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

LLOYDS'. SHIPPING-(THIS DAY.)

LONDON, April B.—Wind this day at Noon, N. to N.W.,
fresh breeze, and cloudy, with a slight fall of rain.
DEAL, April 7.—Wind, W.S.W., stormy. Arrived—
Daniel Webster, Canton Harpy°, and Jan Van Brakel,
New York ; Falcon, Pitt, 13ermuda ; Amana, Wake,
Alexandria. Arrived from the River—Olbers, Harriet,
Plantagenet, and Johan Georg, for Sydney, N.S.W. ;
Ariel, Henderson, Launceston, V.D.L. ; Gevalia, Liberg,
Calcutta; Planter, Prior, Demerara; Runswell, Hawkins,
Q uebec.

LIVERPOOL, April 7.—Wind, W.N.W. Arrived--
Arequipa, Askew, Valparaiso; Parker, Kennedy, Deme-
rara ; Mina, Reid, Trinidad ; Ann Wise, Honduras ;
Glaneus, Gales, Caldera ; Lotus, and Holyoake, New Or-
leans ; Diamond, and Persian, Apalachicola ; Brothers,
Murphy, Savannah ; Constantine, and S. Y., New York ;
Parliament, Sampson, Boston ; Jessie, Powder, Newfound-
land ; Danube, Newton, Alexandria ; Persian (s), Con-
stantinople ; Malcolm, Jay, Trieste ; Zacharias, Burgos.
Off Port—Majestic, Africa; Saratoga, Farnandez ; Elea-
nor Thompson, and Mary Pleasants, —. The Welcome,
of Newry, went ashore three miles S. of St. Bees' Head,
yesterday, and unless the weather moderates, will become
a wreck.
WHITEHAVEN, April 6.—Te Spray, arrived here from
Dublin, reports having seen ayessel bottom up—St. Bees'
Head bearing N.E. about 14 miles.
CaIICOWES, April 7.—Wind, W. Arrived—Mercurius,
PORTSMOUTH, April 7.—Wind, W. to W.N.W. Ar-
rived—H.M.'s steamers Sidon and Arrogant, from a cruize.
Sailed—Patrick Henry, New York.
FA* MOUTH, April 7.—Wind, W.N.W., strong breeze.
Arrived—Beata, and Anna, Alexandria ; Ruby, and Alex-
ander, Odessa ; Augusta, Ibrail ; Albert, Johnson, Galatz ;
Constantia, Aricula, St. Sebastian. Sailed—Fortuna,
Havannah.

PLYMOUTH, April G.—Wind, W. Sailed—Euphemus,
Melbourne.

GUERNSEY, April s.—The Trois Susannes, of Barcelona,
from Rouen to Cannes, with empty pipes, was wrecked on
the night of April 4, on rocks N.N. W. of this island, and
filled ; the captain and two men drowned. The vessel has
since been towed in the bay near Proquaine.
MARYPORT, April 6.—Tho Osprey (smack), of Ramsey,
Isle of Man, which was towed on the beach here on the 3d,
has broken up.
CORK, March 6.—Wind, N.W. Arrived—Hellespont,
Galatz ; Pescador, St. Michael's. Sailed—Balmira, St.
Michael's.

QUEENSTOWN, April 6.—Wind, W.S.W. Arrived—
Mariner, Mazagau ; Alert, Port Lagos ; Anna Maria,
Bilbao.
PARIS, April 7.—The Marie and Pascaline, of and from
Bayonne to Rouen, foundered April 2, four miles off the
Taur du Tour' ; crew saved.
LAURKULLEN, March 23. A brig is on shore near
Strysten, and between the Porter Islands a schooner was
seen firing signals of distress. A steamer was seen about
two miles off Fauder, March 18, working into the ice. On
its becoming dark the smoke from her changed into fire,
which speedily increased, and raged fearfully to two
o'clock the next morning, so that the steamer is supposed
to have been burned.

STRAKUND, April 3.—A ship, a brig, and a schooner,
with all sails stowed, were seen, about three miles off
Ancona Lighthouse, drifting from N. to N.E. in the ice,
March 29.

