The Sun.
London, England, 1849-10-12 00:00:00

11 12 14

Total ... 16

THE BISHOP OF LLANDAFF.—According to ac-
counts received at the deanery, St. Paul's, yesterday
morning, from Hardwicke Hall, near Chepstowe, we
regret to say no favourable change had taken place. The
right rev. prelate was suffering from extreme debility,
and, we regret to add, is considered in a very precarious
condition.

Bonn AN MiGINEEL—John Smeaton, who did
much to advance his profession in this country, may
almost be said to have been born an engineer, his genius
appeared at so early an age. his playthings were not
those of children, but the tools which men employ.
Before he was six years of age, he was discovered on
the top of his father's barn, fixing up what he called a
windmill, of his own construction; and at another time,
while he was about the same age, he attended some men
fixing a pump, and observing that they cut off a piece of
the bored pipe, he procured it, and actually made a
pump with it, which raised water. When be was under
fifteen years of age he made an engine for turning, and
worked several things in ivory and wood, which he pre-
sented to his friends. A part of every day was occupied
in forming some ingenious pleoe of mechanism—Builder.

THE GRESHAM LIFE ASSURANCE
COMPANY.

The first annual meeting of the proprietors of this
company—the purpose of which, in addition to the
transaction of the ordinary business of life-assurance
offices, is the assurance of lives declined by other
offices as not being of the first class—was held yes-
terday, at one o'clock, at the offices of the company,
Old Jewry. William Tabor, Esq., was in the chair.
Among those present we observed, Mr. Matthew
Marshall and Mr. William Smee, of the Bank of
England; Mr. John Beadnell, jun., Mr. John Brit-
ten, Mr. A. Davies, Mr. J. Lyne Hancock, Mr.
Alfred Smoe, F.R.S., &c., Mr. W. H. Thornthwaite,
Mr. George Tyler, Mr. Joseph Williams, Mr. George
Lowe, F.R.S., Mr. Ladbury, Mr. M H. Devonshire,
solicitor to the company, and Mr. Pott, the secretary
and founder of the society. The attendance of pro-
prietors was large and influential.
The CHAIRMAN called upon the secretary to read
the report, and in doing so expressed the pleasure
which he and his brother directors experienced at be-
holding so large an attendance of shareholders and
policy-holders.
Mr. T. A. POTT (the Secretary) then read the fol-
lowing report of the proceedings of the society, to the
31st of July, of which the following is a succinct
abstract :

" Your directors have much pleasure to report that no
claim has arisen by death during this first year of the
society's existence; a feet which, considering the number
assured (419), must prove as satisfactory to the members
as it is gratifying to your directors, and which it is
hoped may be taken as an evidence of the care wish
which this branch of the business has been conducted by
your directors, assisted by their medical officers. In
setting forth these advantages, and the consequent claims
of the Gresham Lite Assurance Society to public confi-
denceoafsstuhrea
numbernce a s a
of provision
ovo those
persons
su
who have
inasmuch
and support, it may in truth be said that this
society originated in the more general appreciation of
life
out
hion fo r rvii
avail themselves of its advantages, many thousands were
a to
s
sought
annually precluded by the general practice of admitting
none but such as are pronounced—upon certain
medical principles—first-class lives. This practice was
found to operate so much to the prejudice of a con-
siderable number of persons (to whom their sup-
posed physical disqualifications became a source of
additional anxiety atter the rejection of their pro-
posals for assurance), that the projector of this
society was indnced to turn his attention to the esta-
blishment of an office which, whilst it should be open for
the transaction of all the usual branches of assurance
upon first-class lives, should also embrace the novel and
desirable project of assuring 'lives which, not being
positively diseased, nor having any strong tendency
thereto,' might nevertheless be found, by the ordinary
medical standard, a little below the average of sound and
robust constitutions. It was felt to be a matter of
pressing necessity that some office should be established
on principles at once sound, liberal, and comprehensive;
and it was to meet this necessity that the Gresham'
Society, embracing especially, but not exclusively, this
particular class of business, was projected and esta-
blished, with very flattering prospects. It was supported
by the opinions and authority of some of the leading
actuaries in the profession, who did not hesitate to
express their conviction that an office based on such
principles would, if properly conducted, nut only effect
on immense amount of good, but also transact a safe,
large, and profitable business. It is, therefore, with
peculiar pleasure that your directors refer, under such
circumstances, to the statement of business transacted;
and to this they have now to call your particular
attention.

