The Sun.
London, England, 1853-01-19 00:00:00

PROVIDENT CLERKS' ASSURANCE AND
BENEVOLENT ASSOCIATION. ,

1
___„,_____
department
The twelfth annual general meeting of the assurance
`..4 this association was held on Monday
evening
r..:t the London Tavern, Mr. R. H. Jones, the
chainr...an of the board, presiding. Owing to the large
attP.ndance, it was found necessary to adjourn the meet-
,ng from one of the small rooms of the tavern to the
large ball-room.
Mr. P. H. BYRNE, the -secretary, read the following
report of the directors :
" The board of management, in submitting to the mem-
bers the twelfth annual report of the association, have
much satisfaction in calling their attention to the following
details, which show its increasing prosperity
:
" The number of policies issued during the past year is
429, for 81,9501.; 7 annuities, 1491. 16s. Bd., which is an
increase of 41 policies, for 9,0751., on the business of 1851;
28 proposals, for 8,4501., have been declined ; 54 proposals
for 12,5501., have been deferred, withdrawn, or require
further explanation—making the total number of proposals
to the association 518, for 102,9501.
" The annual premiums payable on the policies in exist-
ence, together with the diN:dends and interest on the in-
vested capital, amount to 17,1501.
" The amount of claims arising from 15 deaths during
the year is 3,2251., which is less both in number and
amount than during the previous year, notwithstanding
the lail 0 increase of members.
" Ihia rite of mortality, which is considerably under the
usual average, shows the great car%and skill of the medical
officers of the association.
" After payment of the claims from deaths, a further
sum of 10,0671. 10s. has been laid out in augmentation of
the invested capital of the association, viz., 3,1171. 10s. in
the purchase of 3,0001. 3.} per Cent. Stock ; 6,6001. ad-
vanced on mortgage; and 3501. lent to members on the se-
curity of their policies of assurance—making the total
amount standing in the names of the trustees, 47,0701.,
viz., 35,5001. al per Cent. Stock, and 11,5701, on mortgage
and other securities.

" The balance-sheet for the past year has been duly
audited and approved by the trustees.
" The actuary of the association and lktr. Griffith Davis
are engaged in a valuation Of the assets and liabilities of
the company, with a view to a distribution of the profits.
All persons assured on or before the 31st December, 1849,
on a participating scale, are entitled to share in the divi-
sion of profits. Notice will be given by the board to those
interested when the actuary's report is received, which
may be expected in April next.
" A deputation from the board of management attended a
public meeting at Birmingham on the 14th April last,
which was supported by the. members and friends of the
association, and by some of the leadinc, firms of that im-
portant town, and a fair increase of business has resulted
therefrom.

" During the past year the attention of Parliament has
again been directed to the present position of the laws re-
gulating friendly societies, and it was referred to a select
committee of the House of Commons to examine into and
report on the subject. Your board have devoted much
time and attention to a question which must necessarily be
of great importance to this association amongst many
others. Your chairman was examined as a witness before
the select committee. No action of the legislature has yet
taken place, but the committee has presented a report, and
as it had been alleged that the operations of this and four
other associations similarly enrolled had been contrary to
law, your board are happy to be able to state that the
committee has reported that it does not appear to your
committee that these fivo societies have been acting con-
trary to law.
As your board have always acted under the best legal
advice ; they never entertained the least doubt of the per-
fect legality of the operations of the association but it is
satisfactory to have their belief thus confirmed by the
report of the select committee. _ _

It is gratifying also to your board to add the following
further paragraph from the roport of the select committee
of the House of Commons, viz.:— _

" These five societies h;tve beyond question conduced in
a very material degree to extent downwards in the scale of
society a knowledge of the principles of mutual assurance,
and a disposition to embrace the advantage of it.' And the
said report further states,—' To make a provision for a
wife or family out of the savings of a salary or small income
is an object which ought unquestionably to be fostered and
encouraged. This would be checked and damped if an ad-
vantage hitherto offered should now be withheld,
" The undermentioned managers go out of office by rota-
tion, and being eligible offer themselves for re-election,
viz. :—Mr. John Clarke, Mr. Alexander Dawson, Mr.
James Lintott, Mr. John White Welch.

