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

LONDON, FRIDAY EVENING, MAY 13, 1853.

BANK OF AUSTRALASIA,
(Incorporated by Royal Charter, 1835,) 1%0. 8, Austin Friars,
London, 12th flay, 1853.—The Court of Directors give notice that
the charge at which they issue LETTERS of CREDIT and RILLS
on their branches is reduced to TWO per Cent.
•

By 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, will be issued at the Paddington Station,
lying persons who wish to visit Dublin on the occasion of the
Great Industrial Exhibition the opportunity or doing so at the fol-
owing low fares

LONDON TO DUBLIN.
First class, 31s. 4d. Second clam, 28s. 6d. I Third class, 14s. 4d.
LONDON 10 DUBLIN AND BACK, AVAILABLE FOR 16 Days.
First class, 475. 3d. I Second class, 435.
Any information respecting the departure of the Packets from
Br stol can be obtained at the Paddington Station. —May 9, 1853.

ALLSOPP'S PALE ALE.—I refer the learned
to Baron Liebig, the temper .te to Dr. Carpenter, invalids to
the medical profession, and the robu.t to the best e,ltt,ts of London
for the merits of my stock of A I.L'iOPP'S ALE. The " Thirsty
Soul " and " Constant Reads" of the " Times" I can also satisfy
with my Imperial Measure.

Bottles (quarts) • • • • ....
Do. (pints) .- ••.•—........ . • •• • • • .. ss. „
Kilderkins (18 gallons) ................ 30s.

HARRINGTON PARKER,
Beer-Merchant, si, Pall-mall.

PATRON-H.R.H. PRINCE ALBERT.
WIIITSIIN HOLIDSYS.

ROYAL POLYTECHNIC INSTITUTION.
MUSIriAL LECTUR,,, by GEORGE SUMMAND,
Esq., entitled SONGS and SONG•WRI'ERS, every Evening (except
Saturday) at Eight.

Lectires.—By J. H. Pepper, Esq., on the Chemistry of Gun-
powder and Rocket Composition ; by Dr. Bachhoffner, on Voltaic
Electricity, with a Series of Briiliant Illustrations ; experiments by
Mr. Crispe, on Heat, illustrated by tw r gigantic Reflectors, by which
Cookisg is effected at a distance of 100 feet from the lire.

Two Series of Splendid Dissolving Views. principally painted by
Mr. Charles Smith and. Mr. Clare.

SdnilSslon, Is.; Schools, and Children under Tea years of age,
Half-price.

HAND-IN-HAND I/
No. 1, New Bridge-stree
Letablisbec
Duirm

The Hon. William Ashley.
The Hon. Sir Edward Cast.

Arthur Edcn, Esq.
J. Lettsom Elliot, Esq.
James Esdaile, Esq.
Marvie M. Farquhar, Esq,

NSURANCE OFFICE
A, Blackfriars, London.
d In 1696.
TORS.

John Gurney Hoare, Esq.
E. Fuller Maitland, Esq.

William Scott, Esq. -
John Sperling, Esq.
Henry Wilson, Esq.
W. Esdaile Winter, Esq.

LIFE DEPARTMENT.

This Office offers a low scale of premiums to Non-members, with-
out participation in profits ; or a Member's scale of premiums, with
an annual participation in the whole of the profits after five full
annual payments.
In the years 1849, 1850, 1851, and 1852, the premiums of all Mem-
bers' Policies were abated 52 per cent.; that is to say, a premium
of 100/. was reduced to 471. 10s.
Insurances °Meted before the 24th June nest will participate one
year earlier than if effected after that date.
FIRE DEPARTMENT.

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

RICHARD RAY, Secretary.

52, Fleet-street.
ANEW DISCOVERY IN TEETH.-
Mr. HOWARD, Surgeon-Dentist, 52, Fleet-street, has intro-
due. d 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 rotas, 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
home ftom ten till five.

