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

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_.-I ItifareF tfOrro . 1.1 . ii'. - . Ay
ability of Mr. Bennett. -( . -ar, hear.) He had /-
not been disappointed, as the proceedings to-day would . '
testify. (Hear, hear.) The unanimity of the meeting,
in fact, as well as the satisfactory state of their
, was mainly owing to the eflbrts of that gen-
.an—(hear, hear, and cheers)—and he was sure the
arg holders would be anxious to pay him some tribute
A.-respect in return for his trouble. (Cheers.) Mr.
Bennett it was who first directed attention to the neces-
sity of investigation, and had he not taken the straightfor-
ward course which he did in this crisis, it would not
have been in its present proud position ; but he' entered
heartily into the struggle, and it had been termi-
nated triumphantly for himself;, and beneficially for
the shareholders. (Loud cheers.) At one time
he felt that it had been his misfortune to become a
Ishareholder of the society, but now he was happy
'to find himself in the situation of director, and he,
therefore, begged leave to move that the cordial thanks
of the meeting be presented to Mr. Bennett for the in-
valuable services which he bad rendered the company.
~?‘ 0'
(Cheers.) 'a
Mr TABOR begged to second this motion from
his heart. (Hear.) He felt, as an old director, that it
was to Mr. Bennett that they were indebted for their
present ,satisfactory position, and he could not fund lan-
guage sufficiently expressive to convey the feelings of
gratitude which he felt towards that gentleman. (Thar.)
Mr. HUNT thought it would be supeifluous to say
more upon this subject, but he could not help adding his
hearty concurrence to this motion. (Hear.)
The CHAIRMAN remarked, in putting the motion, that
it, had not only been moved and seconded, but thirded.
(A laugh.) He need hardly say he reciprocated the
sentiments which had been expressed toward Mr. Bennett
to the very letter. (Cheers.) . •
The motion was carried by acclamation. -
Mr. BENNETT, in acknowledging the compliment, said
he would not take up their time in speaking of himself,
but he pledged them honestly and most sincerely that he
did not think his services merited the high eulogium which
had been passed upon them. Be that, however, as itmight,
lie accepted these thanks in the spirit in which they were
conveyed, and in return heartily would promise the share-
holders still to render them all the assistance he possibly
could. (Cheers.) If it was not taking up the time of
the meeting too long, he should wish to review or run
over the course of action which had been gone through
during the past year. (Hear, hear.) His position out-
side the board table at the previous annual meeting,
though painful to his own feelings, was imperatively de-
manded by the exigencies of the society, and the result
showed that he was correct in that impression, for
now, at. the end of twelve months' incessant labour,
when every liability had been written off, and every
contingency provided for, they found themselves in pos-
session of a clear available surplus of upwards of sixty
thousand pounds sterling. (Cheers.) That fact being
once ascertained, the next great point to be settled was
to get rid of the mass of arrear of work in the office,
which had only been rendering confusion worse con-
founded ; and here he must take leave to observe
that the utmost praise was due to the clerks and
officers of the society for the alacrity and assiduity
with which they had assisted the directors in clear-
ing away the amount of undisposed-of business
which had been allowed to accumulate. The whole
body of directors had supported him heartily in this
searching inquiry, and he would be unworthy alike of
their confidence and his own character if he failed here
to state that they had gone all lengths with
him in cutting away every item found to be
bad. (Hear, hear.) In fact, nothing was left undone
which could restore the institution to a solid foundation,
and now he was happy to tell them the machinery
for carrying on the business of the society had been
brought into admirable working order. (Hear.) Much
of the credit of this was due to his talented colleague
(Hon. Mr. Starr) with whom it had been his good for-
tune to be associated ; and, although speaking in the