" The following gentlemen, duly qualified, have been pro-
posed as auditors for the year 1853, viz. :—Mr. Edward
Coleman, Mr. Sancton Wood, Mr. Charles Woolley.
" In conclusion, the board of management assure the
members that they will continue to use their best endea-

yours to advance the prosperity of the association, and they
earnestly call upon every member for his zealous co-opera-
tion, which will not only materially benefit the society,
but promote the individual interest of every assurer.
(Signed) " RD. HY. JONES,
• " Chairman."

The CHAIRMAN said—Gentleman, I assure you it is
with very great pleasure and satisfaction that I meet you
upon this interesting occasion, the 12th annual meeting
of the society, and particularly so, because we continue
(11
aearre.p) 0
rltt
ai is notwe
alwaysin a progressive
wish,
ut I
fortunestate
may
say, improvement.
o fs
t present
itsuch
judging
from the applause
which followed the reading of the present one, that all are
couldour
b
agreed as to the satisfactory condition in which it proves
1 the society to be, having reference, especially, to the
many drawbacks of the past year, as alluded to by the
1
directors in that report. (Hear.) You will remember
that at the last meeting, the managers were strongly
urged to increase their expenditure in the way of adver-
tisements, in obtaining new premises, and, as regarded
the emoluments to the permanent establishment. Two
of those recommendations had been attended to, namely,
an augmentation of the permanent establishment, and
an increase in the expenditure for advertisements. As
to obtaining new premises, we have not been inactive,
and though not yet successful, we are now in treaty for
a house, but, of course, whether we' get it or not, de-
pends on the terms offered by the parties. The report
makes allusion to the proceedings in Parliament during
the past year. It will be recollected that we were com-
pelled to alter our rules, in accordance with the provi-
sions of a new Act of Parliament ; but scarcely had we
got those amended rules into operation, before another
attempt was made to take away the privileges which
were conceded to us. Your managers did their utmost
to frustrate the attempt of those 83 assurance offices of
long standing in the metropolis, who petitioned Parlia-
ment to abridge the privileges of the five unfortunate
young offices, of which we were one. (Hear.) Their
petition created a great stir in Parliament ; but we
were alive to their proceedings, and we used all
the means in our power, in order to place
the question before the Legislature in its true
light. In that we were most successful, for I believe
we were mainly instrumental in getting that select com-
mittee appointed, before whom such facts then came to
light as completely altered the opinions of these gentle-
men who had hitherto been entirely opposed to us.
(Hear.) The report presented to the House of Com-
mons by that committee will fully justify all I have men-
tioned. I consider the report extremely favourable to
us ; it is very interesting to all who are members of
such a society as ours ; it is to be obtained for the small
sum of is. Bd., and will well repay perusal. You will
find in the report the evidence of the Rev. Mr. Hodg-
son, of the Clergy Mutual, and of Mr. Lucas, the chair-
man of the National Provident, and Mr. Marsh, the Secre-
tary; and I think you will agree with me that until they
gave their testimony, the committee had scarcely an
idea of the great good which the five assurance offices
have conferred upon the country. (Cheers.) I did not
observe in looking through the report, that any one of
the 83 old offices alleged that their business had been
injured or diminished by the others ; they seem to say
rather that they have been going on increasing with us,
and, therefore, I cannot believe we have done them that
injury which they represented in their petition. The
report says, and this is to some extent the pith and mar-
row of the whole :
" Although it appears that these societies possess and
exercise privileges and exemptions for which they can
allege specific statutes, passed for the encouragement and
protection of friendly societies, it appears to your com-
mittee, that as they have manifestly outgrown the parti-
cular class of objects which were in the contemplation of
Parliament when those statutes were passed, and have be-
come, in fact, life assurance offices, they ought to be
placed upon an equal footing, in respect of such. exemp-
tions, with other assurance companies ; either by being
deprived of those privileges, or by extending them to all
alike.

"There are grave considerations Which should make
Parliament hesitate before it proceeds to adopt the former
alternative.

