The Sun.
London, England, 1856-02-28 00:00:00

LONDON LIFE ASSOCIATION.

An adjourned special general court was held yesterday
at the offices of the Association, King William-street, Clay.
for the purpose of taking a ballot on, he question that tiro
proceedings and acts of the -half-yearly general court ou
the 23d January last be confirmed. Mr Franke, the
chairman of the board of directors, presided.
The following are the resolutions which stood for eon•
firmation

1. That the present series of numbers be closed; Ind
that a second series of members be commenced, consisting
of such persons as shall make, or shall have made, any
proposal for assurance on and after the first January, 1850.
That every member of the second series shall be considered
on the same footing and be entitled to the same privileges
as the members of the first series, according to the rules of
the society, except as relates to the reduction of premium
to which such member shall be entiiled after payment of
seven whole years' premiums, which reduction shall be tea
regulated, as that the rate thereof shall in every year be
less by 10 per cent- of the premium than the rate of re-
duction or -abetment which shall be made, in the same
year to each member of the first series. - •
2. That, this being the jubilee year- of association,
and the affairs thereof being in a very 'prosperous and sa-
tisfactory condition, a gratuity be given to the secretary
and clerks of such an amount, and in such proportions, as
the directors shall think fit.

Messrs Jones and Broderick were appointed scrutineers.
During the time the ballot was proceeding, a epeeist
court was held for the purposes stated in the following re-
quisition :
" To the Directors of the London Life Association.
" Ist February, 11156.
" We, the undersigned, being members of the London Life
Association, desire you will call a special meeting to con-
sider the propriety of dividing a part of the surplus funds
of the association among the present members by way of
bonus ; and if thought desirable, to pass any resolutions
accordingly—there appearing to be upwards of 200,0004
unappropriated surplus funds, beyond our engagements,
according to the calculations of our actuary."
Mr. BAXTER said the first question for the consideration
of the meeting was, whether the association had any sur-
plus funds, and that was satisfactorily answered by the
resolutions passed by the directors, who proposed to make
a distinction between old and new assurers to the extent
of 10 per cent. The value of that distinction had been
stated by the actuary to amount to 4:30,0001. The balance.
sheet showed a surplus of 215,0001. in addition to the sur-
plus admitted by the directors. He considered it right to
leave the 215,000/. as a reserve fund to meet the eventu•
alities of insurance, and induce new insurers to come in ;
but in his opinion the 230.0001. ought to be divided
amongst the old insurers. (Hear.) The directors recom-
mende,s this mode of division—that the old insurers should
have 10 per cent, additional reduction on their premiums.
Now he contended that the money ought to go back into
the pockets of the members of the society in the proportion
in which they bad contributed. With that view he pro-
posed a resolution modifying some of the clauses of the
deed of settlement, and directed the 230,0001. to be divide/
amongst the several assurers who were members of the
society on the 31st December last, in proportion to the
amount of premiums paid by them respectively, and los paid
to them at their option either by way of bonus in addition
to the policy, or in reduction of their premiums, or in cash.
Mr. A.LLNUTT seconded the resolution.
The CHAIRMAN said the directors believed their recons•
mendations to be the best one for the interests of the
society. They did not agree with those gentlemen who
contended for the existence of a surplus. .On the contrary,.
they maintained that there was so surplus. But avid
supposing the existence of a surplus, the directors maim-
taiued that the course proposed for its division was op-
posed to the law and practice which had prevailed in the
association from its commencement. (Hear, hear.; U
there was any one thing which had been the basis of every
contract made with the members, it was this—that there
should be an annual account taken of the position of the
society—that if there was a surplus it should be divided
in abatement of premiums, and during the lives of the
members entitled to participate, and that the legality of
declaring a bonus was altogether excluded. (Hear, hear.)
Mr. War. GARRETT moved, as an amendment, that the
words " according to the amount of 'Miley" be substituted
for the words "amount of premiums paid," in Mr. Bax•
ter's resolution,
The amendment was not seconded, and therefore fell to
the ground.
Mr. JOHN YOUNG opposed the resolution, and expressed
his approval of ithe course proposed to be taken by the
directors.
Mr. FIELD entertained considerable doubt as teethe
course which ought to be taken, and moved, as an amend-
ment, that it he referred to "two eminent nctuaries not in
connection with any office, and in conjunction with the
actuary of the association, to advise what plan of action it
wou'd be just and equitable for the association to pursue
under present circumstances.
Mr. Timms seconded the amendment, which was sup.
ported by Professor KEY,
Mr. Alderman WIRE addressed the meeting in favour of
Mr. Baxter's motion.
Mr. CORRIE defended the course which heal been taken
by the directors.
Mr. BortcHase suggested that it would be Letter to re.
for the whole question back to the directors, with &request
that they would, at a future meeting, lay some farther in•
formation before the members on the subject ; the actuary
of the society being associated with two etninent actuaries ;
and also that the directors should consider whether in
point of law it was competent for the members of the asso-
ciation to act in the manner suggosted by Mr. Baxter.
After some further discussion the amendment was put
and negatived. The original motion was then put, and
he numbers were declared to be—
For Baxter's motion O5
Against it
Majority in favour of the motion —l7
The proceeding' terminated with. the -usual vote of
thanks to the chairman.
At the close of the ballot the suenthers were—
For the confirmation of the directors' re-
-183
solutions
Against.
Majority
ca
Another
nieil special. meeting
Bauer.trjigmust be
behl to confirmc°nlir the
motion

coroner, an inquest on Tuesday. at the Red Cap
SIWITILAB CABE OF CATAIAMSY.—Mr.WiIIiaIII Carikr,
Tavern, Camberwell, on the body of Jamey Speug, aged
33, a carman. It appeared that on Saturday last the de-
ceaeed was eneaged in delivering some coals at Misers.
Young':4, of Denmark-hill, and %011ie going down the
area steps he f. uddenly fel, apparently not receiving the
slightest injury. Ife was carried into the house, where
he expired shortly afterwards. Mr. Gaselee, surgeon,
who was called in, said that he found the deceased per-
incapable of the slightest
motioneanosdi sensible, buttotally
de veivdoeindtloyf
feeling ;
the death had so
doubt been caused by the unfortunate man falling upon
his head with only, perhaps, a slight'degrers of violence.
but having at the time a heavy weight on lie back. The
spinal marrow from some injury became co inpressed, and
rendered the living man a mere statue. I Verdict—acci"
dental death