The Sun.
London, England, 1853-06-10 00:00:00

mony to the great hold which institutions of this nature
were obtaining on the middle classes in the country dis-
tricts. They were gradually supplanting the "benefit
clubs," and young men had now discovered that they
spent as much in going to pay their " club money" as
would insure their lives for a fair amount, to be paid on
their arriving at 40 or 50 years of age. (Hear, hear.)
Mr. LATHAM proposed the next resolution, which
was, that the thanks of the meeting be presented to the
auditors. He thought that the steady rate at which
their business had progressed could not be too largely
thought of, and it gave every indication of real prosperity
and stability. At the end of 1850 the number of per-
sons insured was 217 ; at the end of 1851 it was 619 ;
of 1852, 1,247 ; and of 1853; 1,520, making a total
of 3,200. So regular and gradual a progress was
a great matter of congratulation, for it showed that
the strength which they had gained was genuine
and bona fide, and that their advance was not a
mere flash-in-the-pan. The amount insured was about
2401. for each policy, a sum not so large as to terrify,
nor so small as not to be remunerative. The call
which had been made had been greatly advantageous to
the interests of the company ; its purpose had been to
enable the directors to increase the business of the office,
and certainly the money had yielded so considerable a
profit that if calls were always so profitable, he for
one did not care how often they were made. He had
great pleasure in moving this vote of thanks to the
auditors, because it was to them that the public looked
for a faithful report of the company's proceedings, and
to no one could it be better trusted than to the gen-
tlemen who were now the auditors of this company.
Mr. BIDGOOD seconded the motion, which was agreed
to unanimously.

Mr. WEBBER then moved a vote of thanks to Mr. She-
ridan, the manager, and the other officers of the com-
pany. It might be supposed that the heads of families,
parents, and others, would need but little persuasion to
induce them to provide by life assurance for those who
were to come after them ; but the initiated well knew
that it was in reality necessary to school men for their
good. They would not be provident, and therefore it
was that men were required like their worthy and re-
speeted manager, Mr. Sheridan, at the head of their in-
stutions. That gentleman had the power of language,
and he knew well how to bring men to feel what was
their own interest. No man could use his.rhetoric with

more power or more tact, and at the time that he served
this institution, he also served those upon whom he exer-
cised his powers of persuasion. It had been urged by
some that there were so many assurance offices rising
around, that all could not be safe ; but he, for one,
rather rejoiced in this increase, because life assurance
principles could not be too much promulgated, and the
more offices there were the more business was there

likely to be not only for this office but for all others.
(Hear.) It was not above 150 years ago since life as-
surance was called into being; and the march of civili-
sation would very much increase the value and scope of
institutions of their nature. He could unhesitatingly say,
that the flourishing position of this society was mainly
attributable to the indefatigable energy and unswerving
perseverance of their manager. (Hear, hear.) He was
always at his post, and he never left a stone unturned to
benefit the institution. Not only was his intention good,
but his ability to work institutions of this kind was 11R-
rivalled. (Cheers.)
Mr. WAGSTAFFE seconded the resolution, which was
carried unanimously.
- - -

Mr. SHERIDAN, the manager, returned thanks on be-
half of himself and the other officers of the institution.
The different items of the report had been so satisfac-
torily referreded to by the chairman, and those who had
followed him, that it would not be necessary for him to
discuss at any length the operations of the year. The
expenses of introducing the guarantee business had been
large, for there was always snore expense incurred in in-
troducing a new feature of business to the public than in
carrying out a well-recognised principle. (Hear, hear.)
It was very important to this company that such
expense should be incurred, because the extra busi-
ness brought by the guarantee connection would
prove largely profitable to the general interests of
the office. The list of companies that accepted the
guarantee of this office had been found to be of great
advantage in inspiring confidence in persons desirous of
assuring their lives in a safe office, and had greatly in-
creased the public confidence in the stability of this office.
There were at present 150 incorporated and associated in-
stitutions that accepted the guarantee of this office, and
it was well known that many of them were bodies who
were not allowed to deal lightly with the funds of their
shareholders, but were called strictly to account. It
would readily be supposed that when a company of high
position accepted the bond of this office for 20,0001., as
men of business they took care to inquire into the position
of the office and its constitution and stability. Such waa
the case with the Great Western Railway Company,
who, before accepting the guarantee of the company, had
directed their solicitors to make a report on the position
of the office, and now the greater portion of the employers
of that company were guaranteed by this office. So with
regard to the Eastern Counties Railway ; this office,
out of one hundred and fifty stations, had guaranteed
one hundred and thirty. An attempt had been made by
the office to induce the Government to give them part of
the business of guaranteeing the Government officials,
and a memorial to that effect had been sent to the Trea-
sury. If the late Government had continued in office there
was no doubt that the present monopoly would have
been broken through, and the business thrown open to
all the offices. A Parliamentary committee was now
sitting, as had been stated by the chairman, virtually
to inquire into the relative question of old and young
offices. That committee had been obtained by Mr,
Wilson on a speech full of mistakes and characterised
by general ignorance of the subject, and the first wit-
ness who was examined before it ought to have been
the last, for, by his evidence, he fully disproved
all that had been stated by Mr. Wilson ' • indeed,
Mr. Whitmarsh stated that, in the whole of his ex-
perience, he had never known an instance of a mutual
office becoming insolvent : in other words, that he had
never met with a case of a life policybeing refused payment
on the ground of there being no funds. Proprietory offices
might have failed, but the policy holders did not suffer,
because the moment it was found that the business of an
office could not be carried on at a remunerative rate, all
that was required was to assign its business to some
other office, and here ended all risk to the directors, and
to the policy holders. There was no risk nowadays of
offices being established by mere adventurers, for
before the first year was over they would have
so many preliminary expenses—the rent, advertising,
clerks wages, printing, &c., to bear, that none but men
of substance could ever have the least chance of estab-
lishing an office. The truth was, that the older offices,
jealous of the progress which the younger effi
made, had suggested that they were unsafe- ; buteethebreau
re-
suit of the Parliamentary committee so far, was to the
effect that the old offices had never at a similar period
of their existence been so prosperous or stable as were
the young offices now. pamspechrleettaryhadoflataelysebooteenh
written by a Mr. Christie,
life assurance office, attempting to show that the
English offices were
had that they knewe
had taken u e
all -claims based on a wrong principle,
it, and that truth and science
p
abode in Scotch offices alone.
He also asserted their
that, to conduct a guarantee busi-
ness, -clams ought to be taken as falling due within the
year, thus putting the morality of the English public on
the same level as their common sense. In conclusion, he
thanked them most kindly for the compliment which
they had paid to the efforts of himself and his colleagues,
which passed as a matter of course, but so long
as human vanity remained all-paramount, such compli-
ments would fall gratefully on the ear, and be thankfully
received by those persons for whom they were intended.
On the motion of Mr. BAKER, seconded by Mr. HIL-
WELL, thanks were voted to the medical officers.
Dr. AIRES returned thanks.
The meeting, which seemed in every respect most satis-
factory, then separated, after a vote of thanks to the
Chairman.