The Sun.
London, England, 1853-05-13 00:00:00

LONDON, FRIDAY EVENING, MAY 13, 1853.

BANK OF AUSTRALASIA,
(Incorporated by Royal Charter, 1835,)Austin Friars,
London, 12th May, 1853.—The Court of Directors give notice that
the charge at which they issue LETTERS of CREDIT and BILLS
on their branches is reduced to TWO per Cent.
Ey order. WILLIAM MILLIKEN, Secretary.

THE GREAT EXHIBITION at DUBLIN.
GREAT WESTERN RAILWAY.
Notice is Hereby Given, That Tickets, including the Fare by
Steamer from Bristol, Win be issued at the Paddington Station,
lying persons who wish to visit Dublin on the occasion of the
Great Industrial Exhibition the opportunity of doing so at the fol.
owing low fares:—

LONDON TO DUBLIN.
First class, 31s. 4d. I Second class, 28s. 6d. I Third class, 14s. 4d.
LONDON TO DUBLIN AND BACK, AVAILABLE FOR 16 DAYS,
First class, 475. 3d. I Second class, 435.
Any infrmation respecting the departure of the Packets from
Bristol canoe obtained at the Paddington Station. May 9, 1853.

ALLSOPP'S PALE ALE.—I refer the learned
to Baron Liebig, the temperate to Dr. Carpentcr, invalids to
the medical profession, and the robmt to the best clubs of London
for the merits of my stock of ALP'S ALE.Thirsty
Soul " and " Constant Reader " of the" Times" I can also satisf,
with My Imperial Measure.

BOttle9 (quarts) • ...... ............... *s. per dozen.
Do. (pints) A. __
Kilderkins (18 gallons).. • • ....

30s.
IikRRINGTON PARKE%
Beer-Merchant, 51, Pall-mall.

PATRON—H.R.H. PRINCE ALBERT.
WRITSUN HOLIDAYS.
ROYAL POLYTECHNIC INSTITUTION,.
—A MUSICAL LECTURE by GEORGE BUCKLAND,
Esq., entitled SONGS and SONG-WRITERS, every Evening (except
Saturday) at Eight.
Lectures.--By J. 11. Pepper, Esq., on the Chemistry of Gun-
powder and Rocket Composition ; by Dr. Bachhoflher, on Voltaic
Electricity, with a Series of Brilliant Illustrations ; experiments by
Mr. Crisp°, on Heat, illustrated by tvr) gigantic Reflectors, by which
Cooking is effected at a distance of 100 feet from the fire.
Two Series of Splendid Dissolving Views. principally painted by
Mr. Charles Smith and Mr. Clare.
Admission, is.; Schools, anal Children ander Tea years of age,
Ilf-price.

HAND-IN-HAND INSURANCE OFFICE
No. 1, New Bridge-street, Blackfrlars, London.
Established in 1696.
DEIZECTORS.

The Hon. William Ashley. John Gurney Hears Esq.
The Hon. Sir Edward Cut. E. Fuller Maitland, 'Esq.
Arthur Eden, Esq. William Scott, Esq.
J. Lettsom Elliot, Esq. John Sperling, Esq.
James Esdaile, Esq. Henry Wilson, Esq.
flarvie M. Farquhar, Esq. W. Esdailo Winter, Esq.
LIFE DEPARTMENT.
This Office offers a low scale of premiums to Non-members, with-
out participation in profit; or a Member's scale of premiums, with
an annual participation in the whole of the profits after Jive full
annual payments.
In the years 1849, 1850, 1851, and 1852, the premiums of all Mem-
bers' Policies were abated 525, per cent.; that is to say, a premium
of 1001. was reduced to 471. 10s.
Insurances effected before the 24th June next will participate one
year earlier than if effected after that date.
FIRE DEPARTMENT.

Insurances are effected on every description of property at the
[snal ra s.

RICHARD RAT, Secretary.

