The Sun.
London, England, 1841-12-10 00:00:00

EVENING SUN

SPIRIT of the PUBLIC JOURNALS.
FROM THE EVENING PAPERS OF YESTRRDAY.
GLOBE.—Lord Palmerston's reply to the ad-
dress of the Corporation of Bridgnorth is, ac-
cording to the Times, only surpassed in folly and
falsehood by that of Lord John Russell to the
address of the inhabitants of Plymouth. The
vituperation poured forth on the latter is there-
fore recapitulated and applied to the former.
Let us examine with what reason and with
what success Lord Palmerston presumes to
state, as his opinion, that the efforts of the
late Government to effectuate reforms in the
Church, the State, and in our Commercial Po-
licy, had not been wholly fruitless ; and that the
principles they had more recently and practically
asserted would not be devoid of fruit, even though
planted in Tory soil. This, in the estimation of
the Times, was bad enough. But worse remained
behind. The Noble Lord had the temerity to
state that the victory which Sir Robert Peel
had achieved by a combination with monopolists,
would be " short-lived." There Lord Palmerston
probed the Tory conscience to the quick. The
secret misgiving, lest tergiversation and casuistry
should utterly fail to defend a party which has
entrenched itself within private interests to carry
on a war against " the great interests of the
community," is constant' y at work, and betray
itself even by the very efforts which are
made to conceal it. It was not to be endured
that Lord Palmerston should thus hold up
to the illustrious Cabinet of halting, struggling
turncoats, a mirror which reflected their
character and their doom. It was not to be
borne that he should utter what every one
sees, that an Administration, the principal mem-
bers of which are nearly as destitute of agree-
ment with each other as they are notoriously at
variance with their former selves, would scarcely
be able 10 hold together as a Government under
any circumstances; and that in the present de-
pressed and distracted state of our commercial in-
terests it will be utterly impossible for such an Ad-
ministration to carry on the public business of the
country. Lord Palmerston had also ventured to say
that " he trusted the endeavours of the late Go-
vernment to carry into practical application the
principles of civil and religious liberty had not
been wholly fruitless." Upon this very innocent
assumption the Times expends the vials of its in-
dignation. " Fruitless!" exclaims the Times—
" was the Appropriation Clause fruitless?" No :
Tory perseverance in resistance to claims put forth
in behalf of the large majority of the people of
Ireland prevailed—claims which the Times for-
merly went far greater lengths in pressing than
the Whig Ministry. But the Jamaica Coercion
Bill, was that fruitless ? No ; the conduct of the
Tories on that occasion also showed the sympathy
which exists between Toryism and tyranny.
STANDARD.— We have written so often and
so long ago upon the paramount importance to
the well-being of the empire of a well-considered
and constantly-acting system of emigration, that
• we have nothing new to offer upon the subject;
we may be allowed, however, to take pride in
the successful result of the adoption of our vary
earliest views—views which we ventured to offer
to public notice more than twenty years ago.
The principle of the system of emigration which
woe then suggested was the translation of society
iii its frame, not in rude and unconnected parts,
still Jess in single classes. The last colony
found.ld, the colony of New Zealand, makes the
nearest *approach that has ever been made to
this principle. It is, however, no reproach to
our ancestors that they did not hit upon a
principle which it was scarcely in their power
to apply, and for the discovery of which they
had not the store of experience that we
possess. They had, as every progressive state
of society, whether the society be of few or
many, will have, a redundant population of the
lowest class; but they had not that affluent
supply of the higher and middle classes
which our time affords, and which is as
necessary to the forming of useful colo-
nies as mere labourers can be. Let us
reflect for a moment upon the actual state of
the British empire. We have an extent of
territory, which, for all practical purposes,
may be" called infinite. We have a vast
amount of wealth, and an abundant stock of
intelligence, activity, and enterprise ; and we
have about thirty millions of the richest, most
intelligent, industrious, and enterprising of our
people, shut up, as it were, in two small islands
—exclusive of our East Indian population, six-
sevenths of the whole. Why, then, not extend
our " cramped and cabined-in" society so as to
make it co-extensive with the vast territorial
extent of our empire—preserving still a homo-
genous character to the whole ?
