The Sun.
London, England, 1853-04-08 00:00:00

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would be a number of other

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—and only a limited numbeilsr.....—
amined—he could not say how far he might be successful.
It wouid, however, be his great anxiety to get them ex-
amined, because he thought it was only an act of justice
to the society to endeavour to get everything connected
with it brought before the public. (Loud cheers.) Being
fully convinced that the inquiry must result to the
advantage of the assurance companies, he would
not further detain them, but move that the report and
statement of accounts be received and adopted.
Mr. ROGER SWLRE, a holder of 2,700 shares, seconded
the motion, which was carried unanimously.
On the• motion of Mr. RIDDELL, seconded by Mr.
STEER, a dividend at the rate of 5 per cent. per annum
on the paid-up capital was declared.
The retiring directors and auditors having been re-
elected,
Mr. STEER then moved that a sum of 1,5001. be al-
lotted to the directors as a remuneration for their ser-
vices, which he said had been given so far with the
greatest zeal, at a sacrifice of their personal and private
affairs.

)e ex-

Mr. PETTER seconded the motion,- which was carried
unanimously.
Mr. PRINSEP moved that the sum of 10 guineas each
be the remuneration given to' the auditors, who gave' a
great deal of their time to the examination of the fie-
counts of the company.
Mr. C. GURNEY seconded the motion, which was
agreed to unanimously.
Mr. SHERIDAN; of the Times Life Assurance Company,
returned thanks on the part of the auditors. Having
had some considerable experience in life assurance
matters, he could not help saying that he was somewhat
astonished at the largeness of the business which this
company had transacted during the comparative short
period of its existence.
Mr. CRACKNALL returned thanks for the re-elected
directors.

Mr. PECK returned thanks for the re elected auditors.
He had great satisfaction in seeing theyery satisfactory
statement of accounts which had been laid before the
shareholders. He had no hesitation in saying that, to
his knowledge no society had in so short a period done
such an amount of business at so little expense. He
had great pleasure in being connected with such a com-
pany. (Hear, hear.) • ,
Mr. SHERIDAN then rose to move a vote of thanks .to
the chairman for his service as chairman to the com-
pany. From the position of the noble lord they might
have expected that he would have been deficient in
business habits. On the contrary, however, he had
scaacely ever met any gentleman better able to act in
his present capacity, and he had great pleasure 'in
bearing testimony to the very efficient manner in which
the noble loid had discharged his duties as chairman.
The motion having been seconded, was carried with
acclamation.

The CHAIRMAN returned thanks. During the sh.ort
period he had occupied his present position, he had
always felt great interest in the affairs of the company,
and so long as he continued at its head he should
always give to it great attention, and take care that
the strictest investigation should always be paid to all
matters connected with it. He felt seriously the 're-
sponsibility devolved upon a person occupying his posi-
tion, and he should always use his best efforts to dis-
charge it in a proper and efficient manner, and ;he
hopelthat next year, at their next annual. meeting, .114
should have to report an even more flourishing state of
things than on the present occasion. For a society s•
young nothing could be more satisfactory than their
present position, and they might rely on the unwearied
efforts of himself and his brother directors to place the
company in a still more enviable position.
Mr. KNox, a director, said if it was not too late he
should like to propose a vote of thanks in, acknowledg-
ment of the services of two most valuable officers,
namely, their secretary and actuary. It was to the ex-
ertions of Mr. Bevan since his appointment to the office,
of secretary, that they were indebted for the present suc-
cess of the office, and while they looked to him to put
forward all his zeal and energy to increase the..business,
they expected Mr. Neison, the actuary, to exercise. a
proper check upon him, and to see- that the business
done was safe and good. They were aware that they
undertook a certain class of business,. which experience
had proved to be the most profitable—that, of diseased.
lives—on which additional premiums were charged for
the additional risks, and in taking those risks they had
much to be guided by Mr. Neison, and he believed that
no gentleman could more safely• guide them as to the
amount they ought to charge for the risks they ran.
(Hear.) In conclusion, he begged to propose a cordial
vote of thanks to their actuary and secretary for the
zeal and ability they had displayed in their past exer-
tions.

Mr..lVlAcmor seconded the motion, being assured that
the zeal and ability of Mr. Bevan and Mr. Neison would
overcome all, difficulties, should any arise, in the trans-
action of their business.

