The Sun.
London, England, 1869-03-22 00:00:00

OCEAN MAIL CONT.RACTb.

The select committee appointed by the House o! Com-
mons to consider the two Atlantic contracts which had
been entered into by the late Government, of which Mr.
Disraeli was the head, held another sitting on Saturday
by special leave of the House. The members present
were Mr. Dent (chairman), Sir Massey Lopes, Mr.
Hamilton, Mr. Graves, Mr. Seeley, and Mr. Greaves.
The question demanding inquiry was whether two
contracts made between the Treasury and the Post
Office and Mr. Cunard and Mr. Inman for the
conveyance of the American mails at a cost of
£120,000 per annum should be ratified by the present
Government. An immense mass of evidence has been
given—Mr. Ward Hunt, the late Chancellor of the
Exchequer, and Mr. Scudamore, of the General Post
Office, being amongst the witnesses examined - from
which it appeared that when the Post Office
asked for tenders for the conveyance of the mails
at the expiration of the former contract, Messrs.
Cunard and Mr. Inman refused to send in a price, but
after certain negotiations the present contracts .were
made, it being agreed, in accordance with the custom of
the House, that they should be laid on the table for a
month before final settlement. The Conservative Govern-
ment going out of office, it devolved on their successors to
complete or repudiate them. Hence the committee,
the importance of whose labours may be esti-
mated by the fact that ;if it be decided to throw over
the contracts, the country will in a few days be without
any settled arrangement for the conveyance of tlr
American mails. Amongst the witnesses examined
was Mr. Burn, the representative of Messrs. Cunard and
Co., who said that in 1867 surprise was expressed that
they had not tendered for the conveyance of the mails on
the forms put forth by the Post Office. After
au interview with the Treasury and the Post
Office, a provisional arrangement was made to carry
the mails for a year for £BO,OOO. At the close of the
year 1868 the partners in the firm of Cunard and Co.
made an arrangement with Mr. Inman to send in a joint
offer to the Government to take the mails for £120,000 per
annum. This, in the opinion of the witness, was a lower
sum than ought to have been named, and had there been
the slightest idea that the subject of the contracts would
have been reopened, they would never have been made.
Were the contracts not carried out, great expense and
trouble would accrue to his company, as they had made
arrangements for building several larger ships for the
purpose of efficiently performing work they had under-
taken to do. The witness, in reply to questions from the
various members of the committee, further stated that it
had never happened in all the transactions of his company
with Governments thata contract left on the portfolio of one
Administration had been repudiated by the successive
Government, and expressed the opinion that if the pre-
sent contracts were not ratified, the Post Office
authorities w( uld have great difficulty in getting in any
tenders from private firms, cn account of the bad faith
kept by the Government. His own firm would never
tender again. Mr. Inman, National Ship Company, was
also examined by the committee, and described the inter-
view which had been referred to by Mr. Burn, and the
results which had followed from it. He generally
concurred in the views expressed by the third witness,
and, like him, did not believe that there was anything in
the way of pecuniary advantage to be got out of the
contract. The committee adjourned till to-day.

THE CONSECRATION OF MR. .3IACRORIE.