DESTRUCTION BY FIRE OF HUSTANTON HALL, NOR-
FOLIC.—On Tuesday morning, Hustantqn Hall, the seat
of Henry Le Strange Styleman Le Strange, Esq., situ-
ated within 16 miles of King's Lynn, was destroyed by
fire. The fire originated in the sleeping apartment of
the only female servant left in the hall, the family being
abroad. The flames were first seen to issue from the
building about four o'clock in the morning. A con-
siderable part of the furniture was saved. Hustanton
Hall has long been regarded as one of the most an-
cient and interesting family mansions in the county of
Norfolk.
GALLANTRY REWARDED.—The Emperor of France, by
decree of the 12th ult. has awarded a gold medal of
honour of the second class to Lieutenant-Charles Pear-
son, of the English Royal Navy, commanding the coast-
guard of the Langton station, for the courage and de-
-1 852,
of yed by him in assisting, on Dec
1852, the crew the wrecked French ship ou.NouvelleLaure. the N

DEPOSIT AND GENERAL LIFE ASSURANCE

COMPANY.

The first general meeting of the directors and share-
holders of the Deposit and General Life Assurance Com-
pany was held yesterday morning at the company's
offices, No. 18, New Bridge-street, Blackfriars, the Right
Hon. Lord Viscount Drumlanrig, M.P., in the chair.
Mr. C. W. DIVAN (the secretary) read the advertise-
ment convening the meeting and the report of the direc-
tors, which said
" In accordance with the provisions of the deed of settle-
ment, you have been summoned here to-day to receive the
report of your directors on the business transacted from the
date of the complete registration of your company to the
31st December last, together with the account of receipts
and disbursements for the same period, which, having been
certified by the auditors, will, it is confidently anticipated,
receive your entire approval; and although, as will be seen,
a period of scarcely six months and eleven days has elapsed
from the date of Mr. Bevan's appointment as secretary, and
which may be justly termed the time when we really com-
menced business, it will be found, on the comparison
which we are about to make, that an amount of busi-
ness has been done which has greatly surpassed our most
sanguine expectations. Pursuant to the provisions of
the deed of settlement your directors have consulted
the
their
caomctuary, and he reports that the business done by
pany justifies the declaration of a dividend,
by way of interest upon the paid up capital of the com-
pany, at the rate of 5/. per cent. • and the directors
thereupon recommend that a dividend' of that amount be
declared up to the 31st December last. Your directors
have much pleasure to report that no claim has arisen from
death up to the present time ; a fact which, considering
the
the
members number assured (203),. must prove as satisfactory to
as it is gratifying to your directors, and which
it is hoped may be taken as an evidence of the care with
which the business has been conducted by your directors,
assisted by the medical officers. Having disposed of those
matters which are provided for by the deed of settlement,
your directors pass with lively satisfaction to other topics
of great interest to the shareholders, the policy-holders,
and the public in general, disclosing as they do the superior
advantages offered by this society to all classes of assurers
—advantages which are not surpassed by those of any as-
surance office in the kingdom; for not only does this office
carry out all the new improvements in or belonging to other
companies, but it has been expressly established to open a
new era in life assurance, and thereby to offer to the
numerous classes of society who most need, but who have
hitherto been deprived of them, all the benefits arising
from a combination of a savings bank with an assurance
company, namely, by the establishment of the ,deposit
system of life assurance. In setting forth these ad-
vantages, and the consequent claims of your company to
public confidence and support, your directors think it right
that a short statement should be made of the reasons which
induced the establishment of your company. There had
long been wanting means by which the middle and hum-
bler classes of society might avail themselves of the benefits
accruing from life assurance, but up to the establishment
of your company no such means existed. It occurred to
the promoters of this system, that an institution which
could combine the advantages of a savings bank with those
of a life assurance company was such as must induce those
classes of society to avail themselves of all the benefits ac-
cruing from life assurance ; and accordingly they consulted
the justly distinguished actuary, Mr. Neison, and after
great care and labour the present system has been produced.
In the ordinary system of assurance (as carried out by
other assurance companies) a person wishing to assure his
life—must pay a certain sum, according to the age next
birthday, and if he wishes his family to reap the ad-
vantage of such assurance whenever he dies, he must
continue regularly to pay the same sum every year, until
death, and then his representatives, and not he, reap
the benefit of it, or perhaps the policy is disputed, and no-
body gets any benefit, but all his savings are lost, and his
widow and family deprived of them ; but what has been,
and is justly considered, the worst and most cruel feature,
and the chief obstacle to the universal adoption of assurance
by that class of society most in need of it, viz., the middle
and the industrious, is that in the ordinary system if a per-
son fail to continue his payments regularly as they become
due, whether from carelessness, inability, never mind from
what, and however distressing the caus-a, that moment his
previous payments and hard-earned savings, however large,
become forfeited to the company, and his misfortunes serve
to benefit the pockets of his more fortunate co-assurers.
So, again, if the person assured doubt the solvency of the
office to which he has paid his money, and for that, or any
other reason, desire to withdraw from it, he must also
sacrifice the whole or a very large part of what ho may
have paid, and will, of course, from his increased age,
if he wishes to assure in any other office, have to do so
on less advantageous terms. Such is not the case on
the deposit system, for he can draw out his payments at
any time. The indisputability of policies was the last new
feature in the improvement in life assurance, prior to the
establishment of your company; and the company which
was the first to establish it has received the fair reward due
to such an improvement. The deposit system is the next
and by far the most excellent of any improvement, and it
is to be hoped that that class of society for whose benefit
it has been established will give, to this company that sup-
port which the admirable and benevolent principles of this
system so richly merit. By this system the premiums aro
always the available property of the assured."
The report, after giving illustrations of the working
of these principles said—