Mr. NELSON begged to aoknowledge the compliment,
though he hoped that no difficulties would_arise, as Mr.
Maclean had suggested they might ; but should they
arise, he trusted that the untiring energy, zeal, and
ability of Mr. Bevan, as well as any intelligence which
he (Mr. Neison) might possess, would carry them safely
through. He was happy in being connected with that
company, and he felt assured that the truth of the prin-
ciples on which it was founded would be rapidly and
extensively acknowledged by the public. He was not
one of those who thought that life assurance was over-
done. Indeed he felt certain that a large number of
offices,. directed by men of intellect and energy, were
yet wanted to meet the legitimate wants of the public.
Their report showed that they were already securing a
large and important business, and ail bxperience showed
that the success of a life office was wholly dependent :on
the extent of its business. Indeed, there was no f-x-
-ample of a pure life office failing, and if a large business
was obtained, it was impossible to do so. Assurance
offices stood in a most anomalous position amongst the
commercial undertakings of the country with regard to
the large—the enormously large—amount of profits they
had made. He did not mean to say that if an assurance
office was confined to the issue of policies on 100 lives it
would not fail ; but if they counted theii policies by thou-
sands it could not do so ; and he had no doubt that
by the energy of Mr. Bevan they would very shortly be
so counted in this office. (Cheers.)
Mr.. BEVAN also returned thanks. He felt very deeply
the kind terms in which Mr. Knox, a gentleman whose
good opinion he should always be anxious to deserve,
ghad spoken of him. When he had come into this cdm-
pany some persons had been advised not to have any-
thing further to do with the company, as he was a rash
man, and did business in a rash manner. To disabuse
the shareholders of any such impressions, he thought he
had only to refer to the amount and to the quality of
the business which had been done by the company in the
last six months. The business of the office was done in
the most cautious manner. All proposals were referred
not only to the medical officers, but to a special proposal
committee, and afterwards to the full board of directors,
before it came to the secretary's hand to be executed.
He was proud of the present position of the company,
and thought that as they had begun they might continua
to go on. There was a wide field open, he believed,
for life assurance, and any company might succeed
if it had a proper and respectable directory, and
if its affairs were managed with energy and
discretion. Notwithstanding the absurd statements
which had been made by Mr. Wilson in the House of
Commons, he believed that so far there had not been a
single instance of what might fairly be called the failure
of an assurance company ; for the moment that the
actuaries of any company found it necessary to report
to the directors of a company that they were no longer
in a position to carry on their affairs, there were plenty
of companies ready to buy their business, and give them
a handsome premium for it. For instance, there was
the London and Joint-Stock Provincial, which had
lately merged into the Legal and Commercial ; and
certainly no office of any respectability would think
of taking upon it the affairs of any office unless they had
ascertained the amount of the liabilities, and were satisfied
that they were justified in incurring them. The old
offices were not doing one-tenth of the business of the
young offices. Letters reached him every day from
persons in the country—agents of the old offices who
spoke of throwing up their positions, because the old
offices would go to no expense in extending their 'busi-
ness. The fact was they traded on their capital, lending
it to Government and in other channels, and troubled
themselves very little about Life Assurance. This
principle of Deposit Life Assurance was most valuable,
as was shown by the fact that no sooner had it been
advertised, as being the basis on which this company
was about to transact their business, than another com-
panythemselves on a Deposit Company ; but, in fact, with
also seized upon the principle, and adventui
no more right to the title to it than a Savings'. Bank.
They e
p othansit
ofa 1 Savings',oo a n Bankdp
ay
principle
5, p nr fact,ue until
tt
they would take aorde
upon it. To show how well acquainted Mr. Wilson
was with the subject of life assurance, he had actually
he
ev(emr
rh.eßaredvaonf)thheade
oxtwhi
vs
written
Over
stntecchnee
epto
Sceptre
al
yme
of da.
neEpnoo s it
(Laughter.) Again,
That was
of the various companies stated to fail, he might give
etniheaSncienpstt:en—ceil then merged into the
gfaißacneridt.wishas
them
se
tnho
ewfcompany,accalledfact
being n d
yet it was reckoned as three
s
it could not fail, so far as the
failures,oann ldy wo was
public were concerned, it not h •
alvu% been yet brought
into active existence. c
thank them very sincerely forouthceusion, he had only to
honour they had dene
him, and to assure them that . he should continue to
work night.and day to •
raise this company into the most
prosperous condition.
Mr. PRINBEP said he hoped that the shareholders
would remember that they had it in their power to be
of high service to the company by spreading a know-
ledge of its principles, and that they would endeavour
to push its business whenever and wherever they had
an opportunity. The proceedings then 'terminated.

In the evening the directors and their friends, to the
number of about 150, dined together—Viscount Drum-
lanrig again presiding, supported on his right and left
by two of the members of the committee of the House
of Commons on life assurance, Mr. Cowan, and Mr.
Chambers, M.P. A number of loyal and appropriate toasts
were drunk; but there was nothillg. in the various
speeches relative to the company beyond what we have
given above, excepting an assurance from Mr. Cowan
that the House of Commons was fully impressed with
the importance of the life assurance question, and that
the new offices might depend upon having a fair and im-
partial hearing before the committee.
Theth e proceedingsvocal'
exertions
Pyne,were
f muchr. 3 n enlivenedaoid:c
byt.
Mr. Lawler, &c. &c., who were engaged for the occasion.
Mr. Higgs officiated as toastmaster.

THE RECENT EARTHQUAv.E.---Aecoraing
the 00,0
journals, the earthquake on Friday night sas felt
in all the Dorset and Hampshire coast towns, down as
far as Weymouth.