The Sun.
London, England, 1856-05-16 00:00:00

LATEST NEWS.

PARIS, MAY 16.

The Archduke Maximilian of Austria arrived
at Paris yesterday evening. He proceeded with
his suite in the Court carriages to St. Cloud.

MARSEILLES, MAY 13.

The Indus has brought 500 troops on board.
The Bizantin has also arrived, with 850 men.
When the former vessel left Constantinople the
Ramazan had commenced. The Sultan had pre-
sented M. Thouvenel, the French ambassador,
with a very splendid snuff-box. The Turkish
troops which were in garrison at Eupatoria had

arrived at Constantinopl@. A commission had

been formed for the liquidation of the accounts of
the army of the East ; M. Blanchet, the intendant-
general of the French army had ,been appointed
president. The Presse d'Orient states that nume-
rous arrests had been made in Magnesia, and
that 17,000 Tartan were about to emigrate from
the Crimea.

VIENNA, MAY 14.

The Archduke Ferdinand Maximilian is charged
with the mission of offering to the Emperor of

the French the mortal remains of the Duke de
Iteichstath. The ashes of the son or Napoleon I.

will be conveyed to France with great pomp,
should the offer be accepted.

BERLIN, MAY 14.

Princess Paskiewitch died yesterday in one o

the hotels of this city.

FRANCE.

PARIS, TIITIRSDA.Y EVENING.
The Emperor yesterday received the replies of
the Duke of Saxe Moiningen and of the President
of the United States to the notifications of the
birth of the Prince Imperial.
A Council of Ministers met yesterday at the
Tuileries, under the presidency of the Emperor.
His Excellency Lord Cowley has returned from
London, after a short leave of absence.'
The Moniteur publishes the appointment of
Baron de Bourqueney as Ambassador at Vienna,
and that of M. Hubner as Austrian Ambassador
at Paris.

BOURSE, May 15.—The following were the last
quotations :

San -Juan del Sur, with a rrum?oer of passengers and
120,000 dols. in gold, on the first of April. The
Cortes had also on board the junior Mr. Garrison,
with about 4,000 dols. for General Walker. She
had been boarded up the coast by Mr. Cross, who
was sent out for that purpose by Mr. C. Vander-
bilt, and by Mr. Cross, the master of the Cortes,
was made acquainted with the state of affairs be-
tween the Company and the Government of Ni-
caragua. Captain Collins chose an anchorage from
which he could easily slip, and wa: boarded by four
men, who represented that they were Walker's
officers, and that they came to seize the ship, and
that they were supported by a force of one hundred
men sent by Walker for the purpose. The captain
consented with a good grace, and invited his guests
to the cabin, where they ate, drank, and were
merry. Leaving them with an unlimited supply of
Champagne, Captain Collins went on deck, quietly
slipped his cables, and the steamer drifted gently
out of the harbour with the ebb tide. There were
three other vessels in port at the same time—the
ship Daylight, Wilson master ; ship Continent,
Gibbs master; and a California packet. They were
all laden with coal, and the Walker men told the
master of the Cortes that they were waiting for
them to discharge to seize them. Captain Collins
accordingly took the Daylight, and the other ves-
sels in tow, and they all drifted out together.
When the Champagne drinkers found outwhat was
going on over their heads, the Cortes was on the
high seas, and the master let them know that he
was in command.

Cash. ft. s. End of Month.
ii per Cents 94 10 —f. —c.
.3 per Cents 75 15 75 45
New Loan —
Bank Shares 4,000 Roman
Credit Mobilier 1,837 50 Austrian
Belgian Fives ..... ... 965-- Spanish Threes
Piedmontest (5)...... 91 tlorne Debt

RAILWAYS-MB CASH.

SOCIETY.

