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

MONDAY EVENING, FEBRUARY 21 lB4B.

positions ; houses of long standing, and occupying a
great ptmitiun ill thc commercial a orld have beee
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 postrated.—(Cheers.)
Looking at the lessons of forecast inculcated during
the 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.—(Bear, 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.—(Hear, 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 situations, 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 far 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 through 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 arid
others, to become members without delay.—(Cheers.)
The report was then adopted.
Mr. Tnosisosi 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 here-
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 befel 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. Mulkey) 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 more 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.—(Hear, hear.) From the posi-
tion in life of most clerks in the city of London they
were in a position to aid the institution, and it was
therefore to him 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 as for those dependent upon them,
and that a great increase of subscribers would take
place. 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
which it ought to stand. As a well-wisher of the
institution he could not help observing that the ex-
penses of theinstitution were great, compared with
the benefits derived. 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
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;
their command for the purposes of charity.
trusted that the expenditure would every
y
inure proportionate to the receipts of the
company
the benefits derived by the subscribers.
cuffunds
ldrearnestlysa atn becamey a so that the managers would have more
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 willing to contribute a portion
towards those who are in a lower position in life than
themselves.--(Hear, hear.) It was necessary, how-
ever, to make still 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 averages,
for it was only upon the principle of large averages
that any assurance office could be conducted with
safety and profit to the proprietors.—(Hear.)
snhoould be refused.—
He hoped that the day was not far distant when the
society would be able thus to act in an extended
such institutions as the
identified the interests of all
application made
8 appeared to him that
toso: l
eest
present
nrefe t o
the
hwfb saa
rrc usefulness,.
this—that
ne
persons employed in commercial houses—(Hear)—
and tended to promote a good and,. honourable feeling
among them. Great benefits might be expected to
sot _lftbtebht
laetadfini benefits i management
when
yen
result from the diffusion of this sort of
feeling, and it ought not to be lost sight
of when advocating the interests of such an associa-
tion as this.---(Hear, hear.) He hoped to see that
feeling extending wider and wider every year among
That7H theea r
pmteKlanngd printed, according
the members of the association, and trusted that every
i
rheepa
or ;)t
Henow feltre a
dgreatr
epcleeiayseudr, eadi no
year its prosperity would be increased._
to the discretion of the board.
J. MAcieieLor, Esq., said that he should best con-
sult the feelings of those whom he had the honour to
address if he simply ccnfined 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 doubt they
had had great difficulties to contend against, but he
believed that they had now passed through the
worst ; they were now, he thought, upon a " railroad,"
and should move with accelerated speed.—(Hear,
hear.) He had no doubt that next year he should
have to Lcngratulate the meeting upon a large in-
crease in the number of the members of the associa-
tion.—(Hear, hear.)
The report was then neanimousl, agreed to.
Mr. HOWDEN then moved—" That on the 31st
May next, or such other-eday as the board may ap-
point, due notice of the same being given to the
members, a special meeting be held for the purpose of
electing three addit4onal annuitants • duly qualified
according to the rules, viz.—one, being a member, to
an annuity of 251.; the others, widows of members, to
annuities of 15/. each ; and in the event of no member

