The Sun.
London, England, 1870-02-03 00:00:00

A GOOD EXAMPLE.

The last three or four years have made sad havoc
with commercial reputations. On every side stately
argosies have gone down, not always without sus-
picion of foul play, to the ruin of their involuntary
Underwriters, and to the no small joy and profit of
the " wreckers." When things are in such a state
that it pays to ruin a charaeter by direct falsehood,
or to whisper away a reputation, public or private,
by half-suppressed insinuations, there are plenty of
wretches willing to embrace the shameful but lucra-
tive trade; and then if there be a vulnerable spot,
a " shady " transaction, a doubtful security, one
single feature indeed, whose exposure may be dan-
gerous, woe to the firm or company that is the object
of attack. At such times the best safeguard is
unshriuking publicity. The undertaking that can
afford to transact its business in Vie full light of
day, and to publish for the information of its cus-
tomers, its shareholders, or its members, as well as
for its enemies and its would-be assailants, such a
document as now lies before us,:need fear no critic-
ism and deprecate no attack, however hostile and
however bitter.

The document to which we refer is the 29th re-
port of the Provident Clerks' Mutual Life Associa-
tion, whose first establishment was reported, with
words of hearty congratulation, in these columns,
and whose improved progress we have year by
year noticed with sincere pleasure. It was one of the
first offices to strike a blow at the system of conceal-
ment, or, at least, non-publication of accounts, and
to issue freely to all the world a statement by which
its position could be at once ascertained. Be the
result of the year's operations good or bad. the mem-
bers of this association are never kept in the dark
as to the truth, and as fortune has favoured them
with twenty-nine years of unbroken prosperity, it
may be fairly judged that the discretion and
ability of the management have been equal to its
candour and honesty.

The only effect of the recent storm which has
raged in the life assurance world has' been to make
the directors of this office still more desirous, if
possible, to tell " the truth, the whole truth, and
nothing but the truth," to their vast body of mem-
bers. Simple and intelligible as their annual state-
ments have ever been, they have on the present
occasion embodied in their report, statistics so
ample, yet so clearly arranged, that any person of
ordinary intelligence can dissect them for himself
and judge with certainty of the result ; and what
that result is we can tell in a very few lines. The
association had in force on the 31st December last
11,004 life policies (about 95 per cent. of its whole
business) for a total of £2,281,000. In addition to
this there are a few small classes of contingent and
endowment policies, annuities, &c., all of which are
fully specified in the report before us. The age of
the assured averages only 36} years, and the exist-
ing policies 8} years' duration, while to meet its
liabilities the association possesses an income ex-
ceeding £82,000 per annum, and a solidly invested
fund, the details of which are admirably set forth,
amounting to £411,746, or nearly seven years'
accumulated premiums, the various invest-
ments of which produce on the average
an interest of £4 15s. ld. percent. Such figures need
no comment, they exhibit in themselves such an
evidence of solidity that nothing short of a reversal
of the laws of nature can import into the institu-
tion one element of risk or uncertainty. We sin-
cerely hope that the anticipations of the Board will
be realised, and that in the forthcoming session of
Parliament a bill to render compulsory the publica-
tion of life assurance accounts will be introduced
and carried. We only wish we could believe that
such a bill would be welcomed as fearlessly by al;
the offices, as it eviden.ly will be by our old i"rieuds,
the '' Piovid:nt Clerks'."

At the mansion louse, yesteruay, ar DcruvlVA.--y
.zenry i,'arnsew, failed to appear in answer to a summons
charging him, at the instance of the London,33righton,
and South Coast Railway Company, withihaving appro-
priated to his own use certain monies, of which ,he was
trustee. A warrant against him was applied for.
Mr. John Patterson submitted to the?couLeil of
the Liverpool Chamber of Commerce yesterdayTa series of
resolutions on taxation. lie proposes to aboliEVl various
duties and taxes, including those on fruit, coffee,4 AI sugar,
marine insurance, servants, carriages, horses, &c., and to
substitute for the malt duty a tax upon beer, accosting to
Its alcoholic strength. The resolutions are to be con& idored
at a special program of the council.