SEVENTEENTH ANNUAL REPORT.

ft. c. fr. e
Orleans ........ ...... 1,432 50 Western 9SG 2!
gorthorn ......... 1,170 Strasbneg
Lyons. . 1,465 New Ditto
Ilediterranean 1,700 Grand Central
Lyons Geneva Bli Teste -
Cette

The New York cotton-market was quiet, and
sales were limited to 600 bales, without a quo table
prices. Flour continued firm. Pork
change in
was dull and eAsier. Freights were firm, with
more doing.

court convened fl.)-r
that purpose, vice A. 0.
Barclay, Esq., resigned, and Clement Tabor, Esq.,
deceased ; also to elect two auditors, in the room of
Professor Wheatstone, F.R.S , and Professor J.
Radford Young, whose term of office expires, but

THE SUN. LONDON, FRIDAY EvEN.,ING, MAY 16. 1P56.

INT.ERIVATIONAL LIPN ASSURANCE

The 17th Annual General Meeting of the In-
ternational Life Assurance Society was held at the
Society's House, 142, Strand, on the 14th iust.,
Edmond S. Symes, Esq,, the Chairman of the
Society, in the chair. A large number of the
shareholders attended.

The SECRETARY having, read the notice con.
vening the meeting, tie balance-sheet, and audi
tors' and actuary's reports, the Directors' report
was read, as follows :

London, Wednesday, 14th May, 1856

The directors have much pleasure in meeting the
proprietors at this the 17th annual general meeting
of the society, and in laying before them the balance-
sheets and actuary's report for the past year.
Notwithstanding the scarcity of money caused
by the late war, ich has materially affected the
business of all life assurance offices, your directors
have the satisfaction of stating that the business of
this office has been well sustained ; the number
of new policies effected during the year amounting
to no less than 935, assuring the sum of 379,7621.,
and yielding in premiums 12,5921., in addition to
the sum received for renewals on old policies and
other sources, bringing up the present income of
the society to upwards of 90,0001. par annum.
On the other hand, your directors regret to state
that the losses by death, amounting to 39,0031.,
although not so large as in the preceding year,
have again exceeded the expectation by 5,6631. It
is satisfactory, however, to know that this excess
has not arisen from any undue mortality amongst
our assured—the number of claims expected to
occur during the pa3t year, according to the scale
of mortality adopted by the society, being 70, and
the actual number of deaths occurring during the
same period being 66. The excess, in point of
money paid by the society, being occasioned by
the fact that the majority of the claims have oc-
curred upon policies of large amount, a circum-
stance evidently beyond the control of the society.
Had an equal number of claims fallen upon policies
not exceeding the average amount, the result would
have been a difference of nearly 8,0001. in favour
of the society.
For many years the property which the society
became possessed of at Languin has been a constant
source of trouble and expense ; and although the
directors have been always desirous to dispose of
this property, they had never been able to obtain
such a price for it as they felt justified in
accepting. They have, however, great satis-
faction in stating that at the end of last
year they succeeded in selling the property
for 8,0001., a sum which they have every reason
to believe is its fair value. This property stool
in the books of the society at a sum which, in-
creased by accumulated expenses, reached 15,1261.' •
the difference between which sum and the actual
amount realised by the sale forms the larger por-
tion of a sum of about 11,0001., which your direc-
tors have thought it right to write off from the
amount standing in the society's books as assets
at the date of the last annual report, the remain-
der being composed principally of of l loans on
policies which had been allowed to lapse, and two
or three agents' balances which have for years
stood as doubtful on our boo's. The directors
have taken this step from a conviction that it is
highly expedient to remove from the books of the
society all sums appearing as assets, which are
of such a bad or doubtful character as to leave no
reasonable prospect of their ever being realised ;
and they trust that the proprietors, while submit-
ting to a present loss by this diminution, will feel
greater security for the future in the knowledge
that all such items are now expunged from the
accounts.
In the last annual report it was stated that the
directors were earnestly engaged in sifting the
whole of the society's operations, and in endeavour-
ing to carry out a general system of retrenchment
of expenditure. In conformity with this under-
taking, your directors have instituted a careful
investigation into the working of each separate
general agency, and the result is as regards ex-
panses, that whilst the proportion of working
expenses properly belonging to the head office has
been found to have been up to the present time
but little, and is now not at all in excess of what
the business will fairly support, the proportion at-
tributable to our Foreign General agencies appears
to be far greater than is consistent with prudent