offering himself, then to elect three widows of mem-
Isdrs to eiffluitiss of 15/. eacil." Itlis reso:ution
had been put into his hand, because he had been
intimately connected with the society front its com-
mencement up to the present time. He had had the
honour of proposing for election one of the first annui-
tantsstd::hie whoiiceadl
iymtel 1
only.
society
d)
dfif
hijeti
Ithinteiehnsee
insured
isociety,r(udi:lsiohyebvreheanalini:dl.ftlii,d‘friNe whoithe
Iliwhat
inieie,erhmt
acibrihee'
sgai
ntslirdoee,
daficort
eeiuttewnpesltd,iyiidodwerthofaoreaowibrvrv:eeeettedlhfcerfotfaetnhreobdpa ny.teivizrei
becomestot3tchhhtnriese:
f,
society was not encouraged more than it was by those
persons who might be expected to require assistance
from its funds. He remembered hearing Mr. Tattersall
saying, at a dinner of the Provident Postmasters, " that
all the wealthy came and supported the institution
well enough, but those who wanted assistance were
the veriest ' jibbs ' in existence, and unless they ap-
plied the double thong to them they could never get
them to go."—(Loud laughter.) There was no doubt
that at present the poorer classes were suffering under
some privation, and had very little to risk in such an
association as this ; their more wealthy brethren must,
therefore, bear the risk for them for a short time, and
he had no doubt that they would then soon come in
and join them.
Mr. W. RENNELL, in "seconding the motion, said
that no person could dispute the fact that the year
1847 was one of a momentous character. Firms
which had stood as it were, in the opinion of
some individuals, impossible to be shaken, had
fallen, and in their fall how many clerks had gone
with them ? The principal had failed, and where
was the man ? Failed, of course. Then it must
implant in the breast of everyone the necessity of
institutions of this nature.—(Cheers.) But how was
it supported ? There were upwards of 50,000 clerks '
in London, and this society numbered among its
members only 500 ! This was very miserable in-
deed. Instead of being called the provident clerks,
one would think that they were the " improvident
clerks" who had joined the association, and that the
provident ones were the majority.—(Hear.) He deeply
regretted that he did not see more fresh faces among
them—seeing the old faces so constantly made it
almost irksome for him to address them.—(A laugh.)
He felt it his duty to reprove them. He did not mean
the clerks present, but those who were absent, and
perhaps they would be good enough to communicate
his opinions to them.—(Laughter.) He knew that
some clerks might say what was the use of joining
the Provident elerks,•becauselwhen they got old or
lame or nearly blind their employers would say "you
can go to the Provident Clerks." He was happy however
to hear their Hon. Chairman state that among his clerks
he would select those as the objects of his protection
who had connected themselves with the association;
that was a sentiment which did honour to his generous
heart.—(Hear, hear.)
The resolution was then unanimously agreed to.
R. H. JONES, Esq., then rose to move—" That the
warmest thanks of this meeting are due, and are hereby
presented to the treasurer, and trustees for their con-
tinued patronage and support." With respect to an
observation which fell from Mr. Hankey, he begged
to say that nothing was more difficult to deal
with than the question of expenses. The ma-
nagers strove all they could to reduce them, and
yet they were constantly told that they did not
advertise enough. Such was the position of the ma-
nagers. With respect to a statement also made by
the same Hon. Gentleman, that the country sulsscri-
hers would not stand so much chance as the London
ones, he begged to say that if any partiality was
shown at all, it was shown towards the country
members, in consequence of their being absent.—
(Hear.) Mr. Rennell had stated that the members
of the society were only 500 ; now-in the two depart-
ments they had nearly 1,700 ; that fact would, per-
haps, tend to relieve the Hon. Gentleman's mind.—
(Hear.) With respect to the resolution he had pro-
posed he was sure that there was not one present who
would hesitate for a moment to agree to it; he would
not, therefore, detain the meeting by any remarks
upon the subject.
J. W. Wzrxn, Esq., seconded the resolution. The
institution owed a debt of the deepest gratitude to
those gentlemen who had bestowed their valuable
time upon the interests of the association.—(Hear.)
It was a subject of deep regret to him that the society
was not supported in a more liberal manner, for, be-
sides the feeling that it would advance their own in-
terests and those connected with them, there was also
a far nobler feeling, which this society appealed to,
and that was tne desire of doing good to others : there
was the noble feeling of charity which should
find a place in the heart of every man.—(Hear.)
Upon the question of the expenses, the meeting would
perhaps recollect that, a short time since, a full and
complete statement of the affairs of the society were
laid before the trustees and managers, and it was
finally resolved to conduct the business of the asso-
ciation with more energy. The directors had acted
upon that recommendation ; the expenses had neces-
sarily been increased in consequence. The directors
did all they could through the medium of the press ;
and to the gentlemen connected with the press the
best thanks of the society were due, for the very
cordial manner in which they responded to the appli-
cations made to them.—(Hear.) Then a certain por-
tion of the office expense fell upon this department, but