SOUND and WHITE TEETH are not only
indispensably requisite to a pleasing exterior in both sexes,
but they are peculiarly appreciated through life as a blessing highly
conducive to the purposes of health and longevity. Amene 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.
Catmori.—The words " Rowlands' Odonto " are on the Label, and
"A. Row:an,l and Son, 20, Hatton-garden," engraved on the Govern-
ment Stamp affixed on each box. Sold by them and by Chemists
and Perfumers.

MEDICAL ADVICE7ON THE SECRET INFIRMITIES 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, Bcc., &c.

NIAY 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-
laced 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 Unfruitfhl 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
incurriny 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 con,equences 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 s 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 ii., and advice and
medicines can be forwarded to any initials or address.
It 13 desirable that patients wishing to consult Dr. LA'MERT
should first obtain a copy of his work on
SELF-PRESERVATION.
A:MedicalTreatise on the Philosophy of Marriage, and Nervous and
Generative Debility, illustrated by fifty coloured engravings, and des-
cribing in detail the various disorders resulting from secret habits and
excesses. The perusal of this treatise will assist in the correct
description of their cases, and may be had, price 2s 6d, in English,
French, Spanish, Dutch, Italian, or German, of Messrs. Piper
Brothers and Co., 23, Paternoster-row; Hannay, 63, Oxford-street;
Mann, 39, Cornhill ; Storks, Titchborne-street, Haymarket; or free
by post for forty-two stamps, to any address from the Author's resi-
des:cc. 37. BEDFORD-sgu.taz, LONDON.

IA CULVERWELL'S NEW WORKS.
:g .1 To he had of Sherwood, 23, Paternoster-row , Carvaiho,
17, Fleet-street, Mann, 39, Cornhill. Price One Shilling each; by
Is (kl.

ENJOYMENT OF LIFE.
"health, Recreation, and Rational Use of Time."

CorrExTs:—Early Rising—Spring and Summer Mornings—Ex-
cursions about the Environs of London—The Parks, Lanes, Hills
Forests, Fields, High-roads, and other pleasant places - Country
Trips and Rambles—The Sea -London at Night—Evenings at Home
Music—The Drama—On Eating, Drinking, Sleeping, Bathing, Air,
Rest, Ease, Occupation, &c., &c.

FRAGMENTS FROM TAE FOUNTAINS. Two Vols.
Vol. I.
VISIT 10 THE LAKES; SKETCH OF EDINBURGH, &c.
Vol. 11.
TAE:LAKES OF KILLARNEY ; REMINISCENCES OF
DUBLIN, &c.

WHAT TO EAT, DRINK, AND AVOID,
"That three score years and ten our course may rim."
Kpopular review of almost every form (cause and cure) of ner-
vously-debilitated health and enfeebled constitution that harasses
the young, besets the man of pleasure, business or study, and em-
bitters old age; with tables and rulesfor the diet and physical regu-
lation 01 every-day life.

IV.
THE PASSIONS.
" What passions hurt the body—what improve,
Truths as refined as Athens ever heard."
Sinner :—Life's pilgrimage, from infancy to old age. The ad-
vent of the passions. Chastity and its infringement. The casualties
oflicentiousness and dissipation, with illustrations, graphic, flare-
Live, and remediative. Advocacy of early marriages.

THE MARRIAGE STATE.
To be or not to be, that is the question."
PROGRAMME:—Laws and obligations of nature, society, and reli-
gion regarding marriage, to be observed by either sex. Time and
choice, on both sides, as to age temperament, complexion, and
figure, to secure healthy offspring, with the art of rearing them
Physical defectiveness and its removal. Sterility and its conversion
Cases, &c.
By R. J. CULVERWELL, M.D. (1841), M.R.C.S. (1827), L.S.A.
24), Twenty.ilve years Medical and Forensic Referee in there
matters.

- Price Is. each; by post, Is. 6d.
To be had of Sherwood, 23, Paternoster-row ; 6arvalrho, 147,
Fleet-street; Mann, 39, Cornhill; or of M. R. Culverwell, M.D..
10, Argyll-place, Recent-street, who may be consulted daily from
Teu till Five and Seven till N ins.

