The Sun.
London, England, 1860-02-02 00:00:00

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PRICE 4D, STAMPED, 50.

L LIFE laugh.) This *was a life insurance society, and yet
the howrarable gentleman spoken about the in-
vest lent of its funds as if it were a building
society. It the directors should be so foolish as
to part with an income that was moderate, but
most secure, for a high rate of interest, as
if they were conducting the affairs of a build
ing society, they might lose the whole of the
society's funds. Comparing the balance.sheet of
this year with that of four years ago, he found
that the income of the society had been increased
by £11,438. Whatever course other societies might
adopt, there could be no doubt that the business of
the society was conducted honestly and upon a
sound principle, and that it must continue to be so
conducted if the members wished it to thrive.
Mr. HATTON—With regard to the non-payment
of premiums on policies, and the giving of policies
in lieu of accounts paid, I wish to ask whether the
decision of the directors will have a retrospective
as well as a prospective view ?
The CHAIRMAN—AII policies issued will ba
entitled to participate in the arrangement.
Mr. HATTON—I am glad of that, because I can
see vo earthly reason why we should give to those
who may join us advantages greater than those we
ourselves enjoy. May I ask whether what had been
done at the Post-office has been tried at the other
Government offices ?
The SECRETARY said every exertion had been
made to get the other offices to follow the example
of the Post-office, but the heads at present had not
sanction any such proceeding. The Post-office is
the only one that will allow it.
Mr. HATTON-1 have only to say I protest
against investing oar funds in mortgages of such
a character as those named by Mr. Blow—(hear,
hear)—to do so would be great recklessness.
(Hear, hear.) I concur with the report, and I hope
it will be adopted unanimously. (Cheers.)
Mr. .T. R. LLOYD strongly censured the remarks
of Mr. Blow as to the salaries of the officials. The
Clerks' Association ought to be the last society tp
pay niggardly salaries to clerks. (Cheers.)
Mr. WARWICK—May I ask what new business
has resulted from the deputation to _the provinces ?
The CHAIRMAN-1 scarcely think it wise to
answer such a *question, especially as we are in
eompetition with seven other offices. However, I
may say it is considerably over £5OO per annum.
(Cheers.)
Mr. WARWICK thought the provision made by
the directors with respect to lapsed policies, was a
wise and judicious step. It would not only ba
appreciated by all those at present assured, but
would act as an advertisement in bringing new
business. It was with great gratification that he
heard that last year was the most prosperous one
the institution had ever had—(cheers)--and he
felt confident that the oldest offices in the City had
not, in proportion, transacted the same amount of
business as the Provident Clerks' Association.
(Cheers.)
Mr. PIKE complimented the directors on the
extremely moderate sum put down as law charges,
viz:, £25. It proved that there had been no vexa-
tions litigation respecting their policies. (Cheers.)
The CHAIRMAN said that, before he put the mo-
tion, he wished to inform the meeting that the
society had begun this year well, for they granted
108 policies, the amount assured being £18,050.
(Cheers.)
The motion was then unanimously agreed to.
Mr. HOBSON proposed a vote of thanks to the
directors for their services during the past year,
and the payment to them of £BOO by way of re-
muneration. As one of the largest insurers in this
society—being insured for some thousands of pounds
—he wished to observe, in reference to the obser-
vations of Mr. Blow, as to the investment of the
funds of the society at a higher rate of interest, that
it would be extremely dangerous to the interests of
the society to follow the example of building socie-
ties. (Hear, hear.) Security to a society like this
was of the highest importance, and he believed their
present investments were solid as granite.
Mr. LANGIIAM said it afforded him great pleasure
to second the resolution.
Mr. PILCHER wished to move an amendment to
that resolution. Thei r last year had been a great
success, and he thought they ought to mark their
appreciation of the directors exertions by increasing
the grant this year to £l,OOO. (Hear, hear, and
cheers.)
The CHAIRMAN objected to such a proceeding.
The allowance proposed was considered by the board
to be amply sufficient.
The original motion was then put and carried
unanimously.
The CHAIRMAN said he was much obliged for
their kindness. He being one of the retiring direc-
tors must now quit the chair until he was re-
elected.
Mr. WELCH said he did not think there was the
slightest necessity for any such proceeding: (Loud
cheers.) He had great pleasure in moving the re-
election of their highly esteemed chairman.
(Cheers.)
Mr. WARWICK considered it an honour to second
such a resolution. (Cheers.)
The resolution was carried amidst loud cheers.
The CHAIRMAN said he had to thank them for
their kindness, and if they only took the advice he
gave them, and followed it out, that would be the
best way of pleasing him. He would now propose
that Mr. John Studdy Leigh be re-elected a direc-
tor. (Cheers.)
Mr. COLEMAN seconded the motion which was
carried unanimously.
The CHAIRMAN said it now became his duty to
move the re-election of his respected friend and
colleague the deputy-chairman Mr. J. White
Welch as a director. (Loud cheers.)
Mr. BELL begged to be allowed to second the
motion. He had the pleasure of knowing Mr. Welch
for many years, and it was impossible to say too
much in his favour.
The motion was carried unanimously.
Mr. WELCH, deputy-chairman, in returning
thanks for his re-election, said that having that day
gone over the books, he found that in 1844 the capi-
tal of the association was £1,700. Since that time
£76,000 in claims had been met. L 24,000 had been
realised in profits, the annual income had risen to
£35,000, and the capital to £124,000. (Loud
cheers.)
The CHAIRMAN then moved the reelection of
the auditors—viz., Mr. J. R. Lloyd, Mr. F. F.
Toole, and Mr. C. Woolley, and that a sum of £3O
be presented to them for their past services.
The resolution was carried unanimously.
The auditors having severally returned thanks,
Mr. HATTON moved a vote of thanks to their in-
defatigable secretary, Mr. Linford, and the other
officers of the institution, for their zealous services
during the past year.
The CHAIRMAN said he wished also to express
his sense of the zealous and valuable services of the
Secretary and of the whole staff. He had great
pleasure in putting the resolution for adoption.
Mr. LINFORD having acknowledged the compli-
ment the proceedings closed with a cordial vote of
,hanks to the chairman.

THE BENEVOLENT FUND.

The chair was then vacated by Mr. Jones in
order that it might be taken by Mr. John Abel
Smith, the chairman of the Benevolent Fund So-
ciety, which is connected with the Provident
Clerks' Association, and whose annual meeting
follows immediately after that of the Provident
Clerks' Association.