The Sun.
London, England, 1852-03-25 00:00:00

THE MERCHANTS' AND TRADES-
MEN'S MUTUAL LIFE ASSURANCE
SOCIETY.

The tif.h annual meeting of the members of this
society W;S held on Thursday, the 18th of March, at the
offices in Chatham-place, Blackfriars.
John Maegreggor, Esq., M.P., presided.
Mr. GEORGE THOMSON (the Manager) read the re-
port, by which it appeared that the number of policies
for the year ending 3 fat Jan. last are ............... 181
The amount assured
The premiums on which are
Since the 31st Jan. last, sixty-one pro-
posals have been passed, amounting to 21,100 0 0
The premiums on which are
And there are before the Board 13 proposals amount-
ing to 6,900/., the premiums on which are 245/. 19s. 9d.,
now in progress of completion.
Making the total number of policies 736
The amount fissured £216,432 0 0
The annual income of the Society 7,024 7 4
27 Proposals for 14,1501. have been submitted to the
board during the year which have been declined.
The claims by death, which have been discharged,
amount to 1,6601. and there is one small claim of 4001.
which the directors cannot settle, in consequence of there
being different claimants interested in the sum.
The CHAIRMAN in a very able statement went over the
different heads of the report, and moved its adoption,
which was carried unanimously.
The resolution having been carried, votes of thanks
to the directors and auditors, and Mr. HALL (an auditor)
in returning thanks, observed that the directors should
adopt another mode of assurance, which he conceived
would bring them a great deal of business—namely, as-
suring say the payment of 1001. to a person reaching
sixty, no I,enefis to be derivable from his payments if he
died before reaching that age.
Mr. AnnowsairTH proposed a complimentary vote of
thanks to the medical officers, the manager, Mr. Thom-
son, the secretary, Mr. Musgrave, and the agent and
other officers of tee society. They were all able and
eminent men. One of them (Mr. Thomson) he was
instrumental in bringing there himself, and he came
with the very highest testimonials from five or six of
the greatest names in the City. Mr. Musgrave was
an able coadjutor, and he was always glad to see him
at their meetings. It was to him a source of regret
that many persons were dissuaded from assuring their
lives because they were afraid a time might come when
they could not keep up their payments, and that they
would lose all the money they had previously paid en
account of a policy of assurance on their lives. Their
condition might practically illustrate the dream of Pha-
rdah, who dreamt that seven fat kine were eaten up
by seven lean kine. Seasons of prosperity and seasons
of adversity were the lot of many of them. Perhaps
they assured for too much, and if they meld not continua
s-siesee premiums, they found themselves in worse bands
than those of a hard-dealing usurer. Now it should
be known that the directors of that office gave credit for
premiums, charging only a moderate sum for interest
for twelve months, in order to give a man time to re-
cover himself. It was to correct this evil, so far as it
affected the varying fortunes of literary men that he had
associated with Charles Dickens and others in the for-
mation of the " Guild of Literature and Art." And the
" Athet rum Institute" in Sackville-street was estab-
tablished for a similar purpose. Offices that would not
lend a man 30/. or 401 to enable him to maintain his
policy for a little while, pursued a dry skin-flint
usurious practice, which could not be too much
reprobated.—(Hear, and laughter.)
Mr. Tsromsost, in returning thanks for the very kind
and flattering manner in which Mr. Arrowsmith had
been pleased to refer to his humble services, and that of
his friend Mr. Musgrave, said that they had both used
their best exertions, as was their duty, to promote the
interest of the society. With regard to Mr. Arrow-
smith's very judicious observations as to advancing, by
way of credit, one year's premium if required by the
assured, he quite agreed that it was a judicious and
equitable provision, and in that spirit it had been ap-
proved and adopted by the directors. Dr. Bentham's
suggestion that in no case ought a forfeiture to occur,
such as that described by Mr. Arrowsmitb, bad also
been anticipated by this society. The Doctor would
find that they had a regulation whereby, after five pre-
miums had been paid, a policy might be surren-
dered, and a new policy granted corresponding to
the value of the one surrendered without payment
of any further premium. As an illustration
of the principle, suppose a person to assure for 1,000/.
for the whole term of life at a premium of 301., and to
pay five premiums. If that person bad insured for five
years as a short period policy, he would only have had to
pay about one-half, or 15/.; consequently the other half
is paid against the future and daily increasing risk. Now
this sum would be applied as a simple payment, and a
policy granted accordingly on the surrender of the old
one, and the assured would be precisely in the same posi-
tion, on the same table, and with all the advantages
proportionably which he ever had. It was, no doubt, an
arbitrary rule to fix on five years as the shortest period
for the conversion, but it was thought that any shorter
time would be too great an inducement to parties to
discontinue their insurances; and it was not the
duty of (Aces to encourage parties to abandon so
important a provision as that of a life policy.
The regulation had been approved by Professor Do
Morgan, as both equitable and judicious. With regard
to Mr. Hay's proposal to have a table constructed for
endowment assurances, contingent on lives surviving a
given age, he (Mr. Thomson) very much doubted the
propriety of encouraging that principle. Such a mode
of assurance would be a mere gambling speculation. It
would invert the very principle and most important use
of life assurance. It would be a speculation on a long
life, but no provision in case of premature death, and
the vital principle of life assurance was to provide
against the latter contingency. In the case suggested,
if the assured lived to the specified age ho would get the
amount assured, but in the event of his dying before,
his family would lose the benefit of all his payments.
It was a most unsatisfactory speculative mode of as-
suarance, unless combined with a provision to pay to
the representatives in case of death before the given age.
And for this description of endowment assurances the
society had already provided by their Table No. 6.