management. Your directors, therefore, have
anxiously applied themsehies to devising the beat
means of gradually reducing the working expenses
wherever they could do so without endangering
the progressive increase of the business. In this
they have obtained the cordial co-operation of our
chief foreign representatives—large reductions have
already been made, and others are decided upon,
and will speedily be brought into operation, and at
the same time active measures are in progress for
extending the business of the society. In other
respects the business at our foreign branches
generally has been remarkably well conducted.
Some irregularities have recently come to the know-
ledge of the directors, in the conduct of the
Paris agency, which are still under investigation ;
but your directors anticipate that the prompt mea-
sures which they have taken will prevent any ma-
terial pecuniary loss from ultimately resulting to
the society, and such arrangements are in progress
for the future working of that agency as will, it is
hoped, produce a decided increase in the already
extensive business derived therefrom, as well as a
great reduction in the expenditure, and additional
efficiency in every department. The number of
directors at the Paris Board has been reduced, and
each now holds at least 100 shares in the capital
stock of the society, and the President, a gentle-
man of fortune and influence, formerly a banker in
Paris, kindly gives his daily attendance to superin-
tend the management.
The proprietors will recollect that in a circular
addressed to them in February last, it was notified
that Mr. Starr had resigned 11:s office as manager.
This resignation was accompanied by the mutual
expression of good wishes and by a recognition
on the part of the board of his exertions for
the benefit of the society at various times. The
directors have thought it unadvisable, as well
as au unnecessary expense, to reappoint a separate
Aker as manager, distinct from the chairman, under
whose superintendence all matters connected with
the society necessarily come, and the chairman
having resigned his appointment as one of the
medical referees now devotes his whole time to the
management, by which arrangement alone a saving
of not less than 7001. per annum will he elected in
the expenses at the head office, while the directors
confidently trust that increased energy and effi-
ciency will be the result.
Your directors have had under consideration the
system hitherto adopted in this society of making an
annual division of profits. This mode is found to
be open to grave objections, since the period is too
short to allow- a correct average result of the so-
ciety's operatiOns to be obtained. If the claims
ire small in one year a larger amount may na-
turally be expected to occur in another—while, if
the claims are large in one year, we may fairly ex-
pect a smaller amount in following years. Thus the
deficiency in one year will be compensated by the
excess in another, so that a more correct average
is obtainable in a series of years ; while the distri-
bution of profits, made in a good year, causes an
unfair amount of pressure upon the society in the
next, or less profitable years.
On considering the plan adopted by all the most
successful offices, we find that only one or two
besides our own make an annual division of profits
—several divide once in three years, others once in
seven years ; but by far the greater number divide
their profits once in five years, and some of those
who originally adopted a septennial division have
subsequently altered it to a quinquennial. We are
therefore led to the conclusion that this latter
Period has been found the most equitable and con-
venient ; and having every reason to believe that
the amount of the bonus under such a plan would
be larger in proportion than under the present

system, your directors strongly recommend that
steps be taken for carrying this suggestion into
effect.

According to the provisions of the deed of settle-
ment such a change cau only be effected by two

successive general meetings of proprietors, specially
called for the purpose. Your directors therefore
propose shortly to convene a special general meeting,
in order to submit to it the propriety of making
the future division of profits once in five years.
Since the last meeting, Charles Bennett, Esq.,
has resigned his scat on the direction ; Thomas
Nicoll, Eq., has resigned on account of ill health ;
1. C. Grattan, Esq., has become disqualified by the
sale of his shares. Your directors carrying out
f,lieir views with regard to economy, and feeling
that the present board is quite sufficient for the
proper management of the society's business, have
(tot thought it advisable to fill up these vacancies.
It will be the business of the present meeting to
elect three directors, in lieu of Samuel King Church,
Eq., Henry John odgson, Esq., and John Moss,
Esq., whose term: of office expires, but who are
eligible for're:election, and offer themselves accord-
thgly ; and to confirm the election of William
Kenworthy BroWne, Esq., and John Symes,
who have been, appointed di :ectors by a special