" The business transacted during the year is as follows:
—Gross sum assured by 419 policies, being the number
issued to July 31, 149,1601., producing an aunuel income
of 5,615/. 1 ls. Bd.
" Total amount of business transacted or submitted
during the year:—Proposals made to the society for as-
surance (amounting in the aggregate to 339,7241), 932;
incomplete and under consideration (amounting to
191,4521.), 229; declined (amounting to 99,1121.), 284;
accepted, and upon which the premiums have been paid,
each policy averaging 3561., 419.
" It will, no doubt, be interesting to the shareholders
and policy-holders to be informed of the number of first-
class lives assured relatively to those upon which an in-
creased premium is payable. Your directors, therefore,
furnish the following statement of each, viz.:—Pulicies
issued at ordinary rates, the assurance being on first-
class lives, 237; ditto, at increased rates, the assurance
being on lives supposed to be somewhat below the ave-
rage, 182; making the total number of policies for the
year (as above stated), 419.
"From this statement it will be seen that, had the
society's business been limited to what, in assurance
language, is termed first-class live s, its success, from the
confidence placed in it by the public, would still have
been very great. The fact of between 900 and 1,000
proposals for insurances having been made to the society
in the first year of its existence is one which, if not
altogether unparalleled, is a proof of very decided suc-
cess ; Since only one or two instances can be found—
and those not of recent date—which at all approach
to such success. It may be well to remark that many
of those who have sought to become assured with the
Gresham' are persons who not only hold a good posi-
tion in society, but are familiar with old and wealthy
corporations, and are lolly competent to judge ut the
importance of selecting a responsible society for such a
purpose. The only circumstance connected with the
business of the society apparently to be regretted seems
to be that, of those who have proposed for policies, the
directors have been compelled, after an anxious consi-
deration, to decline the assurance of so large a number.
But it must be borne in mind that the society does not
undertake the assurance of lives in a stale of positive
disease, nor even of those in which a strong indication
is given of a tendency thereto; but it seeks the assur-
ance of those lives which appear, after starching exa-
mination, to have been declined upon insufficient grounds.
Your directors would now call attention to one very im-
portant feature—and one to which they have given much
cautious deliberation—the constitution of this society.