RAILWAY TRAFFIC RETURNS
LONDON AND NORTH-WESTERN RAILWAY.—Return of
Traffic for the week ending March 21:—
Passengers, parcels, mails, &c. ... £22,441 7 8
Merchandise ... ... 17,682 14 11
Cattle ... 1,061 14 6

Total ••• •
..£41,185 17 1
•••
Corresponding week last year ... 40,409 16 10
Note.—The returns as published are exclusive of the
traffic of the Huddersfield Canal and Shropshire Union, North
Union, Preston and Wyre, South Junction, Manchester and
Buxton, and Buckinghamshire Railways, and of the propor-
tion of traffic deducted under agreement with the North
Staffordshire Company.
THE GREAT NORTHERN RAILWAY...-.(Miles in work, 2411)
—Return of Traffic for the Week ending March 14, 1852:—
Passengers, parcels, carriages,
horses, dogs, and mails ... £4,626 2 6
Merchandise and minerals •.. 6,099 010
Cattle ..• ••• •••• 152 10 7

Total .. £10,877 13 11
Corresponding week, 1851 (236 miles) :
Passengers; parcels, &c. ... £4,046 14 3
Merchandise, Cattle, &c. 3,821 3 6

Total ... £7,557 17 9
LONDON AND SOUTH-WESTERN RAILWAY.—Amount of
Traffic for the week ending March 21:—
Passengers ... £6,539 18 10/
Goods ... 2,818 9

Total ... £9,353 8 0
Corresponding week last year... 7,969 311
SCOTTISH CENTRAL RAlLWAT.—Traffic for the Week
ending March 21, 1852 :
Passengers (7,212), parcels, horses,
and carriages ... £7S4 12 11
Goods, cattle, &c. ... 920 16 9

Total .. 1,70 9 8
Corresponding week in last year... 1,604 4 1
Perth, March 24, 1852.
CHESTER A-ND HOLYHEAD RAlLWAY.—Traffic for the
week ending March 21:—
MAIN LINE. _ _ _

Passengers ... 910 2 9
Parcels, 11. C. and D. ... ... 82 5 5
Goods, cattle, &c. 596 19 5
Mails 575 0 0

Total .. ... ....£2,19-1 7 7
MOLD.

Passengers ... ... ... £3O 1 0
Parcels, H. C. and D. ... ... 1 15 2
Goods, cattle, &c. ... ... 98 8 9

Total ... ... ..• £l3O 4 11
STEAM-BOATS.

Pa,ssengers ... ... ... £135 5 9
Parcels, H. C. and D. ... ... 25 14 10

Total ... ... £l6l 0 7
LANCASHIRE AND YORKSHIRE RAILWAY. --- (260 mile'
open.)—Traffic for week ending Mar. 21 £15,969 15 6
Corresponding week in last year (260
miles open) ..
~,£14,400
12 7

PALACE.—yesterday
THE CRYSTAL the number
of persons who visited the building was greater than that of
the preceding day. In different parts of the building tables
are placed, upon which petitions in favour of the retenti ,p
of the building were signed by thousands. The little inci-
dent of yesterday was the removal of the cage and pedestala
of the celebrated Koh-i-noor. The construction of the mem.
chinery for the rising and sinking of the jewel was
mostA 3 e sit
traordinary, and excited the utmost surprise.
according to announcement, gave a Pe upon
Willis's great organ, which attracted most crowded
a The programme
atten-
dance at that particular part of the building:
nt composers,
erformanc
consisted of selections from the most eminbye Handel, among which
German chorale.
may be noticed a corlce,eocruetioad
deli-
ciously played, and the concluding
01 the execution of this chorale theth
speak too highly, the brilliancy of
maintained tbreughtut
clearness with which the air the variations and difficultand
the most intricate psssag which is introduced the
plaue. The concluding g
es, gavweiansroom for the loudest ap-
fu sueniagnificent, and we most cor.-
swell to the great organ, wri:
delighted `ilistener n saying it
dially agree with crie of
was a " beautiful subject ed." W o have not
the slightest doubthoneatutthiefu‘l
yet
ViYedpnlaeysdays and Saturdays
for the future will butonsidered the great days of those
TUE AUTEI
remaining of the GrbeeateExhibition bouitildinof:
Nuw WoBR
BY
readers will hear with pleasure that a
" MARGARET
SIAITLAND."--Our
announced by the author of those popular
new novel is
Maitland," " Merkland," &c. If is T:
works, " Margaret
~
titled "Adam Graem
of Mossgray," a story of Scottish
life, and is said to resemble. in its mingled pathos, quaintness,..
and striking delineation of character, the first production of
in its line since
this clever writer, which the late Lord Jeffrey, it will be re-
membered, pronounced superior to anything
Galt- Thisdoubt that
Tt • writer has, indeed, originated an entirely new
school of Scottish novels, and there,
ill be awaited with
the publication of " Adana Graeme' w
can be little
un-
usual interest and curiosity by the thousands who have de-
rived instruction and amusement from the former efforts of
her grill)]* pea.