The Sun.
London, England, 1848-07-01 00:00:00

PROVIDENT CLERKS' MUTUAL

BENEFIT ASSOCIATION.

A special meeting of the members of this flourishing
society was held last evening, at 6 o'clock, at the Lor,do❑
Tavern, at the instance of the directors, in order to enable
them to state the amount of profits to which the respec-
tive assurers are entitled.

Among those present were R. 11. Jones, Esq., Chair-
man; J. W. Welsh, Esq., Deputy Chairman; W. Ratray,
Esq., Consulting Actuary; W. J. Jordan, Esq.; E.
Price, Esq.; W. S. Sawtell, Esq.; S. Nutley, Esq ; J.
J. Iselin, Esq.; S. Jepps, Esq.; G. Thomas, Esq.
Mr. R. IL JONES (the Chairman of the Board of
Management) occupied the chair. He said—Gentlemen,
it may be in the recollection of all, or at least of most
of you present, that at the last annual meeting, held on
the 17th of January, we announced our intention of call-
ing a meeting at an early period, for the purpose of di -
claring a division of profits for the last seven years,
having previously to that announcement placed in the
hands of the actuaries the data whereby they might make
the necessary calculations. In accordance with that ice.
timation we have caused you to meet here to day; and
I can assure you it gives me the greatest pleasure and
eatisfsciion to see su many pie sent, though I must con-
fess I would rather have seen a larger attendance. S
it is gratity iug that so many have attended on this in.
teresting occasion. It has been a source of the utmost
gratification to the directors to have received at your
hands, on every occasion on which they have met you,
your cordial approbation of our conduct; but when you
have been made acquainted with the contents of the re-
port, which wilt be read to you in a few minutes, I think
you will entertain, if possible, increased col,
fidence in us, for we have, as I have said,
to lay before you a satisfactory account of the progress
of the institution; however, teat is for you to judge
hereafter. I repeat, that to my mind this is a most in-
teresting occasion, perhaps the most satisfactory occa-
sion on which we have ever assembled, but I think, and
I have no doubt you will agree with me, that I may go
further, and say that we have met on an occasion which
truly deserves to be characterised as triumphant.—
(Cheers.) I think it is a triumph over that prejudice,
apathy, and indifference which beset the institution in
its early days—a triumph of honest endeavour on the
part of the managers to promote its prosperity.—
(Cheers.) The triumph is one of principle over preju-
dice; in short, to my mind, the results of the working
of the institution, which we are about to lay before you
with the moat unfeigned pleasure, is satisfactory in
the extreme.—(Cheers.) I hope you will bear with
me whilst I enter briefly into a detail of the
operations of the society in order to put you in posses-
sion of matters necessary fur you to know on an occasion
like this. This association was established, as you are
aware, seven years ago—seven years and six months
reckoning up to the time we have met; but the seventh
year of its establishment terminated on the 31st of Decem-
ber last, during which time we have had to contend with
many difficulties, but confident of the ultimate success
of the institution, we never saw occasion to despair. The
gradual increase in the number of policies issued from
year to year created confidence in our minds that the
time was not far distant when we should meet our re-
ward in the increased prosperity of the institution, and
be thereby enabled to encounter difficulties and
disadvantages which, had it been otherwise, we should
have sunk under. You will, I am sure, excuse me if
I read you a brief account of the progress of the institu-
tion since its commencement, for I am anxious on an
occasion like this to record it.—(Cheers.) In 1841 we
issued 73 policies for 14,3501., at which time our annual
income was only 498/., and our stock but 4501. ; in 1842
we issued 61 policies for 9,2501., our stock was 5501., and
our income 7141. ; 1843, 123 for 16,9001., stock 1,1001.,
income 1,296/. ; 1844, 110 for 15,9001., stock 1,700/., in-
come 1,7661. ; 1845, 211 for 33,5201., stock 1,500/., in-
come 2,63sl.—(Cheers)-1846, 374 for 89,200 i., stock
2,7001., income 4,B4ll.—(Cheers)-1847, 417 for
84,450/., stock 2,500/., income 7,368/.—(Cheers)—and up
to the present time we have issued 201 policies for
40,786/, our stock amounts to 13,000/., and our income to
B,so3l.—(Much cheering.) Altogether, we have issued
1,570 policies for an aggregate amount of 284,356/.
This statement bears me out in the observation I have
made that this society has gradually progressed,
which is far more satisfactory than rapid progress, be-
cause I apprehend when an institution becomes succes-
ful at once its managers are apt to get indifferent; we
have had to Make our way, and that gradual improve-
ment which took place from year to year encouraged us to
renewed exertions—(blear, near)—and when the result
of this day's proceedings goes forth to the world, I have
no doubt that the confidence of the members and the
public in the managers will be augmented, it; indeed,
it be not impossible to repose in us a greater amount of
confidence than that with which we have been already
honoured. lam aware that objections have been raised
to some of the principles of the institution, and I have
had individually to combat with them. It is said by
some that the institution does not do all the good
of which it is susceptible; in reply to which I
would say, that every one who joined the association
did so with the rules before him, and therefore if he
became a member under a misconception as to the
objects of the institution, the fault lies with him and not
with us.—(Elear.) I maintain that the institution does
all the good that it can do.—(Hear.) Both branches
are now firmly established ; we have, I may say, the
most unbounded confidence of the members, and the
association is capable of bestowing upon its members
greater advantages than arc to be met with in any other
institution.—(Hear.) I will show you what it has
done, from which you will be enabled to judge what it