It will be borne in mind that a company on a purely
mutual principle might have been established with
equal facility, and perhaps might have shown
superior advantages to the casual observer; yet after the
most careful inquiries and deliberations, your directors
could only come to the conclusion that the mixed mu-
tual and proprietary' was the only system with which
;hey could prudently commence a society possessing the
peculiar features which distinguish the 'Gresham. The
advantages derivable from this system to the assured are
undeniably very great, in whatever light the subject
may be viewed. In the first place, the policyholders
have the benefit of a capital fund which, if not too large
to be profitably employed, is a source of security, and
must therefore be a great benefit to the policy-holder.
This view of the question has been frequently confirmed
by members of ' mutual' societies, who purposed making
proposals for assurance to the Gresham,' and who pre-
siously to effecting a policy, have inquired the amount
of subscribed and paid-up capital, and the position of
those parties who hold shares, and as satisfactory an-
swers were given, such assurances were in due course
completed. The capital of the society is esserrially a
working capital, and is so invested as to become a very
productive source of life-assurance business. This
will be apparent when it is stated that the capital
is invested in a manner combining both safety and
profit, by loans to individu'sls effecting policies.
In no case is an advance made without unexceptionable
security, and then only on the condition that a policy
or policies of insurance are effected in connexion there.
with. As the expenses of management are borne rate•
ably by all the assurers, it follows that the greater the
number of assurances which are effected the better will
it be for the policy-holders. The capital of this society
is sufficient for the security of the policy-holders beyond
the shadow of a doubt; at the same time, it is not so
large as to make it difficult to find profitable invest-
ments. Acting, therefore, upon these impreseions, and
with the advice of the best authorities, your directors
have made the nominal capital of the society 100,0001.,
which they have divided into 5,000 shares of 201. each ;
of these 2,548 shares have been nllotted, and 6,158/. 10s.
paid, which shows an average of 21. Bs. 6d. per share.
This is more than is customary for assurance offices to
receive on each share ; hat your dirfctors feel convinced
that a moderate capital is not only desirable, but essen-
tial, at least during the earlier years of a society of this
nature. In connexion with this branch of the subject
there remains to be noticed one important reservation in
the society's deed of settlement; and that is the power
therein contained of converting the society into one on
the purely mutual principle whenever such a step shall
be, in the opinion of the members, a wise and prudent
measure. As might have been expected, the services
required, and the charges in respect of many items in
the account of the first year's expenditure, are compara-
tively heavy; but the necessity for them was imperative.
The preparation of the deed of settlement, the heavy
fees payable on registration, the charges for fittings and
furniture of offices, stationery, printing, advertisements,
!ace are examples of this kind. In this society, the first
year's receipts for premiums alone have been more than
sufficient to pay the whole of the expenses of formation
and charges of management, besides leaving a consider-
able surplus, so that the capital is preserved intact. A
still more favourable view remains; for as by the provi-
sions of the deed of settlement the preliminary expendi-
ture may be distributed over a period of seven years, no
less a sum than 2,2911. 13s. 61. Irons premiums received
would remain to meet any claims which may arise alter
having charged the first year's premiums with its propor-
tion. During the past year about two hundred agencies
have been established througkout the kingdom, together
with the usual means and appliances necessary for con-
ducting the business of such an institution. Your
directors have, nevertheless, studiously avoided all ex-
penditure of a speculative character, and confined the
expenses to actual matters of business; and it will be
seen that the expenses have been entirely due to the
large amount of business transacted. It must be con-
ceded that it is of the utmost importance to the society,
as well as to the policy-holders, that on every lite
assured a sufficient premium should be charged to cover
the risk incurred; and therefore some of the assurances
effected in this society have been, and must be, subjected
to an increase of premium proportionate to the risk, and
of course dependent upon the peculiar circumstances of
the case. But this extra rate is not necessarily a con-
tinuous charge; on the contrary, the privilege of a re-
consideration of such case is conceded at intervals of not
less than one year, when, if the improved condition of
the life assured be such as to justify the directors In
making a reduction, they invariably reduce the charge.
It gives your directors much pleasure to state that
in some instances this reduction has already been made,
after a careful re-examination had satisfactorily shown
its practicability consistently with the safety of the office.
But besides this advantage (which Is peculiar to this
society) your directors cannot forbear to remind you that
in the event of such extra charge being found excessive,