52, Fleet-street.
ANEW DISCOVERY IN TEETH.-
Mr. 'TOWARD, Surgeon-Dentist, 52, Fleet-street, has intro-
duced an entirely NEW DESCRIPTION of ARTIFICAL TEETH,
fixed without springs, wires, or ligatures. They so perfectly resem-
ble the natural teeth as not to be distinguished from the original by
the closest observer; they will never change colour or decay, and will
be found very superior to any teeth ever before used. This method
does not require the extraction of roots, or any painful operation,
and will give support and preserve teeth that are loose, and are
guaranteed to restore articulation and mastication ; and that Mr.
Howard's improvement may be within reach of the most economical,
he has fixed his charges at the lowest scale possible. Decayed teeth
rendered sound and useful in mastication.-52, Fleet-street. At
borne from ten till five.

QOIJND and WHITE TEETH are not only
indispensably requisite to a pleasing exterior in both sexes,
but they are pecuUarly appreciated through life as a blessing highly
conducive to the purposes of health and longevity. Among the vari-
ous preparations offered for the purpose, ROWLANDS' ODONTO, or
Pearl Dentifrice, stands unrivalled in its capability of embellishing,
purifying, and preserving the teeth to the latest period of life. Pre-
pared from Oriental herbs, with unusual care, transmitted to this
country at great expense, this unique compound will be found to
eradicate all tartar and concretions, impart a pearl-like whiteness to
the enamelled surface, remove spots of incipient decay, render the
gums firm and red, fix the teeth firmly in their sockets, and, from its
aromatic influence, impart sweetness and purity to the breath. It is
important to observe, that when used early in life, it effectually pre-
vents all aches in the teeth and gums, effaces spots and discoloura-
tion, eradicates scurvy, and, in a word, soon realises the chief attri-
bute of health and beauty—a Fine Set of Pearly Teeth. Price 2s.
9d. per box.
CAUTION.—The words " Rowlands' Odonto " are on the Label, and
"A. Rowland and Son, 20, Hatton-garden," engraved on the Govern-
ment Stamp affixed on each box. Sold by them and by Chemists
and Perfumers.

MEDICAL ADVICEON THE SECRET TNFIRMITEES OF
YOUTH AND MATURITY.

DR. SAMUEL LA'MERT, 37, BEDFORD-SQUARE, LONDON,
Doctor of Medicine, and Matriculated Member of the University of
Edinburgh, Honorary Member of the London Hospital Medic
Society, Licentiate of Apothecaries' Hall, London, &c., Sec.
MAY be consulted, personally, or by letter, on
the various disorders of the nervous and generative system,
resulting from juvenile irregularities and excesses, which have pro-
duced more misery in youth, degradation in manhood, and prema-
ture decay at all stages of life, than perhaps any other class of dis-
eases known to modern pathologists. Long and practical experience
in the treatment of these diseases has proved that there are in exist-
ence secret causes of self-acquired miseries and disappointed hopes in
existence, traceable to certain pernicious habits, to which Nervous
Debility, various forms of Insanity, Unhappy and UnfruitfUl Marri-
ages, Impotency, Local and Constitutional Weakness, and their
endless modifications owe their almost entire origin.
It is absolutely necessary that all men should know that there are
principles of personal management which cannot be violated without
incurring grievous penalties, and when wisdom and regret succeed
the heyday of inconsiderate self-indulgence, how these penalties
may be mitigated, how the sting of their bitterness may be removed,
and how the evil and its consequences may be avoided, and above all,
that there is scarcely any degree of physical infirmity or functional
derangement to which the timely aid of science cannot apply a cure.
DOCTOR LA'MERT has for a long series of years been engaged
in an extensive practice in the treatment of these delicate com-
plaints, and a the only legally qualified Physician who, regardless
of the taunts and envy of the hypocritical and mock-modest, has had
the confidence, through the medium of the public press, to direct
attention to these enormous evils, from which no grade of society is
tree. In selecting this department of practice. he has been amply
rewarded by the great success that has attended his efforts in the
treatment of these cases, which are too generally confided to the
care of unqualified and ignorant empirics, who, with their pirated
publications, assumed foreign names and titles, and pretended virtues
of their patent nostrums, have inflicted serious injury on those who
have been induced to place faith in their pretensions.
At home for consultation daily from Eleven till Two, and from
Six till Eight. All letters must contain the fee of U., and advice and
medicines can be forwarded to any initials or address.
It 13 desirable that patients wishing to consult Dr. LA'MERT
I should first obtain a copy of his work on

NATIONAL LOAN FUND LIFE ASSURANCE
SOCIETY.

