The Sun.
London, England, 1864-03-21 00:00:00

)AP

71\

could. It was no dou, the duty c f`l,4llitaikath:l/2V4'
Government to look after the interestKof S
workieg ciesses, and they had no right to Co--
plaia that Mr. Gladstone had taken 'LID the subjeot.
Small policies such as the Government contemplated
did not pay as well as large ones. The Economic
issued policies as low as £lOO, but they did not like
thew, experience having shown that the larger the
amount of the policy the better for the office, the
premiums being calculated upon the average risk of
life, and provision being made for expenses and a
fair margin of profit. Suppose, for instance, the
margin for expenses and profit were taken at 25 per
cent., if they insured a life for £lOO at au annual
premium of £4, £1 would go every year for office
expenses, and any balance that might accrue as be-
tween that charge and the actual preportiun of
office expenses belonging to the policy- would accu-
mulate for the benefit of the policyholders gene-
rally. Bat if they insured a life for £l,OOO at an an-
nual premium of 1:40, they would have £lO everyycar
towards the expenses of management, and as the
cost to the office would be the same, there would be
so much more left to accumulate as profit for the
general good. It was found, by comparing the
expenses of management with the number of policies
in force, that the annual cost of each policy was
nearly £l, and the Chancellor of the Exchequer
showed that he was well informed upon all these
points when he stated it would be necessary for
the Government to charge a higher rate of premium
than the average of the ordinary insurance offices.
Some years ago it was thought the premiums
charged by the Economic were calculated at too low
a rate, and that the office was not quite safe in con-
sequence ; but during the 40 years it had been
established they had paid back 30 per cent. to the
policy-holders without reference to the average,
besides making ample provisions for all liabilities.
The total amount declared in bonuses since they
started was .I.:l,36s,ooo—(cheers)—ef which amount
they had redeemed by cash payments, lives drop-
ping in, and other ways, £803,000, leaving out-
standing £562,000. They were now adding
£500,000 add to that amount, making in round
numbers about a million of liabilities for bonus on
existing policies, which they were quite prepared
to pay as those policies fell in. Another favourable
feature in the business of the society was that poli-
cies were taken out on older lives than formerly,
yielding a higher rate of premium, and showing
that the value of the office had been maturely con-
sidered by the insuring public. It was difficult,
from the uncertainty of life, to arrive at an aver-
age bonus, but he might state that the highest
they had paid was upon a policy of £2,500 taken
out at the age of 54 on a life that fell in at
the age of 83. To the representatives of that life
the directors had the pleasure of paying over
£2,171 besides the £2,500, or 871 per cent. on the
premiums paid. At the other end of the scale, on
a life that dropped in very early, the policy carried
only 51 per cent. bonus. The funds of the office
arising from the accumulation of premiums had
been invested at an average rate of £4 4s, ld.,
against £4 2s. 4d. in 1858. This might appear a
small rate of interest looking at the high value of
money lately, but the board were tied down to
the funds and other investments which paid a
low rate of interest, but were free from risk, and
he added that the office had not made a single bad
investment or bad debt since he had known it.
(Hear.) The directors took credit for the economy
exercised in the conduct of the business of the office,
the total expenses not exceeding 21 per cent. on the
gross income. (Cheers.) He then announced that
negotiations were in progress for taking over the
business of the Amicable upon terms which would
be perfectly safe for the Economic, and after paying
a high compliment to the actuary (Mr. Downes),
and the secretary, Mr. Macdonald, for their zeal
and attention, he concluded by moving the adoption
of the report.

The Right Hon. E, P. BOUVERIE, M.P. (director)
seconded the motion, which was carried unani-

mously.

The nest motion, that £329,890 be distributed as
bonus among the policy holders, was also carried ;
as was another resolution providing that one
per cent. per annum should be paid as additional
bonus on policies becoming claims duriug the ensuing
five years ; and notice was given of a motion for a
future meeting to increase the remuneration of the
directors from £1,500 to £2,000 a year.
The directors retiring by rotation were re-elected.
A vole of thanks to the chairman and directors,
and a similar compliment to the actuary and secre-
tary, concluded the business.

