The Sun.
London, England, 1869-10-28 00:00:00

BALANCE-SHEET FOR JUNE 30, 1859.

DR. —Assurance Fund—Value of gross sums assured
and bonus amounting to £7,479,190, as pm v.daition in
1867, £3,590,461 19s; value of gross premium income
amounting to £291,374 p.m annum, and re-assurances as
per valuation in 1867, £3,401,463 ss. ; difference, £188,998
14s. Prospective balance of general balance-sheet of
assets and liabilities for 31st July, 1867, £565,591 12s Bd.;
gross assurance fund, £851,590 Gs Bd.; less bonus distri-
buted, £60,000 ; reserve accumulated in realised assets up
to 31st July, 1867, for assurance and endowment policies,
£794,590 6s. Bd. ; ditto for annuity policies, £100,723 145.;
surplus accumulated in realised assets since 31st July,
1867, to this date, £323,705 4s. 4d. ; making the total as-
surance and annuity reserve fund at this date £1,219,019
ss. Shareholders capital, fully subscribed £lOO,OOO, and
paid thereon, £21,712. Claims admitted, waiting settle-
ment (including bonus), £29,759 ls. Other accounts ad-
mitted and waiting settlement in due course, $5,125 4s.
10d. Grand total, £1,275,615105. 10d.
Cu.—investments (of which particulars are given in
the printed reports distributed amongst the members)—
Government funds, Railway Debenture and Preference
Bonds with Government guarantee, and Mortgages,
amounting in all to £1,275,615 10s. 10J.

It will be se,_‘n by this statement that the fund wholly
available fur the assurance and annuity contracts
amounted on the 30th Juno last to .£1,219,019 os. As
£38,821 10s. 6d. (the amount received since July 30, 1867,
for the grant of annuities) has been very nearly balanced
by £35,216 ls. Bd. (paid since that time by the society to
annuitants), the reserve now required for the annuity
fund cannot differ much from the sum reserved for that
class of contracts in 1867. The addition to be made, if
any, to the amount of £100,723 14s. reserved for annuity
fund in 1867, could scarcely exceed the difference be-
tween the sums received and the sums paid since that
date. Therefore, assuming that the annuity fund now
requires an increase of say £l,OOO, thus zaising the total
annuity fund to £101,723 145., it follows that
£1,114,295 lls. would be wholly available for the assur-
____

ante and endowment policies. The directors have always
bestowed much thought and care on the investments of the
Society; these are fully stated in the general balance
sheet. Being of opinion that some portion of the funds
of the society should be invested where the assured ro-

side, on the Continent of Europe, the directors have, of ter
consultation and mature consideration, selected for invest-
ment some of the very best securities to be found in their
respective countries. The whole of the securities or docu-
ments representing these investments have been recently
verified by the directors, and attested by the auditors. In
consequence of the amount of labour involved in the
examination and audit of the voluminous accounts
and documents required forsuch a detailed statement
as the foregoing, rendered more and more intricate
by the ramifications of the society, the directors recom-
mend the shareholders to take into consideration some
suitable increase to the honorarium allowed to the auditors.
It is with deep regret that the directors, while making
their report of the occurrences of the past year, so satis-
factory in all other respects, should have to announce the
death of two of the members of the board—George Lowe,
Esq., Felliw of the Royal Society, and William Tabor,
Esq. Both these gentlemen had been connected with the
society from the very commencement, Mr. Lowe having
been first auditor and then director, and Mr. Tabor hay-
in held the position of chairman from the very foundation
of the society to the day of his death, an uninterrupted
period of more than twenty years. Their uniform integrity
of purpose and untiring devotion to the interests of the
society, together with their personal worth, gained for
them the respect, consideration and esteem of every mem-
ber of the board. The directors, after mature considera-
tion, have, in the room of the late Mr. Lowe, elected A.
Hutchison Smee, Esq., who represents the interest in this
society of the late William Smee, Esq., of the Bank of
England, one of the original Trustees of the "Gresham,"
and who was one of its chief supporters in early years.
The directors have also elected William Trego, Esq., one
of the original and largest shareholders of the society, to
be a director, in the room of the late Mr. Tabor, his
former partner. The directors recommend these appoint-
ments for confirmation by the shareholders. The
directors retiring on the present occasion are—W. H.
Thornthwaite, Edward Say, F.R.S., and J. L. Hancock,
Esqrs., who, being eligible, are recommended by the
board to constitute the list for re• election. The auditors
—G. H. Ladbury, William Whitelock, and William Webb
Venn, Esqrs., retire, and again offer themselves for elec-
tion. The directors refer with much gratification to the
result of the arrangements which they have made from
time to time for the gradual development of the resources