The fourteenth annual general meeting of the share-
holders in the National Loan Fund Life Assurance So-
ciety was held on Wednesday afternoon, 11th May, at
the London Tavern—Edmond S. Symes, M.D., Acting-
Chairman of the Court of Directors in the chair.

The advertisement convening the meeting having been
read by Mr. Woolhouse, the actuary, the minutes of the
last general meeting were read and confirmed.
The CHAIRMAN then requested Mr. Bennett, one of
the directors (Financial Manager), to read the Audi-
tor's report and statement of the financial position of
the society, which that gentleman did at some length,
explaining that the balance-sheet which had been sent
out to the shareholders merely gave results, but it
would be necessary for him to go through the whole
of the details and matters of fact which produced
these results. Raving done this, he took leave to state
that the accounts were brought up to the latest period
—namely, the Ist of Dec., 1852. They rested entirely
upon matters of fact, and securities could be produced
in their support if necessary, which would be market-
able to morrow, but at all events, he was committed to
these figures, and be was prepared to prove every fact
they asserted if the shareholders required it. He had
gone honestly, thoroughly, and deeply into the matter,
not sparing the pruning knife or hesitating to cut away
any doubtful item, and the shareholders might rely
upon it that the statement he had „read was a true reflex
of the situation and condition of the society. (Cheers.)
The CHAIRMAN then requested Mr. Starr, Managing
Director, to read the directors' annual report to the
shareholders, which was as follows :
"The directors, in meeting theproprietors on the occasion
of the annual general meeting, beg to state that they have
the pleasure of placing before them a statement of the af-
fairs of the society, which, although apparently in some
respects less favourable than the statements which have
been laid before them in former years, will, they doubt
not, when properly understood, prove far more satisfactory,
inasmuch as, although the estate may be made to appear of
diminished value, it will be found that this arises (for the
company never was in a more prosperous condition) en-
tirely from the strictness of the scrutiny to which its
affairs have been subjected, and the unsparing hand with
which all unsound and doubtful assets have been pruned
away.
"The proprietors mayplace the most perfect confidence in
the information now laid before them, and feel assured
that they are made acquainted with the real and true value
of their estate.

" The actuary's report is made up in the simplesCpossible
form, and the elements of statistics of which it is composed
are taken from sure data. It as follows :

" ' ACTUARY'S REPORT.

" National Loan Fund Life Assurance Society,
26, Cornhill, London, 2d May, 1853.
" Gentlemen,—l have again to lay before you the results
of my annual investigation of the affairs of the National
Loan Fund Life Assurance Society.
" During the past year 1,416 policies have been issued,
covering assurances to the extent of 401,8301., and yield-
ing premiums to the amount of 12,6751.35. 4d. per annum.
" The claims paid during the year amount to 34,0361.
2s. 9d. The expected claims, according to the tables of
mortality, being 29,3261. The total claims paid from the
commencement of the society to the end of the year amount
to 197,3791. 12s. 3d., being 7,0811. less than the expecta-
tion.
" From the end of the year up to the present time 621
policies have been issued, and the income of the society,
arising from premiums on policies, is now 76,8781. 18s. per
annum, and the corresponding amount of insurances is
2,416,1211.
" The position of the affairs of the society, calculated
up to Ist December, 1852, stands thus :
Present value of income from annual
premiums
Amount of investment as per Auditor's
Report 112,840 7 7

Present value of liabilities on £1,111,448 1 10
assurances, annuities, &c. 990,804 2 8
Paid-up capital
Current claims lO,OOO 0 0
Bonus on shares unpaid 694 4 1