" To make provision for a wife or family out of the sav-
ings of a salary, or wages, or small income, is an object
which ought unquestionably to be fostered and encouraged.
an advantage
hitherto would be checked and damped if
hitherto offered should now be withheld,
" But it is said, confine these exemptions to societies
which do not issue policies above 1001. or 2001, If this
were done, so far as these five societies complained of are
concerned, they would indeed lose the Privilege which they
hold under the specific authority of acts )f Parliament ;
but they would still continue their transactions, and would
be in the anomalous position of being constituted under
Friendly Societies Acts, t but destitute of all the benefits
conferred by such acts.
" It ought also to be borne in mind, that the security
and good management of a society depend in no small de-
gree upon the amount of their transactions, and of their
revenue ; and it is desirable, therefore, to induce the poorer
class to insure in societies in which the richer also insure ;
and these five societies have beyond question conduced in
a very material degree to extend downwards in the scale of
society a knowledge of the principle of mutual assurance,
and a disposition to embrace the advantage of it.
" The other alternative your committee incline to recom-
mend to the attention of Parliament, namely, to allow the
privilege of exemption from stamps, and from probate
and legacy duty, to the policies of all life assurance
offices, as well as friendly societies, to the amount of
5001."

It had always been said that we were acting illegally,
lint now that question is completely set at rest by the
report. (Hear.) The statute under which we were
acting was clear and explicit, and there never could have
been any real doubt that we had adopted the proper

course. I maintain that the five unfortunate companies
have done much for the benefit of the other offices,
because the exertions by the latter to make known the
advantages of life assurance were nothing like equal to
the exertions used on our part for the same purpose ;
therefore, we have been doing good to them as well
as ourselves, and •it comes with very ill grace from such
a number of old-established offices to combine together
with the intention of depriving us of business, because,
but for this committee, we should certainly have been
limited to transactions of 1001. (Hear.) Now, I appre-
hend the Legislature will take an entirely different
course, and to my mind a very satisfactory one. At all
events, something must be done to avoid continued
interruptions to such a society as ours, by repeated
alterations of the rules—a process which is not only irk-
some, but expensive. (Cheers.) The Chairman con-
cluded by moving that the report and balance-sheet be
adopted, and circulated at the discretion of the directors.
In answer to a question as to granting guarantee
policies, and the gross amount of policies,
The CHAIRMAN stated that the former subject had been
under consideration, but he could not say that at pre-
sent the society was in a condition to undertake them ;
with respect to the gross amount of policies it was about
550,000/.
The question having been put, the resolution was car-
ried unanimously.
Mr. COLEMAN moved a vote of thanks to the board of
management for their continued attention to the duties
of their office. After the very able report, little was
required to enforce such a motion. It was quite neces-
sary that the members in London should bear testimony
at these meetings to the manner in which the business of
the office was conducted, in order that members in the
country who could not attend might know whether or
not •the directors were entitled to a renewal of their con-
fidence. On a recent occasion he had an opportunity of
testing the accounts, and it was then his pleasing duty
to signify their accuracy, and to approve of the
clear, intelligent, and straightforward way, in which
everything was carried on in the office. If the directors
were entitled to thanks for one thing more than another,
it was for having brought their exertions to bear on the
select committee of the House of Commons. He knew
something of the working of the Friendly Societies' Act,
and he considered that the committee had done good
service by enunciating a principle which would benefit
the large mass of the population, and must sooner or
later be put into practice. He was delighted to find
that the five unfortunate, or rather fortunate, offices had
been the means of bringing the Legislature to acknow-
ledge that life assurance was beginning to descend to
classes of society out of whose reach it had hitherto
been placed. (Hear, hear.)
Mr. HOOPER, in seconding the motion, said he repre-
sented one of the oldest of the unfortunate five offices,
and he should rejoice if the decision of Parliament were
to extend the privileges of life assurance in the way pro-
posed. The directors were well entitled to the thanks of

the meeting, because that the difficulties they had to
contend against increased rather than diminished during
the past year ; their operations had been connected with
a larger amount of business than in any former year.
(Hear, hear.)
The resolution was put by Mr. COLEMAN, and carried
by acclamation.
The CHAIRMAN acknowledged the compliment in
courteous terms.

