The Sun.
London, England, 1863-03-23 00:00:00

Economic Life Assurance Society.

True as Steel. By Walter Thornbury. 3 vole,
Hurst and Blackett.
Mr. Thornbury is a versatile and indefatigable
writer. He has tried in turn biography, art,
essays, ballads, and historical novels, and has in
each undertaking been more or less successful. His
least fortunate efforts have been made in verse ; in
prose he is always animated and vigorous. The
merits of his style are a little marred by a slight
tinge of affctation and self-complacency,but these
errors may, let us hope, wear out with time. Mr.
Thornbury is, as his readers are well aware, familiar
not only with the events and characters of the
middle ages, which are common to most readers,
but with the inner life, the thoughts, words, and
ways of the men of those bygone days. He is never
at a loss in the labyrinth which might puzzle many
writers less complete and accurate in their informa-
tion. In the work before us he has stepped aside
from the fashion in which the sensation element so
largely predominates, and has set before us once
again the story of a true German hero in the time
or Charles V., who is already known to many
through the medium of his own autobiography,
written, like many a more celebrated work, to be
guile the tedious hours of captivity. Sir Goetz de
Ictarchlinur, the Knight of the Iron Hand, has
formed the hero of Goethe's celebrated tragt.dy,
which bears his tic me, and which, together with thh
autobiography referred to, has largely as-
sisted Mr. I hornbury. His work is some-
what uiffuse and occasionally tedious in its
descriptions, especially at the commencement.
Afterwards, when the reader gets more into the
spirit of the book and becomes interested in the
characters, he can better forgive the digressions.
The old knight himself, chief among the Free
Knights of Germany, is introduced to us returning
from one of those warlike forays in which he and
his companions were constantly engaged in the asser-
tion of their traditional rights. He is worshipped
by his retainers, and appears as the fitting head of
castle, estate, and family. Soon, however, this
happy home is broken up by the treachery of the
Bishop of Bamberg, one of the knight's most insi-
dious and deadly foes. His eldest and favourite son
Robert, a young and stalwart knight, is drawn into
the toils of the beautiful murderess Olympia Orsini,
niece of the bishop. For her he forsakes father,
home, and friends, to be repaid at last by degrada-
tion and ruin. Meanwhile the old knight's career
sees many startling changes.. He goes to the young
Emperor to plead the cause of himself and his com-
panions, and is favourably received, but again the
treacherous bishop outwits him, and he is dis-
missed from his second audience in disgrace. He
subsequently was induced to join the peasants in
their wild outbreaks by the plea that they wanted
a vigorous leader to restrain the atrocities com-
mitted by the fanatics. Disgusted with their savage
and barbarous conduct the brave old knight soon
left them in disgust, and afterwards fell into the
hands of one of his bitterest enemies. He lan-
guished six years in prison, tended by his faithful
wife, who obtained leave to share and lighten the
captivity which pressed so heavily on one who
had been half his lit'e in the saddle. At length
the Emperor, who had long been favourably in-
clined to him, agreed to listen to the representa-
tions of his friends, and granted him freedom. But
when a joyful band brought the glad tidings to the
prisoner the captive was already free. Death
had anticipated the clemency of the Emperor,
and the heart of the brave old warrior was as cold
es his iron hand. Though the story of its hero fills
the chief part of the talo there are many minor
points cf interest. It can scarcely be called a love-
story, yet the fatal love of the unfortunate Robert,
arid the story of the bold young herald George, and
his pretty cousin, are skill ul.y interwoven. Very
touching too, is the scene when the disgraced knight
Robert von Berchlingen, deprived of the tokens of
knighthood by the treacherous bishop, his golden
spurs backed from his heels by the meanest of his
serving men, suddenly meets the father so deeply
offended and forsaken in a situation even more
perilous than his own. The old knight who would
not hear the name of his faithless son when in the
hour of prosperity and triumph, now joyfully -wel-
comes the fallen penitent. Their reunion is but
brief, for they are surrounded by enemies, and
Robert falls in the endeavour to save his father.
Dame Catherine and her household are a pleasing
contrast to the darker scenes of war and blood-
shed among which the story leads us.
M. Thorotury has given us a
lifelike
and stirring picture of times whose daily events
are well nigh forgotten, or only remembered by the
-indents of musty folios. His work will probably
find less favour with the mere novel reader than
a sentimental fiction, but its undercurrent of truth
will give it a far greater attraction in the eyes of
those who love to study our weak and fallible
nature in its highest forms. I\lr. Thornbury has
selected a motto which happily pourtrays the
character of his hero, who in those stormy times
suffered neither prince nor peasant to bend his
notions of right—
"l love the man whom dart nor stone
Nor rabble's mud could scare,
"Who feared not, though he seemed alone,
Knowing that God was there,
In vain from roiling multitudes the angry murmurs
broke,
For they were of the bulrush tribe, and he was of the
oak."

