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

t he was manager
of the life assurance depirtmen , , .
the manager of this ompany, was not only manager
of the guarantee department also,
't for it W 33 much his task more than clutfoiy difficut , viL2ich rendered
easier for hirn to go through twenty life policies than
two or three guarantee, one ; end as one•tbird of
de-
partment, a
business of this company was in the guarantee
partrnent, that would give them
an idea of the amount
of his duties. For the past two weeks they bp
d
'
granted on an average 30 policies a week, and win
the manager had to sift all these his
, in addition to
other duties, no one could say but that his time was
well occupied. But not only their respected manager,
but their whole staff of officials, did their duty ad-
mirably, and he therefore moved a vote of thanks to
them. _

Mr. LILWALL seconded the resolution, and in
doing so paid a high compliment to Mr. -Sheridan
for the efficient manner in which he performed his
duties.
The motion, on being put frOua the chair, was most
cordially agreed to.

Mr. 811EIIIDAN acknowledged the compliment. Ile
said—Mr. Chairman and Gentlemen, I have to thank
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 Mr.
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 Wales, and further_
even than there, that we • have extended
our operations to Germany, end with considerable
success.— (Hear, 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 best
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 for a moment be compered 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
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, twe 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 developee 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, are 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 wilt 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
the third year has already caused a marked increase
in the general success of the company ; for I see by
the supplemental balanoe-sheet which I bold in my
hand, end a copy of which I believe each shareholder
is supplied with, 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 1,796/. 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 pre.
P •
osals averaging 30 a week, but I am now speaking
of the policies actually completed, paid en, and issued.
We heve had proposals for double that number, in-
deed no less than 40 a week have been laid before the
board moat frequently, and on the average a third
have been declined. Still the same trouble is neces-
sary to investigate declined ceses, 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
guarantees. • It is this:—
s to receive the
introduced by this office, continues to The system of mutual guaran.tee, practised and first
tho leading rail-
ways,warmest approbation and. support.
hesitation in saying, that
and your directors have. no .
banks, public institutions, commercial houses;
party guaranteed with the interests of t
Buell a system, combining, as does, intereststhhee
must,tla e
let • company,
when it be comes universally known, o tun ntaversa.ly
s stem of uarantee
The combination of life assurance, endowments, the preference over the origina y g .
an-
nuity policies, &c., with guarantee bonds, which this elm-
pany was one of the first to practise, has ialso met with
considerable favour, and your directors are every year
more 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, lent, at the same time, the most pro-
fitable one to a commercial company."
Sir, I quite concur in every word which is here stated.
progress of our
convinced that the
From what I have remarked in the
guarantees
the lead-
ingguarantee department, I sin
public
time is fast approaching when
will become universally adopted in
hoyet compare.
commercial establishments of the
livelyt hou g h
unknownam astonished
antoyfifinrds
first-rate
ais t
ea s country,
who ar a: tle. e
of opinion, however, that when it shall become para
known and understood, the few g eifualluly
com-
panies in existence will b© overbalanceud
some of our directors and friends
.still they
There are
public guarantee has a higher mission,
will be effected e 'eve that
be-
lieve that, through the means of these
moral and social improvement
crime will be diminished by limiting
societies, a great
ettected ; that
to crime, that the temptation the temptation
l
strongly restrictive and precautionary
s measureslessened by there-
quiredinoperative at the hands of the employers and by whi h
.n
force will be crushed and alto system hitherto r?
getber altered. Againesl
the system of this office the
active and increasing interett in his own honesty,
party guaranteed has
.a
jn-
asmuch as each year of honesty r of in
vestment nod saving, the becomes a yea
as-
surances, combined with their te'd
being divided am 2 refits of this department
°n"st the tuaeenieed and lift
The result of all guaran •
elierate in a
this cannot fail to am
great degree the general of these classes of
a
tiv people.—( condition
ear, hest- s
The auditors
having been re-elected, and a vote of
thanks having heedtven to
ar• ;-:•en throughOUt the Chairman, the meet-
ing, which h• ,f a most sati3fac•
tory character, then terminated.

ROYAL
addition to ---"n."--*—----- The latest
TION.—
POLYTECHNIC
INSTIbTeCjen in the musical
Aiintroduces a series of
de-
partment, in which Madame Bretc-h
this establishment has
German melody, which was are a French song, a
national ballads, the chief of
received with great applause by
the audience, and an Eng!is
This lacy has a pleasing and
hre-benillad, by Linley, " I cannot
mind My Wheel, Mother.'
, which appeared to be duly ap-
preciated by the aufline,acne.n:r The chemical professor, Mr. J.
H. Pepper, will delive
Fermentation,
ten Burton Brewers," a lecture on Monday next "On
especial reference to the Bitter Beer of
with mongst which, by a curious coin-
cident of names,
we find that of Salt, w
Aho is one of the
___, place.
eminent brewers of two