the proportion of such excess is certain to return in an
improved ratio to the holder of the policy in the shape of
a bonus at every division of profits—four fifths, or 80
per cent. of such profits being set apart for this especial
purpose, and a separate account is expressly kept of this
brunch of the business as fully set forth in the pro-
spectus. The members of this society will, therefore,
readily approve of the determination of the board of di-
rectors not to accept any assurance without a rate of
premium which is fairly equivalent to the risk.
Your attention is now called to the facilities
offered by this society for the prompt transac-
tion of all business presented at the head of-
fices in the Old Jewry ; as in consequence these of it
frequently.happens that a proposal is sent from the coun-
try and a final answer returned within a few hours. To
those engaged as life-insurance agents these facilities
are of great importance; and many agents who have had
proposals declined by their own societies, have retained
the cases until they have received a reply from this
office, and frequently, instead of having to communicate
to their clients the unwelcome intelligence that the pro-
posal is altogether ' declined,' have had the more pleas-
ing and satisfactory task of reporting its acceptance by
the society. It is almost unnecessary to add that the
agents, as well as the assured, have spoken in terms of
satisfaction of this course, the advantage of which they
could not fail to appreciate. Your directors have also
grew; pleasure in stating that a large majority of the
most respectable assurance offices are so fully aware of
the advantages of this system to themselves, that they
have afforded their cordial support to this society,
which, by extending the practice of life assurance, be-
comes of interest in a national point of view. The
Gresham Assurance Society already;, numbers nearly
600 members; it therefore follows that, if each
one would add one friend or acqoaintance
to the number, such an accession of strength
would result to this society as would place
it in the first rank of the insurance offices of Great
Britain. Your directors believe that there are but few
amongst you to whom this effort would be either un-
pleasant or unprofitable; as doubtless each of you have
some relati►e, friend, or acquaintance who has, up to
the present time, overlooked or neglected to make this
necessary provision for those depending on him; for it
is a well-known fact, that the majority of these assu-
rances which are at present annually effected are not
assurances effected for this laudable 'purpose, but are
generally in connexion with some financial transaction.
From statistical returns, it appears that not more than
one in fifty of the entire adult population have hitherto
availed themselves of the advantages of life assurance!
which shows the ample field which is still open for your
exertions. Your directors need hardly remind you that
should your endeavours be crowned with success but in
a solitary instance, you will have the satisfaction of
knowing that you have induced one, at least, of your
fellow-men to turn his' attention to a subject which
will prove a source of comfort to himself during life,
and of independence to his family after his decease.

" STATEMENT OF BUSINESS TRANSACTED DURING
THE TWO MONTHS 01 AUGUST AND SEPTEMBER LAST.

—Proposals accepted, and upon which the premiums
have been paid (each policy averaging 4321. 155.) 87;
making the total number of policies, effected to this date,
504—producing an annual income of 7,1401. 4s. 2d."
The report was much applauded.
The CHAIRMAN, in moving the adoption of the
report, said that it would be almost unnecessary for
him, after the copious and explicit report which they
had beard read, and which exhibited so great an
amount of prosperity, to enter at any length into an
elucidation of the matters upon which it treated,
since there were many gentlemen present intimately
acquainted with the operations of life-assurance
societies. Indeed, were no other persons present than
the gentlemen to whom he alluded, he should not
trouble them then with any observations ; but as there
might be present some gentlemen not familiar with
the operations of such societies, and consequently as
so competent to judge of the report which the direil-

tors hail presented, or of the balance-sheet which they
had exhibited, he thought that a few remarks would
not be altogether lost.—(Hear, hear.) At the close,
he believed, of the session of 1844, their legislators
passed an Act providing that all joint-stock
companies established from that time should
be registered, and that they should furnish
from time to time balance-sheets exhibiting
their condition. Since that period.a number of life-
assurance societies, which came within the meaning
of the Act, had sprung into existence, some of them
offering various inducements to the public to join
them. Some claimed support from the well•known
character of the gentlemen constituting their boards
of direction, on which were to be found gentlemen of
the first standing, connected both with the political
and mercantile community ; and, on the other hand,
courting support on account of being enabled to
guarantee a large amount of paid-up capital for the
security of those who might assure their lives in con-
nexion with them • or offering some great and pecu-
liar advantages. Now, the Gresham, not to speak too
boldly of it, offered every advantage which an assurance
company could consistently be expected to afford;
hut, in addition, it presented one or two advantages
which were altogether peculiar to it. The preliminary
and working expenses of the company amounted to
4,541/.143.8d., whilst the premiums realised during the
first year amounted to 4,8371. 4s. 7d., showing the
entire amount of these expenses to be 3001. less than
the premiums received during the first year. This,
indeed, he believed, was a circumstance upon which
they might congratulate themselves ; but, in order to
show the advantageous and encouraging position in
which they stood, it would be no unprofitable task to
contrast their preliminary expenditure and the entire
expenditure of the first year with that of other offices.
—(Hear, hear.) He held in his hand a return, printed
by order of the House of Commons last session, which
contained the balance-sheets of the companies esta-
blished since the passing of the Act to which he had
referred.—(Hear, hear.) In dealing with anything
that appeared in that return, he did not feel that he
was called upon to exercise any particular delicacy in
any references he might make, since the return
was strictly speaking public property.— (Bear,
hear.) From one return it appeared from the
balance-sheet of a Life Assurance Society, that dur-
ing the first nine months of its existence it had received
571/. 93. 2d. as premiums, and expended during the
same period no less a sum than 4,800/. It appeared,
therefore, that the expenditure was seven times
greater than the receipts from premiums.—(Hear.)
He wished the shareholders to understand that the
instances he was quoting were not singled out for
any invidious purpose, but indiscriminately,
in order to show the position of the
Gresham as contrasted with other societies. The
lion. Gentleman then cited the receipts of one or two
new assurance companies, an account of premiums,
and the amount disbursed in management, to show
in how much better a position the Gresham stood
than any of them, He had looked for the best
accounts that he could find, and the result was that