1,052,336 1 9

Balance in favour of the society, after
payment of all claims £62,112 0 1
" lam of opinion that the whole of this balance should
be reserved for the future profits of the society.
" Before concluding this report, perhaps the Court of
Directors will allow me to congratulate them on the vigi-
lant, prudent, and very efficient superintendence of the
affairs of the society by the present managers.
" I am, gentlemen.
" ' Your very obedient servant,
(Signed) " W. S. B. WOoLHOUSE,
Actuary.
" To the Court of Directors' National
Loan Fund Society."'
"It may bo necessary to explain here to those who are
unaccustomed to view such statements more as a commer-
cial question than the results of severe and unerring ma-
thematical calculation—for life assurance is strictly a
science—that the items in the Actuary's report, under the
head of 'Present value of income from annual premiums,'
is a correct estimate of the prospective value of premiums
yet to be received on policies now extant ; whilst that
comprised under the head of Present value of liabilities
under policies,' represents the sum calculated to cover all
liabilities for claims under existing contracts, and the ex-
cess of the former over the latter, is one of fixed value, as
gain on the current business of the company, and may be
relied on.
" In further explanation of these items it may be re-
marked, that if at any time there should be any falling off
of premiums, the liabilities would be decreased in a cor-
responding proportion, so that they must run to the end
pari passu.
" The amount of investments is not in any degree dimi-
nished as a guarantee fund, by the sum now faithfully
placed in the opposite column, as paid-up capital,' but
remains so far intact, that whilst it is not contemplated to
refund this sum of 50,837/. 155., it should always appear
in the annual debtor and creditor statement of the society
as so much owing to shareholders, being the amount of
21. 10s. paid by them on each share to which they have re-
spectively become entitled.
"The moderate amount of bonus recommended to be
allotted to policy-holders this year, is a matter of not
so great moment, when considered, as would at first appear.
"Their interest in the reserved fund of 62,1121. Os. ld.
remains, and in future years will indirectly accrue to their
benefit ; and as many companies declare their bonuses
every three, five, or seven years only, the comparatively
small bonus of this year will be viewed as of little moment
compared with the general results of our present position,
as set forth in the actuary's report.
"The directors recommend that out of the profits of the
past year, a bonus of per cent. on capital, in addition to
the regular annual interest of 5 per cent. be declared, and
paid to the shareholders, and a proportionate bonus (ac-
cording to the deed of settlement) to policy-holders.
" The claims of the past year exceed the average by
gmthentleadrgea
duringnd thesame
unprecedented
e period,
4,710/. 2s. 9d., but the proprietors will see with pleasure
vmbi
z of new
viz.-1,416,
6,aand
d tpohelicyieets
greater number, in comparison, issued during the four
months since elapsed, and which give fair promise of a still
more profitable business during the present year.
" The re-construction of the court of directors—the ap-
pointment of managers—one (a gentleman who has been
in the active service of the company abroad incessantly
since 1839) for the general superintendence and manage-
ment of the company at home, and at its distant and im-
portant branches, and the other (one to whom the com-
pany owes much for his personal efforts in the reforms
which were so needed, and have been so effectually intro-
duced) as financial manager, to supervise and protect—a
no less important duty—the finances of the company—the
restoration to order and system, and a more economical
current expenditure—will all tend to produce confidence
both at home and abroad, and effect a sound and healthful
management of the funds and business of the company.
" With regard to our current home business, the mana-
gers have been much occupied in re-establishing agencies
throughout the United Kingdom, in inverting informa-
tion to enable a more practical working, in the publication
of a complete code of instructions to agents, defining their
duties, and enforcing strictly the rule requiring regular
monthly returns and remittance of balance in hand. Thus
a thorough and uniform system is established which will
have the happiest effect on the general business and funds
of the company.
"In the United States, under the able management of C.
E. Habicht, Esq., our general agent at New York, aided
by a local board composed of wealthy and influential gen-
tlemen, who give their time and personal attention to the
affairs of that important branch, our .business, hitherto so
satisfactory and profitable, has of late been much ex-
tended, and is increasing, whilst the expenses of manage-
ment have been reduced, and now bear a more reasonable
percentage on our current revenue derived from that
branch.
" In the British North American Colonies the most ad-
mirable system, as heretofore, prevsils. The gentlemen
composing the various local boards are among the most
leading men in the British provinces, and the zeal and at-
tention of the general agent at Montreal is constant and
untiring. Our business is steadily increasing in these de-
pendencies, and our prospects of profitable results never
were more apparent than at this moment.
" The important agency at Paris has been much improved
of late by the introduction of new regulations—a large re-
duction in current expenses—the formation of a highly
respectable and influential local board (composed partly of
French and partly of English gentlemen) who meet weekly
and lend their aid to advance our interests in France. The
late mission of one of our court of directors (T. C. Grattan,
our local board and Esq.) to Paris, in reorganising
has been most per-
fectingsatis-
contemplated arrangements, .
factory, and the results are already apparent in the acces-
factory,
sion of new business and the regularity of the system in-
troduced.
" In Scotland, also, a new and economical system of
• troduced and an efficient local board
working has been introduced, h. hwe h f
established at Edinburgh, from w ope or the
most favourable results.
" The directors have
been hitherto unable to early out
their wish to appoint a pe t chairman of such hi,711
rmanen f
be use u in maintaining
qualities and influence as would
and • h the thou-
the character of the institution,in in
interest therein,
sands, who now have a directtheway of such a
perfect confidence.
of the want of leisure on the part of
selection, by reason
those whose commercial standing would make the
have greater
most
eligible, and of other adverse causes,
ave been greater
than at first anticipated.
will be the business of the present meeting to elect
"It E otson M.D., F R.S.
directors in lieu of Min Ili ,
four
nt Tabor, Esq., and Josep
Edmond S. Symes, M.D., Clement
riod of office expires, but who
Thompson, Esq., whose pe
elected, and offer themselves accord-
/I.TO eligible to
ere
- d'rectors J. Leander Starr,
• ly And to confirm as
ing .
Esq and Thomas Colley Grattan, Esq., appointed by the
.;