" Having thus briefly stated the chief feature in this com-
pany, the directors refer with satisfaction to the following
statement of the business done, and which, on comparison
with other offices, as hereafter shown, must be highly gra-
tifying to all interested in the company, as it is to them-
selves
:—From the 20th September, 1852, to the 31st
March, 1853, a period of six and a half months, the
number of proposals received amounted to 344, assuring
155,7721. 10s., of which there had been accepted 203,
assuring 83,490, and producing an income of about
6,0001. per annum ; accepted and not completed 39, assur-
ing 12,1171.10 s.; declined or withdrawn 79, for 42,5951.;
and under consideration 23, for 17,5701. Your direc-
tors may also feel justly proud of the confidence placed
in the company by the public, not only on account of
the large amount of assurance business transacted, but
also that every share in the company has been subscribed
for, with the exception of 1,400. (These have been taken
up since the issue of the report.) The directors are happy
to state that they have secured a lease for 21 years of their
present excellent premises for the small rent of 2251. per
annum, the taxes being likewise very low. Your directors
beg to state that they have succeeded in appointing, and
are continuing to appoint, a large number of influential
agents throughout the country. In Leeds, Birmingham,
Cornwall, and the West of England, the principles of your
company have met with marked approbation, and have
led to valuable results. Your directors are also happy to
state that in India the deposit feature of your company
has been looked upon as particularly applicable to that
country. Your directors have received the highest tes-
timony to that effect from persons of the first stand-
ing and known judgment there. Your directors can-
not conclude this report without bearing testimony to
the ability, integrity, and untiring energy of their
secretary, Mr. Bevan. Through his exertions and his
connections during the short time he has had the
management of the company, the directors are in-
debted for the rapid disposal of the shares, and the
large amount of business done. Your directors have, also,
to congratulate the company on the acquisition of their
present excellent and noble chairman, for wkose constant
presence, attention to the interests of the company, and
business-like habits, your directors cannot feel too deeply
indebted, and which the shareholders and members cannot
too highly appreciate. In conclusion, your directors beg
to state that it will be their constant study to conduct•the
affairs of the company in such a manner as to merit the
approbation of the policyholders and shareholders, and the
public in general. Your directors beg also to state that,
being anxious to court the strictest investigation into the
solvency of the company, as well as into its principles, and
particularly into its new feature, the deposit system, they
have instructed the secretary to write to Mr. Wilson,
M.P., and request the favour of his being examined re-
lative to this company by the committee of the House of
Commons which has been appointed to investigate as-
surance companies. Your directors have only to add that
they hope to receive, in the discharge of their onerousduties,
the cordial co-operation of every one interested in the com-
pany, and trust that each policyholder and shareholder
will determine to bring one policy at least per annum,
which would be sufficient of itself to make any company."
A. balance-sheet was also read, which showed that the re-
ceipts from premiums had been as follows :—ln September,
811. 12s. 10d. ; October, 1341. 9s. 11d. ; November, 3281.
2s. 2d. ; December, 4891.135. 10d. ; January, 272/. 18s. ld.;
February, 3371. 4s. ld. ; and March, 8701. Cs. 2d. The
total receipts from all sources to the 31st December were
6,966/. ss. ld., and the expenditure (including preliminary
expenses, calculated to run over two years, of 2,500/),
4,0011. 13s. ld.