can do for the future. When the assurance department
was established, the managers and other friends of the
institution, in order to testily that the association
was in a position to defray any liability
that it might contract, entered into a guarantee for
5,000/. fur that purpose; but it has been a dead letter:
it has never been found necessary to fall back upon the
fund even tor the smallest amount; and in April last it
expired, and the present position of the institution ren-
ders its renewal wholly unnecessary .—(Cheers ) Since
the establishment of the institution there have been 20
deaths, on account of which claims to the amount of
3,900/. have been paid. Now that is nearly 2001. for
each individual; and just imagine for a moment the vast
good this aid must have conferred upon the families
among whom it was spread.—(Cheers.) I would espe-
cially urge upon clerks and others throughout the
kingdom to avail themselves of the great advantages
offered by this institution.—(Hear, hear.) It is the
duty of every man who has any one dependent
upon him to assure his life, because how many, but for
the aid of assurance, would leave their survivors in a
helpless state of penury.—(Hear, hear.) Supposing on
the average there were four members in each of the
families of the members who were thus assured, which
is a very moderate calculation, upwards of a hundred
individuals have been preserved from want by the life
assurance department of the association alone.—(Hear,
hear.) Notwithstanding these drawbacks, which are,
ot3f:ocooou4r_see,viitufficeirng,
inherent in all similar institutions, we are en-
abled to present you a satisfactory report, and to tell
you that our income has now arrived at something like
I think, the stability and fruitful-
ness of the institution, and the fair prospect of its obtain-
ing greater prosperity than heretofore. With respect
to the managers, I may
be permitted to say that 1 am
certain no body of individuals could work harder, or
entertain a greater desire to fulfil the trust reposed in
them, and I trust they will continue to receive, by an
augmentation of members, additional encouragement to
continue their labours. We trust we shall receive every
possible encouragement that you are enabled to extend
towards us. So long as we are thus aided in our labour
you may depend upon it that we shall never relax them.
I feel on this interesting occasion the greatest satisfac-
tion at the result of the working of the institution, and
I have no doubt similar feelings are entertained by the
original members of the institution, whom I see
around me.—(Hear.) Before I sit down I am anxious
to allude to the advantages offered by the benevolent de-
partment, for the two departments are so indissolubly
united, that if one wereta
has theaway,kenbenevolent theeovtohleernwt ouldbedestroyed.—(Hear.) What
depart-
ment been the means of accomplishing? We have this
year granted 53 loans, amounting altogether to 1,054/.
Since the commencement of this branch in 1844, 191
loans have been granted, amounting in the whole to
3,7741.—(Hear.) Now I know cases in which this timely
aid has been of the most essential service, and many of
the parties thus assisted have expressed to me their grate-
ful thanks for the assistance thus afforded. We have
three desks and seven widows receiving permanent an-
nuities. These are some of the prominent advantages of
the institution. I will not detain you by enumerating
some of its minor features. The more I know it the
more am I convinced that it is the means of conferring
the most substantial and lasting good. Some trifling
alterations in the rules have taken place ;
for instance, the abolition of the entrance lee
of half a guinea, and the payment of policies
quarterly as well as half-yearly and yearly,
which do not affect the principles of the association,
which I hope never to see altered, because we have
found, from the experience of the working of the insti-
tution for years, that as the association exists it is calcu-
lated to do an immense deal of good; it has been well
tested. As its members increase the sphere of its useful-
ness will be extended, and we may gather from the fact
that its having done good in a limited degree it is calcu-
lated to do good in a great degree.—(Hear.) In ac-
cordance with the rules the affairs of the institution were
placed in the hands of two actuaries, Mr. Griffith Davies
and Mr. William Ratray, being selected for that pur-
pose. I think no one can doubt that the choice of the
directors was judicious. Mr. Davies, without exception,
is one of the most active men to be met with; and the
merits of Mr. Betray are well known—he has been con-
nected with us since the commencement, and knows us
as intimately as we know ourselves. Having stated that,
Mr. Ratray would be happy to reply to any questions
that might arise out of the report. He called upon the
Secretary to read that document.
Dr. MULLINDER (the Secretary) then read the report,
of which the following is a succinct abstract:—
" The period having arrived for making the first divi
sion of profits on the business transacted by the associa-
tion, the board of management selected the eminent
Griffith Davis, Esq., and their consulting actuary, W.
Ratray, Esq., to snake the necessary calculations and
investigations, and, in conformitywith Rule 32, furnished
these gentlemen with all the requisite data down to the
31st Dec., 1847.
"The operations of the association commenced in
1840, the first policy having been issued on the 17th of
March, 1841, and, as according to the rule above-men-
' tioned, the first division of profits should be declared in
1848, and two-thirds of the profits are to be divided
among such members as have been assured five years,
the holders of all policies issued up to the 31st of Dec.,
1842, will participate in the present division. The
board of management having unanimously adopted the
by
various elaborately
ttables),
b l e s ),
had
and
carefully d a
report of these eminent actuaries (which was read at
length
the pleasure of informing the members, that after the
gth to
prepared the
meeting,
e t
anding illustratedandwas most
interests of all the contributors to the association (or