of the society, and which, up to the present, have fully
answered their expectations. The directors anticipate
that the extensive and valuable organisation which has
been consolidated by them at the cost of much
time, thought, and labour, will yield its legiti-
mate fruit in an increasing amount of new
business. It must be borne in mind that the company has
steadily progressed from year to year, and arrived at its
present magnitude and sound financial position without
amalgamation, or transfer of the business of any other
company wha.!soever, and solely by its own effort and
methodical coins() of action from that to last. Every one
of the 52,602 proposals made to the society up to the 30th
June, 1869, has been the subject of careful examination
and separate study; of these proposals, 9,782 have
been declined as not being suitable risks for the
society to undertake. The board have instructed the
actuary to investigate the rate of mortality
amongst the members assured in the Gresham Society
from its commencement. This investigation, when
complete, will elicit very important information. From
observations made by the actuary, of 11,913 years of life
exposed to risk, it appears that the Gresham mortality was
represented by 176 deaths; whereas, according to the
office experience rate of mortality upon which the tables
of this company have been calculated, the deaths to be

expected should have been 203, a result which shows that
the risks themselves are of au excellent character. The

actuarial investigation of the policies for the purliosOOf

_Airdw.ft

awarding bonus, is now made triennially, and the HSU
of the next valuation will be declared at the annual
meeting in 1870. The directors have already ordered the
valuation to be commenced, and it is now in progress.
The unqualified confidence of the directors in the finan-
cial strength of the company; in the excellence of the in-
surance risks undertaken; and the integrity, loyalty, in-
telligence, and industry of its executive at home, and
throughout the continent of Europe, determine them to
persevere in the course which has hitherto led to such
marked success, and they rely for support upon the hearty
co-operation of every member of the society.
(Mere fol'ew extracts from the valuation sheets of the
Gresham Life Assurance Society, 31st July, 1867, at a
rate of mortality in accordance with the experience of the
seventeen offices, and 4 per cent. as the rate of interest on
investment.)
The CHAIRMAN, in moving the adoption of the
report, congratulated the members upon the satis-
factory report which they had just heard read. It
would be observed that the form of the report
varied from the condensed model which the directors
had hitherto adopted, but the present, like all for,
mer reports, showed the same prosperity that hid
year by year been the distinguishing feature of the
society. The balance-sheet appended to the pre-
sent report has been drawn up to meet the require-
ments set out in a bill before Parliament
last year, and although the directors did not en-
tirely agree that the calling upon all life associa-
tions to give reports in one uniform way, he
thought it right on the present oczasion to adopt
the plan, and thus anticipate the good results. The
report was so full, it contained so much detail,
that it would become tedious in him to occupy their

time in pointing out any particular item con-
tained therein. They would see that they had dur-
ing the year received no less than 4,727 new pro-
posals for the sum of £1,972,244, every one of
which had been most rigidly examined ; and the
result was, the directors had declined 569, post-
poned 31, and accepted 4,127, assuring theosum of
£1,675,783. Thus they would see that, though
the directors were laudably anxious to increase their
business, they did not do so at the expense of pru-
dence. The gross income of the society from pre-
miums only amounted to no less a sum than
£335,726, of which £56,640 was for new premiums.
(Hear, hear.) They had very greatly increased
their investments during the year, and, putting
aside the shareholders capital and every known ac-
count, there remained a fund of no less than
£1,219,019, which he thought was enough to
thoroughly satisfy the most ardent amongst them.
(Hear, hear.) He could not resume his scat with-
out referring to the great loss the society had met
with by the death of Mr. Tabor and Mr. Lowe,
both of which Iwere gentlemen who had devoted
the NI hole of their energies to the advancement of

