iminogemeot, to give. stability to the
company? " • and when be 'showed those who
queStioned him ..in that way the prospectus,
with such names on it as, those mentioned in the

resolution, had at once waved satisfactor.r.--.-(Hear,
hear.) It was his decided impression that the
Times Lire Assurance Company was peculiarly
pdapted to the wants of 'the people ; tind in propor-
tion that' its natrits•beca,qe known in the' same ratio

would the-company be appreci..ted,--(llear, hear.)
Ar. T. W. BARER seconded the resolution, vvhicb,
like the former, was carried ucanimously.
Mr. tt: Pam moved' the third_ resblution, Which he
said he conceived would require noargument to• in-

dues the shareholders to adopt. It was that they, the
shareholders, should be void five per sent. per annum
the upon paid-up capital. He for one, as a shareholder,
if he considered this as payment out of capital, he
would go without interest for five years rather than
take it, hut he regarded the money which the com-
pany had spent in the some light that a tradesman
regarded the money which he expended to get his bu-
siness together.—(Hear.) During the past three
years the money of the company had been judi-
ciously expended with the view to future operations,
and, as had been well observed by the Chairman,
they had sown their seed, and hoped in future years
to reap a good crop.—(Hear, hear.) This was
a business meeting,, and he should there-
fore be loth , to trespass ;upon th‘ir atten-
tion at too great length, but as one of the audi-
tors from the beginning, and one who had examined
the accounts with mueh scrutinizing vigilance, he was
anxious 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—(Elear,
hear)—and there vves now a prospeet for those who
felt that they held too many shares to sell them at a
prenaiumea-(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. LATIIAM seconded 'the resolution, but at the
same time begged permission to go away from the
point Cilich 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 she 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.) Formerly life
assurance was only a theory, but for some few years
past the theory had been reduced to a practice, and
now, it was one of 'the most successful agents of mo-
dern times.-'—(flear, hear.) He happened to have
been brought up within-a few miles of a well-known
hunting and racing locality, end be knew that a vast
deal of money was spent in prepering 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,
hear, anda laugh,) The same uncertainty that at-
tached to a horse-race attached to life, but in the
latter case the uncertainty could always lie provided
for. If a man saved a' little :money, and began to
build a bowie as a provision for his family, death
might overtake him before he had completed the first
story,, and he would leave the work behind him un—
finished, wilereas if be insured his life, no matter if
he died the next morning, the work, would be com-
plete.—(Hear, 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. STUBGE moved that the allowance to the
directors be voted at 2601. 14s. It wes 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 resolu-
tion.—(near, hear.)
Mr. },CAYMAN seconded the resolution.
The resolution was then pat and carried unani-
mously.
The Rev. J. GEORGIS 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, Ds
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
heard a controversy between the noble pro.
prietor and the manager of the estate, as
to• the best method of, making a 'man industrious.
" Once got 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. He
considered the directors were not half remunerated,
and wondered lion. Gentlemen could 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. LILLIVALL 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 in
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
care for, and crime and poverty and political animo-
sity would diminish as Life Assurance increased.
Mr. Swam 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 that they were
highly satisfied with the position` of the company.
The usefulness of institutions like' this might be
illustrated by a reference to the paupeeisen of
the country. A short time ago he saw a
statement, that out of seventy-four persons
in the Birmingham Workhouse, tsomething like
seventy of them had 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 never have been the inmates of a workhouse,
indhe therefore strongly recommended the directors
P olicies and annuities for very low sums,
to grant
such as SOL or 40/.—(llear, hear.) In his opinion,
man 'ought to insure' his life, as no one
every
could be certain of what the future might pro-
duce ; for instance, three or four months
ago, a gentleman made a proposal to him to take out
a policy upon the joint lives of himselfand h_ i
is wife
for 4001. The proposal was satisfactory, and t was
about being accepted when the gentlemasan went into
ut into a
the country .for a few days, there be
damp bed, .naught a fever and died.i Ifthoupt making
any provision whatever for his fami yd.W-1(1Iear hear.)
carried unani •
The. resolution was then put. an
MOUSIP
Mr. LATHAM moved, and •Mr. PLATT seconded a
vote of thanks to the medical officeraof the company,
Which was carried unanimously.
Dr. COOK returned thanks and took the opportu-
up_or upon
small
the directors the expediency
nay of again urging
all sums such as 10/ , a
of granting policies f
such a proceeding.would enable him to bring at least
slO,OOO proposals of that nature to the office.—(Hear.)
Mr. ALEN, WEBBEx moved a vote of thanks to
Mr. Sheridan and the other officers of the com-
-17 1. ALEN'ANDEIt WEie= then said he had much
111
pleasure in proposing that the cordial thanks of the
shareholders were due to 11. B. Sheridan, Esq., the
ger, and the other, officers of the company, for
Igen:l:Went manner in which they had performed
their duties. Mr. Sheridan, their respected manager,
wag 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
yours.
(Hear, hear.) As regarded life —as-
surance, there were many offices for that purpose,
and many managers, and he would give
them all credit for doing the best they could ; but

the manager of this company was not only manager
of the life assurance department,
he was manager
of the guarantee department also,
his 'task more than doubly difficult, for. it was much
which. rendered
• -
easier for him to go.throuh twenty
A ae.third of the
two or three guarantee ones; an... 03 0 ,
business of this company was life policies than
de-
partment, that would give them an idea of the amoun_,
of his duties. For the,-vast two weeks they had
in the guarantee, ,
granted. on an average 30 policies a week, and when
the roamiger had to sift elf these, in a3dition to his
other Auties, no .one could say but that his time was
well occupied. But no: only their -respected manager,
but their whole staff or officials, did their duty au"
mirably,and he therefore moved a vote of thanks to
them.