The CHAIRMAN said it now became his duty to move
the adoption of the report, and he could assure them
he would, in discharging that duty, address them but
very briefly. On the first occasio❑ of meeting the pro-
prietors, it would ill become him to make a speech or
enter into details which, upon coming before the world,
should appear like a puff. Their report would sPen,k
for itself ; and he thought they might well challenge
inquiry into their position and prospects from the
plain unvarnished tale it told. He hoped they would
all agreed with him as regarded the satisfactory na-
ture of the report. The accounts were mado up
to the 31st December—about the time when he first took

his seat at the board—and he was, therefore, now speak-
ing of matters beyond his control ; but from the inter-
course he had had with his brother directors since joining
the board, and his knowledge of them, lie was perfectly
ready to take his share of the responsibility attaching to
those accounts. (Cheers.) In drawing up the report,
and laying the accounts at the present time before the
public, they, of course, laboured under some disadvan-
tage upon the present occasion, in consequence of the
short time this company had seen established ; and that
disadvantage would have almost equally attended them
whether their accounts had been made up to the 31st De-
cember or 31st March, though their business had made
great progress during the past three months. Their ex-
penditure was necessarily comparatively high as com-
pared with their receipts, they having been, during the
months of May, June, July, and August, incurring ex-
penses in the formation of the company, whilstotnshearepytaeddmiud....
not commence business until September last. Of course,
when their business first commenced, it was not very
large, but he was glad to say that it had gone
all increasing, so that, whereas their receipts in
ber were only 811. 12s. 10d., they amounted in March
to 8701. 6s. 9d. Ho considered that a most gratifying
statement to have to make, and he hoped that the results
of each month would continue to increase,
as he had no
doubt they would. At the samem time, he could assure
dthoeamlltihnatthtehier dpiorwecetro,rtsowere conductost anxious, and would
Ctohnesiasffteanirtswoifthththe
ecoemfa--
pany with the utmost economy
pcioerntcytootfhtehefaoc Allusio.n had been made in the re-
fat
that an application had been made to
Mr. Wilson to allow Mr.
thertao
n nc
ece v
ro. mmittee of the house Bevan
useto be examined before
As a good deal ofof Commons on life assu-
jealousy existed with respect
assurance offices, and as some were thought to
deserve reproach, the directors were anxious that both
Mr. Bevan and their actuary (Mr. Neison) should be ex,
amined before the committee, in order that their preten-
sions and prospects might be submitted to the fullest in-
vestigation, it being to their own interest, if fallacies
existed in their calculations, to have them corrected.
Htheoseshoguelndtiezen examined
influence with Mr. Wilson to have
mined ; but as of course there

would be a number of other offices in the same positio
—and only a limited number of witnesses could be ex-
amined—he could not say how far he might be successful.
It would, 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 SwIRE, 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.

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 ac-
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 inlseeing the very 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 lord had discharged his duties as chairman.
The motion having been seconded, was carried with
acclamation.

The CHAIRMAN returned thanks. During the short
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
hoped that next year, at their next annual meeting, he
should have to report an even more flourishing state of
things than on the present occasion. For a society vs
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. lirrox, 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. MACLEAN 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 all experience showed
that the success of a life office was wholly dependent on
the extent of its business. Indeed, there was no ex-
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 their 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 he
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 com-
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 continue
to go on. There was a wide field open, lie 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
shagle 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-
pany also seized upon the principle, and adventured
themselves on a, Deposit Company ; but, in fact, with
no
'They
more
didn
rightom
to themore
than a Savings'
Bank ;
title to i t than a Savings'aninfa
Bank.n
they would take a deposit of 1,000/. and pay 5 per cent.
existence of the deposit principle until
opo
ayseiriwhii teal.
rtdiTi
the subject
fs
joeewe t hoofw
lifewell
assu
acquainted
assurance,
he
had actually
Wilson
whe (Mr. Bevan) had written to him. (Laughter.) Again,
tre—it then meyregteditinwtoasthreecßkriontiesdh Sascetphtrreee,
of the v
theso
twculfsnca
accclteol.emdbpeo:
ithnnveigeerss
itethsetepcaott erwueldadoytf
not
onEf
tanioflgaii
eh,nee(si
0. \
sg h t
started
give
in
far
rhaats was
atlsierheasnoop
it not havingbeen
on, thank them very sincerely for the honour they had done
him, and to assure them that he should continue to
work night and day to raise this company into the most
promr.
sperpoußs
iNcsoßnp saiddition
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.

n 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, M.P., and Mr.
Chambers, M. P. A. number of loyal and appropriate toasts
were drunk ; but there was nothing 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.
The proceedings of the evening were much enlivened
__by the vocal exertions of Miss Pyne, Mr. Donald K4nge
-Mr. Lawler, &c. &c., who were engaged for the occasion.
Mr. Higgs officiated as toastmaster.

THE RECENT EARTHQUAKE.—.A.ccording to the Poole
journals, the earthquake on Friday night last was felt
in all the Dorset and Hampshire coast towns, down as
far as Wikruouth.