the society, and he was sure the regret be felt was
shared in by every gentleman amongst them. He
then formally moved the reception of the report.
Mr. ALFRED SMEE, in seconding the motion, said
their gross income of £335,000 tor premiums had
been achieved by single policies, not by taking
masses. (ileac, hear.) Tiny had always set their
faces against taking over large masses of business ;
they bad invariably considered each life separately,
and their present position was the result of that
wise precaution. lie did not believe that a given
nuuiuer of lives would always obey the average,
and those who thought differently would iu the
end discover they had been following a danger-
ous fallacy. As he said before, the Gresham
well examined every life, and were governed by the
result, and not at all by what was popularly called
the average rate of mortality. The carrying out
the principle they had started with bad brought
them great success, and that success they might rely
upon would not be interfered with. They had struck
out the right course at first, and to that they had
hitherto, and would for the future, steadily adhere.
They did not want to take over business that did not
pay. (Hear, hear.) They could secure enough of
that which was safely remunerative, and the large
bonus they had paid had, in fact, been a return of
the capital invested four or five times over, and the
nothingness that remained of theirs in the society,
if he might so call it, was worth £3 in the open
market. (Cheers.) They had had the gratify-
ing intelligence communicated to them that
the new income this year amounted to
£56,640 ; but they must not think that
that bad been accomplished without incessant
labour and thought on the part of the board ; that
he was sure would be at once conceded. (Hear,
hear.) lie could only urge upon all to impress
upon their friends the importance of not
delaying the duty of life assurance, and
he was sure they would see the Gresham
offered them a safe and solid security. Their
growth had been unprecedented, and whilst they
adhered to the policy which had animated them at
starting, their success, he felt quite certain, would
go on increasing. (Cheers.)
The report was then put to the meeting, and
carried unanimously.

On the motion of Mr. Toulman, seconded by
1.4-. Tyler, the retiring directors and auditors
were re-elected.

A cordial vote of thanks having been awarded to
the chairman, the directors, and the actuary and
secretary, the proceedings terminated.

THIRD EDITION.

The Third Edition of " The Sun " of last Eveming was
published in time for delivery iu town at 7.16 p.mn.

SUN OFFICE, 7 O'CLOCK.

SPORTING INTELLIGENCE—Ibis Day

NEWMARKET HOUGHTON MEETING.
(BY ELECTRIC TELEGRAPH.)
HANDICAP SWEEPSTAKES OF 15 SCATS.

_ _ _ •
Rosalie
Flighty
Placid f 3
Four ran.
NURSERY lIANDICAP.

Palmerston
Newsman
Hush Money

Ten ran.
HANDICAP PLATE.

Midshipman
Wild Flower
Br. to Ravioli..

3

Six ran.

lIANDICAP SWEEPSTAKES, 15 SOVS.
Miss Day r01l
Vex 2
Neuchatel 3
Eleven ran.
MAIDEN PLATE.

Mrs Wood c
Semolina • 2
Saus 3

Eleven run.
TROY STAKES.

Sunshine
SIVEETSTAKES OF 10 SON'S

Arcanum
1
Roxana
2
Stumps
3

Four ran.
FREE HANDICAP.

Cardinal York
Border Knight
Pero CTOIIieZ 8

..

Four ran.
MATCHES.
Sylva against Coup de Urace—Off.
Alpenstock receives.
Lady Evelyn f beat Ostorius.
The races were postponed one hour on account of the
snow, and the last three races on to-day's card will be run
to-morrow.

We are requested to state that the Brothers Webb
convicted at the Old Bailey of endeavouring to obtain
money under false pretences, are in no way connected with
the actors playing under_that name.

Mr. PEABODY.—It has been known only tmongst
the liznited circle of his private friends that Mr. Peabody
arrived in England by the Scut;a,6olll9 weeks since, and
that he visited London for the purpose of consulting Dr.
c- ii. Ile is on his way to the south of Prance, where he
will pass the winter, should his health enable hiui to travel
so far.

[ADVERTISENIENT.—HoIIoway's
Vaccination, Teething.—lunuediately bJoro and during
the period of teething, a child's nervous system is ren-
der,d irritable, the situ' becomes dry and feverish, and
rr.sh frequently succeeds, which is often followed by un-
sightly scabs, fur the prevention and curd of which every
mother may contidentiy rely upon this cooling and healing
unguent, which will be found equally beneficial in the
cutaneous inflammation sometimes resulting from vacci-
nation, and iii small-pox itself the Ointment will a Nord
ease, prevent scars, and contribute greatly to the pre sent
comfort of the sufferer by soothing the inflamed and
suppurating spots. No nursery should be without )110-
way's Ointment, which will prove itself an antidote toN.al-
most all skin and superficial disease.

