The Sun.
London, England, 1854-01-18 00:00:00

a small business, which, together with the annuity, had
enabled her to keep her family in comparative comfort.
The letter was as follows :

" Jan. 4th, 1854.
" Dear Sir,—" I have long thought I should be wanting
in my duty if I failed to make known the gratitude I feel
for the comfort my annuity affords me, left as I was at my
husband's decease with eight young children, and with no
other resource whatever than the 1001., for which he had
fortunately assured in the Association, and the happy pros-
pect of being elected an annuitant on the Benevolent
Fund. Believe me, I want words to express the gratitude

and reverence with which I regard the memory of him
(who showed by his wish to screen me and mine from the

State of destitution in which his decease must inevitably

have placed us), that his was no selfish love, to terminate
with his life. I assure you I have often, when harrassed and
borne down with cares and anxieties (such as must of ne-
cessity attend a woman placed in my situation), been saved
from a feeling of despair by the recollection that my
annuity would at least save me from the association of a

workhouse, aud, under God's blessing, has been the means
of renewing my spirits to persevere in my arduous path of
duty. I really think, if some of us who are deriving the
benefit, could but make publicly known how much
of our happiness, or at least content, is to be attri-
buted to the feeling of independence which our an-
nuity affords
.us, surely there could not be found in the

. ..
United Kingdom a clerk who would not joyfully procure
for those near and dear to him a like blessing in the event
of his being unfortunately removed from them."

After some further discussion, a MEMBER expressed a
hope, that as the institution was so prosperous, the
working staff would not be forgotten, especially now
when proyisions were so extremely dear. This was a

kind of model society, and it ought to give the best
remuneration.

The CHAIRMAN said with regard to the important
point of the management of the annuity part of the bene-
volent fund, all the various suggestions or objections might
be classed under two heads, first, those who thought that
the claims to annuities ought to be a matter of certainty ;
and second, those who believed that the annuities granted
were not adequate to the amount of income at the
disposal of the benevolent department. With regard to
these two objections, be believed he was speaking the
feeling of every one connected with the institution when
he said, that their board of management had always
been, and would continue to be, most desirous to give
every attention to any plan or suggestion of improvement
that might be laid before them ; but for his own part, he
must decline altogether the responsibility of giving his
individual opinion on points so important at a meeting
like the present. He would, however, say thus much,
that if the annuities were made a matter of certainty,
its character as a benevolent fund was changed,
and their association became neither more nor less
than a mere benefit club. (Hear, hear.) He
did not say whether it would better the society,
or make it worse, but merely that its character
would be entirely altered. Further, any plan which
should fix the certainty of annuities, must have the effect
of lessening the amount of relief and increasing the
amount of payments required from members, and even
then he thought it would be extremely difficult to lay
down any general plan by which, with a rule of senio-
rity, they would be able to carry out their original prin-
ciple—that of affording relief in all necessitous cases.

