The Sun.
London, England, 1851-11-25 00:00:00

MANAGING DIRECTOR AND SECRETARY FOR LIVERPOOL.

John Smith, Esq.
Offices-2, Commerce-court.
NOTTINGHAM LOCAL BOARD OF
MANAGEMENT.
DIRECTORS.
Chairman—Alderman Richard Birkin.
Alderman Franklin Judd, the Exchange, Market-place,

Thomas Ball, Eig. (firm of Ball, Dur;nieliffo, and Cu.,
Castle Gate), The Park, Nottingham.
Thomas Robinson, Big. (firm of Robinson, Son, and
Sisling), Basford, Notts.
Thomas Bayley, Esq. (firm of Bayley and Shaw, Len-
ten), Ole:mere-terrace, Nottingham.
John Sisling, Esq. (firm of Robinson, Son, and Sisling),

Basford, Notts. -
George Boaler, Esq., Langwith Mill, near Mansfield,

Notts.

MEDICAL REFEREES.
Higginbottom, Esq., F.R.C.S.
G. E. Stanger, Esq.

SOLICITOR.

Edwin Patchitt, Esq.
SECRETARY AND AGENT•
Mr. H. Hudston, Printing Offices, Maypole-yard.
"In addition to the above influential local boards, the
directors anticipate a still further increase of power and
co-operation by the formation, at an early period, of a
similar board of management, through the zeal and
energy of their active agent, Mr. Henry Bach, in the
commercial and enterprising town of Sheffield; as also
in Manchester and other important districts.
" Up to this;date, being twelve months since the com-
mencement of business, 325 policies have been effected
for 95,7831., producing an annual income of 3,0921. 15s.
9d., and with one trifling exception, no casualties have
occurred, nor any inroad been made upon the resources
of the society, which must be attributed to the skill of
the medical officers, and the caution exercised by the
board in the selection of lives.
" The following gentlemen retire from the direction,
viz., Mr. Edward Taylor and Mr. Edward Gould Brad-
ley ; but being again eligible, offer themselves for re-
election.
" The auditors retiring are Mr. Alfred C. Tatham and
Mr. Thomas Cooper; but being again eligible, offer
themselves for re-election.
"In conformity with the provisions of the deed of
settlement, the directors recommend that a dividend of
5 per cent. be paid to the shareholders, from the
date of their respective deposits up to the 24th of June,
1851.

" It has not been without much personal labour and
anxiety that the directors have contributed their aid in
bringing about these desirable results. They have
used the strictest economy, so far as they found eco-
nomy consistent with efficiency and the great objects
they have in view, and they refer with confidence to the
balance-sheet, duly approved and audited, and now pre-
sented as part of this report, and which comprehends the
liquidation of the whole of the preliminary expenses cf
the association.
" The directors take this opportunity of acknowledg-
ing the valuable and efficient services of the various
officers of the association, to whose zeal and energy is to
be in a great measure attributed the sound and promi-
nent position it has already attained.
" In conclusion the directors offer their hearty con-
gratulations to all concerned, on the satisfactory pro-
gress effected thus early in their career ; and at the
same time they beg earnestly to impress on each
shareholder the paramount necessity of individual exer-
tion in extending the operations and promoting the
interests of the association, this being the sure test of
faith in its principles, and the real and substantial foun-
dation of its future success."
The CHAIRMAN then addressed the meeting. He
said—Gentlemen, it is with no little diffidence that I
present myself to you on this occasion to address a
few observations to you upon the subject of the re-
port— a diffidence, however, which you may be
assured does not arise from anything I find in the
report, but simply from a feeling of incompetency
which I experience to do justice to the subject I have
in hand.—(Hear, hear.) It is generally the case with
persons in my position to talk of hopes, and to point
to the future, but, gentlemen, that is not the case
with me.—(Hear, hear.) Ido not say to you there
is the horizon and the sun will soon shine above it, but
I say to you, gentlemen, the sun has appeared above
our horizon, the sun is shining upon us, and our exer-
tions hitherto have been rewarded in a way far ex-
ceeding our warmest expectations.—(Cheers.) We
have passed through the slough of despond in
which so many other societies have been
lost, and in which so many are yet struggling.
We may say now, however, with regard to the
Trafalgar Life Insurance Association that it is un
fait accompli.—(Hear, hear.) Now, gentlemen, the
directors observe in their report that they " have
always used the strictest economy so far as they
found economy consistent with efficiency and the
great objects they have in view, and they refer with
confidence to the balance-sheet duly approved and
audited, and which comprehends the liquidation of
the whole of the preliminary expenses of the associa-
tion;" but it is only fair to say, that our balance-
sheet is brought down only to the 24th of June, and
therefore it does not present, I venture to say, an en-
tirely fair statement of our present position.—(Hear,
hear.) You will perceive that the balance-sheet is
only made up to the conclusion of the first six or
seven months of our existence, a period during which
we were principally engaged in disposing of our
shares, and in managing those preliminary matters
which are incident to the formation of a society like
this.—(Hear, hear.) But, gentlemen, all the pre-
liminary expenses have been ascertained and dis-
charged.—(Hear, hear.) We shall hear no more
of them, and now the expenses of management
only remain.—(Hear, hear.) And those can be easily
ascertained as to their amount, and, remember gen-
tlemen, that the same amount of expenses of manage-
ment which carries on a business of 5,0001. will
carry on a business of .50,000/.—(Hear, hear.) All
that will accrue beyond that will be profit to go to
the general fund of the association, and how much
they may be, I can fancy, but I do not choose to say.
—(Hear, hear and laughter.) We mention in our
report that—
From
wts
hhtei he
fhaut t
cutorhmee
bin e w and important feature of the
" From the beginning, the directors indulged in
ienteesrest ht
of presenttheir
ri ne tperreessetos toa ft
rt
eh
se.
san-
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vrianf
living
was calculated in an eminent degree to benefit society at
large, and to procure for the institution the favourable
opinion and extensive support of the public."
Now, what are these new features, gentlemen ? Why,
we set by, for the formation of a relief fund to meet
the wants of shareholders in cases of distress, ten per
per cent. of the profits, and for the education of the
children of shareholders whose circumstances justify
their claim, another ten per cent.—(Hear, hear.) I
cannot read these particulars, gentlemen, without in
my heart thanking the founder of this society and the
gentlemen with whom these ideas originated not only
for the philanthropy of his views, but also for the
energy and undaunted determination with which he
has carried them out.— (Cheers.) And, gentlemen,
as a clergyman, I feel proud of my position this day_;
I feel proud on Accowa; of these Tory principles which