The Sun.
London, England, 1848-03-15 00:00:00

PROVIDENT LIFE OFFICE.

The Annual General Meeting of the proprietors of
this institution took place at the head office in Regent-
street, on Tuesday, March 7.. The attendance was un-
usually large.
The Rev. J. SHERMAN, having been unanimously
called to the chair, proceeded to address the meeting, in
a speech which elicited from his auditors repeated marks
of warm admiration. lie traced the progress of the
institution from its first establishment, in the year 180111,
when the shareholders subscribed a capital of 25,000 L
for the purpose of carrying out the infant scheme, up
to the present moment ; when, having passed through
the various stages of its career to its now vigorous days
of manhood, those parties who had confided their bate-
rests to its care saw themselves possessed of a capital of
no less than 1,231,647/. 14s. Id. He remarked, that
the shareholders' portion of the profits being leas than
one-twentieth part, the society might almost be eon-
sidered as a mutual society, in which the profits are
wholly divided among the policy-holders, but with this
advantege, that although 25,0001. only had been sub-
scribe 6, the shareholders guaranteed a capital of
250,000/. The present flourishing condition of the
society renders the probability of any call being made
upon that fund extremely improbable ; still it is an ad-
ditional guarantee for the security of the policy-holders,
and was in the outset the foundation upcn which the
society started, and without which it would not have
gained the confidence of the public. During the period
of forty years, said the Reverend Gentleman, we have
paid in claims no less a sum than 1,677,0001., of which
529,215/. was for bonuses or additions to those sums
which by our policies we agreed to pay to our clients.
He dwelt with much heartfelt gratification upon the re-
flection, that the society had during that time alleviated
the distress of many a widow and orphan, and expressed
his fervent hope, that the benefits to be derived from so
excellent an institution would henceforth become still
more widely known. This he felt especially anxious
should be the case, because they were now met to learn
the result of a sixth septennial investigation of their
affairs, and the accounts laid before the meeting showed
that the advantages which would be obtained by all per-
sons effecting insurances in the office were of no com-
mon description. After providing for all liabilities, a
surplus profit of 449,689/. 1 Is. 3d. will be left, one-hilt
of which amount will be divided among those policies
already existing in the office, and the other half,
224,844/. 15s. Bd., will be reserved as an additional se-
curity to the policy-holders, until the next septennial
division in 1855, when, as upon the present occasion, it
will be added to the accruing profits, and form the fund
out of which the bonus then to be declared will be pay-
able. He drew attention to several instances of the ex-
traordinary additions that would be made to existing
policies on the present division ; in one case the amount
being increased to more than double the sum originally
insured. The Rev. Chairman then took the opportunity
of stating to the meeting, that the directors were most
anxious to carry out every improvement of which the
principles of life insurance were capable, and that they
had consequently determined, among other important
measures, to adopt a new system of tables, calculated
upon the more accurate data which the extensive expe-
rience of life insurance had recently placal within their
reach ; and, secondly, to give a prospective bonus, the
effect of which will be, that every policy lapsing during
the interval between two septennial divisions, will par-
ticipate in the profits up to the time when the life shall
fail.

CHARLES WARWICK, Esq., expressed his hearty cos.
currence in the proceedings of the day. He had not,
until recently, entered attentively upon the considera-
tion of the affairs of the office, but he was glad to say.
that having done so, he found them in a state of prospe-
rity which far exceeded his expectations. He looked
forward with great confidence to the best results arising
from the united exertions of the directors and share-
holders, and passed a high eulogium upon those gentle-
men who had brought the office to its present highly
satisfactory condition. He ended a very able speech by
calling upon the meeting to join him in the following
cordial vote of thanks to the Managing Director :,
" Resolved—That the most cordial thanks of this
meeting be given to J. A. Beaumont, Esq., the Manag-
ing Director, for the very great attention and seal he has
displayed in the management of the society ; and that
this meeting have great pleasure in acknowledging the
very satisfactory state of its funds to he mainly attri-
butable to his personal and efficient services."
This resolution was unanimously agreed to.
The Hon. ARTHUR Ktxx.s.ilta. rose to call the atten-
tion of the meeting to the advantage which the society
had that day derived from the presence of the Rev.
Gentleman in the chair ; he had listened to the very
able exposition of the affairs of the office, as all. he felt
confident, had done, with much pleasure ; he had also
witnessed with sincere admiration the truly Christian
feeling with which the Rev. Gentleman had enlarged
upon the high duties and the extended benefits which
attached to this and similar societies. He knew that
he need say little in moving a vote of thanks to the
Rev. Gentleman for his very kind and efficient labours
on this occasion ; his character was so deservedly re-
spected by all who knew him, and the shareholders
of this society were, moreover, so deeply indebted to
him for his persevering exertions in their behalf. The
Hon. Gentleman concluded by proposing a vote of
thanks to the Chairman, which was carried unani.
mously.

METROPOLITAN DESTITUTION.
In reply to two communications addressed to Mr.
Lumley, the proprietor of the Italian Opera House, from
Mr. Cochrane, the chairman of the Poor Man's Guardian
Society, askieg the former gentleman to sot apart a
night for the pecuniary support of the Leicester•square
soup kitchen, the following letter has been received :
" March 13. 1848.

" Sir,—ln answer to your application on behalf of •
charity, I have the honour of repeating what I observed
at our late interview, namely, that a night on behalf
of the poor of the metropolis has been long contem-
plated. I have only to add at present, that it will
immediately take place under the highest patronage.
I had only awaited this decision to answer your first ap-
plication.—l remain, sir, your obedient servant.
" C. Cochrane, Esq." " B. LUMLEY.