The Sun.
London, England, 1854-04-05 00:00:00

[PRICE SD.

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the close of the second year. Indeed, they had been
only 18 months at work, during the first three of which
their business was merely nominal, so that they really
obtained the large income they possessed in about 15
months, and they had every reason to expect that next
year it would be very considerably increased. He be-
lieved that they were now fairly established, and that
their expenditure, which had hitherto been large, would
not only be reduced relatively in accordance with the
amount of their business, but actually in amount. One
disadvantage of a proprietary office was, that they had
comparatively thin meetings of shareholders, but he
prospects of the company.
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conclusion,com-
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Mr. NELSON said that the report laid before them that
day sufficienctly evinced that a large business had been
done. There were few instances of a new office making
such rapid progress, and he could not look upon their
prospects as other than of a most encouraging descrip-
tion. Mr. Knox having alluded to their large expendi-
ture, he might b. e allowed to repeat what he had said
elsewhere, that it was better t• spend 10,0001. at once
to obtain a large business than drag it over four or five
years to obtain an equal amount of business•—all experi-
ence proving that the "slow and sure offices," as they
were called, could not obtain a business under that
amount. Of course, when he spoke of a large expendi-
ture, he meant that it should be also judicious, and that
it was so in this case was shown by the large fruits it
had borne. With regard to the extension of their loan
business, he believed they could not do a better thing,
The report was
tahseitcowmams buontihty
then adopted, the dividend approved,
commercially
profitable and beneficial to
generally
and the retiring directors re-elected.
The same remuneration as last year was voted to the
Mr. BEVAN remarked that the auditors had well earned
tdoirresc. tors, while 151. 15s. each were voted to the audi-

the money, inasmuch as for several days they had been
engaged in the office up to twelve o'clock at night
investigating the accounts, and taking care every item
in the balance-sheet was checked and proved.
Mr. PRINSEP proposed a vote of thanks to the medi-
cal officers for the great care bestowed by them in se-
lecting healthy and sound lives. The success of their
selections was shown in the few casualties which had
attended the operations of the society.
Mr. R. A. RIDDELL seconded the motion, and bore
his personal testimony to the attention which the medi-
cal officers had devoted to the interests of the company.
The motion was carried unanimously. _ _ _

Dr. SCANLAN returned thanks, and stated that the
compliment was as much due to the medical referees in
the country as to his colleagues in London. (Hear.)
A vote of thanks was then unanimously passed to the
chairman and directors for their past services.

The CHAIRMAN, in acknowledging the compliment,
assured the meeting that he had always taken a great
interest in the welfare and proceedings of the company.
lie spoke not only as chairman and a director, but as a
shareholder and policyholder also, and to show the
confidence which he had in the stability of the concern,
he need only mention that he was insured with the
company for the sum of 4,0001., and therefore the pro-
prietors might rest satisfied that in furthering their in-
terests he was only promoting his own. (Cheers.)
A vote of thanks was then proposed to the country
agents, which was responded to by Mr. Davies, of Man-
chester.

Proposals for assurance were handed in from Oldham
for 2,8501. ; Manchester, 2,722/. ; Bristol, 4,2001. ;
Derby, 2,200/. ; and Birmingham, 4,400/. ; making a
total of 16,372/.

Mr. POOLE took the opportunity of passing a warm
eulogium upon the business habits of their noble chair-
man. He was sure the company ought to be very much
indebted to the gentlemen who had introduced him to
them, for greater altitude for administrative detail could
not be found more strongly developed in any gentleman
in the city of London than it was in the noble lord, who
had worked hard in the service of the company, and
took care never to miss an opportunity of promoting its
interests. Like the noble lord, he held 500 shares, be-
sides being insured in 'the company ;.and he should now
be delighted to double his shares. (Hear, hear.)
Mr. KNOX moved a vote of thanks to their worthy
and indefatigable secretary, Mr. Bevan, and ob-
served that during the last twelve months the ze,l and
energy of that gentleman ,in promoting the success of the
company had been most untiring. His exertions were
beyond all praise, and could not be too highly valued ;
for however persevering the board of directors might be,
it could do nothing without the assistance of an able
secretary, who was the right band of the administra-
tion of the company. (Hear, hear.) Mr. Bevan had
displayed wonderful knowledge and activity in establish-
ing country agencies, and to him more than any other
man was due the credit of having brought the company
to maturity. (Hear, hear.)
Mr. POOLE had very great pleasure in seconding the
motion, and agreed with the mover that the great busi-
ness which the company had done was attributable to
the energy and activity of Mr. Bevan, whose readiness
for work at all times was quite astonishing. (Hear.)
Mr. Pareser hoped the meeting would consider that
the motion was seconded by every member of the board.
The services which Mr. Bevan had rendered the company
were certainly most valuable, and not only the directors
but the proprietors and policy-holders owed him a deep
debt of gratitude. (Hear, hear.)
The CHAIR3LtN, in putting the motion, said it was
hardly possible to add another word in praise of Mr.
Bevan ; but he yet thought it right to state that he con-
curred most heartily in every word which had fallen
from his hon. colleagues. (Hear, hear.)
The motion was carried by acclamation, a proprietor
swhios
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request
of Mr. Bevan himself, the proposal was not perse-
vered in.