COURIER.—We are most concerned to learn
now how the innocent holders of the fraudulent
bills are to be dealt with, and how far their in-
terests are likely to be affected by the course
taken to cushion those disclosures, promised
and anxiously looked forward to in the trial
of one, and the testimony of the other
prisoner. • An impression universally prevails,
and not, we think, without foundation, that
such disclosures would have served irre-
sistibly to strengthen the claims of the Bill-
holders on the Treasury, although, waiving the
legal points involved, we are entirely of opinion
that those claims rest on principles of right and
equity which cannot be denied and defeated,
however their consideration may be postponed
for a time. We regard them as greatly reinforced
morally, if not legally, by the course adopted for
obstructing all further criminal proceedings in the
Exchequer bill cause, and by thus not only pre-
venting those further revelations ofaccomplices
which might, and must have, inculpated other and
.more guilty parties in the end, but still more by
,carefully withholding from publication, or the
knowledge of the injured bill-holders, those dis-
closures and confessions actually made by Smith
. and Rapallo ; disclosures necessary as evidence
for making out the legal, besides the
equitable claim to relief, on behalf of the
plundered parties. In the meantime we
must also insist that manifest injustice is
done to the innocent and respectable bill-
holders.by every day's procrastination of the ex-
'amination into and adjustment of their claims.
Their bills are impounded at the Exchequer
bill-office, where stamped as forged or fraudulent,
and thus the evidence of property is withdrawn
from their possession and refused to their demand.
The law, to be sure, is open to them for redress,
but suits at law are a fearful remedy, and waged
•at fearful odds as ag,ainst the Treasury. The delays
.alone of such litigation must be ruin to many,
even in the event of success, for, as the homely
saying has it, whilst the grass grows the ox
starves. Under such circumstances we would
suggest therefore, with all deference, the means
of an arrangement by which justice should be
equally dispensed to both sides, without preju-
dice to either. As the responsibility of the Treasury
for the doings
voided
(roised agents and
officers cannot be by any self-willed
act of dekeasance, we would propose that a Com-
mission Should issue to competent persons, to
theex-
amine into and arbitrate upon the validity of
claims of the bill holders, setting out upon
the
the broad principle that where the origin of os
p-
session
was unimpeachable, and value duly proved
to have been given, the bills, so purged of illegi-
timate holding in the hands of the respectable
paities exonerated, should be at once admitted
to proof and liquidation at the Treasury. By
this course weapprehend that the Treasury, as
custos of the public purse, would stand absolved
of negligence of the public interest, whilst ag-
grieved individuals would obtain the fair mea-
sure of redress to which they are entitled.

PROGRESS OF PUSEYISM.
(From the Oxford Chronicle.)
PROFESSOR KEBLE'S SERMON AT ST. MAR" S.—Mr.
Keble, Professor of Poetry, and one of the Tractarian
triumvirate, preached the University sermon on Tues-
day last ; the substance was such as to remind us
most forcibly of Mr. Sibthorp's University sermon,
preached only a few months before his conversion
to the Catholic religion. The public
.are anxiously
looking for the publication of the eppcopal charge
of a sixth Bishop (Winchester), the diocesan of Mr.
Reble. The trumpet of his spiritual overseer has blown
no uncertain sound, and the reverend gentleman is in
this awkward dilemma : he must either retire, or will
show that, when, in his letter to Mr. Justice Coleridge,
he spoke of " feeling deeply the slightest word of his
Bishop," he meant to frighten the Bishop out of speaking
(just as his Lordship of Oxford is dumb), or not to heed
his voice, should he be so rash.
The Rev. Isaac Williams, candidate for the Poetry
Professorship, has pubTished a defence of his doctrine,
that the " Atoaement is not the centre of the Christian
sYstern, and is to be preached with reserve." It is in the
form of a reply to the censures of Bishop Monk, and is
said to be "by the writer of the Tract." Itfrould be in-
convenient_ just now to say, by the Rev. Isaac Williams!
Al!. Palmer is still continuing ,his tracts against Ro-
monism ; a sixth, on the subject of Purgatory, has made
its appearance. We observe that, while attacking with
much vigour and success the doctrines of Purgatory,
as „generally held by the Roman Catholic Church, Mr.
Palmer, at the same time, declares his belief in a Pur-
gatory according to the
express terms of the Council
of Trent.