On the motion of Mr. DURHAM, seconded by Mr.
RICHARDSON, the sum of 5001. was voted to the board
of management for their services for the past year.
The CHAIRMAN, in returning thanks, observed that
though on principle he thought it right such a sum should
be awarded to the directors, it was never an object of
consideration with them at the commencement of the
society. (Hear, hear.)
Messrs. J. Clark, A. Dawson, J. Lintott, and J. W.
Welch, the retiring directors, were unanimously re-
elected.

Mr. WELCH returned thanks on his own behalf, and
on that of his colleagues, for the honour of being re-
elected to a seat at the board, and assured the members
that no exertion should be wanting on their part to pro-
mote the interest and welfare of the institution. He had
no doubt that what had passed last year in the House of
Commons would be beneficial to life assurance gene-
rally, and, such being the case, this office would certainly
participate in the advantages that would be conferred.
Their usefulness had been acknowledged in a very en-
couraging and flattering manner by the select committee,
and it was a matter of regret that the 83 offices men-
tioned in the report, backed by the influence of a power-
ful direction, and supported by the ability and talent of
their actuaries and secretaries, should have taken such
proceedings as they did during the last year. What the
five new offices now possessed, the others had an oppor-
tunity of getting, had they been disposed to avail them-
selves of it, for the same privileges were alike open to both.
The old offices thought the business of the five new was
not worth having, but when they found they were be-
coming prosperous and engaging the attention of the
people to the importance of insuring their lives and mak-
ing a provision for their families, they thought it neces-
sary to arouse from the apathy which had existed among
them, and to get up an opposition to such societies as
the Provident Clerks. (Cheers.) They did not seek for
similar privileges to those enjoyed by their opponents,
but made an attempt—and, he regretted to say, an un-
fair attempt—to stop the business of such association's
as the present, which were enrolled under the Friendly
Societies' Act, because they commenced their proceed-
ings before the select committee, by stating they were
armed with the opinions of counsel of the first standing in
the country that they had been acting illegally. Well,
what was the answer ? Those who passed the law under
which they were thus arraigned declared that instead of
acting illegally they had done what was strictly legal,
and, moreover, that they had been productive of much
good. (Loud cheers.) Would the 3,000 persons, who
were the test of the Provident Clerks, have insured their
lives had it not been for such an office, and for the exer-
tions of the managers in making known the principles
of life assurance among the clerks of the country ?
(Hear, hear.) It was satisfactory to find that so soon
as the agitation caused by a combination between power-
ful offices ceased, the business of this association had
been increasing ; and whether the agitation were revived
or not the society was now established on such a firm
basis, viz., the integrity of their proceedings, as acknow-
ledged by a committee of the House of Commons, that
nothing could well shake it, and they might therefore
rely that with increased exertions they would obtain an
increased amount of business. They should bear in
mind, however, that this was a mutual association ; and
all were partners, but without any liability ; and that the
more business was brought to the office the greater
benefit they would all derive. (Cheers.)
Messrs. Coleman, S. Wood, and C. Woolley, were re-
elected auditors.
A vote of thanks was then passed to Mr. Jones for
his conduct in the chair.
The CHAIRMAN expressed his grateful thanks for the
compliment so unanimously paid to him. It was true
he took a deep interest in the society, and that interest
increased as it year by year rose into greater importance.
As might be supposed, when the society originated,
various doubts possessed their minds ; but, nothing
daunted, they determined to persevere, and while, in the
first year of their existence, their income was only 4701.,
it had now reached 18,0001. (Cheers.) That was the
result of their perseverance, their honest intentions, and
their singleness of purpose ; and he yet hoped to see the
day when the importance and usefulness of the Provi-
dent Clerks' Association would be still further recognised.
(Cheers.)
Mr. LLOYD inquired whether the majority of the po-
licies issued during the year were taken out by clerks,
and whether any clerks who had emigrated had taken
out policies in the office ?
Mr. BYRNE, the secretary, said a great many clerks
who had emigrated had continued their policies, but not
above three or four of that body had come to effect as-
surances on their lives. The greater part of those
already assured, who had emigrated, had gone to Austra-
lia ; they continued their policies, and paid the extra
premium.
The proceedings of this meeting terminated by a vote
of 15 guineas to the auditors.