21 3

Such a character is but too rare at any time, rarer

The annual general court of policy holders was held on
Saturday, at the society's offices, 6, Bridge-street, Black-
friars; Mr. It. Biddulph in the chair.
The SECRETARY (Mr. A. Macdonald) having read the
advertisement convening the meeting, the following state-
ment of account was presented :
" General Account for the Year 1862--Received : Assu-
rance premiums (less commission), £192,410 19s 9d; inte-
rest on investments (less income tax), £83,669 17811 d—total,
£276,080 17s Bd. Paid—Assurance claims, £134,986 ; an-
nuity claims, £1,433; purchase of policies, £4,971 3s 6d ;
reassurance premiums, £268 16s 5d ; office expenses, £7,552
16s 3d ; medical fees, £3OB 2s ; general law charges, £330
6s 7d; balance carried to investments, £126,230 12s 11d—

. _
total, £276,080 17s Bd.
"Assurance Fund--Dr.: To balance Ist January, 1862,
consisting of funded property, £663,621 15s 8d ; loans on
policies, £78,328 3s ; mortgages, £1,194,185 9s ld ; life in-
terests, £57,734 17s 9d ; reversions, £27,994 8s 9d ; cash on
hand, £8,627 lls 86; total balance Jan. 1, 1862, £2,630,492
5s lld ; balance from general account, £126,230 12s 11d—
total, £2,156,722 18s 106. Cr.: By terminable annuities,
£57,734 17s 9d;
&c., £795 9s ; by balance, Dec. 3', 1862, consisting of funded
property, £618,931 17s 2d; loans on policies, £82,324 3s;
reversions,mortga ges L£12,83,5010,098; OclaOssh7odn;
handlife interests,an don
deposit, £16,950
Is 4d; balance Dec. 31, 1862, £2,155,927 9s 10d—total,
£2,156,722 18s 106."
The CHAIRMAN announced that since the last meeting,
Mr. Downes, who had most ably filled the office of actuary
to the society for 30 years, had found himself compelled, by
the infirmities of an advanced period of life, to resign, and
that Mr. Olinthus Gregory Downes, his son, had been
elected in his stead. The board had marked their high ap-
preciation of Mr. Downes', sen., very valuable services by
granting him a retiring pension of £750 a-year for life.
The following is the resolution of the board, and Mr.