PRIVY CouNcm.—Her Majesty, it is ex-
pected, will hold a Privy Council at Windsor Castle to-
day, at which a Proclamation will be agreed to,
further proroguing Parliament from Tuesday, the 21st
inst., to a day on which—the Legislature will meet for the
dispatch of business.
The Earl of Lincoln and Sir Willoughby
Gordon transacted business with 'Sir James Graham at
the Home-office yesterday morning.

MEETING AT ISLINGTON.
ADDRESS TO THE QUEEN.—PUBLIC
DISTRESS.
A meeting of the inhabitants of Islington took place
last night at the Public School-rooms, Church-street,
called by advertisement, to address her Majesty on the
birth of the Prince of Wales.
The Reverend the Vicar, Mr. Wu.soN, was placed in
the Chair, after some little opposition, and explained the
objects of the meeting.
Mr. RADISDEN moved an address to her Majesty, which
began by enumerating the vicar, churchwardens, and
parishioners, which referred to the late auspicious event,
spoke of the great benefits which the House of Hanover
had conferred on the country, and anticipated great
blessings from the future reign of the young Prince.
The Hon. Gentleman, in moving the address, referred
rather invidiously to the want of loyalty and proper
feeling in those who might oppose his motion, and spoke
of a meeting to address the Queen, after the attempt
made on her life by Oxford, in a manner that was felt to
be insulting to those who did not go along with the
high and palmy Toryism expressed in the address.
Mr. NICHOLS seconded the motion.

Mr. HODGSRIN objected to the address, that it was not
one which he and the parishioners could agree to as it
placed the clergy in the van, and carried the parishioners
of Islington before the Throne in the tail of the priest-
hood. He objected also to the address, that it antici-
pated too much from the power of the rown, which was
at present little better than a nullity. In his opinion,
when they had an opportunity of expressing their politi-
cal •sentiments in Islington, which was seldom, they
should be careful to give utterance only to what was
true and consistent. They ought also not to neglect any
opportunity of expressing their opinions on the present
state of the country, in which the distress was over-
whelming and alarming. Mr. Hodgskin concluded by
moving the following ADDRESS TO HER MAJESTY, as an
amendment on the original motion :
" We, your Majesty's dutiful subjects, inhabitants
of Islington, assembled in public meeting, beg leave to
offer your Majesty our honest and hearty congratulations
on the birth of your son and Heir-Apparent, who will live,
we trust, to receive, in due season, the throne which the
nation confers on your Majesty for the public benefit,
and be a blessing to your Majesty, by inheriting the
talents and the virtues of his august parents. We heartily
congratulate your Majesty on having successfully passed
through your hour of trial, under the favour of Provi-
dence ; and we pray that your Majesty, delighting in the
smiles of a healthy offspring and an affectionate husband,
may enjoy a long and a happy life, reflected from the
prosperity and happiness of the people at whose head
your Majesty is placed.
"It is our painful duty, however, now to apprise
your Majesty, that at present the people are not pros-
perous, and that there are at this moment hundreds and
thousands of females in this country to whom maternity,
far from being, as to your Majesty, and as in the order of
nature it ought to be to all women, a source of hope and
delight, brings only dread and dismal despair. Their
humble dwellings, unlike your Majesty's splendid Pa-
lace, in which nothing is wanting that art can supply, are
destitute of the most common necessaries and the meanest
articles of furniture. In their hour of travail, unsupported
by affectionate friends and persons ready to prevent
every wish, they are assailed by the cries of children
clamorous for food, and by the lamentations of husbands
willing to labour, but deprived of the means of obtain-
ing subsistence for themselves and their offspring. It is
our painful, but imperative, duty to inform your Majesty
that the people, who are in this deplorable condition,
belong to the most skilful, ingenious, and industrious
labourers in the world - to whose unwearied toils, under
Providence, every individual in the community, even
your Majesty, is indebted for comfort and subsistence,
while the State is indebted to them for its revenue and
its power. Convinced that their present condition is alike
repugnant to the course of nature, which has inseparably
associated plenty with skilful industry, and to the justice
which your Majesty's throne is established to maintain;
thoroughly convinced, also, that the condition of the la-
bouring classes is both a terrible disgrace to your Majesty's
Government, and full of peril to the community, we, the
inhabitants of Islington, pray your Majesty to take
measures instantly to put an end to this alarming state of
things, by repealing or abolishing unjust and class legisla-
tion, which has turned the bounties of Providence into
curses, and made the vast elements of wealth and great-
ness which abound in the minds and sinews of the
people, sources of poverty, misery, and despair."