THE BENEVOLENT DEPARTMENT.
The twelfth annual meeting of the Benevolent Depart.
ment was subsequently held. Mr. Thomson Hankey,
jam, the governor of the Bank of England, occupied the
chair.

The report was as follows :
" The board of management, in presenting the twelfth
annual report to the donors, subscribers, and members of
the Benevolent Fund, congratulate them on the continued
prosperity of this department of the association, and refer
to the following details of the transactions of the past year.
Received from 38 new subscribers...,. £ll7 1 6
„ 381 old „ ..... 432 12 0
1 life
..... 10 10 0

~ ft

.iG
Donations tl
£560 3 6
81 12 6

2641
SUBSCRIPTIONS PROM INSURERS. 16 0
L,635 at ss. Od. £4OB 15 0
2 at 10s. 6d. 1 1 0
17 at 10s. Od. 810 0
2 at 20s. Od. 2 0 0 420 6 0

21,062 2 0
" Gratuities amounting to 871. 15s. have been presented
to ten members, and the orphan children of a deceased
member.

" Loans to the extent of 1,7742. have been granted to
eighty-nine members, being a decrease of 1061. from the
athount lent in 1851.
" On the 27th May last, in accordance with a resolution
of the last "annual general meeting, six widows were
elected to annuities of 151. each, making, with those
already on the funds, five clerks and twenty-two widows
of clerks, at an annual charge of 455/.
"At that meeting, and the one subsequently held for
the election of annuitants, reference was made to the cases
of three widows, unsuccessful candidates, at a former elec-
tion, and disqualified from becoming candidates in future
by the alteration of the rules, after which a resolution was
passed—
" `That compensation be given them at the discretion
of the board, provided it could be legally done.'
" These three widows having applied to become candi-
dates at the last election, your board, acting upon the re-
mblution of the meeting, had great pleasure in granting to
each of them a sum equal to the amount of an annuity ;
r
and while they have no power to pledge themselves
o

their successors to continue such payments in future years,
they feel confident that the members will chemlroly con-
' firm their desire to continue these payments for the future.
"The balance-sheet of the past year has been duly
audited, and shows that the addition to the funds is 610,
16s. 4d., making the total amount of funds of this dopes:,
ment 13,5491. lls. Bd.
" The trustees met the board at the offices of the associa-
tion, and inspected the balance-sheet ; they expressed their
satisfaction at the state of the accounts, and the favour-
able position of the association.
"John Abel Smith, Esq., M.P. the treasurer, being on
the continent, was unable to attend on this occasion.
" The local committee at Birmingham suggested to the
boa-d that it would be advantageous to have a public
meeting of the members there ; and Charles Geach, Esq.,
M.P., having signified his willingness to preside, a depute,:
tion from the board were present at this meeting, which
took place on the 14th April last. There was a numerous
attendance of members, and the meeting was supported by
some of the leading firms of that town. Amongst many
laudatory remarks upon the object and advantages of the
association, Mr. Charles Geach observed that he could
state advisedly, that ho did not know any society whose
arrangements wore better calculated to ensure to clerks
and those dependent upon them, a certain amount of pro-
vision against misfortunes to which all were liable.
" The board of management have the pleasure to recom-
mend that on 18th May next, or such other day as the
board may approve, an amount not exceeding 1251. be
granted in annuities, being equivalent to annuities to
five widows and two clerks. The number of annuitants of
each class to be fixed by the managers, according to the
applications which may be made.
" A resolution to carry the same into effect will be sub-
mitted to the meeting. The board have the pleasure to
announce that the business of the assurance department is
progressing in a satisfactory manner.
"429 policies, for 81,9501., were issued last year, and
7 annuities for 1491. 16s. Bd., being an increase of 41 po-
licies, for 9,0751., on the transactions of the past year.
The investments of that department have been augmented
by an amount of upwards of 10,C301., and the annual in-
come is 17,1501.
Signed) " THOMSON HANKEY, jun., Chairman."
The CHAIRMAN moved the adoption of the report, with
the view of enabling members to make any observations
or any questions they might think proper.
Mr. R. H. JONES, the chairman of the board, thought
it was desirable at that moment to refer briefly to what
had been done by the committee on behalf of the mem-
bers during the year just ended. All he should state
would be facts ; and it could not but be gratifying to
every one present to hear something of the cases which
had required the assistance of the society. A short out-
line of these cases would be sufficient to show that the
money subscribed had been well appropriated. He
would begin with the gratuities, premising that it was a
rile on these occasions not to mention names. (Hear.)
The first was a second application from the wife of a
subscriber, in which she said that the state of her hus-
band in regard to his mental faculties, which were af-
fected, differed in no respect from that given in the
account she last sent, and that her afflictions and trials

