The Sun.
London, England, 1852-10-01 00:00:00

FRIDAY

P4f: TY

EVENING.. OCTOBER

diture were very properly given in details, the expendi-
lure not being lumped together, ae was frequently the I
case, but every item being given in detil. There
was the charge for directors' fees, and l e saw that,
instead of taking the cash out of the assets, they had
shown their confidence in the concern by not only qua-
lifying themselves, but by subscribing for eddidenel
shares. The directors' fees were given at 2-15/. 14e
93., while they had taken in shares 3201. Thus they
took upon themselves additional responsibility, whilst
they received remuneration for a less amount. He
had great pleasure in moving that the report be re-
ceived and adopted, and entered upon the minutes.
Mr. R. S. SOWLER seconded the motion, which was
carried with acclamation.
Mr. HILL, in proposing a vote of thanks to the
directors for their services, said the shareholders
would recollect the Spanish proverb, " It is all very
well, but you cannot tell what people are until you
come to do business with them." Now assurance
companies were all very well outside, and they would
receive money very complacently, but when their
turn came to pay sometimes all sorts of difficulties
were raised and excuses made. However, he was
in a position to state that this company
acted with great promptness and liberality in
the settlement of claims. Through his agency a
friend of his effected an assurance on his life for 4001.
This gentleman paid the premiums, but in three
months afterwards he died, and he (Mr. Hill) was
happy to state that the amount of the policy was
readily paid, and the widow of the deceased had de-
sired him to express her sincere thanks to the direc-
tors for the very honou rable way in which they
had kept their engage ment. Having, there-
fore, tested the ability of the company to
pay, he had the fullest confidence in it, and he
should at all times have great pleasure in recommend-
ing the office to his friends.—(Hear.)
Mr. FRICKER had great pleasure in seconding the
resolution, because he knew it would receive the ap-
probatipn of the whole of the shareholders. It had
been rightly remarked that the success of the company
had more than realised the anticipations of its projec-
tors. Li wt4s there:ere nr..ty an 13... t of justice on the
part of the shareholders to award the directors their
thanks for the great exertic,ns they had made in bring-
ing the company to its pres ent elevated position. This
had not been done by bringing before the public
a low scale of premiums, catchpenny things
which some companies; made use of in order
to obtain business. Their tables had been
calculated by a compe tent person on fair and
well-ascertained principles, giving a fair return for
the capital invested, and offering also a guarantee to
those who might assure their lives in the office. The
success of the company was not owing to a large ex-
penditure, such as excessive advertising, but was
mainly attributable to die indefatigable zeal and
ability of the gentlemen who watched over its affairs.
The motion was then ca rried.
Mr. E. RYLEY, the so:Teary, in highly complimen-
tary terms, moved the the inks of the meeting to Mr.
New, the managing director, and Mr. Hoare, the
secretary. They had vere arduous duties to perform,
which required much industry and peculiar talent.
For himself he could not affect to be altogether igno-
rant of the ordinary business of an insurance office,
as he was frequently in .communication with officials
so engaged, and he most heartly congratulated the
society on having the services of two such able gen-
tlemen.—(Applause.)
Mr. COCKSHAW seconded the motion, which was
carried in the most cordito manner.
Mr. NEW felt that he had to return thanks in
almost a threefold manner. First, for his connexion
with the company, for which he had to thank the
directors ; next, for his appointment as managing
director by them ; and n 3w for the recognition of that
appointment by the shareholders. It was gratifying
for him to return thanks, looking to the great pro-
gress which this company had made since he had
entered upon his office, t Lough he begged to be un-
derstood as not taking thy: credit of this to himself.
Nevertheless, it was a fact that since he joined the
company, in April last, the premiums had increased
from 1,3851. to 3,4821.;; showing, in about four
months, that the premiures amounted to 2,0971. That
certainly was a most gratifying fact. The business
continued to increase far beyond their most sanguine
expectations. And here, he remarked, it would be
vanity—nay, worse than vanity—it would be
untrue, if he claimed the credit which belonged to
such a state of affairs. if any credit were due to
any one individual, it wets due to their admirable
secretary, Mr. Hoare.—(Applause.) To him was due,
he might say, not only the formation of the company,
but the placing it on a good footing, and upon prin-
ciples which were appreciai ed by the public. It was
owing to the untiring energy, the ability, and the
perseverance of their admirable secretary that this
company, as far as one individual was concerned,
owed its prosperity. He ;returned his hearty thanks
for the vote which had been given.
Mr. HOARE (the Secretary) returned his hearty
thanks for the kind manner in which his name had
been received, and he coiald assure the shareholders
that his best exertions would be continued to promote
the welfare of the company. He was happy to find
that the balance-sheet, which had been audited by two
gentlemen (one of whom was an eminent accountant,
well known in Mancheste.r, whose single signature
would be a sufficient von cher ; and the other was a
gentleman well acquainted with banking business),
had given so much satisfaction. In reference to the
affairs of this company he :had compared their position
with that of one which bad been established for 18
years—a company of high standing in the city of
London, and in the most flourishing condition,
having a divisible surplus profit of 89,5721. after
eighteen years working. :During their first six years
they effected only 505 policies, being an average of
84 a year, the sums insured amounting to 312,5211.,
being an average of 52,0861. 16s. Bd., and the premiums
10,7901., being an average, of 1,7981. Os. Bd. a year.
When he looked at the brelonce-sheet of this company,
and compared it with the other company's first six
years, he thought the !hal eholders would agree with
him that they were in most favourable position.
In taking the average of six years he took the most
favourable average. He had every hope that they
would go on increasing in their prosperity. But
the company he alluded to during the last six
years had not exceeded th e same average. If, there-
fore, they continued to go on as prosperously as at
present, the result could i lot be otherwise than most
satisfactory to every shfireholder and participating
policy-holder.—(Hear, hear.) Looking to the posi-
tion of the Age Company, he trusted it would be
felt that there was a greut inducement to take out
participating policies. Ile trusted that the report
for next year would be still more encouraging than
the present, and as far as he himself was concerned,
he could only say that be should never relax his
exertions until the corn pany had become the most
flourishing in London.--(Hear, hear.) He (Mr.
Hoare) concluded by moving the adjournment of the
meeting until this day at half-past ten in the morn-
ing, for the purpose of completing some pro forma
business.
The meeting thereupon adjourned.
In the evening some of the directors 'and their
friends dined together at the Corn Exchange Tavern,
Mark-lane, in celebration of the society's establish-
ment. The chair was ably filled by Mr. John Best,
the chairman of the company. The entertainment
was of the very best description, and the whole pro-
ceedings of the evening passed off with the greatest
eclat.