presence of that gentleman, he should not hesitate to
say that in him he had found, emphatically, the combi-
nation of great talent, and great practical experience,
combined with promptitude of action. These are qua-
lities he (Mr. Bennett) held to be worthy of emulation,
and if it should be pronounced at some distant date that
he had so far emulated him as worthily to reflect them,
it would be well for all. He might add, in illustration
of the vast amount of duty to be performed, if their
managers were earnest men, that in one department
alone—the Post—upwards of 3,000 letters had been re-
ceived and dealt with during the year. As the affairs
of the office were now carried on, a fraud in the
finances could not be accomplished without the conni-
vance of at least six persons. (Cheers.) For instance a
cheque can only be signed at the board, must be so
signed by three directors, and then marked with his own
initials, as financial manager ; but even a cheque bear-
ing all these requisites would still be inconvertible unless
it was endorsed by the cashier; while the bookkeeper, who
had to keep his books upon the double entry principle,
would lastly have it in his power to detect any irregu-
larity, should. any occur. (Hear, hear.) But the pre-
caution against fraud or a misappropriation of the funds
did not end here ; for every farthing that was paid or re-
ceived had to go through the banker's hands ; and al-
', though they, of course, could have no control over Glyn
and Company to render them responsible for irregulari-
ties, the pass-book acted as a check upon the society.
(Hear.) There was, consequently, not the slightest
loophole through which a fraud could creep, and tiv ' if.
balance sheets must show ll'onbtil and correctly the l' ,
real state of the assets and INbilities of the spmpany4:::4*-
(Cheers:). He again thanked them for the coMpliment4V
they had paid him, and resumed his seat. .„
A SHAREHOLDER said he, observed by the profit and .
loss account that there were several items written off as
bad ; was there no prospect of any part being recovered ?
(Hear, hear )
Mr. BENNETT said something might be recovered
in the way of shreds and pairings, which would be so
much to the shareholders, but he had thought it better
to write them off, in order that there might be no room
for impugning the accuracy of the general result. (Hear.)
Mr. STARR did not know that he could add anything
to the clear and candid statement of Mr. Bennett ; but
with respect to the correspondence of the agents, and
indeed the correspondence of the office generally,
he was in a position to declare that nothing could be now
conducted with more order or regularity. (Hear, hear.)
The agents were required to send in their accounts every
month, and after they were checked with the books,
their authenticity or inaccuracy was reported by the
succeeding mail. (Cheers.) In the event of an agent
failing to make his remittances in due course the sup-
plies were stopped—that was the premium receipts,
without which he could not collect the moneys of his
district ; and therefore, under this system, instead of
agents being in arrears, they could never be defaulters
for more than the balances of a month. For himself,in
his new and responsible position, lie could only pledge
himself for the future, by a reference to the past. (Cheers.)
Mr. GRATTAN wished for a few minutes' indulgence,
while he stated that, although he was only a young mem-
ber of the Board, he was exceedingly anxious to do his
duty fairly and impartially. It was said that a new broom
swept clean, and he hoped he should not be found want-
ing in helping the elder besoms—(a laugh)—if he might
use the expression, to do their work in a elean and neat
manner. (Hear, hear.) With regard to his mission to
Paris, he would just take leave to say that he fulfilled it
to the best of his ability, and must say that under proper
precautions the operations of the society might
be extended, not only in Canada and America, but on
the continent of Europe as well. (Hear, hear.) He
saw no reason why they should not have a local board in
Brussels, and in some of the principal states of Germany,
and he hoped this suggestion, which perhaps betrayed.
some degree of presumption on his part, would not be
lost sight of. (Hear, hear.) _