Mr. BEVAN was exceedingly obliged to the proprietors
for the kind manner in which they were pleased to ap-
preciate his services, and he declared that this flattering
mark of their esteem and approval would be an addi-
tional inducement for him to go on extending the influ-
ence and operations of the company. (Loud cheers.)
He hoped by this time next year the company would
have doubled, if not quadrupled, its business, but of this
the proprietors might rest satisfied, that it would neither
be his fault nor yet that of the directors, if that result
should not be attained. The interest of the shareholders
was closely looked after by the directors ; so closely, in-
deed, that there was hardly a day in the week which
had not its allotted board or committee meeting, and
no opportunity for furthering the interest of the com-
pany was ever al:owed to escape the vigilance of the di-
rectors. (Hear, hear.) Again he thanked the meeting
for the heartiness with which they had recognised his
services, and he assured them that this remark of re-
spect came with the more pleasure now as to-day hap-
pened to be his birthday. (Hear, hear, and laughter.)
This closed the business of the ordinary general meet-
ing.
Viscount Drumlanrig being compelled to leave to at-
tend his duties at Buckingham Palace on the address
from the Houses of Parliament being presented to her
Majesty, the chair was taken by Mr. Prinsep. The
noble Viscount retired from the room ;midst the echoing
cheers of the assembled proprietors.
The advertisement convening the extraordinary meet-

ing was then read, after which,
The CHAIRMAN reminded the proprietors that they
had now to consider a most important subject, namely,
that of increasing the capital of the company which
was peculiarly a proprietor's question, but at the same
time he was bound to state that the directors thought
it was essential for the interest of the company that they
should be armed with a lamer amount of capital than
they could now command. They must either decline the
loan business altogether, or haVe the means of increasing
it. Well, then, it was proposed to increase the paid-up
capital, by the issue of new shares, in preference to
making calls upon the existing shares as they were
created, for the purposes not of making loans,b t of
se-
curing to the public a life guarantee fund. (Cheers.)
The loan business was not onl rofitable inlaifecommercial
point of view, but it served toe xtend the ' assurance
p al ni
cya
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er an ns
fordlance
oan s
connection of the company. The cow
from 501. to 5001., and hithertothe app
had averaged four a-week. The money advanced was
amply secured, and repaid quarterly, and_ the securities
by a well•in_forme_d agent. They
were investigated
pretty well knew the value of each security before
the money was advanced ; but in addition to the secu-
rity, the borrower generally insured his life for double,
sometimes treble the amount borrowed, and therefore,
after the loan was repaid the company had still the
advantage of the premiums on the policy. (Hear,
hear.) There was very little risk about this descrip-
tion of business ; and, since it was profitable to the corn-
pang, and exceedingly beneficial to the shareholders,
he had no hesitation in moving a resolution to double
the amount of capital, and to offer the new shares to the
proprietors of original stock at par up to the 10th June,
1854, after which any remaining will be offered to the
public at premium of not less than 2s. 6d. per share, at
which price, it was stated, transfers of original stock had
taken place.
Mr. KNox seconded the resolution, and stated that it
was the wish of the directors that these new shares
should be distributed in small numbers of say 25 or 30
over the whole country, so as to increase the connection
of the company. The shares would be offered at par in
the first instance to the agents and existing shareholders,
and then they would be issued to the general public at
the discretion of the directors, leaving them to deter-
mine the number to be so issued, and the premium to
be charged upon them. (Hear.)
The resolution was then put and carried unanimously.
Thanks were then voted to the chairman, and the
meeting terminated.

DECREASE OF PAUPERISM.—The number of poor re-
ceiving relief at present in St. Pancras parish, with a
population of 170,000 is in-door 1,476, out of the house
5,511, total 6,987. For the corresponding period last
year the total number was 7,157 ; decrease 170. There
are in the Holborn union at present 613, while for the
corresyonding period of 1853, the number was 647.
For the last three menthe the number ham been gra4gaily
decreasing.