Mr. LILWALL seconded the resolution, and in
doing sci paid a high compliment to Mr. Seridan
for the efficient manner in which he pertormed his
duties.

The motion, on being put from the chair, was mos!
cordially agreed to. _

ian He
thek
Mr. SUERIDAN acknowledged the console
said—Mr. Chairman and Gentlemen, I have to
you on the part of myself and my colleagues tbtt s.
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
towards 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
to carry a knowledge of the peculiar, features that
characterise this company throughout the whole of
Great Britain.—(Hear, hear.) I say Great Britain
because we have done a large business in Scotland,
which is of an increasing character, while we are
beginning to do business 'in Walee, and further
even than there, that we have extended
our operations to Germany, and with coneiderable
success.--(Bear, hear,) Sir, I can assure the meet-
ing that the duties which devolve upon the manager
of an institution of this sort, and the care and anxie-
ties that are attached to his office are, under the bast
circumstances; of an arduous character ; but when the
company has to be formed, when the business 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 and policy-holders have to be obtained, and
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 fora 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 loag 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
anything—l mean that experience which is afforded by
the elder offices, the features of whose early efforts
resembled ours, and whose maturity has been so
prosperous—then, I say, ewe are taught that such
efforts and laying in of stock must, if accompanied
with a little patience, become abundantly productive.
The first stage in the progress of assurance offices is
the third year, the probationary period—the trial
period, as 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
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 au 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
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, find a copy of which I believe each shareholder
is supplied witb, that in the month which has elapsed
since you closed your third financial year the office
has received in cash, from premiums, shares, &c., the
'
very large sum of 1,7961. 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.—
(Bear, hear.) Mr. Webber has referred to the pro-
posals 30 a week, but I am now speaking
oftheaveragingpoiciesactually completed, paid on, and issued.
policies
We have bed 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 department, 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
guarantes. It is this :
" The system of mutual guarantee, practised and first
introduced by this office, continues toe
leadingreceive the
warmest approbation and support from th
commercial houses;
rail-
ways, banks, publicand
and your directors have no hesitation in saying, that
such of system, combining, as it does, the interests of the
d
of the company, must,
party guaranteed with the interests
when it becomes universally known, obtain universally
hi
original system
the preference over theof guarantee.
endowments, The combination of life assurance,
an-
nuity policies, Sre., with guaran _ ,
tee bonds which this com-
pany was one of the first topractise, has ialso met with
considerable favour, and your directors are every year
mono of the opinion, 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 judicious and saving system
to the guaranteed, but, at the same time, the most pro-
fitable one to a commercial company."
Sir, I quite concur in every word which is here stated.
From what I have remarked in the progress of our
guarantee department, I am convinced that the
time is fast approaching when public guarantees
will become universally adopted in the lead-
ing commercial establishments of the country,
though I am astonished to find it is
as yet compara-
tively unknown by many first-rate houses. I am
of opinion, however, that when itshall '
become fully
known and
understood, the few guarantee com-
panies in existence will be overbalanced. There are
some of our directors and friends who believe
public guarantee has a higher mission, still theythat
be-
lieve that, through the means of these societies, a great
moral and social improvement will be effected
; thate
crime will be diminished by limiting th
to crime, that the temptation is temptation
lessened . by the
strongly restrictive and precautionary measures re-
quired at the hands of the employers and by which
means the lax and inoperative s
force will be crushed and altogetheryatena hitherto
i
in
altered. Again7._o:
the system of this office the party guaranteed has ,u 2
active and increasing interest in
his own honestea..
in-
asmuch as each year of honesty becomes a year Of in
vestment and saving, the profitse of this department
being divided amongstthe re as
guaranteed and I,o_,
aural:ices, combined with th • d
their uarantee
The result of all this cannot fails to ameliorate a
great degree the general condition of these classes of
'he people.—(Liear, hear.) of
The auditors having been re-elected, and a vote
hanks having been given to the Chairman, the me.
ac•et-
eg, which had been throughout of a most satist
:ory character, then terminated.

'a ol'r IT LITIO.--
ROYAL P -------------1-
OLYTECIINIC -.--- ' The latest
addition to this establishment has bee.
zz" inntroduces a series of
in the musical de-
partnaent, in which Madame Bregai tare a French song, a
national ballads, the chief of c .
German melody, which was recweihvieu'ivith great applause by
the audience, and English ' has a
to
and
a
thai ballad, by Linley, " I. cannot
naiad my Wheel, Mother." Twhhisiehla';Yppeared to be duly ap-
agreeable voice and manner,
The chemical professor, Mr. J.
preciated b the audience.
11. pepper,y will deliver a lecture on Monday nest " On
D ial reference to the Bitter Beer of
Fermentation, with es"
emconget which, by a curious coin-
ten Burton Brewers," fisii-a that a Salt, who i 5 Due c,f the
i cident of names, la place.
1 eminent brew erg vf t