The Sun.
London, England, 1849-02-09 00:00:00

under their direct influence, might they not make a
favourable, but a fictitious bonus ?—(No, no.) Then,
again, might not the medical officers he induced, by
being under the influence of the directors, to pass bad
lives.—(Roars of laughter.) At least such a thing
was possible. But had the medical officers been re-
warded as they deserved ?—they laboured for the
members night and day, and for years, in the early
period of the association without reward. They had
shared a paltry 15/. given to them, then 201., and last
year 100/. among the three. Now, let them contrast
that with the 4001. voted to the directors at the
last meeting. Would they have acted in that man-
ner towards the medical officers if the power of their
appointment and remuneration was in the hands of
the members ?—(No.) Had they not been willing to
give the members advice at all times at their own
houses, and to come to their own homes when they
were unable to attend ?—(Hear, hear.) He next
cantle to the appointment of the auditors. He thought
the appointment of those officers was a power which
a board of management should never possess.—(Hear,
hear.) He would proceed to show that the members
were now bound hand and foot, and could not move.
He had said he could give them facts; he would now
give them one that would create astonishment. How
did it happen that the auditors passed over an item
of 700/. in thebalance-sheet which had been lent by the
assurance to the benevolent department without any
legal vouchers ?—(Hear, hear.) Had the directors of
the life assurance department any right to lend
money in that way ? They had not. Were they
not stringently bound by the Act to expend the
money in a proper manner, and had not this 7001.
been lent to an association, from which, had it been
unwilling to return it, it could not have been re-
covered, since the benevolent department:could neither
sue nor he sued.—(Hear, hear.) It appeared that
several members had been refused copies of the
balance-sheet. (He then read a letter from the
Chairman to a member, stating that he could take a
copy of the balance-sheet.)—(Laughter.) He did
not know how many members there were in London,
but he should like to know how many could get
copies, or how the business of the office could be car-
ried on if this system of copying the balance-sheet was
to be adopted. The expense of printing was a paltry
excuse, and instead of setting it up the directors
should have been glad to have acceded to the request
of the members, and to have submitted it to the
light of day. Then, finally, with respect to the ap-
pointment of the secretary.—(Hear.) That was a
matter which he held to be of great importance to
the association. The office was no mean or dis-
honourable one in connexion with any association :
in this it was the most important office connected
with the association.—(Hear.) Upon the efficiency of
that gentleman depended the success or ruin of the
institution.—(Cries of " Yes" and "No.") Those
who called out "No" knew little of the duties of a
secretary. He said members should have a right to
appoint that officer. It was a singular fact with re-
spect to the secretary who had been dismissed, that
exactly contemporaneous with his connexion with the
institution had its business flourished. He did not
say that they were solely indebted to him fur this
success, but he could not help saying that it was a
singular fact, that from his connexion with it it began to
show signs of vigour, and it now took its stand among
the most flourishing institutions of this kind in the
metropolis.—(Cheers.) In 1844, according to the
statement of Mr. J. W. Welch, the deputy-chairman,
at a meeting at Norwich, but 110 policies were
issued of 15,9001.; that at that time it was thought
of disposing of the business to another company who
offered 1,0001. for it; but a meeting of the trustees
was called, viz. :—John Abel Smith, Esq., M.P.;
Thomas Baring, Esq. ; M.P.; Baron Roths-
child, M.P. ; Thomson Hankey, jun., Esq ;
and William G. Prescott, Esq , who said that
if the business was worth that sum to another
company it was worth while to keep it, and they did
so. About that time Dr. Mullinder became con-
nected with the association, and the business increased
in the following ratio. Policies to the following
amount were issued in each year :-
1844
1845
184(3 ..
1847
1848
In support of his statement that the secretary should
be appointed directly, and not by delegation, Mr.
Smith read from the obituary in the Times of yester-
day a notice of the death of Samuel Wells, annually
elected Registrar of the Bedford Level for five-and-
twenty years. Quite irrespective of any difference
between the late secretary and the board, this fact
was on record, that he had been dismissed without
reason and without notice—discharged from his office
and flung upon the world—exposed to all its suspi-
cions and cruel taunts—discharged, too, without any
reason being assigned beyond those which they had
been able to glean one from another. He then read
the letter discharging the secretary, signed J.