The telegrams already published mention the consecra-
tion of Mr. Macrorie as Bishop in Natal in opposition to
Dr. Colenso. We find a full report of the ceremonial
in the Cape Town Church News, a paper which supports
Bishop Gray, The consecration took place in St. George's
Cathedral on Monday, the 25th of January—the Feast of
the Conversion of St; Paul. For upwards of an hour before
the appointed time most of the sittings in the church
were occupied, and before half-past eleven arrived not
only were the seats filled, but the aisles were thronged
with an immense congregation. After morning prayer
had been said the Metropolitan began the Communion
Service. The Bishop of the Orange Free State read the
Epistle, and the Bishop of St. Helena the Gospel. The
Bishop of Grahamstown preached the sermon from the
well-worn passage of St. Paul's Ist Epistle to Timothy,
in which the apostle speaks of the Church as " the pillar
and ground of the truth." The bishop, after expatiating
at some length on the spirituality of the Church, and its
authority as an exponent of the truth, proceeded to apply
his principles to the conduct of himself and his colleagues,
and thus justified their position : "It is now more than
five years since we, who hold in the Church of God the
same office as was entrusted by the Apostle Paul to
Timothy, were assembled in this cathedral to con-
sider charges of false teaching, pernicious to the
souls of the brethren, brought against one who was par-
taker of the same ministry with ourselves. Not in haste
or passion, not desiring to measure the truth by our own
private opinions, or to limit it to some particular forms of
thought or expression beyond those which the standards of
our Church have deduced from Holy Scripture, with the
earnest desire, if it were possible, to escape from a conclu-
sion so painful to ourselves, we were compelled to conclude
that the teaching submitted to us was directly con-
trary to the revealed truth of God, and a wide depar•
hire in all directions from the faith of the Gospel. The
members of Christ's Church were no longer bound to render
that submission to his authority which is due to one whc
holds an office under Christ. In all this we simply fulfilled
responsibilities inherent to our own office in the house of
God. They charge us with acting unlawfully even as
apostles and disciples of old are accused of breaking Caesar's
laws ; not because we do anything forbidden by law, or
that law might prevent, for that we challenge all to prove;
but because we believe in the reality of things which,
though not recognised by human law, are yet
the ordinance of Christ. And surely it is a
doctrine very dangerous to morality, no less than to
religion, to deny the existence of such things—to affirm
that the law of the State is the only rule for human actions
or for human belief. At all events, the doctrine is utterly
subversive of the very foundation of the Church of God."
As the consecration service proceeded, the Bible and the
pastoral staff was placed by the Metropolitan "at the
proper time" in the newly-made bishop's hands. He was
then conducted by the attendant bishops to the place
assigned him in their midst. The offertory sentences were
read by the Metropolitan, and a collection was made on
behalf of Church missions in Natal amounting to £73 2s.
10d. The number of communicants exceeded 150. After
the Metropolitan had pronounced the benediction, the
dean conducted the Metropolitan and bishops to the
vestry, the hymn, " 0 happy band of pilgrims" being sung
as a recessional.

Bishop Gray's reply to the protest against Mr. Mac-
rorie's consecration is published by the Cape Argus.
llis
lordship said: "I have ever been ready to receive the
expression of the views of members of the Church on
matters relating to the Church. You call, however, this
protest,' and you forward it professionally as a notary.
ge
A protest implies a right to protest, which in this matter
the laws and usages of the Church of England do not give
to its members in this diocese. It would be uncourteous
to return it ; but you will understand that I receive it
only, as you desire, as the expression of the views of cer-
tain individuals. The subscribers will not expect me to
discuss with them questions of law. They will allow me,
however, to observe that if the consecration of the new
bishop is an `illegal interference ' with Dr. Colenso, is 'con-
trary to and in defiance of the law which the Church and realm
have provided for the protection of its officials,' I have great
reason to complain of her Majesty's Secretary of State for
inviting me to apply for a mandate for the consecration
in England (without which the consecration could not
take place there), and for not informing me, after con-
sultation with the Lord Chancellor, the Attorney-General,
Solicitor-General, and Queen's Advocate that such would
be the case. During all my communications, however,
with his Grace, spread over several months, there was not
the slightest intimation given that the apprehensions of the
gentlemen who have signed the document have any
foundation in fact."

The man, William Hall, who is suspected of tno
Wodnesbury murder, has been committed for trial.

Strange as it may seem, it is a fact, says a con-
temporary, that the late Lord Brougham died without any
assets. The explanat'on is that, long before his death,
ho had by deed of gift made over everything— ex-Chan-
cellor's pension, house and lands, books, plate, furniture--
to his brother William, the present peer, who in return
provided for all expenses. Aversion to trouble about money
matters is said to have suggested this arrrngement. The
Inland Revenue authorities, at first incredulous, satisfied
themselves by private inquiry as to the bona fides and vali-
dity of the deeds of gift. But it is a curious fact that an
ex-Lord Chancellor, who for upwards of thirty years re-
ceived a pension of £5,000 a year, has died without paying a
shilling of probate or legacy duty.