court of directors since the last general meeting, vice
Augustus Vigne, Esq., and the late John Rawson, Esq.,
resigned. Also to elect two auditors in lieu of Professor
Wheatstone, F.R.S., and Thomas Williams, Esq., whose
term of office expires, but who offer themselves for re-elec-
tion. " E. S. SYMES, Chairman."

The CHAIRMAN said—Gentlemen, having heard this
report read, perhaps you will permit me now to state
that the wish and intention of the directors has been to
make it as plain and intelligible as possible, but if there
is any statement in it, or any circumstance upon which
more explanation may be required, I need hardly say
the directors will be happy to afford it, if in their power
to do so. (Cheers.)
Mr. HARRIES (a shareholder) said he had very
much pleasure , in moving that the report be re-
ceived, adopted, and printed for circulation amongst
the shareholders, for, having listened attentively
to its contents, he could assure the meeting that
he now entertained very different feelings to what
he did when he entered- the room. When he came
in he knew that their assets had been greatly re-
.

duced, while their liabilities had been considerably in-
creased ; but now, on the other hand, he found from the
report that the society was at length placed upon a solid
and settled footing. It was a pity that the able and
elaborate statement which Mr. Bennett had read to them
had not been printed and circulated amongst the pro-
prietors, for then the attendance would have been so
great that the room would not have contained the
meeting. (Cheers.) Hitherto the shareholders, at least
the majority of them, had too much reason to be dis-
satisfied with the affairs of the society, but directly they
were made acquainted with the satisfactory nature of
the reports which had been read to-day, he was satisfied
that feeling would be changed for one of a more gratify-
ing character. (Hear, hear.) Why, he had made a cal-
culation himself of the position of the society, by com-
paring the statement he had received from the present
board with the reports of former years, and he found
that there was only a difference of 3001. between his
own result and that of the directors. (Cheers.) That

mum he treated as nothing, and should thorefore'say no-

thing about it ; but there was one item in the accounts
with regard to which he must ask for some explanation,
and that was the item under the head of " General