THE PUGIN MEMORIAL—The duties of the com-
mittee have been brought to a close by the execution of the
deed of trust by the president and council of the Institute
of British Architects. The proceeds of the fund (LS4O)
have been invested in London and North-Western Mil-
way shares, and will yield 40 guineas annually to a Pugin
travelling student. It is understood that a Pugin medal
will be presented to each student at discretion.
MAZZINI'S MORAL DAGGER.—What M. Mazzini's
" moral dagger " may be we know not. It is proved
from his writings that he advocated the use of the physical
dagger, and eulogised the men who slew tyrants such as
Caesar, and Rossi as an exemplar to those who might essay
the life of obstacles to republican liberty like Carlo Alberto
or Louis Napoleon. It is at least unfortunate for a Minis-
ter of the Crown in a constitutional country to have been
associated in his ante-official period so very closely with
the arch-enemy of monarchy and constitutions, and to have
very recently had, according to his own admission, rela-
tions with a man lately convicted, on the clearest evidence
to our minds, of having been in communication with a per-
son engaged in conspiring with other Italian desperadoes to
assassinate the Emperor of the French, M. Mazzin's most
detested and formidible enemy. Let us reverse the case.
Suppose John Mitchell were in Paris, bent on illustrating
his peculiar modes of making war on the Saxon enemy;
that a band of conspirators ware arrested in London previ-
ous to an attack on the Queen or even Lord Palmerston,
among whom were Mr Mitchell's intimates ; and that it was
proved that Mr Mitchell was a constant visitor and personal
friend of one of the Emperor's ministers,—let us consider
for one moment whether public opinion in this country
would be satisfied by the repetition of the process in Par-

liament and out of it, which is considered sufficient to sa-
tisfy France. Mr. Stansfeld has done good service since he
has been in office, but he should not have been restrained
by any sense of personal dignity from giving such ample
explanaticns as shall satisfy national honour and good
faith.—Army and Nary Gazette.

Mr. E. M. WARD has just completed another of
the series of pictures with which he is commissioned
to decorate the Commons' corridors in the Houses of Parlia-
ment. This work has been executed in the stereochrome cr
water-glass material, and by its brilliancy and clearness, as
well as by the facility with which it has been produced,
testifies to the suitability of that method of treatment. It is
one of Mr. Ward's most successful pictures, and does him
great honour in its technical excellencies. The subject is
" The Landing of Charles 11, at Dover, at the Restoration."
The King, who is splendidly dressed, after his taste, is step-
ping to the beach from his state barge; he raises his hat in
salutation to the people assembled to welcome him, keeps
his head aloft and looks at them. A resemblance to Charles
has been admirably given by the artist in the face, with its
dark complexion, strong and rather harsh features, and that
courteous.n d
debauched look he had. Foremost of the crowd stands
cMonk,lum shatil y in
is hand, with
i j
ithaersetoaogpaining,thheallfihcerhinegssinogf
tahire,
nathaant
is excellent. Enthusiastic Royalists, and persons who were
ready to shout for anything, make up the groups of officials
and spectators. Among themisanold man supposed to have
suffered his beard to grow, pursuant to a vow to do so until
the Ring returned. Some dissolute-looking courtiers, young
men, stand in the barge, their heads being visible above the
roof of its cabin. One of the best figures in the design is that
of a young sailor, vociferously cheering, whose back is to-
wards us. The drawing of the bare legs and arms of this
man is bold, broad and true, exactly what ie required in
works on the scale of this one. There is noteworthy solidity
in the painting of this figure and in some of the others.
Among those in the background of the group is a woman.
holding up a child that it may look at the King. The land-
scape shows Dover heights, castle and cliffs. Tlre,etlect of
o' the ' slightly-broken sunlight, and all the details .
fore-
ground, such as the beach, the groyne, the barge, the sea,
gently falling on the sand, &c., are rendered, 'with extreme
fidelity.—.4thenaum.
PERFECTION OF MECHANISM.—" Aa engineers we Can
say that it really approaches much nearer the perfection of
mechanism than any other examp e of clock work we have
yet seen on anything like the same Ir,m-e scale."—Enzineer.
Aug. 15, 1862. Clocks by the first artists of the day for the
drawing room, dining room, bed roam, libraiy, hall, staircase,
bracket, carriage, church, turret, railways, warehouf,e, count-
ing house, musical, and astronomical. Cituren and turret
clocks specially estimated for. Benson's illustra',ed pamphlet
on clocks (free by post for two stamps) With deg criptions and
prices, enables those who live in any part of the world
to select a clock. Also a short pamphlet on cathedral and
public clocks, free for one stamp. Prize med al and honour-
able mention in classes 33 and 16. J. W. Be neon, 33 and 34.
Ludgate-hill, London. Established 1749. ' Watch and clock
maker by special warrant or appointmco tto LEAL!. the
Prince of