(Hear, hear.) As to the second objection which he had
mentioned, the meeting must leave the question of
amount to the consideration of their board of manage-
ment. In all such cases it was of the utmost importance
the directors should think of the state of their funds, and
think more about the certainty of being able to continue
their payments than of being able to make them in the
first instance. (Hear, hear.) The greatest possible injury
and wrong would be done by their giving an annuity
which they might not be able to keep up, and they were
bound to exercise the most rigid caution in marking the
limit to which they might go. (Hear.) He must say
that he did not consider any duty of the directors to be
stronger than that of not going beyond the means placed
at their disposal. Now that he had mentioned those two
objections, he moved the adoption of the report, and he
could not submit it to them without expressing, as he had
often done in that room before, his high satisfaction at the
steady honourable progress which they had made. One
item of that report gave a loss of 1301. on loans, but the
meeting could better appreciate the gratifying nature of
that item, when he told them that it was the only loss
which they had sustained in their almost innumerable
loans to members—loans amounting in the aggregate to
more than 15,000/.—(Hear, hear)—and he was bound to
state that such a trifling foss on such a large sum was
in the highest degree honourable to the borrowers.
(Hear, hear.) Another point was equally gratifying,
and that was, that although it had been found necessary
to reduce the rate of profit to which the benevolent de-
partment was entitled from one-third to one-tenth, still
at the last division it had received as nearly as possible
the same sum which it would have got had there been
no such alteration. (Hear, hear.) This was another
proof not only of the steady progress of the institu-
tion, but of the wisdom and justice of those who had
suggested the change. (Hear, hear.) As to the re-
muneration of the officers be entirely agreed with the
hon. member who had spoken, that they were entitled
to the highest rate of remuneration which such services
as theirs required ; hut this was a matter that might be
judiciously and safely left to the board of management,
which for business habits was second to none in the king-
dom. (Hear, hear.) With these few remarks, and con-
gratulating them again, as he did most cordially, upon
the steady and satisfactory progress of the institution,
which gave good promise of its soon realising the most
sanguine expectations of its founders, he would conclude
by asking the meeting to receive and adopt the report,
with the direction that it be printed and circulated at the
discretion of the board. (Cheers.)
The motion was carried unanimously.
Mr. JEPPS then proposed the following resolution
That on the 17th May next, or such other day as the
board may approve, seven additional annuitants be
elected. Two of such annuities to be for clerks, and five
for widows of clerks. The number of annuitants of each
class to be varied by the managers according to the appli-
cations which may be made ; such annuities not to ex-
ceed in the aggregate the sum of 1601." He believed
that this would amply provide for all who would become
candidates for annuities, thus, in fact, offering almost
the certainty of an annuity for ss. a year, which it
was not likely any other society could do. (Hear,
hear.) The amount given away during the past
year was nearly double that granted in the preceding 12
months. Every application had been most liberally
met, the parties themselves admitting that the assist-
ance rendered was equal to the necessities of the case.
Provided the resolution was passed, and they granted
annuities in May next to the sum therein mentioned,
the annual permanent charge on the funds would be
7501. Now their whole property only amounted to
14,0001., and if they wished to purchase an annuity of
7501. it would nearly swallow up the whole of that sum ;
therefore in making the present proposition, they were
going to the full extent which prudence allowed. (Hear,
hear.) Before he sat down he thought it right to men-
tion that for the second time a gratuity had been re-
turned to the society, the party having fortunately
been placed in more prosperous circumstances, and
having deemed it honourable to repay the money ad-
vanced during his necessities. (Cheers.)
The motion was seconded by Mr. DAWSON, and
carried by acclamation.

A vote of thanks' was then cordially awarded to T.
Baring, Esq. M.P., Thomson Hankey, jun. Esq. M.P.,
William George Prescott, Esq., Baron Lionel de
Rothschild, M.P., trustees of the association ; and to
John Abel Smith, Esq., treasurer of the Benevolent
Fund.

Mr. PROS. BARING, M.P., in acknowledging the vote,
said the duties of the trustees were not so onerous as to
make them wish they shoulii not be increased. They
had nothing more to do than to enter their names when
money was invested for the society, and they cordially
hoped their labours in this respect might increase every
year, for he could only repeat what had been so well
said by the chairman, that it was with the most sincere
satisfaction those who took an interest in the association
at the earliest period of its formation, when surrounded
by many discouraging circumstances, now witnessed
its present solidity and prosperity. (Loud cheers.)
The hon. gentleman then gave an amusing resume of the
various and conflicting suggestions which had been
thrown out for enlarging the utility of the society—some
declaring that increased economy was necessary, others
that greater expense ought to be incurred in making
known its objects ; one that more money should be
given, away in gratuities, and several that their officers
ought to be better remunerated ; and observed that
amidst these various recommendations it was difficult to
know how to improve the existing system. (Hear,
hear.) His own opinion was that their pro-
gress had been sound and safe. Of course they
would be most ready to augment the relief
afforded when they procured the means. (Hear, hear,
hear.) But how were those to be obtained I He did
not know, unless it was by urging individually and col-
lectively the employees in great manufacturing establish-
ments of the metropolis to avail themselves of its advan-
tages, by pointing out to them that it only wanted some
additional assistance in order to extend its usefulness
throughout the country, and that no fear need be enter-
tained of its security being endangered by prodigality of
benevolence on the part of the managers. (Cheers.)
The CHAIRMAN said his hon. friend had, with his
usual shrewdness, hit the right nail upon the head, for,
however much the benevolent department had succeeded,
it had not done so one-tenth as much as it ought. Ile
(the Chairman) had often expressed that opinion, and he
still held it unchanged. He believed it was no less the
interest than the duty of the heads of every large esta-
blishment in the City, to suggest to those in their em-
ploy the advantage to themselves, in comfort and peace
of mind, of making som. provision for the future ; and
he would add his request to the board, that they
should take measures during the next year of bring-
ing
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the subject more prominently under the notice
of these extensive employers of clerks. (Hear, hear.)
Mr. WELCH replied, that the suggestion of the chair-
man would be early brought under the consideration of
the board. He might mention, that very recently a
large establishment in London had assured their clerks
gtoootdh
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hopedy.
Thanks were then voted to Mr. Smee, Mr. G. Pol-
lard, and Mr. J. W. Gilbert, the auditors, for their
, services during the past year; also to Mr. Byrne, the