The Sun.
London, England, 1846-12-16 00:00:00

The financial statement was then read in detail, and
exhibited a nett balance of 299,6751. 12s. 4d. on the 20th
of Novemter last, to which period the annual statement
was made.

The CHAIRMAN proposed the adoption and printing
of the report and accounts for circulation amongst
the shareholders.
Mr. CASH seconded the motion. _

Mr. TYLER wished to say one word with respect to
the report. He had waited for some gentleman to rise
and propose its adoption, because he thought it was the
most gratifying report they had ever had the pleasure
of receiving from their directors.—(Cheers.) Those who
had paid any attention to the subject of life policies,
and to the progress of societies of this kind, could not
fail to be struck with the extraordinary progress of this
institution. He had given bis attention to the matter,
and he thought he was perfectly justified in saying that
no society in his experience had progressed with a ra-
pidity at all equal to the progress of this provident in-
stitution.—(Hear, hear.) It had only been established
eleven years ; and it would hardly be believed, but he
had the figures to show it, that it had issued in that
period nearly as many policies as the Great Equitable
Insurance Company had issued in 80years.—(Cheers.)
The motion was carried unanimously.
The CHAIRMAN said, in accordance with the third
rule, two directors—namely, Mr. Joseph Hargrave and
Mr. Richard Shortridge—went out of office, and that the
two candidates who had offered themselves were Mr.
William Millar Christie and Mr. William Tyler, whose
election he proposed, and they were accordingly elected.
Mr. CHRISTIE briefly returned thanks.
Mr. TYLER, in returning thanks, congratulated the
meeting on the improved condition of the Institution.
The conduct of the chairman at the three great meet-
ings had been most praiseworthy. If every any
poor, unlucky wight required a fair and candid hearing
from any meeting ho did that time last year,
and he wished to express his sincere obligations to the
chairman tor the fair hearing which he obtained for him
on that occasion. He (Mr. Tyler) was placed in a po-
sition of extreme difficulty, but the straightforward and
honourable conduct which distinguished the chairman
irn that occasion, though he stood almost alone, enabled
him to furnish a satisfactory statement to the meeting.
If at a time when he was little known he received kind-
ness from the members of the society, he did not hesitate
to accept office now, when he was more used to its af-
fairs, and could, besides, be of more service to it. The
institution was only beginning to emerge from
comparative obscurity to a position of consider-
able importance, and -therefore he felt much honoured
by being solicited to take a seat at the board.
When he found that in its eleventh year it had
issued 1,005 policies, and that the Equitable, which
had been established eighty years, with its 9,000,000/. ot
capital, bad only issued 162 in the course of last year,
and when he looked at the principles on which it was
established, he thought he ought to predict for it the most
unbounded success.— (Cheers.) This would be the more
evident when he stated that they had 5,926 policies, and
that the Equitable had only 6,1-10.—(Cheers). This was
an inducement to the friends of the Institution to make
its advantages known, because additional policies could
not be otnerwise than beneficial to all. He had done so,
and would continue to do so. He thought he was the
first member that had been returned to their House
under the Reform Bill.—(Cheers.) He would do all he
could to benefit the Institution, but when he ceased to
do, he should not continue to fill the office to which they
elected him.—(Hear.)
Mr. REED proposed Mr. Aleaander Scrutton, Mr.
William S,nith, and Mr. Robert Ganneron to fill the
office of auditors for the ensuing year, and to have a fee
of 10/ 10s. each, which was seconded by Mr. HARDWICK
and adopted.
Mr. SCRUTTON briefly returned thanks, and in doing
so stated that the accounts from the commencement ot
the institution had been kept with the greatest accuracy,
and that vouchers for every payment were produced.
lie had not had occasion to make any complaint during
the whole of that period.
Mr. SMITH also returned thanks.
Mr. REED returned thanks for Mr. Ganneron, who was
absent.
to the airectors was one o ex reme e
The CHAIRMAN then introduced to
fthe
tmeetindgra
subject which
lloßt ythtehier
caamceyn,
amended
rulesremunerationther for
d theirservices.eea
d so. The alteration
meeting to i w(aHs
etah er. re. for:
atsheonperomvionscte
accept-
able etphte-
own remuneration;
able to the directors.—%
usually attended the ine
the average number was
A GENTLEMAN inquired the number of directors who
The CHAIRMAN replied
nine or ten, but as the thattw'o
t of residing in the
drawn seldom attended, on account t
attend the future
country, the number they gentlemen who had with-
expecte
meetings would be twelve or thirteen:),
ex
medical members. Orioinally they had
ocnluesimveeeoufngthea
w. ek, but the increased business made two necessary.
The remuneration at these meetings averaged 14s. or
155. each.
Considerable discussion ensued on the matter ; one
gentleman proposed 80Z each, whilst another submitted
that 1,0001. should be voted to them as a body, and its
division left to themselves. Another held that they
should be paid a certain sum. each as often as they at-
tended. It appeared that they had received
l
duAritnrg. tHheoLpßaostnNo
year.cnsidered that they ought to give
muchLaaty eartrie
ample remuneration to those who had conducted their
affu
they had
daoonmlyurcehceadvantageooolll.o
~
b
Equitable
gave 2,0001. to their directors for the
theat irs
the institution.
with so ability
amendment that they
same period. He moved as an en
should be paid IL Is. each for every attendance
A GENTLEMAN seconded the motion,
re onerous than
purco-
earn:des
pe.eriobservedty t h e
by
b s
that as the institution was increasing in y
duties of the directors would become mo
at present, and that they ought to be compensated.
Mr. BARCLAY considered that the remunerationa
osedwashardlyinadequate
sufficient for "such
to
h valuablepay their services, n
instanced it as coach fare.d
paltrySuchterms.
T
servicesnu
remunerationought not to
" measured
theyreceived was
smaller than that awarded to the directors of any simi-
lar institution of the kind.

The CHAIRMAN explained that they were frequently
offered mortgages, in order to ascertain the value of the
property. It was necessary for the directors to be most
correct in these matters, to go into the country to ascer-
tain its value. As this entailed great expenses• upon
them, they were allowed 31. 3s. a day whilst out of
town.

Mr. ANSELL said that his avocations led him to be
acquainted with institutions similar to the present, and
also the remunerations given to directors in several in-
surance companies, and from that knowledge he felt
bound to say that the remuneration given by this society
to their most efficient and skilful directors was far less
than that of any other institution of a similar description
in the metropolis.—(Hear, hear.) Looking to the large
amount of the receipts of this institution, he thought the
society ought not to consider whether their directors got
a guinea or 255. for every meeting they attended, but
thLt their best course would be to vote a certain sum for
the directors, leaving it to them to divide it among
themselves as they thought best.—(Hear, hear.) He
thought that the sum of 1,500/. at least should be voted
for the directors.—(Hear, hear.) He would, therefore,
move that that sum should be given to the directors for
their services for the ensuing year,
Mr. HAYWARD seconded the proposition.
The CHAIRMAN begged to inform the meeting that
the remuneration they were now calling for was for the
ordinary directors; they would have at a future stage to
ask the meeting to remunerate their medical directors.
—(" Hear, hear ;" and cries of " We know that.")
Now, with respect to the proposition for giving
the directors 1,500 L, he had to state, after a short con-
sultation with his colleagues, that, although they were
highly gratified with the unanimity that appeared to
prevail in the meeting with respect to it, they did
not require so large a sum.—;Hear, hear.) He thought
that 1,2001. for the directors, and loot, for the occasional
deputations, would be quite sufficient.—(Hear, hear.)
The directors, however, had no hesitation in saying that