CHARGE OF LIBEZLING THE EUROPEAS

ASS ÜBANCE SOCIETY.

Mr. Joseph Bentley, of Aldine Chambers, 13, Pater
nester-row, was summoned before Sir Robert W. Carden,
at the Guildhall Police-court, on Wednesday, for unlaw-
fully and maliciously publishing a defamatory libel of and
concerning the European Assurance Society. Mr. George
Lewis, jun., prosecuted,
Mr. Lewis said that he appeared on behalf of the Euro-
pean Assurance Company, of Waterloo-place, Pall-mall, to
make a complaint against the defendant for a series ei
libels he had committed on that society_ They were all
aware that two petitions had been presented to the Court
of Chancery against that society, praying that it might be
wound up, but after very lengthy and able arguments
by eminent counsel the petitions were dismissed with
costs. His complaint against the defendant was, that he
had been in the habit systematically, for a series of years,
of publishing a statement with a view of terrifying life
offices and other institutions either into appointing him
one of their agents, cr to obtain a sale for his various
"pamphlets," as he called them, for his own benefit. The
first charge against Mr. Bentley was that of publishing
a table giving the age, income, invested capital, bonus, &c.,
for which the company did not care twopence but for the
fact that in the " bonus" column tho defendant had printed
the word " insolvent," and in the margin " In Chancel
Sept. 22, 1369." He need hardly say that the we',
"insolvent," as applied to the European or any other
society was in itself a libel; but Mr. Bentley, if put upon
his trial, would have the opportunity of justifying that
statement. He, however, not only spoke of the European
as insolvent, but the word "doubt" or "doubtful" was
printed against the names of several assurance
societies in the possession of large incomes, and holding
very high positions. Mr. Bentley stated that "the infor-
mation given as to the present financial position of
all life offices is the same as that furnished in
ray sixth report to the Board of Trade, price
ls. 6d." This conveyed the idea to the public mind
that he was authorised by the Board of Trade to make
those reports ; but such was not the fact, and people in Mr.
Bentley's position ought to sail under true colours. Mr,
Bentley had no authority from the Board of Trade, or
from any society in the world, to issue that pamphlet.
He described himself as of " Aldine-chambers, London,"
and the court would scarcely believe that he occupied a
room on the third floor in a house in Paternoster-row at
some few shillings a week. There was no one to attend to
the business except a little girl, who sold the pamphlets to
any one who called for them. They were utterly false and
deceptive, and the tables were not accurate in any one
particular. In another pamphlet, published by the de-
fendant, was a heading, "No Panic can now happen,"
and under it was the following paragraph—" Because
any one may learn by seeing their accounts, which are
the ten banks and life offices among the 303 open
(with £1,615,863,147 in them) that have lost so much
of their own capital as to make their financial position
suspicious or doubtful, by obtaining the 'fourth report to
the Board of Trade on Banks, Banking, and Life Assur-
ance,' price 2s. 6d.; ' Wealth and Politics for all the
Queen's Subjects in every Rank and Station,' also
2s. 6d.; or the sixth report to the Board of Trade, price
ls. 6d. In about two months after this last work was
published the Albert and European Life Offices were
closed." Why that was a most monstrous libel. There
was no more truth that the European Assurance Society
was closed than that the London and Westminster
Bank was closed, and if anybody represented that it was
he must take the responsibility.
Mr. Frederick A. Lake, solicitor: On the 20th October
he went to Aldine-chambers, 13, Paternoster-row, and
purchased a number of two of the pamphlets out of the
three produced. He saw painted up on the wall at the
entrance of the chambers, "Registry of Life Office and
Bank Accounts, Joseph Bentley, Registrar." He went up
to a small room on the third floor, where there was a
counter, a chair, and a book-case, but no registrar. The
young lady present served him with the pamphlets. The
table in which the company was described as insolvent was
dated the 21st of September, and stated that the company
was in Chancery on the 22nd of September. The pamphlet
addressed to the provident classes was dated the 12th of
October.

Mr. Alexander Skeen said that he was a printer. The
three documents were printed at his office for Mr.
Bentley. He did not know how many he had printed
of them, but he supposed between 30,000 and 40,000. He
received the manuscript by post, and returned it by post.