NATIONAL LOAN FUND LIFE ASSUI?ANCE
SOCIETY.

The fourteenth annual general meeting of the share-
holders in the National Loan Fund Life Assurance So-
ciety was held on Wednesday afternoon, 114 May, at
the London Tavern—Edmond S. Symes, M.D, Acting-
Chairman of the Court of Directors in the chaio*-
The advertisement convening the meetingb*ing beer
read by Mr. Woolhouse, the actuary, the nir.,',iitAsOf the
last general meeting were read and confirmed/
The CHAIRMAN then requested Mr. Bennet,' one of
the directors (Financial Manager), to ilpad' Ihe 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 resul(s„ but it
would be necessary for him to go through Vie whole
of the details and matters of fact which produced
these results. Having done this, he took leave to state
that the accounts were brought up to the latest period
—namely, the Ist of Dec., 1852. They rest entirely
upon matters of fact, and securities could .
:produced
in their support if necessary, which woul 4', • market-
able to morrow, but at all events, he was mitted to
these figures, and he was prepared to provifevery fact
they asserted if the shareholders required itt He had
gone honestly, thoroughly, and deeply into tie matter,
not sparing the pruning knife or hesitating to cut away
any doubtful item, and the shareholders fight 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 'N'fr."'Starr, Managing
Director, to read the directors' annual. report to the
shareholders, which was as follows :
" The directors, in meeting the proprietorAothe occasion
of the annual general meeting, beg- to state thafthLiy 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
diminishe4 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 theyare made acquainted with the real and true value
of their estate.

" The actuary's report is made up in the um' pleafpossible
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,--I 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 31,0361.
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 197,379/. 12s. 3d., being 7,0811. less than the expecta-
tion.

" From the end of the year up to the present time 621
policies have boen 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 let December, 1852, stands thus :
Present value of income from annual _

premiums £1,001,60714 3
Amount of investment as per Auditor's
Report 112,840 7 7

Present value of liabilities on £1,114,448 1 10
assurances, annuities, &c. 990,804 2 8
Paid-up capital
Current claims 10,630 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. WOOLHOUBE,
" Actuary.
" ' To the Court of Directors' National

Loan Fund Society."

"It may be necessary to explain here tb those who sre
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 itoms 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 oor-
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 50,8371. 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 62,112/. Os. id.
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 2i per cent. on capital, in addition to
the regular annual interest 0 5 per cent. be declared, and
granted
tp
ha c,
Tl ta tode theeuiaatr
during
shareholders,nmeag:dtuehoenefdp
sretaefhnicedepast
settlement)
pna etsandteridoy period
n,
a pru
vrtTeeo
zxpb oecierr ide, oc:iynflt. ahh6tn:eel bonuspolicy-holders.
se
ra. (ac-
cordinge
g e by
e
4,7101. 2s. 9d. but the proprietors will see with pleasure
greater number, in comparison, issued durineagwndthtlelifeyoiueetrs
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 mansge-
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
no
ohilcehss wimerpeosrotannetedduedty,
—the
intro-
duced) as financial manager, to supervise and protect—apauythe
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 imparting informa-
tion to enable
code of instructions amore practical working,
trkeinegg,enintst,he publication
ef a complete
d
duties, and enforcing strictly the rule requiringefinin regtheirular
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, prevails. The gentlemen
composing the various local boards are among the most
tpweeennr
etdi
eon
more
cooirefes the general
leading men in the British provinces, and the zeal and at-
isofmpermoefintat.ble results never
agent at Montreal is constant and
untiring. Our business is steadily increasing in these de-
" The important s has been much improved
'and
apparenteur
agency prospectsthan
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
aattParis
this
r
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 per-
as been ost satis-
fEeseqti.u)
gtoeePuaterims,pilnaterdeorgarrangements, h
apparent •mthe acces-
fwitory, and the results are already
of the system
sion of new business and the regularity
in-
troduced.
" In Scotland, also, a new and economical system of
working has been introduced, and an efficient local board
established at Edinburgh, from which
we hope for the
most favourable results.
permanent chairman of such high
their wish to appoint a d be useful in
qualities and influence as would
in
of the institution, and whom the thou-
sands," The directors have been hitherto unable to carry out
the character
ult' • th f h
The diffic les in e way o suc a
perfect confidence.
the want of leisure on the part of
selection, by reason of
the
standing would make them most
who now have a direct interest therein, would feel
those whose commercial
eligible, an
t d.
than at first anticipated.
the resent meetin to elect
and of other adverse causes, have been greater
"It will be the business of p. m g
lieu of John Elhotson, .D., F.R.S.,
M D Clement Tabor, Esq. and Joseh
Edmond S. Symes, . d
hose erio of office expms, but who
Thompsotl, W p
offer themselves accord-
ingly to be re-elected, and
are C as directors J. Leander Starr,
ingly. And to confirm
Esq., pp by the
Esq., and Thomas Colley Grattan,
four directors in