Downes's reply :
" The board of directors of the Economic Life Assurance
Society cannot allow Mr. Downes, their actuary, to retire
from an office he has held so long and so worthily without
recording their sense of his services, and their regret at the
severance of the ties which have so long united him with the
beard. The directors regret that increasing wars should
render such a stop necessary ; and they feel that in their in-
tention to promote his son to fill the vacant office of actuary,
they have done the best for the interests of the society,
and, at the same time, that they have gratified the wishes of
the father. The board of directors, however, cannot allow
he long services of Mr. Downes to pass without expressing
their opinion of the zealous ability which he has invariably
shown in his intercourse with the public and with the board
during the 30 years he has been connected with the Econo-
mic Life Assurance Society. The board of directors are fully
aware how much of en assurance office is dependent for its
success upon the accuracy and skill of its actuary ; it must
not be forgotten that when Mr. Downes first joined the Eco-
nomic, the office had done little to establish the high cha-
racter upon \mien it eoeeoe, osa it, is the confident opinion of
the directors that the accuracy of Mr. Dowaes's calculation,
tested as they have been by the highly satisfactory result of
succeeding quinquennial valuations, has mainly tended to
place the office in the position it now holds in the estimation
of the public."
" Gentlemen,—ln taking my leave on Friday last I was
too much embarrassed to express in suitable terms the sense
of gratitude I felt for the kind sentiments conveyed to me
by the chairman on behalf of the board and of myself. I am
happy to find during my official career I have won your re-
spect and esteem, and that at the close I carry with me the
goodwill and regard of every member of the board, towards
whom, on my pea, I entertain corresponding feelings. The
allowance you have been pleased to award me for my
"long and faithful services," and for which I beg to thank
you, will enable me to spend the remainder of my days in
comfort. In regard to this act of kindness on your part, as
a recognition of the constant and honest devotion of my
humble talents through the best portion of my long life to
the service of your society, to which exertions I feel sure
that, as you have kindly stated, a very considerable portion
of its success is attributable—it is most gratifying to my
feelings to learn that Sou consider my son, Olinthus Gre-
gory, fit and worthy to succeed me in the office. of actuary.to
the society; a position which his talents, and scientific attain-
ments eminently qualify him to occupy. I know no one
so competent and worthy to discharge the duties of so im-
portant a post in a seciety which ranks among th 9 first of
life assurance associations. Upon quitting the service of the
society, 1 would wish to express warmly my thanks to the
official staff for their cordial and efficient co-operation with
me in the conduct of its affairs. Although longer Fie
officer of the Economic Life Assurance Society, I than
always feel the deepest interest in its success ; and should,
as I do not contemplate, any occasion arise when my ser-
vices may be considered of value, it will afford me great
gratification to render JAMES thena.— I ave, Ste ,
" S JOHN DOWNES,"
Mr. ILIFF thought it would be gratifying to the proprie-
tors to have an opportunity to add their acknowledgments
of Mr. Downes long and able services, and he moved a re-
solution to that effect, which, having been seconded, was
carried by acclamation.
Mr. DOWNES, sena briefly returned thanks for the com-
pliment.
The CHAlRMAN—Gentlemen, the directors have great
pleasure in laying before you so satisfactory an account of
our proceedings. During the year 1862, we received 574
proposals for new policies, of which 57 were declined, and
34 were not completed alter being accepted, leaving the
number of new policies issued 483, which is a larger num
ber than in the preceding year, when we issued 443 new
policies. The amount of premiums received upon the new
policies, 13,041, is also larger, and consequently also
the amount of the insurances £395,000. Of these 483 new
policies, there are 19 for £5,000 each, 5 of from £4,000
to £5,000, 4 of from £3,000 to £4,000, 28 of from
£2,000 to £3,000, 84 of from £l,OOO to £2,000, 149 bf from
£SCO to £l,OOO, and 194 of from £lOO to £5OO. You will
observe that there is a large proportion of £5,000 policies
amongst these, and I may add that these are generally the
most profitable, as insuring a higher class of lives. OW
premium income now amounts to £204,250 a year, and our
income from investments to £89,617, making a total of
£293,867. In the course of the past year 161 policies, in-
suring 132 lives, have become claims. These policies in-
sured together £133,971; and 131 of them, insuring
£94,703, carried with them bonus additions, amounting
together to £20,871. The others carried no bonuses.
In addition to that we have purchased 42 policies dur-
ing the year; 64 have lapsed, and seven have fallen in
by the expiration of time, so that we have lost 274 policies
against. 483 new policies issued, being a gain of 209. The
policies which we have lost include three of £5,000 ; one
between £4,000 and £5,000 ; three between £3,000 and
£l,OOO ; six between £2,000 and £3,000 ; 23 between £l,OOO
and £2,000; 45 of from £5OO to £1,000; and 80 of from
£lOO to £5OO. Amongst the lives upon which these claims
have arisen eight were between 80 and 90 years, 42 be-
tween 70 and 81 and 43 between 60 and 70. I stated last
year that the average age at death, according to the actual
experience of our office then, was 581,, years; now, I am
happy to say, it has increased to nearly 61 years, such in-
crease being of course a great advantage to us. As I have
stated, the policies that have become claims during the year
amount to £143,971; whereas, according to our tables, wo
might have expected claims to the amount of £167,724, and
I am happy to say that for several years past we have been
able to report that the claims have been considerably less
than the tables led us to calculate upon, (Hear.) At the
same time it must be home in mind that all the policies
will in the course of time become claims, though every year
the parties whose lives are assured under them live the
greater the profit to the office and the greater the profit
likewise to the policy holders in the bonuses added to their
policies. On previous occasions I have called attention to
the facilities we offer for effecting loans upon the deposit
of policies, and perhaps my observations have tended to
make people come to us to borrow money in that way; for
I find that in the past year we have lent £16,460 upon the
security of policies effected in our office, while, upon the
other hand, £12,000 of previous loans has been repaid,
making a difference of £4,000. I ought to mention another
circumstance as showing the favourable character of the
year we have passed through. We have seldom had so
small a number of policies not completed after the lives