Stubbs, which was dated the 19th of January,
the day after the annual meeting, and
another, stating that the salary which was due to
him up to the 18th January, the day of the annual
meeting, 14/. 15s. 11d., should be paid on applica-
tion, the reading of which elicited cries of "Shame"
and hisses. Now, unless the directors could show a
case of the grossest kind—(" Hear, hear," from the
directors)—conduct like that they had pursued
ought not to be tolerated.— (Hear.) They did not,
he was sure, require their officers to work for
nothing. They would recollect that the managers
did not do so—that 4001. was voted to them at the
last meeting, and that the Chairman on that occasion
said, when an increase of the secretary's salary
was suggested, that " the directors are clerks, and
they feel as clerks." Would any one have believed,
after such a statement, that an event of this
kind would have taken place so soon after the meet-
ing ? He said the directors must show to the meeting
that there was an " overwhelming necessity" for
what they had done.—(Hear, hear.) If the members
knew anything of life assurance, they must be aware
that the sudden dismissal of a secretary, close upon
the annual meeting, must have the effect of throwing
the wholebusiness into confusion.—(" Oh," and " No,
no.") For aught he knew it might be so. The
matters which they had met to consider were
altogether so important, that he was determined
to sift them to the bottom. If Dr. Mul-
lender had disgraced himself—if he had frau-
dulently taken the funds—(Cries of " No, no,"
from the directors)—and in other ways dis-
graced himself, the sooner they were rid of such a
man the better— (Hear' hear)—but if the reverse
was the case—if he had transacted their business
properly, and fulfilled the office with honour, he
trusted they would not allow a man to be subjected
to the contumely which had been cast upon him,
without some explanation.—(Loud cheers.)
Mr. BELL said the rules were now in the
ninth year of their existence, and the institution
having, under them, lived through the pe-
riod of infancy, and was now beginning to feel
the strength and maturity of manhood, there was
little doubt, if they would not interfere with them and
allow them to remain intact, it would become the most
powerful in the kingdom, a state of things which
had, with the utmost show of reason, been predicated
of it. Under, and in accordance with, the
rules they had been able to obtain 1,800
members.—(Hear, hear.) The limit of the
amount of assurance to 500/. had been extended to
1,000/., and he had taken advantage of the alteration
to assure his life for that sum.—(Hear, hear.) That
fact must plead as an excuse for his anxiety in rising
to address them upon a subject so important. If they
had done so well for nine years, and each year been
congratulating the directors and themselves at
itS success—having enrolled 1,800 • members,
and given them satisfaction ;—surely it was
not too much to ask those who proposed the
alteration of the rule what advantages they were to
gain, which they did not at present possess, for those
which they were in actual possession of.—(Hear,
hear.) At any rate the advantages would be entirely
prospective. Many of the 1,800 he had named had
increased, like himself, their policies when the rule
was altered, and when the portals were again
opened wider, if it was deemed expedient to do so,
they would increase their stake in the association in
like proportion, provided they did not alter those
pop:le,
aairgycs ieondnatshl
likeeoync cont n tht
hrhi al
maecdts
etlwfe them.—.iwntN,%htiterhr-iehnoe ovketsrhyo(
rules in accordance with which they entered into the
Lnoowudancdhetheresn
of
lasatlarmfewindatshse,
they would seek the earliest and best opportunity of
)to be
retiring from an association which caused them so
much uneasiness.—(Hear, hear.) What did it matter
to them by whom the officers were appointed if their
affairs were transacted in a satisfactory manner ? Why,
how would the Messrs. Baring, or Messrs. Smith, Payne,
and Smith take it if their correspondents were to go
to their, banking houses and demand a right to
appoint their confidential clerks ?—(Laughter.) Sup-
pose these resolutions were carried, who would they
get to act as directors ? He had the pleasure of being
acquainted with the Deputy-Chairman for many
years, and since he had been connected with this
association he had become acquainted with many
of his colleagues, and from all he had been
able to hear with respect to them, he
found those gentlemen entitled to the highest respect.
--(A. Voice—" That is not the question.") Well,
then, he could tell them what was the question—what
man, possessed of any self-respect, would sit at a
board after the cool insult offered to them in
the requisition. He at least should have no
respect in them. They were well known
to the merchants in whose service they were.
Woulfi they sr ,e the inztitution if tl,',2:e gentle-
men, Nvl.o we're perfL,,lly up;i'eCot 4.,a tiou,,ucabie,
v, .r'o :,e i.e 11. as insulted ? Si.ipi;o:e they appointed
the secretary, who was to dismiss him ?—(Several
voices, " The members.) But suppose they should
elect a um who luid reprobated himself 113