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, IP.R.S., and Thomas Williams, Esq. whose
term of office expires, but who offer themselves forire-elec-
tion. "E. S. SYMES, Chairman." i

The CHAIRMAN said—Gentlemen, having heard thiS
report read, perhaps you will permit me now to state
Ghat the wish and intention of the directors has been to
:nalie it as plain and intelligible as possible, but if there
:s any statement in it, or any circumstance upon which
more explanation may be required, I need harilly say
-he directors will be happy to afford it, if in their power
to do so. (Cheers.)

. .
Mr. HAuuilas (a shareholder) said he had very
much pleasure in moving that the report he re-
ceived, adopted, and printed for circulation amongst
the shareholders, for, having listened attentively
,',o its contents, he could assure the meeting that
lie now entertained very different feelings to, what
he did when he entered the room. When hei came
n he knew that their assets had been greatly re-
luced, while their liabilities had been considerably in-
creased ; but now, on the other hand, be found frem the
report that the society was at length placed upon it solid
Ind 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 bp 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
sum he treated as nothing, and should therefore 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 " Ganeral
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
goneunsparing
ehvaenryd
aasnsde t tahned reevaedriyn elsi sabwi
lii
ttyh
connectedhad
wi
th
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 curred in America,
Canada, and other places. The p. rietors could go into
t
details at the office if it was requir.. d, which would show
the expenditure to the last sixpence nay, the last
penny. (Cheers.) -
Mr. ROBERTSON 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 he was charged
with 1,8311., money paid on bonuses under the deed ;
but the real charge should be 2,5251., because, speaking
as the financial man of the society, he bad in hand
6941. 4s. ld. which sum could be claimed from him as
bonuses on shares. (Cheers.)
Mr. HARRIES 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
to 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 were pro-
vided for, the balance in favour of the society was put
down at 62,112/. Now, did the actuary, in arriving at
this result, make any allowance for the expenses of ma-
nagement, which, according to a moderate calculation,
would amount to 10,0001. ? (Hear.)

. ,
Mr. WOOLHOIISE said the 62,0001. was the surplus
balance after providing for every liability of whatever
kind.

Mr. GODDARD said that was not an answer to his
question. The balance-sheet disclosed the present liabi-
lities and the present assets of the society, which dis-
closed a balance of 62,000/. in favour of the shareholders.
Had the actuary, in arriving at this result, forgot to take
into consideration the fact that something over 10,0001.
would be required for the cost of management ? (Hear.)
Because, if he had, he apprehended that at the end of
six years their balance would dwindle down to nothing.
(Hear.) It was important to know this, because if his
apprehensions were well founded, he very much ques-
tioned whether they 'ere in a position to pay the 21 per
cent. bonus recommepded 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 three'years, 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 be taken
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 I
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, in addi-
tion to the ordinary interest to the latter ; and now the
question to be 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
the same time he 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
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 ?
Mr. BENNETT said he certainly did, and no doubt lie