Expenses," which was put down at six thousand odd.
He should be glad to know what was meant by general
expenses. (Hear, hear.) With these observations he
begged to move that the report, together with the state-
ment of accounts which Mr. Bennett had read, be re-

ceived, adopted, and printed for circulation amongst the
proprietors. (Hear, hear.)
Mr. BENNETT was glad to have an opportunity of an-
swering these questions, which, he thought, were exceed-
ingly proper as coming from a shareholder. Certainly,
the sum mentioned was rather a large item to stand
under the small or meagre description of " general ex-
penses," but he would explain that presently, after
disposing of the other questions, with reference to print-
ing and circulating, the details. (Hear, hear.) Now, he
went most heartily with that suggestion. He believed—
to speak in the singular number if he might be allowed
to do so—he might say that he alone was responsible
very much for the accuracy of these figures, and he was
naturally anxious that they should be in possession of
the shareholders, for whom, as it were, he had been act-
ing as a guardian or representative. (Cheers.) From
the very time that he undertook the duty, at the com-
mencement of the financial year, he had adhered closely
to one settled purpose, namely, to find out what was the
best and the worst aspect of the matter. In this aim
the directors had cordially supported him, and he desired
to acknowledge, without any hesitation whatever, the
unsparing hand and the readiness with which they had
gone into every asset and every liability connected with
the institution. (Cheers.) This duty had occupied them
the full twelve months, for it was only last week that
the item of 22,000/. under the head of "agency balances,"
was brought out to its present reduced amount (7,0001.)
Suffice it, however, that the report which he had
read went into every fact it omitted nothing what-
ever, and the result showed that they were still in the pos-
session of a very handsome surplus, which he hoped and
believed would go on accumulating from year to year
as the institution progressed in public estimation.
(Cheers.) So far as the shareholders were concerned,
perhaps the figures remained to be proved by time ;
but for himself he could say candidly that he had
thoroughly tested their accuracy, and he was prepared
to stand or fall by them. (Cheers.) Future years
would prove and reprove them ; but at present, putting
the assets and liabilities together, they found them-
selves in possession of a permanent surplus amount-
ing to something like 115,0001. The auditors' re.
port put the sum down at 112,8401. With regard to
the other question, relating to the item of " general
charges," he at once, and without hesitation, explained
that it referred to the expenses incurred in America,
Canada, and other places. The proprietors could go into
details at the office if it was required, which would show
the expenditure to the last sixpence—nay, the last
penny. (Cheers.)
Mr. ROBIIRTSON wished to know what was the mean-
ing of the item " bonuses on shares unpaid ?"
Mr. BENNETT would tell the proprietor in a few
words. Under the deed of settlement they were re-
quired every year to vote a portion of the year's balance
to pay bonuses to shareholders and policy-holders, and
they would see by the accounts that be was charged
with 1,8311., money paid on bonuses under the deed ;
but the real charge should be 2,5251., because, speakir.g
as the financial man of the society, he had in hand
6941. 4s. ld. which sum could be claimed from him as
bonuses on shares. (Cheers.)
Mr. IlaurciEs asked if the shareholders were to under-
stand that in future a debtor and creditor account of the
state of the finances would be sent round to the share-
holders some ten days before the annual meeting ?
Mr. BENNETT said he had not the slightest objection
,o that.

Mr. GODDARD said that was agreed to on a former
occasion, when a good deal of excitement prevailed
amongst the shareholders, but still the shareholders had
not received it this year. Under the circumstances,
however, perhaps that was excusable, and since it was
quite evident that the directors had gone to the very
root of the matter, the shareholders ought not to be dis-
satisfied, more especially while such a man as Mr. Ben,
nett said that he was ready to vouch for the accu-
racy of every item in the account. (Hear.) He saw by
the balance-sheet that after all the liabilities wore pro-
vided for, the balance in favour of the society was put
down at 62,1121. Now, did the actuary, in arriving at
*is result, make any allowance for the expenses of ma-
nagement, which, according to a moderate calculation,
would amount to 10,000/. ? (Hear.)

