The Sun.
London, England, 1856-03-08 00:00:00

A FRESH MAN,

March 8.

ENGINEERS, MASONIC, (6 UNITERSAL
MUTUAL LIFE ASSURANCE SOCIETY.

Tke annual general meeting of this society was held
on Tuesday at the Head-office, No. 345, Strand, when
the following report of business transaoted during the
year was read :
" The directors of the Engineers, Masonic, and Univer-
sal Mutual Life Assurance Society have the pleasure to
present to,their members the report of proceedings for the
past year.
"The number of proposals for assurance received has
been 245; of these 185, producing an additional annual
income 0f1,8971. 3s. 10d., and assuring the sum of 48,5501.,
have been completed ; 25, for the sum of 7,5501., have
been declined ; and 35, for the sum of 12,0501., stand over
for further consideration or completion.
"The claims from death have been 6,1001., upon ten as•
sured members; of this sum, however, the directors had
re-assured 2,5001.
"The directors have uniformly rejected the principle of
taking large amounts proposed to be assured with the sole
view of re-assurances. In one case, which will shortly be
brought before the public, an assurance of 10,0001. was
offered to the directors, who, however, declined to take
more than 1,5001., the amount which they retain upon a
single life. They might, by accepting the proposal for the
whole sum, have swelled their amount of premiums, but
they considered that, by such means, a fictitious statement
of business would be presented to their members.
"The directors take credit to themselves for having re-
jected proposals which were offered to them upon the lives
of Ann Palmer for 1.0001. in January, 1854, and of Walter
Palmer for 1,5001. in February, 1855. In the first case,
they considered that sufficient interest was not disclosed ;
and, in the second, that the fact stated, of Walter Painter
having been attacked by delirium tremens, was sufficient
to make the life too letzeriloue for acceptance at any
amount of increased premium.
"The bonus calculations, made by Mr. Scratchley, the
consulting actuary, have fully realised the directors' antici-
pations as to the status of the society. The directors were
gratified in being enabled to add to the policy of each
member a reversionary sum, averaging about 401. per cent.
of the whole amount of premiums paid.
" By personal exertion among their friends, the mem•
leers have it in their power to assist the directors in ex-
tending; thebusines, of the society; they will thus confer
material benefit on themselves or their families by increas-
ing the amount of future bonuses, whether present or
reversionary.
" The directors have given their earnest attention to the
best means of meeting the great competition among insur-
ance societies. They hove come to the conclusion that a
limited share capital would enable thent'to extend loan
operations, to purchase reversions, and to transact other
legitimate business, based upon the law of averages,
whereby the interests of all concerned with the society
may be promoted, and its position and prospects materially
improved.
" The issue of shares would be limited, in the first
instance, to the existing members of the society, who
would be permitted to convert the bonus, already declared,
into paid up shares., and also, after a certain term, to con-
vert shares into a provision for old age, or into deferred
annuities on the lives of themselves or their nominees, in-
creasing periodically out of profits.
"This plan will have the effect of retaining to the pre
sent members their interest in the income now derived
from assurances; and, withent interfering with their
power of rendering that interest available as a reversion
whenever they deem fit, it will increase the profits from
income by the extension of the society's operations, and
will enable all the members to participate in the advan
tages derived from the alteration.
" By order of the directors.
" GERARD HAY ROAERTHON, Secretary.
"London, 315, Strand, March 4, 1836."
The CHAIRMAN (W. F. Dobson, Esq.) in moving the a.dop-
tion of the report of the directors and auditors, after re-
ferring to the ordinary business of the day, stated the
reasons which bad induced the directors, aftera.reat con-
sideration and consultationwith their. actuary( NIT. Scratch-
ley), to recommend the application of a limited share
capital to the society. The great competition among life
assurance societies rendered extraordinary exertion ne-
cessary to obtain new proposals, and to procure frequent
fresh introductions. The limitation of the society's busi-
ness had been a great impediment to progress. Its agent-
had at times been driven to other offices from the more
extended character of ther operations, and being
attracted thither for purposes of business which this
society net transact, hail been in some in-
stan les retained for the es which it did. The
want of capital had compelled the directors to
reject some very availaYte loan transactions, and