The amendment was ably supported by three speak-
ers, two of whom belonged to the working classes, and
was opposed by the Rev. Mr. Blackburn, as not drawn
up in the best taste. After a considerable discussion, the
amendment was carried by a very great majority. The
Reverend Vicar, encouraged by the official Tory clique
by which he was surrounded, instantly vacated the
Chair, and declared the meeting adjourned, without
providing any means for forwarding the Address to her
Majesty, and without attempting to move the other ad-
dresses to Prince Albert and the Duchess of Kent, which
the promoters of the meeting had prepared. A great
hubbub ensued, in the midst of which we withdrew.
It is quite unusual, we think, for a gentleman
to vacate the Chair, and declare a meeting
adjourned, which had been called for a specific
purpose, because the little faction, whose tool the
Reverend Chairman made himself, was completely de-
feated. It is to be expected, therefore, that the
Vicar will be publicly censured for the proceeding,
while his party will be exposed to the reproach of endea-
vouring to make loyal addresses to, her Majesty the
stalking horses to their own purposes. The meeting was
so enthusiastic in favour of the amendment, that we be-
lieve the Islington Tories will not again provoke a de-
feat by thrusting themselves forward as the representa-
tives of the public sentiments, however great their
power in Vestry.

GENERAL ANNUITY ENDOW-
MENT COMPANY.
The Annual General Meeting of the Subscribers to
this Company was held yesterday afternoon at the Lon-
don Tavern, Bishopsgate-street, for the purpose of re-
ceiving the Report of the Directors, and a general
statement of the accounts for the past year. The meet-
ing was extremely full.
Mr. JACKSON having been proposed, took the Chair,
and, on doing so, observed that it was the twelfth an-
nual meeting of the Association, and he congratulated
the members present on the fact of the Association having
progressed from the period of its formation up to the
present time. It had been progressing to the satisfac-
tion of every Proprietor, and, in fact, every one at all
connected with the institution. And he hoped that all
those gentlemen would still urge upon their friends the
advantages presented by this institution, because he was
satisfied there was not a more beneficial Society in the
City of London. He believed they were aware that the
receipts only fell short of last year by the trifling amount
of seven shillings, and he really thought they ought to
congratulate the Proprietors on that circumstance, be-
cause although they had heavy demands to meet, still
they kept up their funds.—(Hear, hear.) There was
one circumstance he wished to allude to, which was that
a rest had been laid up for the Proprietors, so that such
Proprietor was certain of securing the sum of 201. per
annum. That rest was still on the increase. So that
while they were increasing their funds they were at the
same time making another bnefit by securing to themselves
this sum of 201. per annum. The Directors were ex-
ceedingly anxious to answer any question that might be
put to them, and he would conclude by calling on the
Secretary to read the minutes of the last meeting.
The SECRETARY then read the minutes of the last
meeting, which were confirmed.
The SECRETARY then read the Report, which stated that
the Society was in a most prosperous condition. The num-
ber of members was 136. The amount of annuities
granted was considerably larger than that of preceding
years. The amount of each annuity was 221.75. Id.
It was then moved and seconded, that the Report be
adopted, and that it be printed, and a copy sent to each
Subscriber, which was carried.
Mr. STEWART said the time was now come when a
complete change would take place in the management of
the Institution, as it was henceforth to be conducted
under the auspices of Actuaries, and it behoved the So-
ciety to look well at the persons they placed in that
office. They must be persons.of known respectability ;
and he therefore begged to move that the name of Pro- 1
fessor De Morgan be placed as one, as a man of the
strictest integrity;talent, and principle.
A PROPRIETOR asked if Professor De Morgan was
competent to act as an Actuary ?
A SUBSCRIBER said that Professor De Morgan had
acted as Actuary for five:or six years in a Society of a
similar description, and had saved that Association, by
his services and talents, from great expense, and perhaps
from ruin.