it appeared another company had during eighteen
months received 3,6711. 19s. in premiums, and had
expended 3,4041. 55., leaving a small surplus of 2001.
of premiums over the expenditure. But the last office
referred to had a paid-up capital of 35,2921., which, of
course, being supplied, by a large number of indivi-
duals, had better facilities of obtaining policies. It
was unnecessary for him to go further, because the
shareholders must be convinced that their operations
had been most successful.—(Hear, hear.)
A SHAREHOLDER said no balance-sheet appeared to
have been registered by this company.
The CHAIRMAN replied that the return was
made up to the 2d of April last. The Gresham was
at that time in an infantile state, and had not com-
pleted its first financial year.—(Hear, hear.) If the
shareholders and policy-holders, who had been invited
to attend the meeting, would refer to a printed
statement of the gradual advance the society had
made since its establishment, they would perceive
the great progress it had made in public estimation.
In the first quarter they issued sixty-three policies, in
the second ninety-five, showing an advance of 50 per
per cent ; in the third 114, showing great progress,
and in the fourth 147.—(Hear, hear.) Having stated
that he should feel happy to reply to any question,
the chairman concluded by moving the adoption of
the report aild balance-sheet.—(Hear, hear.)
Mr. 111AasnALL (of the Bank of England) seconded
the motion. It was utterly unnecessary for him to
enlarge upon the success which had attended the
society, seeing that so ample and satisfactory a report
had been placed in the hands of the shareholders.
He should, therefore, simply confine himself to con•
gratulating the shareholders on the eminent success
which had attended the institution during the short
time it had been in existence.— (Cheers.)
Some discussion and satisfactory explanation have
taken place with respect to one or two of the items in
the balance-sheet, with which the meeting appeared
much satisfied, and in the course of which the small
amount of the expenses of the society was much
praised, the motion was adopted unanimously.
Mr. ALFRED SMEE, in rising to propose the next
resolution, said that it was considered highly desirable
and absolutely necessary that the most decided
and efficient check should be kept upon the accounts
of all public companies. Unless the accounts were
duly audited by talented and well-known auditors, in
order that the authority of their names should bear

testimony to their correctness, it was impossible that
any feeling of confidence could exist in the public
mind. A large and increasing company like their
own required a number of books, and the board of
directors had appointed three gentlemen from amongst
themselves to audit their accounts every month; but
at the end of the year, according to the deed, a
balance-sheet is prepared and carefully examined by
the public auditors, who are gentlemen of undoubted
character, high standing, and ability. Such is the
system which had been pursued in that com-
pany. The names of the gentlemen who filled
the situation of auditors of the company
were known to the public, for he need hardly
remind the meeting that Mr. Ladbury was a
public accountant of high reputation—(Hear)—
that Mr. Perry, of Cornhill, was confidentially con-
sulted by all commercial men.—(Hear, hear.) But
besides these gentlemen, it was considered desirable
that a gentleman conversant with mathematical
science should be also attached, and he might truly
say that Profeaor Daviea, F.R.S., wita one of the