ORIGINAL LETTER. OF THE LATE DUKE.
The following characteristic letter of the late Duke
appears in the Banner of Ulster. It is stated to be a
veritable document, and was addressed to a gentleman
residing near Belfast, who at the time of its receipt was
not a little annoyed at the curt phraseology of his illus-
trious correspondent:— _ _

_
" Belfast, June 17, 1851.
" FIELD•MAR MAL THE DUKE OF WELLINGTON.

" May it please your Grace,—l have taken the liberty
of requesting your opiniott,—Was ' Napoleon' guilty or
not or the murder of his prisoners at Jaffa, and if there
is any military law or circumstance which would justify
the deed?

" Yours respectfully,
"J. H."

REPLY.

" London, June 23, 1851•
"F. M. the Duko of Wellington presents his compli-
ments to Mr. H. He has also received Mr. H.'s letter,
and begs leave to inform him he is not the historian of
the wars of the French Republic in Egypt and Syria."

SCOTTISH CENTRAL RAILWAY.—Trafic for the Week
ending Sept. 26, 1852
Passengers (15,951), parcels,:lioraeS,
and carriages ... —• ••• £1,463 15 6
Goods, cattle, &c. ... ••• ••• 847 13 9

Total 2,311 9 3
Corresponding week In last year... 1,922 7 8
Perth, Sept. 29, 1852.

DEATH OF GENERAL HASTINGS FRASER, C.B.—
We regret to announce the death of this distinguished officer,
which occurred at his residence, 37, Bury-street, St. James's,
at the advanced age of eighty-one years. The deceased
entered the army as an ensign in the 74th Foot, in 1788, and
was promoted to a lieutenancy in 1790. He was present at
the siege and storm of Bangalore, at the assault of Tippoo's
fortified camp on the 6th of February, 1792, and subsequent
siege of Seringapatam. In 1797 he sailed on the projected
Manilla expedition to Penang, and was there appointed
brigade-major to the troops. In 1802 he was promoted to a
majority in the 46th, and sent with it, in 1804, to the West
Indies. In 1805 he was promoted to a lieutenant-colonelcy
in the 10th; in the same year he exchanged into the 86th,
and went to India. He remained with the regiment in the
command of the fort of Aquada, and province of Bondey,,
till, in 1809, he was ordered to take the field in support of
the Madras Government. The death of the above oilicer has
occasioned a vacancy in the 61st Regiment.
FREEDOM 01' ARBROATH TO LORD P.ANMURE.—
Provost Johnston has received a communication from Lord
Panmure, announcing a visit to the place on Thursday first,
when his Lordship will be presented with the freedom of that

185'2.