After some little discussion,
, The CHAIRMAN said the Directors were very anxious
that all information should be give to the Shareholders.
were On the part of the Directors he. would say that they
very much pleased that the matter had been taken
up by the members themselves, and they were glad they
had chosen
hitherto acted
a gentleman themselves ; but he hoped they
named, as all theacintifnogrrTt
would have no objection to the gentleman who had
quire must come through withon theli
r.
D e
Morgangentleman
wouldthey hraed.
[ix:chem. He would again express
the satisfaction of theu
that the
their
at the members having
put
aruodwn account.
taken this subject up on
carried.
The motion was then
Mr. PAYNE proposed
be printed at least ten days been
round to the different membe
thoroughly know what they were goinr, t
The CHAIRMAN said, that from what
Report of the Actuaries
Ye the meeting, and sent
hers, in order that they might
ohemeet
could learn
withouto
of Mr. Payne's motion, he wished that the reports should
be at once printed, and sent forth to the public,
the Directors seeing it at all.
Mr. PAYNE said such was not his intention.
The CHAIRMAN said it would be much better first to
submit it to
mthieghßtohaerial,voaisded
th.ere might be many discre-
pancies Mr. PAYNE said the Directors misunderstood what he
by the Board, that
proposed, which was, that when the Report was
by the Actuaries, and inspected , that
member, and then
the matter into consideration.
a meeting called to take
printed copies should be sent to each.
After a rather stormy discussion,
Mr. PAYNE said, he could have but one object in view,
which was the best mode of obtaining information for the
Members, but as there was so much opposition he would
withdraw his motion ; but he hoped that time would be
given on all occasions to consider the various Reports.
The CHAIRMAN said, they should have as much time
as they thought proper for the Proprietors to examine
the Reports. Let them determine amongst themselves
what it should be, whether it was ten or twelve days, and
the Directors would readily agree to it.—(Hear, hear.)
Captain BARKER would ask, whether the Report of
the Actuaries would be final ?
The CuniamAN said, the Report of the Actuaries
would be laid before the meeting, and the meeting would
undoubtedly have a right to examine these Reports, but
he felt those Reports would always be satisfactory.
After a short conversation the subject dropped

The CHAIRMAN then said that it devolved upon the
meeting to elect two Directors to fill the room of General
Paltby and Mr. J. W. Burge, who retired according to
rule, but who were eligible to be re-elected. He begged
to ask if any member had any objection to those gentlemen
being elected again ?
A PROPRIETOR wished to know what their attendances
at the Board were ?
The CHAIRMAN said the Directors never failed to
make a Board, in fact he might say they were frequently
overboard—(Laughter)---for they were sometimes too full.
The two gentlemen were then re-elected.
Mr. RUDDICK said he had great pleasure in bringing
to their notice a gentleman whe had been one of their
earliest Directors. A gentleman, whose ardour was
untiring, but who was obliged to retire from the Direc-
torship, as he could not then pay requisite attention;
but he was now an idle man, and had plenty of time on
his hands, and he begged, therefore, to propose Mr.
Croft for the office of Auditor, in the room of the late
Mr. Stephenson.
Mr. STREET seconded this motion which was carried
unanimously.
Messrs. Lord, Page, Perrier, and Grey, were then
elected as Auditors.

The CHAIRMAN here said he had just received a letter,
which called him away on urgent business, and he begged
the meeting to excuse him, and appoint another Chairman
in his stead.

Captain REAv was then proposed and took the chair,
and said they would have but a poor representative
in him of Mr. Jackson, but he was happy to say that
gentleman had got through the principal business.
The SECRETARY then read the necessary requisition,
empowering the Society to call meetings.
The CHAIRMAN then said he had received a petition
from a lady of the name of Thompson, whose husband had
been a member of the institution, and was lately deceased.
He was sorry to say his death was caused by his own
hand. They were aware that the Direction in such cases
had the power of returning the amount paid up to the
widow, and they had done so in this.: The petition stated
that the unfortunate gentleman was afflicted with brain
fever for several months, which at length terminated in
insanity. It called on the meeting to allow the widow
to remain on the books, as this was the only income she
had during her husband's illness, and which was entirely
cut off from her now. She had a family of ten children
entirely helpless.
Mr. PAYNE said he thought the Directors had shown
a proper discretion with respect to the refunding
the paid up amount of the deceased Mr. Thompson, and
he should not have offered any objection to the petition
of the widow, if the meeting could have entertained it.