Mr. Bentley said that Mr. Lewis did not understand his
(defendant's) business. The word "registry " meant his
going round personally to every life office and every bank
in the kingdom for the last twenty-four years, and offering
that if they would supply him with their total income,
their total funds, their sums assured, and any other infor-
mation they had to give him about bonuses, ho would
print it for them for nothing.
Sir Robert W. Carden said he who became a
public censor undertook a serious responsibility as
to the truth of the statements he made. There were
in the pamphlet insinuations against some of
the first and best of in London. Five offices refused
to make any return, among which were the London
Assurance, Royal Exchange, and the Sun, three of the
first offices in London. He presumed they did not consider
it necessary to give their figures to the defendant.
Mr. Bentley said that it had cost him £3,000 during the
twenty-four years to get that jnformation.

After a considerable amount of conversation Mr. Bentley
was induced to reserve his defence, as the case must be
sent for trial, and he was accordingly fully committed for
trial ; but Sir R. W. Carden consented to take bail, two
sureties in £lOO each, and himself in £2OO.
At the rising of the court satisfactory bail was not forth-
coming, and the prisoner was conveyed to Newgate.

LAW AND POLICE.

-f-

THE BEvEnnEy amerloN. At Judges' Chambers
Queen's Bench, an application has been made to Mr
Justice Hayes for writs of Habeas Corpus to procure the
release of Messrs. Flint and Fitzgerald, the two witnesses
recently committed to York Castle for contempt
of court in refusing to give evidence. The
counsel who made the application contended that
the committal was illegal as the commission illegally
adjourned, and the three gentlemen who constituted the
commission were not a court under the circumstances, and
could make no valid legal report of the proceedings. Mr
Justice Hayes admitted the importance of the question,
and said it should be argued in court the first day after
term, being Tuesday next.

FEArns Lv INDIA..—An overseer in the Forest Depart-
ment at Wynad, in Madras, was charged at Bow-street,
with embezzling £313, the property of the Indian Govern-
ment. The prisoner had held his position for some time
and it wa's alleged had entered several contracts fortimber
and received various sums, part cf which he paid intC
the Madras Bank. He afterwards withdrew the money
from the bank and left for England. The warrant wa.
made out under the Indian renal Code. The prisoner was
remanded.

THE SYSTEMATIC SWINDLEItS.—The two elegantly..
dressed persons who, under the names of Captain and Mrs.
Howard succeeded in defrauding so many West-end trades-
men, have been committed for trial from 3larlborough-
street Police-court. Several other charg_s are in reserve
against them.

RIVAL OMNlnusEs.—The conductor of an omnibus run-
ning between London Bridge and Cambridge Heath was
charged, at Worship-street, with assaulting the time-
keeper of the General Omnibus Company. The disputc
arose from the competition between the respective com-
panies, and the magistrates adjourned the case for a fort-
night, to see if some arrangement could not be come to.
SOLDIERLY CONDUCT.—At Salford, a private in the
100th Regiment was charged with drunkenness and dis-
orderly conduct. The policemen followed him into the
barrack, and secured him with great difficulty, owing to
the interference of his comrades. The magistrate com-
mented severely on the conduct of the soldiers, and
granted a summons against the corporal of the guard for
assault. The prisoner was sentenced to hard labour for
two months.

A NEW PEER.—By the death of Lord Dynevor
the Rev. Francis Rice, 31. A., vicar of Fairford
Gloucestershire, becomes a peer. He was educated at
Christ Church, Oxford, where he took his D.A. degree in
1826. Two years afterwards he was nominated by the
Dean anti Chapter cf Gloucester to the vicarage of Fair-
ford, which he at present holds.

An immense Lel of petrified fossil shells has been
found near Sara tfAr in South- c:stern Ilunia. The interioi
of these shelbi ecutain beautiful ely3tals of sulphate of
sell to extract the metal. In

r, f :GM whi

wariy

are in

discovery i 3 valuable, a
h a goc,l

rite of preser

their former occu

rnti, can be efu,ily traceil

Tho special commission of Spandan after tryirT
various e:periments have fixed upon a model needle-gun.
nis weapon was given to a Lattalion of chasseurs, who
figured in the grand manoeuvres of Stargard. The Prussian
Government wishes the manufacture of the new gun to
.;orameuce at once, as the soldiers put no more faith
in the old weapons. The necessary expense will be
considerable, and the North German people begin
to fin i the Lailitary_tharaes imposed Pgoia_nrt

itCY! :'

MISCELLANEOUS NEWS.