ROYAL PANOPTICON OF SCIENCE
AND A 11T.
Yesterday the annual meeting of the shareholders
of this institution was held in the Sablonniere Hotel,
haiaester-square—lXlr. G. N. Hoare in the Chair.
The report of the council was read by tae &sere-
obregthteo pferyovhiseite.onrse
firy, as follow& :
of t
:hner odoercide t fr
ssuettdlee:
m:lllt,nthPeureautiatnie7l
tailed statement of the accounts to the a?oth of June last.
At the time of the last meeting it; was hoped that the
institution would be open to tae public in the course of
the present year. The works were at that time only
just commenced, but the progress made during the
next few months gave them every reason to hope that
their expectations would be realised. The provision of
the deed of settlement allowing only one call of la iu
every two months would not of course permit that a
sufficient SUM should be set apart merely from
that source to meet so rapid an expenditure on the
part of the builder, tied the council had therefore de-
pended upon being able to borrow a sufficient sum on
mortgage in the usual way, but from the incomplete
state of the building they were unable so to do. Being
desirous that the delay which thus arose should not be
prolonged, so as further to interfere with the progress
of the works, the council themselves came forward to
end it by anticipating their calls, and by advancina
large sums (one member to the extent of 10,0001.) by
way of loan. But, unfortunately, the strike of the en-
gineers took place about the same time; and although
the founders (Messrs. Grissell) used every exertion, by
sending the iron work to be prepared in the country and
in tree small shops not affected by the strike, yet the
works were very seriously delayed. It is satisfactory
to be able to mention that, having now had practical
experience of the actual expanses in many of the de-
partments of the insikution, the council can state that
their first idea of the amount required to meet them will
not only, in all probability, be fully adequate, but will
leave a clear margin of 25 per cent. beyond. With a
view to the strictest economy, the office of the institu-
tion has been transferred to Leicester-square, and the
house in Tavistock-street placed in the hands of an
agent, for letting. With a similar view the council has
set aside the whole of the north wing for letting as
chambers, &c. From the offers already made, this is
likely to produce a handsome income, and, with the
rent to bt, derived frau% .tealc th,-, branding, will
go very far towards clearing the total enargetvi rent
and taxes. With the view to as increase of revenue,
the council have recently issued life admission tickets
to the institution at ten guineas each. The council
are able to state that the building is sufficiently ad-
vanced to enable them to enter into arrangements
with inventors and manufacturers for the exhibition
of such articles of general interest and novelty in science
and the fine arts as are likely to be of public utility, and
to allot standings for the same. The decorations of the
interior, as designed by the architects, afford opportuni-
ties for the introduction of many new inventions and
novel appliances of materiels hitherto in little use for
such purposes, and will produce an effect at once gor-
geous and unique; while such means have been taken fur
the efficient warming and ventilating of the building as
shall at all seasons provide protection to the articles of
exhibitors, and ensure the comfort of the visitors to the
institution. The organ, which is being completed by
Messrs. Hill and Co., is in course of erection in the
institution. The optical diorama, the electrical ma-
chine, and the rest of the scientific apparatus are also in
an advanced state."

From the balance-sheet appended it appeared that the
total sums with which the council debit themselves
amount to 41,0191., while they take credit for an outlay
of 11,5391. 1 ls. 4d. on certain preliminary expenses
since the formation of the company ; and for a sum of
11,3271. Bs. Id. in the bankers' hands, the balance in
the account being made up by the outlay on musical
instruments, scientific apparatus, works of art, &c.
The CHAIRMAN, in moving that the report be
adopted, deemed it unnecessary to detain the meeting
further than to explain that the reason why the build-
ing was not opened at the time originally stated
would be found to exist in the engineers' strike
which took place last year. He, however, con-
sidered the consequent delay a matter not very much
to be regretted, as it would enable them to open at a
period of the year when the town was full. The dry
summer which they had had was particularly fa-
vourable for the preservation of their magnificent
organ—the finest, he believed, in the world—and
care would be taken during the winter that fires
should be kept continually burning to preserve it
uninjured from dampness.
The motion having been seconded, the report and
statement of accounts were unanimously adopted.
A SHAREHOLDER said he wished to know what
was the responsibility which was to devolve on the
shareholders, and from which the purchasers of life-
tickets were to be exempt ?
The CHAIRMAN said he apprehended that if the
building should at once tumble down the shareholders
would be liable for the amount of their shares ; but

no responsibility of any kind would devolve on the
holder of a life-ticket beyond the first payment of the
sum of ten guineas. It was, however, perfectly well
understood that no shareholder would be liable for

any sum beyond the amount of his shares.
Another SHAEEnoLDEu, said he doubted whether,
if the building were at once to fall, the shareholders
would not be bound to erect it again immediately for
the purchasers of life-tickets. In order to avoid any
such responsibility, be would suggest that none of
these tickets should be issued until after the building
should have been opened.
The CHAIRMAN said that the council would con-
sider that suggestion. He might add, however, that
it was very unlikely that any application would be
made for such tickets until after the institution should
have been opened.
A vote of thanks to the council and to the chair-
man brought the proceedings to a close.