effete; for the ourehase of reversionary property ; and
though the directors, from their own resources, and
those of their, friends, bad created a sort of loan capital,
which bat greatly benefitted the society, yet such ad-
vances were but temporary, and might at any time be
recalled, while the advances by the society were neces•
sarily spread over a fixed time. It could not be doubted
that the facility of granting loan, in connection with
policies ' was ,a great means of introduction to the
best aids of 'a
Life Assurance Society, the solici-
tors, and was thereby productive, not only of
immediate, but of prospective benefit. The
Purchase of reversionary interests of every descrip-
tion carefully bondticted was most lucrative ; and
though an isolated transaction of this character must he
speculative, such a business carried to an extent so as
to be based upon the law of averages could not be other-
wise than productive of great benefit to the society.
The want of share capital had also compelled the direc
tors to refuse; . a large accession of business which had
been offered by way of amalgamation. They might
have pnrchased the life business ; but the parties would
have been willing to take in exchange for their share-
the scrip or shares of this. society, and time the
connection of shareholders as well as the policy
holders would have been secured without any
money payment. The existing members of
the society could not 'be damnifiA by the issue of tbe.,e
shares ; for it would he, of course, expressly provided
that all profits derivable from policies now in force would
remain exclusively to the present members, who would
also participate in the profits to be derived from the ex-
tension of the society's business. The shares ton would.
in the first instance, be offered solely to the Members of
the society ; and various advantages held out to them,
such as the conversion of the already declared bonuses
into share capital, and the permission to leave a portion
of it unpaid, as a lien upon their policies—and as to other
parties, the adientages offered would be, that whereas in
the formation and establishment ofcompanies generally is-
.wing shares great preliminary expenses bad to be incurred,
in tine case the company was firmly and permanently
established, all the preliminary expenses had been dis-
charged, not a debt was out,tanding, and an income of
above 10,000/. a year was derived from premiums alone.
The motion for the adoption of the report having been
seconded by M. J. TATHAM, Esq., of Doctors'-conarnons,
one of the auditors of the society, was carried unani-
mously.
The retiring directors (the Rev. J. Watson, M.A..,
Dr. George Johnson, J. R. Christie, Esq , F. R.S., and
T.' L. Wilson, Esq.) and the retiring auditor (John Sur-
rage, Esq.) were then unanimously re-elected ; Mr. PIT-
MAN, ono of the Birmingham local board, observing that
he was requested to strongly recommend the re-election
of the directors, as the board which he represented felt
highly sati-ified with the careful mode in which the af-
fairs of the society were administered by the directors.
The draft proposition for the creation of share
capital and extension of the scope of the society's opera-
tions was then read by the solicitor, and a resolution
approving the plan, and authorising the directors to
carry it into-effect, was unanimously adopted upon the
motion of F. BIOG., Esq., seconded by G. M. ARNOLD,
E-q.,..wh0 observed that he was very pleased to find the
directors disposed to progress with the times. That
standing still in life assurance matters was, in fact, re-
trograding ; and that, when the directors considered a
share capital advantageous to the society, it would have
been as ridiculous for them obstinately to refuse
to avail themselves of the means of extending-
their operations, because the mutual principle
was their original basis, as it would have been for any
man who had entered into a particular branch of busi-
ness, and who had all the appliances ready for carrying
on a still more lucrative branch to decline the oppartu-
nity and rigidly to c inine himself within the original
limits of his undertaking.
Votes of thanks were cordially offered to the chair-
man and directors, the various ofEoers, and the actuary,
A. SCRATCHLEY, Esq., who, in a speech of great ability,
recommended the adoption of the share capital proposi-
tien, and stated that every book and paper in the office
were laid freely before him. for the purpose of examina-
tion as to his report upon the bonus.

ATTEMPTED SUICIDE BY A PATIENT IN ST. THOMAS'S
HOSPlTAL.—Yesteiday morning, shortlyafter six o'clock,
considerable sensation was created in St. Thomas's Hos-
pital, in clesequence of a determined attempt at suicide
by Emma Matthews, in Magdalene ward. She at-
tempted to strangle herself with her garters. Mr. Ord,
the house surgeon, was in instant attendance, and after
half an hour Succeeded in restoring animation.