[PRICE SD.

had exercised a proper precaution as to the future, but
if the surplus had been 90,0001. or 100,0001., Mr. Wool-
house would have still been at liberty to make the re-
commendation. He had no means of measuring Mr.
Woo!house's organ of caution, and could not therefore
tell where that gentleman's hesitation would end ; but
this he knew, that, so far as his own opinion went, the
directors were perfectly justified in advising the share-
holders to declare a bonus. (Hear, hear.)
Mr. GODDARD said the claims this year li-d exceeded
the expectations. Now, suppose the claims next year
should go beyond expectation, would the directors then
he able to get on notwithstanding this extravagance ?—if
he might call it such.

MT-. BENNETT said this was a simple question of
figures which could be explained by a simple illustration
or suppositious case. Suppose A, under a deed of settle-
ment, has a right to receive from B a commission of 5
per cent. on the year's profits, and suppose further that
B, having in previous years falsely valued his capital
estate, chooses this year to reduce that estate to its
actual value : would A be justified in claiming his com-
mission on the year's business, or ought be to be visited
with B's former mis-statement of his affairs 7 He ap-
prehended he would be clearly entitled to his commis-
sions. .Wrell, then, that was exactly their case, but of
course would he for the meeting to determine
whether the voluntary offer of the directors should be
accepted. (Hear, hear.)
Mr. GODDARD said it would be preposterous to put
the'matter to the meeting after this advice. The direc-
tors declared that the state of the finances was such as
to justify the recommendation they had made, and it
would be too much of a good thing then to suppose
that the meeting would refuse to accept it at his instance
—(a laugh)—especially after what had fallen from Mr.
Bennett. (Cheers.)
The CHAIRMAN said it had been moved and seconded
that the report be received and adopted, to which an ad-
dition had been...made, that it be printed and circulated
amongst the proprietors. Perhaps he had better put the
two questions separately.
Mr. GODDARD requested that they might be put to-
gether. To be printed and circulated eight days before
the meeting. (A laugh.)
The CHAIRMAN reminded Mr. Goddard that they
were now dealing with the report which had been read
to-day. (Hear, hear.)
The resolution was then put from the chair and carried
unanimously.
Mr. HARRIES wished now to move that the accounts
and figures read by Mr. Bennett at the opening of the
meeting should also be printed and circulated at the same
time with the report. (Hear, hear.)
Mr. BENNETT said he had no objection even to that ;
indeed, he should prefer most decidedly that the share-
holders were put in possession of these details ; but, for
reasons which he would presently state, he thought it
would be better to leave this question until next year.
(Mr. B. then explained his reasons.)
Mr. HARRIES would be sorry to put the board of direc-
tors to any inconvenience ; but certainly this was too
valuable a document to be lost to the shareholders. It
so clearly depicted the existing position and the value of
the property that he was half inclined to press his mo-
tion ; and yet, after what had fallen from Mr. Bennett,
be was half inclined not. (Hear, hear.)
Several shareholders thought the motion ought not to
be persevered in after this explanation.
Mr. GODDARD suggested that the motion had better be
left until next year.

Mr. BENNETT—Yes, certainly that will do, you can
prove us next year.
Mr. HARRIES—Ah! but will you make a promise to go
on cheerfully and harmoniously together next year, as
you have done this ? (Hear, and a laugh.)
The CHAIRMAN—Oh, decidedly.
Mr. HARRIES —And I hope we shall have a debtor and
creditor account issued before the meeting next year.
Mr. BENNETT—Certainly.
Mr. HARRlES—Because when I came into this room I
was in a state of complete mystification as to the affairs
of the society.
Mr. J. LEANDER STARR said—Perhaps the meeting
would allow him to make a few observations in answer
to the last observation of Mr. Harris. He could assure
that gentleman, as well as the proprietors generally, of
the fact, that it was the anxious desire and wish of the
board that the statement of accounts should be sent out
some days before the meeting, but they had to work
hard indeed to get the statement ready, which bad
already been issued. No one could tell the difficulty
of getting even that into shape, so close and constant
had the investigation been into all the facts and circum-
stances incident to the accounts. The directors had to
wade through papers extending over former years, to
get affairs in order ; but the difficulties had now all
been overcome.
Mr. ILAnniE§ said the explanations which had been
given were most satisfactory, and he should not there-
fore persevere with his motion.
The nuition was accordinglytrithdrawn.
The CHAIRMAN said, the report beitik sow disposed of,
they came now to the re-election of directors. The first
name on the list was that of Dr. Elliotsonoand he was
sure the meeting would admit that the Doctor was one
of the oldest and most useful and efficient directors in
the society. (Hear, bear.)
Mr. HARRIES said he had very great pleasure in pro-
posing Dr. Elliotson's re-election. (Hear, hear.)
Mr. GODDARD had equal pleasure in seconding the
motion. (Hear, hear.)
The re-election was put to the vote and carried unani-
mously.
The CHAIRMAN said the next name in the list was one
which he could not say much about—(a laugh)—beyond
the fact that the gentleman who bore it was one of the
oldest and largest shareholders in the society, having
held upwards of 1,000 shares from the commencement
of the society, and he himself, as well as several of his re-
lations, were still amongst the largest shareholders, and
naturally took a warm interest in the welfare of the in-
stitution. (Hear, hear.)
Dr. Symes was then re-elected a director.

