The Sun.
London, England, 1848-02-21 00:00:00

SIOVDA.Y

rionar A. s 1848.

positions ; houses of lunr standing, end occupy tits n
great position in the commercial world have been by
unforseen circumstances—either by reckless specula
tions or ambitious views—hurled to the ground, as it
were, from positions which no one could have had
any idea would become so poatrated.—(Cheers.)
Locking at the lessons of forecast inculcated during
•,he past period of commercial depression, I con-
sider this an excellent and opportune mo-
ment for making the appeal I now do the
clerks of this country to become subscribers to this
institution without delay.—(Hear, hear.) At the
same time I cannot help observing, for it is a remark-
able fact, that if the clerks in the houses that have
fallen had subscribed, that we certainly should have
had a greater number of applicants for relief; it cer-
tainly leads to the inference—and it is one, I think
that does not admit of doubt—that the clerks in those
houses were not subscribers.—([fear, hear.) I ought
not, perhaps, to embitter their recollections by any
complaints as to their supineness, but I must say, if
they had subscribed that the books would have shown
the fact.—(Cheers.) Those clerks, therefore, who do
subscribe hold situatit ns, it would seem, in houses
that have weathered the storm. It is very satisfac-
tory that such should be the case, but it would,
perhaps, have been more agreeable to our
feelings as regards charity, if those who have
been thus thrown out of employment had been
in a condition to apply for assistance. It may, how-
ever, be some satisfaction to us to think that., though
they were unfortunately not subscribers, they are
not destitute of the means of support. I feel that
I ought not to detain you longer after making this
appeal to you and throw,:,ll you to others. I trust
that it will be generously and immediately responded
to. We cannot, I think give too much publicity to
the objects of the institution, and we must do all we
can to induce our neighbours, and our friends and
other,, to become members withoutdelay.—(Cheers.)
The report was then adopted.
Mr. THOMSON HANKEY, jun., said he rose to pro-
pose the first resolution with the greatest pleasure,
because it marked in a considerable degree the pro-
gressive improvement that had taken place in the in-
stitution since its commencement. He was sure
every one present would echo the sentiment he
expressed when he said that they all deeply deplored
the absence of Mr. John Abel Smith, who had het e-
tofore presided over their assemblies, from any meet-
ing of this kind in the city of London.—(Loud
cheers.) The interest he had taken in the institution
from its commencement must have endeared him to
them all, if there was no other circumstance in his
life to entitle him to a prominent and enduring place
in their memories.— (Cheers.) His memory, he
repeated, must be endeared to every subscriber and
every clerk in the city of London for the warm in-
terest he had ever evinced in their welfare. But the
regret which they felt for his absence possessed one
consolatory feature—it had given them their present
chairman (Cheers) a gentleman not less con-
spicuous in the city of London, and whose interest
in all public charities and in everything connected
with the welfare of the citizens rendered him as
prominent as any gentleman in the city of London.
—(Loud cheers.) He considered it no small
satisfaction certainly it is no small satisfaction
to him, and it could not, he thought, be a source of
small satisfaction to the meeting—when they recol-
lected that for the first time that day they were pre-
sided over by their own City Member—(Loud
cheers)—and let them remember that if he was not
in his place in the House of Commons that evening,
it was on account of peculiar circumstances over
which he had no control—(Cheers)—but their grati-
fications must be still more enhanced by the recol-
lection that, notwithstanding these peculiar circum-
stances, his fellow-citizens had felt it due to his
position, as one of the greatest merchants in the City
and in the world, to elect him as one of their repre-
sentatives.—(Cheers.) The institution could not fail
to prosper under such a presidency. The commercial
depression, and the consequent failure of many great
and old-established houses, referred to in the report,
must be long retained in the memories of those con-
nected with the city of London. No one could re-
collect the year 1847 without the distresses and
troubles that betel so many great and eminent
firms, many of which had disappeared, and which
caused so much dismay by their fall, recurring to the
minds. This was a matter which all who felt an
interest in this institution could not fail to consider
most important. It was to provide aid for those
whom the failure or altered circumstances of mercan-
tile houses might leave in a friendless state that this
institution had been established—to anticipate any
sudden change in their affairs, and to mitigate them.
It was necessary, therefore, that it should receive that,
support which every one must feel to be so essential
to its welfare. The paucity of numbers had been so
recently alluded to by the Chairman, that he should
say very little on the matter. The Chairman of the
Board said, instead of 500 members, he had antici-
pated 5,000. He (Mr. Hankey) confessed that he