He felt warmly for the situation of the widow, and she
had his deepest sympathy, but there were interests which
they were called upon to protect independently of indi-
vidual members. Whatever might be their inclination,
they could not grant this petition, as it was utterly out
of their power; it would be illegal. As far as individuals
virent, he should be glad to give the gentleman who
brought this petition his
.address, and do all he could in
tkat way.
After a short discussion, in which several gentlemen
offered personally to assist in the charitable object sug-
gested by Mr. Payne,
The CHAIRMAN said it certainly was out of their
power to grant the petition.
Mr. STREET presented a petition from Mr. George
Walter, praying that he may not be called upon to pay
his yearly subscription, as he had suffered a loss of
11,0001. by the Greenwich Railway Company, and
grounding his claim upon the services he had rendered to
the Company, he being its first promoter.
Mr. PAYNE opposed this on the same principle as the
last. In this case, he said, Mr. Walter had received a
compensation for his services to the amount of 2001. or 300/.
After considerable opposition,
Mr. WALTER, after recapitulating the grounds of his
olaim, said he would withdraw it altogether.
A PROPRIETOR asked what the expenses of the year
were ?

The SECRETARY said they were—Civil, 8361. 7s. 6d. ;
Naval and Military, 481. 3s. 9d. ; being, altogether,
8841. Ils. 3d., including all expenses of salaries, &c.
The income for the year was 25,2221. 4s. 7d.
Thanks were then given to the Chairman, and the
meeting adjourned.

PROTECTOR LIFE ASSOCIATION.
The Annual General Meeting of the Subscribers to this
institution was held yesterday afternoon at the London
Tavern, for the purpose of receiving a statement of the
accounts, the Report, and to elect Directors and Audi-
tors for the ensuing year.
NATHANIEL GOULD, Esq., took the chair, and opened
the meeting :—Gentlemen, your Directors have much sa-
tisfaction in meeting you- again, and, apparently, all in
good health. Now, for the sixth time since the es-
tablishment of this Society, and in presenting a Report,
which, on the whole, and to those who in public matters
are not too sanguine, will, it is trusted, give sufficient
proof of our well-doing hitherto, and a full and fair an-
ticipation of satisfactory progression. It will be remem-
bered that this is the first meeting after the first rest or
balance, at which rest the interest to Shareholders was
raised to five per cent., and a bonus to the insured de-
clared. The number of policies issued by the Company
has been 1,040, of which 875 remain insured for
689,4261., paying premiums amounting to 25,170 Z Ils. 9d.
per annum. The income of the Company for the last
year is 29,2251. 10s. 6d., showing a surplus over the
payments of 11,5191. Bs. 3d., which sum added to the
assets declared at the last annual meeting, makes the
available property of the Company 104,765/. 2s. 7d., be-
ing, as already said, an increase on the last year's
balance of 11,5911. Bs. 3d. The mode in which this
large sum is invested, the accounts verified by
the auditors, and now on the table, will ex-
plain that it yields an interest of nearly 43- per cent.
The expenditure of the year is 17,7061. 2s. 3d., and is
thus made up:-4,000L paid to the Proprietors in interest
and bonus ; 8,2731. 12s. 6d.. claims from twelve deaths,
and bonuses thereon ; 2,5771 3s. 2d., policies purchased,
assurances, and annuitants ; 1,8191. 4s. id., charges on
trade, salaries, rent, rates, advertisements, and office
charges ; 436/. 2s. 6d., expenses atteading the adoption
of the New Equitable West-end Branch ; 600/. to your
Directors for management; of which, including the adop-
tion of tho West-end New Equitable, 2,8551. 6s. 7d., is
the entire expense of carrying on the Company. The
number of policies added during the last year is 161,
for insurances to the amount of 129,604/. ; paying for
premiums, 6,161/. ss. Bd. This increase is larger than will
have been expected, but it is principally to be attributed to
your Board of Directors having, after serious delibera-
tion, determined to adopt, so far as practicable, the busi-
ness of the New Equitable Society, which did not appear
to its Directors to show sufficient prospect of increased
business to bear the expenses of a separate management.