first geometricians and mathematicians in Europe—
(Hear)—and perhaps it would be needless to state
that Mr. Lowe, F.R.S., was known in every city
where gas•lighting was introduced as the first engi-
neer upon that subject.— (Hear, hear.) The value
of the names of gentlemen could not fail to have
much influence with the public, and he had therefore
great pleasure in now moving that a vote of thanks
and thirty guineas be presented to their four auditors,
Mr. Professor Davies, Mr. G. H. Ladbury, Mr.
George Lowe, and Mr. Thomas Perry, for their great
zeal and ability.
This motion was seconded by Mr. HILL, and carried
with applause.
Mr. BRITTEN said the following directors retired by
rotation :—John. Beadnell, jun., Esq., Alfred Smee,
Esq., and George Tyler, Esq. The deed of settle-
ment required that three directors should annually
retire—the three were selected by ballot, and the
chance had unfortunately fallen upon the three gentle-
men he had named, who had shown themselves most

efficient in the discharge of their duties, and whom
he was sure they would unanimously regret to lose.
He believed the shareholders would consult the inte-
rests of the society by re-electing them.— (Cheers.)
The motion was seconded by Mr. PATTERSON, and
carried unanimously.
Mr. TYLER expressed his acknowledgments on be-
half of himself and colleagues for the honourable
position in which the shareholders had placed them.
It had been their privilege and their pleasure to give
their time and attention to the business of the office,
and the result of their labours, in common with their
brother directors, was before them. They could only
say that during the forthcoming year their exertions
would be devoted to increasing the business of the
office; and he confidently hoped that on the next
occasion they met the proprietors they might be
enabled to say that the business had been trebled.
The Rev. Mr. TYLER proposed that Professor
Davies and G. H. Ladbury, Esq., be elected auditors
on behalf of the shareholders, which was seconded by
Mr. SOWELL, and carried unanimously.
On the motion of Mr. BURR (of Rochester), George
Lowe, Esq, F.R.S, and Thomas Perry, Esq., were
elected auditors on behalf of the policy-holders. Mr.
Burr said he had been an assurance agent for fifteen
years. He was very cautious as to the offices in
which he interested himself, but when he found an
office like the Gresham, deserving well of the public,
he gave it all the assistance in his power. He
and other agents who were present found in
their respective agencies many lives declined. He
did not mean to say that they did not bring the
offices the best lives they could find, but, nevertheless,
a number of the persons, who through them wished
to assure their lives, were declined by the ordinary
assurance offices. ow, looking at the object of
this office, and having a phalanx of good and well-
remunerated agents, it must succeed. With the ex-
cellent directors, with the excellent secretary and
intelligent officers they possessed, they must do
well.—(Hear, hear.) Since he had been assurance
agent he had received five hundred proposals, the
premiums upon which would amount to from 4,0001.
to 5,0001. a•year, which was equivalent to the revenue
of some offices which had been years in existence.—

(Hear, hear.) How many did they think out of that
number had been declined ? Forty-four who had
proposed to assure themselves for an aggregate sum
of 21,0001.—(Hear, hear.) Until the Gresham was
instituted be was obliged to tell forty out of these
forty-four persons that they could not have their lives
assured, however willing they might be to pay a high
rate. His friend opposite could tell a similar story.
Mr. GOSBELL said be had had five times that num-
ber declined.—(Hear, hear.)
Mr. BURR said, to show the advantage of the
Gresham, he would cite a case which had occurred
within his agency. A lady, aged sixty-three, wished

to assure her life for 4,0001.. She had been declined
by other offices, and he urged upon her to allow him
to propose her to the '"Gre.-tham." He brought her
up to London, and Mr. Smee called upon her (for

it appeared that no trouble was too great, and no
distance too far, if by submitting to either the one or
the other that gentleman could promote the benefit of
the institution), and at the present time this lady
was assured at the office.