he trusted that in a short time the expenses under
that head would cease, and the charges be merely
nominal. There was every disposition on the part of
the board to proceed with the greatest economy and
care in watching over the interests of the association.
There was no doubt such an institution as this ought
to be well supported. An association was recently
formed among the Coast Guard and other officers
of the Customs, the subscription to which was
sixpence per month, and although most of the
persons subscribing had other means to de-
pend upon in times of necessity, still so well was it
supported, that although it had only been in existence
a few years, it had funds now to the amount of 9,0001.
He hoped that the clerks would come forward and
support this institution in a liberal manner, and that
this would be the last time that they would have to
be appealed to for aid in support of a noble cause of
charity.—(Hear, hear.)
The resolution was then put, and unanimously
agreed to.
The CHAIRMAN said that, on the part of himself and
the other trustees, he begged to assure the meeting of
their gratification in the resolution they had just una-
nimously passed. Upon the subject of the expenses,
he must say, that upon looking over the balance-sheet,
he thought that they were large, considering the
amount of receipts, and they had felt it their duty to
call attention to the subject, in order to induce them
to increase the number of the subscribers. He felt
with his friend Mr. Hankey, a considerable pleasure
in devoting a little of his spare time to the institution.
Such an institution as this could not fail to be of
service, and it was gratifying to him to be able in any
way to do good to his fellow-creatures,—(Hear,
hear.) He trusted that at the next annual
meeting they would have the pleasure of meeting
them in a more prosperous condition; nothing would
give the trustees greater pleasure than to witness the
continuous prosperity of the institution.----(Hear.)
Mr. HOWDEN then proposed a resolution to the
effect, that each member should subscribe an addi-
tional guinea, for the purpose of increasing the
general fund of the society ; no seconder, however,
being found, the resolution fell to the ground.
The CHAIRMAN said that he. feared he might be
misunderstood upon the question of expenses. What
he intended to have conveyed to the meeting was,
that the expenses were too large for the receipts.
There must of necessity be considerable expenses
connected with an association of this nature, but he
felt convinced that the gentlemen who managed the
affairs of tke society did use a great deal of talent
and economy, and he trusted that no observation of
his with respect to the expenses would be construed
in any way as having reference to their management,
but merely to the proportion of expenses compared
with the receipts, thus showing the necessity for in-
creased support. What he complained of was, not
that the expenses wore too large,, but that the sub-
scriptions were toe small.—(Hear, hear.)
J. J. IsEeisz, Esq., then movedi—" That the best
thanks of this meeting be presented to the auditors,
medical officers, both in town anal country„and to the
honorary solicitors for their valuable services.during the
past year." He would merely sts.te in moving that
resolution that the auditors, the medical officers, and
the solicitors, one and all of thrum, rendered their
valuable solstices gratuitonsly to the company.
W. J. JORDAN, Esq., secondea the motion, which
was also unanimously agreed to,
H. B. REYNOLDS, Esq., then moved—" That the
best thanks of this meeting are due to the board of
management for their oontinued, attention and de-
votion to the interests of the. association." He
would just make one remark :—He thought that the
persons who were most wanted t.o support the insti-
tutions were those who gave their guinea and never
expected to have anything.in return for it again.
Mr. borax seconded the motion, which was also
unanimously agreed to.
Mr. Josiss returned thanks for Himself and his col-
leagues. They had done all that they could possibly do
to promote the success of the institution, and he
would add also, that they had beets able to meet every
case that had been brought before theca.—(Hear.)
Mr. Pales then proposed a votes of thanks to the
Chairman of the evening. The meeting were not
only under great obligations to him for his kindness
in coming down to preside ovei th em that night, but
also for the great interest which l'e took in watching
over the concerns, and interests c if the society. This
kindness in attending to the inter( ssts of the associa-
like shame upon
l
ttihoonKerev‘fl,ho reflected, he tthoougcokmt,e f
soomrwetahri:
ig
and support the
society, for whose benefit it wa s instituted. The
meeting was deeply indebted to t he Hon. Chairman
for his kindness in taking the char, the ability with

which he had conducted the business of the meeting.
and tins urbanity and affability to all present.
Mr. LINTOT seconded the motion, which was car-
ried by acclamation.

The CUAIRMAN returned his most sincere thanks
for the vote of thanks which they had just accorded
to him, and for the handsome manner in which it had
been tendered to him, for his having passed a few
minutes with them. He hoped that what they had
heard to-night would prove of service, and that their
meeting together would not be entirely useless—
(Hear, hear)—and that at their next meeting
he trusted, under more favourable auspices, they
would have reason to say that they had done some
good by their meeting of to-night.—(Cheers.)
The meeting then broke up.