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 Conn-
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—(shamo 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 addressed 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 8 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. BLOXITIAM thought the best thing to ensure
increased success to the society was for each
shareholder to bring up his man as a
now 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.
Every institution 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
Inade 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
carried unanimously.
The CHAIRMAN proposed the re-election of the
retiring directors, which, having been duly se-
conded, was unanimously carried. The retirin g
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 CIIAIRAIAN then submitted 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.

THE LATE LORD MACAULAY.—We are informed
that, in compliance with a suggestion contained in a letter
from the Lord Chief Baron, a committee is in course of for-
mation for the purpose of collecting a fund for the erection,
in Trinity College, Cambridge, of a statue of the late Lord
Macaulay.

Mr. John Howard Kyan, dentist, of Preston, on
Wednesday last received the dental diploma of the Royal
College of Surgeons having undergone the necessary exami-
nations:—Preston Guardian.

•
BANKRUPTCIES IN FOUR MONTHS.—In the four
months ending the 30th ult. 322 bankruptcies were gazetted
in. England. Of these 14 took place in the Liverpool dis-
trict, 12 in the Manchester, 65 in the Birmingham, 38 in
the Leeds, 29 in the Bristol, 17 in the Exeter, 10 in the'
Newcastle, and 137 is the London. This total of 322 would
give an aggregate of 966 for the current year, while in 1859
the number gazetted was 1,090.
FAIR AT GREENWICH.—A pleasure fair on a most
extensive scale has been held during the last three days at
Greenwich. It appears that, by a preconcerted plan, a
large number of shows, booths, &c., arrived during Sunday
night, the land having been previously hired, and the police
are unable to interfere in a summary manner, as five days'
notice must be given to the parties to remove.
The Calcutta date received yesterday is to the
23d of April. The rate of exchange has receded to 2s. ld.,
a movement equal to 21 per cent. in favour of this country,
and the prices of Government securities had experienced a
considerable improvement. The Four per Cents. had gone
from 81} to 84} ; the Five per Cents. from 951 to 981 ; and
the Five-and-a-Half per Cents., from 1001 to 1041.
THE PRICE OF GOLD.—The quotation of gold at
Paris is about et par, and the short exchange on London is
25.121 per £1 sterling. On comparing these rates with
the English Mint par, £3 17s. 101 d. per ounce for standard
gold, it appears that gold 4s about 2-10ths per cent. dearer
in Paris than in London. By advices from Hamburg
the price of gold is 4211 per mark, • and the short
exchange on London is 13.3 j per £1 sterling. Standard
gold at the English :Mint price is therefore nearly
1-10th per cent. dearer in London than in Hamburg.
The course of exchange at New York on London for
bills at 60 days' sight is about 109} per,eent., which, when
compared with the Mint par between the two countries,
shows that the exchange is against England. But, after
making allowance for charges of transport and difference
of interest, the present rate leaves no profit on the trans-
mission of gold between the two countries.
Among the civil service estimates lately issued
class 2 comprises the salaries and expenses of the
Public Departments. The amount is £1,413,503—
almost precisely the same charge as last year. First
comes the demand for the Houses of Parliament,
£87,485, though this does not include the salaries
of the Speaker and Sergeant-at-Arms, both of
which are placed upon the surer basis of the Con-
solidated Fund. Next are the Treasury and the
departments of the three Secretaries of State—
Home, Foreign, and Colonial, together £170,135, the
greatest demand being for the Foreign-office acd the
Treasury, in consequence of their needing a large
and superior class of clerks. A group of offices of
somewhat less eminence follows—the Privy Coun-
cil-office, the Board of Trade, Lord Privy Seal, Pay-
master-General, and the office of the Controller of
the- Exchequer (himself upon the Consolidated
Fund), together requiring £99,709, which is a slight
increase on last year's vote. There is also a little in-
crease in the staff of the Woods and Forests, which,
With the office of Works, requires £57,342.