A terrible explosion took place at Salutes, near
fTal, in Belgium, on the 17th, on the premises of M.
Joachim Ilavaux, a large flax manufacturer. lie and his
son were superintending the workmen in the morning,
when an explosion shattered the walls and forced off the
roof. The son was thrown down, and the father, with the
exception of his head, was also buried in the ruins. The
latter remained for some minutes in this dangerous
position, and when extricated his left leg was found
to be broken. The warehouse, which was full of flax,
caught fire. Five workwomen were also burned in the ruins.
The boiler of the steam-engine was thrown 134 metres from
its position, and a row of trees which it struck was com-
pletely 04101,190. M. Haw= ig in a TM dangeryto
StAtea

ECONOMIC LIFE ASSURANCE SOCIETY.

The ninth Quinquennial Court was held on Saturday
at Radley's Hotel ; Mr Barnett, M.P., in the chair.
After the passing of some formal resolutions, Mr.
Downes, the actuary, read the Quinquennial Report ea
foliows:—
The directors of the Economic Life Assurance Society
have the satisfaction of presenting to its members a report
of the affairs of the society, as they appeared on the 31st
December last, after a full investigation of the business
during the preceding five years, which complete the ninth
quinquennium. Since the last division, in 1864, 2,266
policies, assuring £2,062,573, have been issued, giving an
annual average of 453 policies of £9lO each. During the
last five years the sum of £E6 630 has been received in new
premiums, being at the rate of £13,326 a year. The total
income from premiums, which in 1864 was £214,104, now
amounts to £228,833, indicating an average annual in-
crease of £2,946, after allowing for loss of income
from discontinued policies; while the gross income from
all sources has increased at the rate of £6,100 per annum.
Claims
of
have arisen during the five years on 1,037 poliei°'
surin g £811,303, and carrying bonuses to the amount
£198,0e9. These claims are £41,131 in excess of the ex-
pectation. In addition to the bonuses on policies upon
whieli claims have arisen, the sum of £83,864 has bee°
paid as bonus in other ways, such as in reduction of boons
liability by cash payment, reduction of premium, purehes°,
&c., making a total of £281,953. In the valuation of the
assets a sufficient margin has been allowed, as on former
occasions, for a possible fluctuation of the public securities;
and in regard to the I iab:lities, so much onl of the premiums
has been taken into account as represents the actual risk
on life. The remaining portion provides for the expenses
of management, and accumulates to form the surplus to be
dealt with at the future divisijns of profit. By this sr'
rangernont, old and new assurers contribute rateably to
the expense of management, and no profit is declared by
anticipation. The assets, consisting of funded property,
mortgages, life interests, and reversions, the office Pre"
raises, premiums due on 31st December (since paid), inte-
rest accrued on investments, balance at bankers and in
hand, amount to £2,665,544 12s. 3d. The liabilities, eq.;
sisting of the values of policies and the bonuses already
declared, claims accrued in 1868 but due in 1869, commie"
sion, taxes, and sundry small accounts, amount commit"
£2,336,870 17s. 6d. There is, therefore, after inakis
provision for every known liability, a surplus of .£328,66;
14s. 9d. The directors recommend that £308,673 14s. 9°'
of this surplus be appropriated as absolute bonus in re-
version; and that the remaining sum of £20,000 be re-
tained for the payment of annual, contingent, and Bonds,
tional bonuses. It is further recommended that out of
this sum of £20,000 an annual contingent bonus of it
per cent. per annum be added to the absolute bonus
on such policies, now entitled to participate, as shall
become claims during the current quinquennial period,
viz. :—On policies which become claims iu 1869, £1 Per
cont. on sum assured ; on policies which become claims
1870, £2 per cent. on sum assured; on policies which be-
come claims in 1871, £3 per cent. on sum assured; 00
policies which become claims in 1872, £4 per cent on suni..
assured ; on policies which become claims in 1873, .£5 Per
cent. on sum assured. To the policies which are not en;