The CHAIRMAN said the next name on the list was
that of Clement Tabor, Esq., who had always taken an
active part in promoting the interest of the society. He
had to come from a distance to attend the meetings of
the board, but, nevertheless, he never failed to be pre-
sent on all important occasions. (Hear.)
Mr. GODDARD said it might seem rather an invidious
question, but would the Chairman be goodrenough to
say whether or not the society had paid Mr. Tabor tra-
veiling expenses ? (A laugh.)
The CrantatAN—Certainly not. (Hear, hear.) We
are only afraid the expense of his journeys will more
than balance what he receives from us. (Hear.)
Mr. TABOR was then re-elected.

The CHAIRMAN said the last name on the list was that
of Joseph Thompson, Esq., the very oldest member of
the board, with the exception of Dr. Elhotson ; and,

like one or two others 'whom he could name, Mr.
Thompson had always been most active in keeping down
the expenses. (Hear.) He was a most useful member
of the board, and he had therefore much pleasure
in proposing his re-election. (Hear, hear.)
Mr. J. Thompson, like the other gentlemen, was una-
nimously re-elected.
The CHAIRMAN said, since the last annual meeting,
and in compliance with the request of the shareholders,
two influential names had been added to the directors, in
the place of two others who had resigned, and one of
whom, he regretted. to say, was since deceased. These
names were those of J. Leander Starr, Esq., and Thomas
Colley Grattan, Esq., who had been elected by the direc-
tors in the room of Augustus Vigne,, Esq., and the late John
Rawson, Esq. The former gentleman should be styled
"honourable" by courtesy, as he had been a member of
H.M. Legislative Council in British North America,
and to him the shareholders were indebted for the
position which the society had attained in the British
North American colonies and the United States. To
no num was this company so much indebted as to Mr.
Starr. In addition to his having a seat at the
board, he had been appointed one of the managing
directors—a position which the proceedings of to-day had
shown that he filled with credit to himself and
advantage to the Society, and the shareholders were
now asked to confirm his election, if they so thought
proper. (Hear, hear, hear.) The other name was
that of Thomas Colley Grattan, Esq., formerly her Ma-
jesty's Consul at Boston, in which capacity he lent all
the influence of his position, and was extremely useful
in extending the business, and promoting the interest of
the society in America. (Hear.) Indeed, to him the
directors were indebted for an introduction to the Hon.
Mr. Starr, who had been of such service to the society
here during the last twelve months. (Hear.) Mr. Grattan
was now residing in this country, where his influence
amongst persons of wealth and station in society, as also
his great activity and intelligence, were sure to prove
of immense value to the institution. (Hear, hear,
hear.) The directors had already put his diplo-
matic powers to the test by sending him to Paris to
make important alterations in the direction there, and
he need scarcely say that he had fulfilled his mission to
the perfect satisfaction of the board. (Cheers.) He
had very great pleasure in proposing that the election of
these gentlemen should be confirmed. (Hear, hear.)
The motion was put and carried unanimously.
The CHAIRMAN said they came now to the auditors,
Professor Wheatsone aid Thomas Williams, Esq., whose
term of office expired to-day, but who offered themselves
for re-election. Both gentlemen had been most zealous
and active in the performance of their duties, and he was
sure the meeting would unanimously re-elect them.
(Hear, hear.)
The re-election of these gentlemen was put to the vote,