Mr. GOSBELL seconded the motion. Whilst be had
been instrumental in obtaining assurances to the
amount of a quarter of a million, he had had as-
surances to the amount of 100,0001. declined.—(Hear.)
He had brought this office policies to the amount of
10,000/. during its first year—(Hear, hear)—and he
held three policies in it himself. Men were sent into
the world not merely to do good to themselves but '
to aid in benefiting their fellows. In promoting life
assurance he believed he was benefiting society at
large, and he should continue to do his best to pro-
mote the welfare of the institution.—(Hear.)
Mr. WILLIAM SMEE, trustee, said he rose
with great pleasure to propose a vote of thanks
to the board of directors.—(Loud cheers.) More
especially were they deserving of their thanks after
the excellent and unprecedented statement which
they had submitted that day of the business done
since the institution of the office.— (Hear, hear-)
For himself he must say that be should
not have consented to become a trustee of
the society, had be not entertained the highest
opinion of those who were to be entrusted
with its management—not only of their enterprise
and ability, but, above all, of the integrity of the
board of directors of the Gresham.—(llear.) The
results had amply shown that his opinion was pro-
perly based, and he could only add, that, when the
proprietors met again in future years, he flattered
himself that they should find the Gresham ranking
among the first of the institutions of its kind in this
great metropolis.--(Loud cheers.)
Mr. HILL seconded the proposition. When they
looked at the high position which the office occupied,
and bore in mind the great energy and labour that
must have been exercised to carry it to that high
position, the proprietors would agree with him that
the directors were entitled to their best thanks.

The motion was carried unanimously.
Mr. THORNTENVAITE returned thanks. He con-
gratulated the shareholders upon the different position
in which the directors now came before them than
when they had the pleasure of first addressing them-
selves to the shareholders.—(Hear, hear.) They
then promised to use their best endeavours, and to
devote their best energies to further the objects of
the society, then springing into existence. He was
happy to find that their exertions had been so far
crowned with success. The vote of thanks which
they had passed the directors felt as a mark of
confidence in their future management, and they like-
wise received it as an evidence that the proprietors
considered that the directors had done their duty
during the past year. He could assure them it should
always be their endeavour to labour to the satisfac-
tion of all the members. He hoped that they should
so conduct their business that their elder brethren
connected with life assurance would continue that
cordial understanding which at present subsisted be-
tween the Gresham and the chief offices. The direc-
tors would leave nothing undone to cement that union
more and more, for to the continuance of the good feel-
ing that at present subsisted the directors looked, to
a great extent for success. The vote of thanks was
pleasing, because they had endeavoured to make their
expenses as small as was consistent with the proper
working of the society.—(Hear, hear.) When they
became directors of the society they had no idea that
the business would have consumed so much time ; but
this arose from its great extent. They had upwards
of 1,000 proposals made to them. Now, though a
number of these were declined, and no notice taken of
them in the books beyond the mere fact of their re-
ceipt and rejection, yet as much time was devoted to
these cases by the medical officers and the directoo
as if they appeared on the books as accepted policies.—
(Hear, hear.) Indeed, he must say that the declined
cases occupied more time than the others, the directors
having considered ao trouble too great; and
they hoped next year to double or treble
the business. As the success of the office mainly
depended upon the cordial co-operation of the share-
holders and policy-holders with the directors, he
hoped that none of them would be found wanting in
the promotion of the social position of their fellow-
creatures by the aid of life assurance. In so good a
cause he hoped they would all unite, for it was one
that would amply repay them for any exertions they
might use.—(Cheers.)
Mr. WILLIAras proposed a vote of :thanks to Mr.
Smee, whose zeal and industry in promoting the
success of the society had been unwearied.—(Cheers.)
The office of a surgeon to a life assurance society was
at all times very difficult to fill ; but in their society,
where they had to deal with lives declined by other
offices, which.required the most careful investigation,
the duties of such an officer were paramount. Mr.
degree,
and possessed all the qualities in an eminent
and the results of his skill the directors had had the
pleasure that day to lay before the shareholders. But,
in addition to their duties as their medical officer, he
had devoted his pereonSl exertions to the promotion
of the business.—(Cheers.) lie would now read the
resolution :
That the best thanks of the meeting be presented
to Mr. Alfred Smee,
the society's principal medical re-
feree, for the indefatigable care, ability, and skill he has
invariably evinced in the discharge of the very arduous
labours of his office, and for the time and attention be
has devoted to the interests of the society, as the meeting
feel convinced that upon a continuance of the same con-
stant attention and talent the success of this society will
very much depend."
Mr. THORNTIMAITE seconded the motion with
great pleasure. It must be obvious to the members
that the success of the office mainly depended upon
the efficiency of their officers ; and in exact
comparison to the high standing of the office
did they require greater efficiency on the part of their
officers. Mr. Smee was a gentleman well known in the
scientific world for bis great attainments and skill in
the medical profession, besides being connected with
the largest establishment in the world, the Bank
, of England, a 3 well as several other public estas