titled to participate in the present bonus, by reason °`
five annual premiums not having been paid upon then',
but on which claims may arise after the payment a the
fifth annual premium and before the next quinquen°l4
investigation, the directors propose to add a bonus of h'
amount as if five annual premiums had been paid prior lei
the present division. The sum of £308,673 14s. 9d. will
produce reversionary bonuses amounting to .£164,81?_
yielding a percentage from 4 to 31 on the sums assured,'
and a percentage ranging from 22 to 189 on the premium
received in respect of which the bonus is allotted. 'll.OO
same options are offered as at the last division, and so te _
bonus at present added may be commuted either to:
present money payment ; to a reduction of the Pr,_
miurns for five years only ; or to a red.
tion of the premiums for the remainder of lifeof
The society now assures by 9,576 policies the sum
£8,670,625, and has an assurance fund amountingA o,
0
£2,618,531 res. 6d., and an annual income of £338,"
The directors regard the state of the society, both with re_
ference to capital and income, as well as to the working
expenses, as highly satisfactory; while the large numbs
of assurances in force forms an adequate protection agme",-„s.
loss from any deviation from the average rate of m
tality. In closing this report, the directors beg leavetbe
congratulate the policyholders on the condition of
...0
affairs of the society as now set forth, and at the sans
time to impress on them they are all personally interes,_ie
in endeavouring to extend the business of the Econem
Life Assurance Society.
The CHAIRMAN, in moving the adoption of the report,
observed that the investigation of the assets and liabilitiesl
had been made on the same principle as heretofore, and p 0
the basis of the deed of settlement. In some ofthe
items there was a decrease, while in others there Ws
an increase. There was no reason, however, to ST.
pose that the decrease was any indication of a 300.
liug off in the continued prosperity of the 015.
There was no doubt that the calculations on which
their business was founded were sound, and that
the position of the office was as safe and secure as it
had ever been. The decrease in the number of policies
was consequent probably upon the severe commercialsa7_
pression which had prevailed during the past three year
and thus limiting the means of commercial men-a CI
to which they chiefly looked as insurers. He did not ",1::;
prehend that they had suffered any serious loss fromtu
competition of other offices. There had been unquestioir
ably keen competition ; but they had been able to keel)°t
the even tenour of their way, not taking doubtful y,
proceeding upon the same principles of careful inanage"
IG.
ment as they had pursued from the outset, assuring only
carefully selected lives. The fluctuations which had tse
place in the five years were nothing more than might g
tb he
expected in a business depending upon averages ; but
test of time showed that, taking a long series of yesrai
certain results might be looked for with tolerable °'
tainty. The number of policies issued in the five Ye''l.,
ending 1863 was 2,266, and in the last five yeaars
2,041, or 375 less. The average annual number rst
been in the last quinquennial period 453 agatos,- t
528 in the previous one, but the annual average amore
of the policies had been greater, viz., £3lO as against ‘:1)'0
showing that the class of business was batter, ands tie
70
total amount had been £2,062,573, against £2,057,
there
the previous period, or about £13,000 more, so that, the
was a compensation in the greater amount, althoug"earg
number *as less. The new premiums in the five
had also been less ; but the total premiums which inefiell
were £214,104 had risen to £228,833, °r that
£229,000 at the end of the past year. This proveu_ of
they were still progressing, and when the effectsf
the commercial crisis, and other circumstances
pin
away, fluctuating nature which had affected them badi),,es
away, there was reason to believe that their b n;or,
would extend more rapidly. They must net, h°lo ebb
calculate upon a continuous flood—the tide vi°ll else,
and flow with life assurance as with t
everYthingna of
and they must be content when they saw at the e°