The New Equitable was a Western office, and offered a
fair opportunity for trying the value of such an adjunct
to your establishment. It has not yet been long enough
in existence for your Directors to determine on
the value of its continuance. They, however, hope,
and trust that they have increased the friends as
well as the funds of the Company by this proceeding.
Among the features of the working of the office of last
year, is the almost abandonment of the advertisements,
as compared with other offices ; and it is believed that
the expenses incurred by engrafting the New Equitable
upon the Protector has bedn greatly less than would
have been the expense of advertising to such an extent as
to have, by possibility, gained a similar increase. The
advertising system is one of enormous expense, and of
which the benefits are with difficulty ascertained. It
may, however, become a question with your Directors
whether a trial of advertising more generally and ex-
pensively for one year may not be worth making. I
think the Proprietors will be gratified with the results
of the year's business, which I have attempted to give
in a condensed manner, but which will be found more
at length in the Report. And, I would say, the more
satisfied, when they consider the extraordinary extent
to which competition in such business has lately been,
and is still carried ; and when I inform them that I
have reason for believing that about thirty offices for
Life Insurance have sprung up, with mushroom speed,
since this office was established in 1835, and that se-
veral are at this time in embryo, notwithstanding that
five or six have either broken up, or silently glided
into the embraces of other more fortunate ones—an
example which, it is not improbable, the others may follow.
I think, too, from general information, that though some
offices of a similar standing to the Protector may show
larger incomes, they may not, perhaps, show so large
funds. Gentlemen, there is one question which was
mooted at the last general meeting, that requires a word
or two from me, although it is gone into at length in the
Report; it is regarding the compulsory clause in respect
of Shareholders. Your Directors are not prepared to
recommend its abolition. The limited number allowed
to be held by an individual does, indeed, prevent these
shares being purchased as an investment, when brought
into the market ; but to those who are already Share-
holders within the limit, they offer (to their extent) a
favourable purchase, as they do also to others contem-
plating an insurance • but the market value in the Stock
Exchange list can little affect the well-being of the Com-
pany. As to the continued and progressive advancement
of the Society, it is neither on the nominal value of its
shares nor on expensive advertising that it does or must
mainly depend ; it is on ourselves, Gentlemen. Yes
there are enough of ourselves to carry the Society into
the first rank of competition, if we will to do so. We
are men of business, and our list of Proprietors will
show that, as such, we are not without character as mer-
chants, or moral influence as men ; moreover, we
are parents, sons, brothers, guardians, partners ;
and in each of these characters, a reference to life
insurance may be useful ; may be prudent ; may
be necessary—we have marriage articles from chil-
dren or sisters to consider, survivorships to look to,
tho withdrawing of partnership money to provide for ;
and in many other ways will the varied system of busi-
ness in the Protector assist and befriend us. Let us, then,
gentlemen, determine to support our own establishment ;
let us, like Highlanders, put " shouther to shouther ;" let
us determine to make a "long pull, a strong pull, and a pull
altogether," and carry with us the Protector Life Associa-
tion into the van of the many others who are proceeding
on the same track. Gentlemen, the Secretary will read
the P:inenp,:osr,t, after which IVe shall be happy to hear, and
to answer, to the best of our ability, any questions that
may be
rotation,
and proposed.
nadnjde
rt
nh
eNti Vrg
retirement
tai will then proceed to the election,
reasonof
0e
xt?ireet
four Directors, in the room of Messrs. Blount, Bur-
by
have
Oxley again offer dieters;
regret.o Irm o,t3l—rn
ettnhshtreesofivfrastethatehn Robinsonrci
aeiesesto
gentleman
Rennie,
the
menn geda oni
direc-
tion,
I am happy to say that e_Alvitere.ss,
Tahn.ods
.one
oodfd
iy
no
gu
tro
no Auditors,ne of
.Mr. Ralph Charles Price ; and for the vacant Auditorship,
the
e ejTy
elhadet e.
SECRETARYT Directorshopr
principal
iftphatehlneri
that
te
heßeport,
were Equitable,
warecapitulated
wa op hf eyer sh
Chairman in his speech.
Th e CHAIRMAN then sa eda med
twhs t
them that the gentlemen proposed for the offices of Direc-
tors were just the same number as there were offices to
to'whibinagrayfostrrehmel:-
fill, therefore he apprehended they would require no
ballot.