blishments. When they had such an officer,
they ought to congratulate themselves upon
such an acquisition, and when they con-
sidered that not one death had occurred during the
past year, they must be satisfied that the lives had
been carefully selected. The possession of such an
officer was most important both to the policy-holders
and the shareholders—especially when they had to
deal with persons in robust and in an opposite state
of health.—(Hear.)
Mr. ALFRED SMEE (who was loudly cheered) said—
Mr. Chairman and gentlemen, I must confess that I
always feel great repugnance at receiving votes of
thanks for the success of any professional services I
may have rendered, because that which medical men
have to deal with—life and death—is not altogether in
their hands—(Hear, hear)—and therefore they may
often obtain merit for that which is due to a much
higher power.—(Cheers.) However, gentlemen, I
observe, as we pursue science further in the cause of
our profession, every step we take convinces us more
and more that nothing in this great universe is due
to chance, but that everything is founded upon and
governed by immutable laws. It is our duty, as
medical officers to provident institutions of this nature
to make ourselves intimately acquainted with those
laws and their operation.—(Loud cries of " Hear,
hear.") Recently we have bad passing over
this vast metropolis a devastating epidemic, not
equalled in intensity since the plague ; yet its
coming had been specially predicted; maps were
prepared of the localities which it would most effect,
and medical men, before the scourge came, were
enabled to mark out the places where the disease
would decimate the people, cutting down whole
families at one " fell swoop." The result of my ex-
perience has convinced me that men who violate God's
holy ordinances, or outrage the laws of nature in
their habits or living, will certainly suffer. It is the
duty of the medical officer of an institution like this
to make himself, as I have said, intimately
acquainted with the laws of nature, and on those
laws to make their reports, as to the value of the
lives submitted to my examination.—(Hear, hear.)
I can say truly, and without reserve, that I have
done my duty to the society, and I accept the
flattering vote of thanks which you have been kind
enough to pass to me as a testimony on the part of
those who have been before me, and of the share-
holders at large, that I have used the greatest amount
of skill at my command, and that I have done my best
to promote the welfare of the society.(Cheers.)
Mr. TYLER proposed a vote of thanks to Mr. T.
H. Devonshire, the solicitor, which was seconded by
Mr. West, who complimented the society upon the
small amount they bad charged for the legal expenses
incidental to the commencement of the office.
The motion was carried unanimously, and Mr.
DEVONSHIRE returned thanks.

It was then moved by I. LYNE HANCOCK, Esq.,
seconded by F. A. Devis, Esq., and carried unani-
mously, with much applause,
That the best thanks of the meeting be presented to
Mr. T. A. Pott, the founder of the Gresham Life As-
surance Society, and its present secretary, for the great
zeal and ability displayed by him in the formation of the
corporation, and in the subsequent conduct of its
affairs."

Mr. T. A. POTT briefly expressed his acknow-
ledgments for ;the mark of approbation and confidence
which they had so kindly expressed. He should al-
ways continue to devote his time and attention to the
interests of this society.—(Hear.)
A vote of thanks was next passed to the Chairman,
who returned thanks, and the meeting separated.