. , .
Mr. WOOLHOUSE said the 62,000/. was the surplus
balance after providing for every liability of whatever
kind.

n
is
eaanswerpresent
tot
loud
liabi-
lities thehe ps
hr
lities and the present assets of the society, which dis-
closeds.
Had the actuary, in arriving at this result, forgot to take
hilef
tt
hhwee
ra
sh
theya
important
, phwoe
retrae apprehendednitntao
positionknow that
this,h
to a t
pbaateyet
because
uhe
se
ee2ni
per
his
into consideration the fact that something over 10,0001.
would be required for the cost of management ? (Hear.)
six years their balance would dwindle down to nothing
apprehensions were well founded, he very much ques-
tionedqß(HueMec
aesa truir-o.Ba)Gnw:
balancen TDIh Be
nof said 62 o thatool
balance-sheet. uwdfa sai
svcoluouosrte
of
fa
cent. bonus recommended by the report. (Hear, hear.)
Would it not be better, then, for the directors at once
to say, like prudent and careful men, " Gentlemen, we
have nothing for you this year but the usual five per
cent. ; but at the same time you receive only that,
you have the satisfaction of knowing that the institution
now stands upon a firm and solid basis." (Hear, hear.)
Then, at the end of two or threelyears, they might fairly
give away a bonus, but so long as they left out of consi-
deration expenses of management, he submitted that it
would not be wise to pay anything now beyond the ordi-
nary five per cent. (Hear, hear.)
Mr. BENNETT was exceedingly glad that this question
had been asked, and he was equally pleased that it fell
to his lot to answer it, because he stood in the position
of a shareholder as well as a, director, and was particu-
larly anxious to see that everything was clear and
straightforward. (Hear, hear.) Now, with regard to
this matter, the argument of Mr. Goddard, or rather
his calculations, were not strictly correct, for it
was hardly fair to suppose that the surplus would remain
stationary for six years, or that 10,0001. a-year, which
he would take as the cost of management, could betaken
as the measure of their future profits. (Hear, hear.)
According to his view of the matter, his (Mr.
G.'s) mode of reasoning was calculated to lead to very
false impressions. The present year's surplus he set
down at 17,4431. 18s. Now, take that as the average
of the next six years (exclusive, as it is this, of the cost
of management), and multiply the 17,4431. 18s. by
six, and they would find that there would be then left
an absolute balance of 166,7751. instead of 2,0001.
Mr. GODDARD said the explanation was so far satis-
factory, but respecting the two-and-a-half per cent., did
the directors still think it would be prudent to pay it ?
Mr. BENNETT said, of course that was a question which
must rest with the meeting. The directors recom-
mended the shareholders to accept the bonus, but, of
course, if they so thought fit the shareholders could re-
fuse to adopt the recommendation. That the directors,
however, were justified in making the recommendation
he was firmly convinced, as the profits of the past year
could well afford to pay the bonus. (Hear.) The deed
of settlement, as he had already stated, required certain
things to be done if in any year the profits reached a
certain amount, and required that a. certain amount of
bonus, or rather that a relative bonus, should be given
to the policy holders as well as the shareholders, addi-
tionin
to the ordinary interest to the latter ; and now the b
question toe considered was this, were the profits suffi-
ciently large to warrant the bonus ? For his own part
he had not the slightest doubt that the society could pay
even much more than the two-and-a-half per cent., but at
e was bound to admit that Mr. Wool-
house had manifested a proper caution with regard to
the future in making the avowal contained in the latter
the same time 1
part of his report. (Hear, hear.) The shareholders
might, however, rely upon it, that as matters now stood
—and he had pledged his reputation for the accuracy of
the accounts— they could fairly and legitimately take
every shilling of the bonus. (Hear, hear.)
A SHAREHOLDER—Then Mr. Woolhouse recommends
that no bonus should be paid, does he
1 Mr. BENNETT said he certainly aid, and no doubt he