iO-
- that the water was higher than a_ thiuess'-ed to
ning. The gross income from all sources had inc. the
the extent of £30,000 in five years. With regarded
all
claims, they had experienced what the actualles caLat tow'
extra high wave of mortality, and the result Was that o
to
for the first time at any quinquennial period they
report that the total amount of claims paid waelned the
h r,,n "on
of the amount expected. Hitherto they
had
ter thati
duration of life amongst their policy bolded; gres- £41,000
was anticipated, but this time they had had to Pay
more than expected. There was, however, this con the
tory circumstance, that, whereas at one time d_a.L.s. the
five years they were £90,000 beyond the calcutol t',71,000,
excess was reduced at the end of the period..
report
and at the end of the next five years he hope' !,tiolatf•
that the rate of mortality had been balmy the
evt:ase ; it
They must, however, expect the claims to in that
was in the nature of the constitution of the sec.-
tclaimg
they should do so, for as the older policies heua_slo: The
they necessarily carried with them larger bea°,:nritig the
fact was almost marvellous that they had paid ine°
five years £1,040,000 to the public, and at the a:no
es-
had a surplus of £328,000 beyond. (Cheers.)
_too tho
pected cms last year were about £190,00, tbi4
actual amount that accrued was .£lO,OOO 0
lesa"t
year Mr. Downes, the actuary, expected that theys ..igh.
have £215,000 to pay, besides the new bons
satisfo.
statement, he submitted, as to the past wan, fee be'
tory- (hear, hear)—and there wash every gr°ut u-eargadi
lieving that the low rate of premium the socie Yon°,ffinno to
and the solid basis on which it stood, woult.l.en no' ogee
attract business in the future. They bad paldel,ve yore
on the claims which bad arisen during th"• yeti
.£198,089, and the previous five years .£ll6es"„d ono
large difference ; and in addition to the bonus
Pl7oloiino,
claims they had paid in cash, in reduction nisking
ready money bonuses to the amount of £B3+ £1,659 as
£281,953. During the past year they Paid „f pelicie!
bonus upon one policy 0f.£2,000. The nuoin3L
total ainoun''
at present in existence was 9,576,
assured £8,670,625. A very large saunmd, nthoed,osuchatichtiitel::
present value of it, according to the actuary's ,
was .£2,336,870, against which they had assets
t.t.;: (ear,
being a surplus of £328,673 beyond the liab
et the °ell;
hear.) Of this they set aside £20,000 to mo
the "'len
tingent bonus on policies falling in durinz
-olicyholders.
five years, and divided the rest among the_P bad ill;
The insurance fund the directors believed tn_ea/r„
Tbeyset
sec( Cheers.)
to
vested in the safest possible manner.
rather preferred small interest with greatr y. ichem!.?
high rate of interest with indifferent secu4itq
Acting on a suggestion made at the la- uw
subject,
and
de boardby
carefullyh ad
iturnedinvesting
atthi
negi r
ncrease&
hand had in some degree been abl
as they
mist
always' rate of interest it produced,
invested
in Govreree7
always keep a considerable sum inv "
notice in d
mont stocks, convertible at a moment' s
u_
___t topetot
.
attention
their'
onaoll t
to meet claims as they arose, they co hinervlttutire e
to place out their money at a highly
rernduntortgages 00
Besides the Government stocks, they had char"
land, rates, and other securities, of an ecl 1 lUns nexuses"
acter. The working expenses were by noomfthe
042-,co
wa
gent. They took care that the business of
hooch out
pinto
roperly and well done, but they
uds cne°lninssie°frnoset,t°vrgbasen
needless expenditure, or pay enormdoi
business, as some offices did, and
equivalent to lowering the premiwumili
premiums were fixed upon certain ascerscta:_rneccde_i,rvieeeddiitilwts:U:lol::
a certain rate of expenditure, to exceedo_r
expens
upset the whole calculation. The entire
eytirLiiiiiii;
were under three per cont., and including
for
r_joinnlissioo
little more. The amount paid to agents_
acnd xie,o 0.
at tho ordinary rate had been 0
the five ,Year
had been paid for income tax during
In conclusion, he invited discusesxiorniaonlitnh: rtue,_l:trili9gllllt
stated his readiness to give any
eon-
be demanded.
change Woe
facilities
Dr. DALRYMPLE inquired whether any
templated in the policy of the oface in gra twb