The Sun.
London, England, 1860-05-11 00:00:00

had informed us that he had bees applied to, to
purchase some copies of a book professing to give a
novel mode of valuing assurance risks of which this
very commissioner was the author, the charge being
only 250 dollars, or about £5O sterling per copy
(oh ; and laughter)—at the same time imposing a
condition that it was not to be communicated to
any other office. The directors in London re-
fused to allow the book to be bought. (Hear,
hear.) And after this refusal out came the report.
(Shame.) This report of the Massachusetts Com-
mission had been very freely commented upon by
several of the journals, and it was gratifying to find
that not one word had been published at the time,
by any of them derogatory to the character or
standing of this society. (Hear, hear.) The pub-
lishing of injurious and defamatory accusations
against the society had been taken up, he was sorry
to say, by one of their own body. The old adage
says—" It is an ill bird that fouls its own nest."
Was there such a bird, he would ask, now amongst
them. (Cries of" Quack, quack.") The shareholders
were aware of the Chancery suit instituted against
them by Mr. Drake—(shame and hisses)—on the
part of himself and. his poor mother, and one other
shareholder. He (the chairman) said poor mother,
because the woman was to be pitied who was the
mother of such a son. Mr. Drake's bill was
stuffed full of the most false and malicious state-
ments against the society generally, and the direc-
tors personally. (Hisses, and cries of " Shame.")
[Here Mr. Drake hastily quitted the room.] The
directors had denied the whole of the allegations
on oath, yet, notwithstanding this, Mr. Drake had
circulated a reiteration of these mendacious state-
ments in print, inserted advertisements in the pub-
lic papers addresses not only to shareholders, but
to policyholders and annuitants, endeavouring to
get together a meeting, which was indeed an entire
failure, but at which he admitted persons totally
unconnected with the society, and even requested
one of these, against whom the directors have now
pending an action for libel, to take the chair.
(Shame, shame.) That Mr. Drake's sole object
was one of extortion, no one, he thought, could en-
tertain a doubt. (Hear, hear.) The chair-
man, after thanking the meeting for their
attention, concluded by moving a resolution
to the effect that the report and balance sheets read
to the meeting be received and adopted. (Cheers.)
Mr. BROAD said he had come a distance of
nearly 300 miles to attend the meeting, and he was
highly'gratified with the statement which had been
laid before them. (Hear, hear.) The directors
were placed in a position of great responsibility
and difficulty, and they could not do their duty
unless they had the fullest support from the share-
holders. (Hear, hear.) He felt they were worthy
of all confidence, and that being his opinion he
begged most heartily to second the resolution for
the adoption of the report. (Cheers.)

Captain GRIFFIN said he did not wish to disturb
the harmony of the meeting. He thought the
bonus which it was proposed to be paid annually
should be added to the capital, and he begged to
move an amendment to that effect.

Mr. ADAMS said he should very much like to
have the whole of the proposed bonus at once in a
lump rather than receiving it spread over a period
of five years.

The CHAIRMAN said the directors proposed to pay
the bonus annually. The effect of so doing would
be to add an additional value to their shares. It
would be tantamount to guaranteeing 6 per cent.
per annum interest for five years. (Hear, hear.)
Mr. HODGSON, one of the directors, said, although
the proposed amendment had not been seconded, it
might be well to explain that according to our deed
of settlement the bonus could not be added to
capital, and however desirable it might be con-
sidered we could not run counter to our own deed.
M. BLOIHAM thought the best thing to ensure
increased success to the society was for each
shareholder to bring up his man as a
new insurer as speedily as possible. (Hear, hear,
and laughter.) He had secured his recruit. (Loud
laughter.) It was true a shell had fallen amongst
them, but it had done little or no damage, as the
fuzee had gone out before the shell had exploded.
(Hear.)

A SHAREHOLDER said he could not agree with
the last speaker that the shell had done no damage.
Everyinstitution was open to the breath of calumny,
and the report must have a mischievous effect at a
distance from home. He thought the proceedings
between the company and Mr. Drake ought to be
Made as public as possible. (Hear.) No person would
advise tenderness to such a person. On the contrary,
the directors ought to act severely in order to mark
their just indignation as such conduct. (Hear.)
The CHAIRMAN then put the resolution for the
adoption of the report to the meeting, and it was
•arried unanimously.
The CHAIRMAN proposed the re election of the
retiring directors, which, having been duly se-
conded, was unanimously carried. The retiring
auditors were also unanimously re-elected.
Mr. ADAMS moved the following resolution :
" That this meeting of shareholders strongly re-
probates the proceedings of Mr. Drake against the
directors, and beg to assure them of their constant
support.

The Rev. Mr. WARD felt it an honour to second
such a resolution.

The CHAIRMAN then subm:tted the resolution to
the meeting, when it was carried in the most en-
thusiastic manner.

Votes of thanks having been given to the chair-
man, the directors, the secretary, and other officers
of the society,
The proceedings terminated.