incapacitated her from earning enough for their joint
support. In this case 101. was granted, and the sum
was acknowledged by the applicant in the most grateful
terms. (Hear.) The next was that of a common law
clerk, with a family of seven persons, one of whom was
an aged female and a confirmed invalid. He said,
though his income was small, he had managed to keep
out of debt, but that recently there had been a good deal
of illness in his family, and that his son, aged 17,
had been seized with a low fever, and still
continued in a weak state. He received 10/., which he
said would relieve him from all pecuniary difficulties,
and enable him to still keep clear of debt. He especi-
cially thanked the committee for the kind and delicate
way in which they had dealt with his application. (Hear.)
A sum of Si. was given to a clerk in difficulty, who had
a wife and seven children, five of whom were dependent
on him for support. Though the amount might seem
small, every case was strictly inquired into, and the gra-
tuity awarded was limited according to the necessity.
(Hear.) This was a country case, and it would be well
to observe here that country members had equal advan-
tages to members in London. The next was an appli-
cation by the brother of a deceased member, who had
left two little infants entirely dependent on some young
people, whose only support was their needle. Five
shillings a-week was allowed for six months, and being
in the same position at the end of that time, the gratuity
was extended for another six months. A member who
was sick in bed and unemployed, with a large family,
received two sums of 51. ; and a widow of a clerk, left
penniless, obtained 51.; a widow, having twelve children,
five of tender years, 101. ; the wife of a member, suffer-
ing from paralysis of th brain, and an inmate of St.
Luke's, 51. ; a clerk in St. Katharine's Docks, who had
a painful and protracted illness, having undergone am-
putation of a limb to save his ife, 101. No one could
say that these sums had not been well bestowed. (Cheers.)
Then he had a list of seven parties who had obtained'
situations through the instrumentality of the society—
one for 2001. a-year, another for 1301., another for 501.,
another for 501., another, who had received 3001. for
six months, and subsequently got a clerkship at 1501.
a-year, another for 1001., and lastly, one for 301. (Cheers.)
Those were important facts to be made known,
as they proved that the society really did what it
proposed. (Hear, hear.) An additional subscription
of ten guineas had been received from seven or ,eight
banks to the benevolent fund, and also three donations
of the same amount. The subscriptions were promised
to be continued, and the donations would probably be
continued likewise. He had to state in conclusion that
several other banks would readily grant further assistance
if representations were made to them that the society had
any need of it. (Cheers.)
Mr. LLOYD considered that having a clear profit of
6101. on the year, for this fund, the committee might be
more liberal. There was a large annual income from
subscriptions and interest on stock, and he thought that
the charity of the association ought at least to be equal
to its annual income in this department. (Hear.)
Mr. WARWICK was of opinion that the board had ex-
ercised a wise discretion in limiting the assistance given
in the way they had done, and recommended persistance
in the same course. He thought that, however prosper-
ous this society might be, it was immeasurably less so
than it ought to be.
The CHAIRMAN said he was requested to apologise for
the absence of Mr. Baring, who since his return from
America, had been confined to his bed, and therefore
could not attend, but he was now happily recovering.
Mr. Gilbart, who was generally present at their meet-
ings, was also unable to attend, having another engage-
ment. In reference to the observations of Mr. Jones,
he thought it right to mention, by way of addenda, that
a letter had been received from the representative of a
deceased person who had obtained a gratuity from the
society, in which the money advanced was returned,
with the sincere thanks of the surviving relatives.
As to the remark pf Mr. Lloyd, as to the
good done being disproportionate to the funds in hand,
he gave him every credit for the spirit by which he was
actuated, but he thought that the board had acted in a
prudent and praiseworthy manner in their management