was more sanguine, as he had expected that no less
than 10,000 clerks would have joined it.—(Hear,
hear.) He was the snore surprised at this
as he had heard it stated in that room, or
in that house, at the first anniversary of the Commer-
cial Travellers' Schools, that the institution had
12,000 subscribers.—(:lsar, hear.) From the posi-
tion in life of most clerks in the city of London they
vere in a position to aid the institution, and it was
t nlrefore to blin a source of deep regret that its ob-
jects had not received that cordial and general sup-
port he had anticipated.—(Hear, hear.) At the same
time he was not inclined to despair. He was ready
to admit that circumstances prevented many clerks
from sparing even the small annual subscription, but
he was sure that all who could would do so for their
own sakes as well a s for those dependent upon them,
and that a great increase of subscribers would take
P• lace By becoming subscribers to institutions of
this kind they purchased more effectual good than
by means of any assurance office. He hoped, there-
fore, to see the institution placed on the footing on
nstitution which it ought to stand. As a well-wisher of the
institution he could not help observing that the ex-
were great, compared with
ex-
penses
benefits oe
The expenses certainly had
been large ; they continued to be so, and it was,
therefore, desirable to cut them down as much as
possible. A great reduction had taken place last
year, and he understood that they would be still
effitthse
derived.
institution
further diminished. It should, however, be recol-
lected that the benevolent department would receive
this year, for the first time, a large sum of money
from the bonus to be declared in the assurance
department; so that the managers would have more
funds at their command for the purposes of charity.
He earnestly trusted that the expenditure would every
year became more proportionate to the receipts of the
company and the benefits derived by the subscribers.
In proportion as the number of subscribers increased,
so would the proportionate expenditure diminish.
He was highly gratified to learn from the report that
so large a number of persons had participated in the
benefit of the loan department. He cordially approved
of the practice of not giving publicity to the names of
those persons who were so accommodated.—(Hear,
hear.) He was also happy to see that the association
was so well supported by clerks holding superior
offices, who probably never expected to derive any
benefit from its funds, but who having the means at .
their command are to contribute a portion
towards those who are in a lower position in life than
themselves.--(Hear, hear.) It was necessary, how-
ever,
.
ever, to make further appeals for • assistance
to all parties in this country.—(Hear, hear.)
He was aware that it was very difficult to obtain the
formation of any new association, and persons natu-
rally looked to London as the focus where it should
be formed, and this society ought to take the lead of
every local association, and thus deriving subscrip-
tions, it would be enabled to act upon the avers'ges,
for it was only upon the principle of large avert ges
that any assurance office could be conducted -with
safety and profit to the proprietors.—( He .ar.)
He hoped that the day was not far distant when the
society would be able thus to act in an eaten ded
sphere of usefulness, and when no application m ade
to the board of management should. be refused
(Hear, hear.) It had always appeared to him thatone of the chief benefits
identified
such institutions as the
present was this—
that it the interests of all
persons employed in commercial houses—(hear).—
and tended to promote a good and honourable feelin g
among them. Great benefits might be expected to
result from the diffusion of this sort
feeling, and it ought not to be lost sigh t
of when advocating the interests of such an associa-
tion as this.—(Hear, bear.) He hoped to see that
feeling extending wider and wider every year among
the members of the association, and trusted that every
year its prosperity would be nicTeased.— (Hear, hear.)
He felt great pleasure in moving " That the report
now read be received, adopted, nd printed, according
to the discretion of the board.
J. Ai A CKILLOP, Esq., said that he should best con-
su:t the feelings of those whom he had the honour to
address if he simply confined himself to seconding the
motion of his Hon. Friend. He was sorry to see
that the institution had not made that progress which
he anticipated it would have done. No —0 doubt they
had had great difficulties to contend against, but he
believed that they had now passed through the
worst ; they v: pre now, he thought, upon a " railroad,"
and should move with accelerated speed.— (Hear ,
hear.) lie had no doubt that next year he shouli I
have to congratulate the -sheeting upon a large in -
crease in the number of the members of the associ is-
tion.—(Hear, hear.)
The report was then unanimously agreed to.
Mr. IlownaN then moved—" That on the This
May next, or suck other day as the board may ap-
point, due notice of the same being given to to
members, a special meeting be held for the purpose c bf
electing three additional annuitants duly qualifie d
according to the rules, viz.—one, being a member, t .o
an annuity of 251.; the others, widows of members, to
annuities of 151. each ; and in the event of no aural? er