Mr.— HARRIS. said the business of the meeting being
now at an end, they ought not to separate without
passing a vote of thanks to the chairman. (Hear.)
Mr. GODDARD asked why the vote should not include
the Court of Directors. He did not by any means
object to voting thanks to the chairman, but certainly
it ought to be coupled with a vote of thanks to the di-
rectors also. At a former meeting he was sorry to find him-
self under the necessity of blaming the board for their past
conduct, but although he did that from a sense of im-
perative duty, he was rejoiced now to have the oppor-
tunity of making them the antencle honorable. (Hear,
hear.) So highly did he approve of their proceedings this
year, that he was firmly convinced that they would have
a most beneficial effect out of doors, and he hoped steps
would be taken to make them known to every individual
shareholder. (Cheers.) With the permission of the
meeting, he would move as an amendment, " That the
thanks of the proprietors are due, and are hereby
given, to the Court of Directors of the National Loan
Fund for their past services, and to the Chairman for
his conduct in the chair to-day." (Cheers.)
Mr. HARRIS said there was no necessity for moving
any amendment. They had been so unanimous throughout
the whole of the proceedings, that it was only fair that
they should be unanimous upon the last vote. He had
pet
eie,
eendspian g s yhbeayadr, thebhe
eehnewararetswybraeerhednoe
ovreiTrgyiiinegia in(c (Cheers.)
the amendment as an
The CIIAIRDIAN, in returning thanks, said, that for
vieoratetesophlluae beenvtaiisonungr.e carried by acclamation,
himself and the directors generally he could conscien-
tio us 1 y declare that they had done their utmost to promote
the prosperity of the
suapprovalreinstitution;they butwwiot
led idffivifcheuieellthaa as
their
amply
e task
had been, and arduous as their duties had been during
ldd
e passed,tr
sh aatn ddaanyclid. h
retewtoorshowuoruld be
couldatoestndly, in conclusion, *urn them thoe(piCrehabeeetshrtesal.t) ewea;enhilrinricsoein.e.-)
unanimousa as they were now. (Cheers.)
fftoohureyntdhmeeevcitouataegi
equally
nhaistchhehsail
The meeting, which occupied about
shareholders than On'
former occasion, then
was a larger assemblage ofandany
separated.

The following are the present directors and officers of
this institution :

DIRECTORS.
A. Campbell Barclay, Esq. Thomas Nicoll, Esq.
Charles Bennett, Esq. E• S. Symes, M.D.
Hugh Croft, Esq. J. Leander Starr, Esq.
John Elliotson, M.D.,F.R.S. Clement Tabor, Esq.
Thos. Colley Grattan, Esq. Joseph Thompson, Esq.
John Moss, Esq.

Derby) said be believed they had
now got through all the routine business on the paper, and
aneedia3 unanimously.
or of
3dir. carried
Moss ri
he therefore took the liberty to rise for the purpose of pro-
posing
a motion which he was confident would be most
acceptable to the meeting. He was about to propose a
vote of thanks to a gentleman who sat upon the board ;
but it would not be in his character of a director nor in
his character of a manager. There was a gentleman in
the room to whom, personally, he felt it to be his
bounden duty to offer his own thanks, and he hoped he
should not be going too fax or presuming too much if he
added to them the thanks of the shareholders. ;(Hear.).
He (Mr. M.) was 'but a; young director in this company.
His sympathies with it were enlisted after its difficulties
began. He came into it at the solicitation of Mr. Ben-
nett. That gentleman induced him to become a director
at a period when he thought its necessities and its

MANAGING DIRECTORS.
J. Leander Starr, Esq., and Charles Bennett, Big.

AUDITORS.
Professor Wheatstone, F.R.S., & Thomas Williams, Esq;

MEDICAL EXAMINERS.
J. Elliotson, M.D., F.R.S., 37, Conduit-street.
E. S. Spines, M.D., 77, Grosvenor-street, Grosvanor-
square.

ACTUARY.
( W. S. B. Woo'house, Esq., F.R.A.S., &r•
' ASAIST ANT ACTUARY.
Barker Woolhouse, Esq.

BANKERS.
Messrs. Glyn, Mills, and Co., 67, Lombard-sir3et.
SOLICITOR.
C. Ewens, .Esq., 61, MoenAte-dr:et.