of the fund. Instead of censuring them, he thought they
ought to be highly commended. If once the doors were
too widely opened for eleemosynary aid, it was imps
sible either to foresee the mischief that might ensue, or
to arrest it when once commenced. Though it was but
a few years since the institution was founded, it had
taken a firm root, but yet it remained still supported
only by a very few of those who ought to become either
members or donors. (Hear.) He concluded by putting
the resolution, which was unanimously agreed to.
Mr. JEPPS moved a resolution to the effect that on the
18th of May, or at such other time as the board might
direct, the sum of 1251. be granted in annuities, being
equivalent to five widows and two clerks, the proportion
to be fixed according to the number of applications from
each class. The gross sum received by the society in
dividends, subscriptions, and interest, was 1,4391.125.7 d.,
and they had expended in annuities and gratuities
4621. 55., which was increased by necessary expenses
and charges to 8281. 16s. 3d., leaving a balance as
already observed of 6101. 16s. 4d. in their favour in the
past year. With every disposition to extend as far as
possible the advantages of the society, the management
did not think it prudent to deal with more of this sur-
plus than was proposed by his resolution, for it was im-
possible to tell how many out of the 2,000 members
might not require some pecuniary assistance in the
course of the next or following years. It was considered
more prudent to transfer the greater portion of it to the
permanent income of the association; Although the
rules provided that one-tenth of the profits of the bene-
fit department should be handed over to the benevolent
fund, yet that would yield but a small sum to the an-
nual income, as these profits had to be permanently in-
vested, and the only addition to their income would be
interest derived from that sum so invested.
Mr. CLARKE seconded the motion.
Mr. LLOYD objected that the sum was too small.
They only, granted 4601. a-year out of an income of up.
wards of 1,4001.
Mr. Joss said that all the applications made to the
board had been attended to and relieved—(cheers)—and
in proposing 1251., the board had taken the extreme
amount likely to be called for next year. (Cheers.)
The resolution, after some further conversation, was
unanimously carried.
Thanks were then voted to the trustees—Messrs.
Baring, Hankey, Prescott, and Baron Rothschild,
M.P. ; to the Treasurer, J. A. Smith,
; M.P.to the
and Smeeress ; and to the auditors, Messrs pollard, "Gilbert,
. ,
. rs oard
The CHAIRMAN, in allusion to the •
auditors, said, their
respectabillity and high standing were
alone sufficient to
give confidence to those who were- interested
like this, whose accounts necessarily
gree of intricacy. Two of them were
involved
managerssomofe
the
largest banks in the metropolis, andrethetlc was inti-
mately known to himself,
Mr. Smee, than for who
m
there
there was no man in London he entertained greater re-
spect. (Hear.)
Mr. WELCH made an earnest appeal to clerks to come
forward
andsupport the fund. They considered them-
selves a superior class of men to those engaged in retail
establishments, yet the benevolent fund of the drapers
Was much more prosperous than their own. He main-
tained that it was a reflection on clerks generally not to
come forward and enrol themselves members of so ex-
cellent an institution, which would render assistance to
themselves, their wives, and families in time of need.
They had been particularly fortunate as regarded the
distinguished individuals who had presided over their
meetings ; they had had the representative of their

Thanks having been awarded to the chairman, for his
conduct in the chair,
The CHAIRMAN expressed his deep and continued in-
terest in the association, and in the class whose interest
it was primarily designed to promote. There were
800 clerks in the establishment of which he had the
honour of being the head, and he hoped before he
resigned his position to be the means of improving
their position, as a duty which was not only recom-
mended by an enlightened selfishness, but by the
higher consideration, that to this class the commercial
interests of this country were under a deep debt of gra-
titude: lie concluded by cordially thanking the meet-
ing for the compliment paid him. (Cheers.)
The proceedings then terminated.