The Sun.
London, England, 1856-06-10 00:00:00

THE SUN, LONDON, TUESDAY EVENING, JUNE to. 1856.

LINES LEASED AT FIXED RENTALS,

AUSTRALIA.

TIMES LIFE ASSURANCE, AND
GUARANTEE COMPANY.

LIVERPOOL, MONDAY EVENING.

The White Star Royal mail ship Mermaid, Cap-
tain Devey, has arrived with advices from Mel-
bourne to the 20th of March.

I The seventh annual meeting of the shareholders in
1 this sound and prosperous undertaking was held on Sa-
-1 turday last at the society's offices, 32, Ludgate-hill.
There was a very full attendance of shareholders, and
amongst them we noticed—Captain Lambert Perrott,
Captain Slarke, Deputy-Lieutenant of Kent ; S. G.
Grady, Esq., Recorder of Gravesend ; Alex. Webber,
Esq., J. J. Clarke, Essi, Charles Latham, Esq., the
Rev. John Wood, T. N. Baker, Esq., Herr G. Lewine,
M. Salckowski, member of the Prussian Parliament for
Kcenigsberg ; the Rev. Jonathan George, and others.
Captain Lambert Perrott was called to the chair.
Mr. SHERIDAN, the managing director, having read
the notice convening the meeting, laid the following re-
port of the directors before the meeting :
"The directors have much pleasure in meeting the
shareholders of the company at this the seventh annual
general meeting. The directors lay before the meeting a
general balance-sheet of the company's affairs, made up to
the 30th day of April last, the period at which the financial
year of the company terminates. The following directors
retire this year, but are eligible for re-election; viz.:-
1 Thomas N. Baker, Esq. ; Charles Latham, Esq. ; Captain
E. G. L. Perrott. The following auditor retires this year,
and offers himself for re-election :—T. C. Blundell, Esq.
The directors, in the exercise of the power conferred upon
them by the deed of settlement of this company, have,
since the last meeting of the shareholders, elected Richard
Hodson, Esq., of Adam-street, Adelphi, to be an auditor
of the company, and Charles Henry Cooke, Esq., of 14,
Whitehall-place, to be a director of this company, and
submit such elections to the approval of the shareholders.
The directors lay before the shareholders a return of the
business transactions of the year, contained in the follow.
ing table; viz.—

She has brought 37,000 oz. of gold and 50,000
sovereigns specie on freight, and a large cargo of
wool, &c.
Her advices have been anticipated.

(From the Empire of March 5 )
By the La Hogue, which sailed this morning
for London, 1527 oz. 15 dwts. of gold, and
75,250 sovereigns were exported. The follow-
ing are the particulars : 1122 oz. Oriental
Bank ; 405 oz. 15 dwts., P. Hart ; 50,000
sovereigns, Union Bank ; 25,000 sovereigns,
Bank of Australasia ; 250 sovereigns, C. Chap-
man. The Light of the Age, which left on Satur-
day last, took away 1,262 oz. of gold, and 78,315
sovereigns.
The Wonga Wonga brings Melbourne journals
to the 30th ultimo.
The Melbourne Argus of the 26th says :—" A
meeting of the Melbourne Chamber of Commerce
was held on Monday, the 20th ult., to consider the
best means of obtaining postal steam communica-
tion with Europe. After some discussion, the fol-
lowing resolution was adopted, and a committee
appointed to carry it into effect. Au amendment,
recommending that a subsidy should be offered to
any company who should afford steam communica-
tion with Point de Galls monthly, at the rate of
ten knots per hour, was moved and seconded, but
negatived.
That, in the opinion of this Chamber, the most effec-
tual means of establishing immediately steam postal com-
munication with Great Britain and other countries is,
for the Government of Vietmia to place a sum not ex-
ceeaing 70,0001. per annum on the estimates, to subsi-
dise a company or companies to contract to convey our
mails once a month ' • but in order that our arrange-
ments may at once be made, it is expedient that an
agent be despatched to Great Britain by this Govern-
ment, armed with full power to carry out their views ;
such agent to co-operate with a board of say five gentle.
men connected with this colony, and to be nominated
by this G )vernment.
On the 28th, a report from a select committee
of the Legislative Council was brought up and
adopted by the House. The committee had been
sitting for several weeks, but had summarily con-
cluded their labour on the receipt of a despatch
from the Secretary of State for the Colonies, trans-
mitting a plan for the establishment of steam postal
communication with Europe. The plan is em-
bodied in a lengthy Treasury minute which, after
alluding to the proposals received from the severa
, •

No. Aggregate Amount. Income.
Number of proposals
made to the company
from the 2d day of 2,257 £564,50 £11,821 1 9
June, 1855, to the Ist
day of June, 1856

Policies completed and
issued
Proposals declined
Proposals accepted, not
yet paid
Proposals under consi
deration

1,570 394,434 7,574 3 3
404 109,140 3,225 15 3

147 24,500 402 7 1

136 34,430 618 15 4

2,257 £564,504 £11,821 1 9
It therefore appears that 1,570 policies have been com-
pleted (none of these being what are termed industrial
policies), and issued since the last meeting ; producing an
annual income of 7,5741. Bs. 3d. ; and that the directors
have declined business to the amount of 109,140/. ; which
would have given, in annual premiums, upwards of 3,0001.
The losses during the year have been as follow :—Life,
6,4101. 6s. 101. ; guarantee. 4,763/. 6s. 2d. By the direc-
tors' last report, it appears that the total amount of busi-
ness done by the company up to that date, without deduct.
ing lapsed policies, was as follows, viz. :—Number of poli-
cies issued by the company up to Ist June, 1855, 6,913,
giving an annual income of 30,0931. 10s. 10d. ; and adding
to that the business of the present year, when the number
of policies issued was 1,570, and the annual income
7,5741. 3s. 3d.; making a total of 8,483 policies issued, and
an annual income of 37,6721. 14s, ld. Thus it will be seen
that in seven years the company has issued 8,433 policies,
yielding an annual income of 37,6721. 14s. Id., but from
which must now be deoucted the ascertained lapsed policies
amounting to 10,614 f, 9s, 10d., which will give the present
annual income at 27,058/. 4s. 3d. By the balance-sheet
circulated among the shareholders this year, it will be
perceived that care has been taken to estimate all the lia-
bilities of the company; and in furtherance of this view,
the directors have debited the company with the sum of
1,2201. as the probable sum by which the agents' balances
may be reduced when realised ; that is to say, one-fifth of
the whole amount. The directors, whilst drawing your
attention to the question of liabilities, congratulate them-
selves upon the circumstance, that notwithstanding the
now large transactions of the company, the actual out-
standing debts of the company are amply covered by the
comparatively small sum of 5001. The directors have to
draw attention to the increase of the amount of the com-
pany's investments during the past year. The directors
recommend that interest at the rate of 5/. per cent, per
annum, clear of income tax, be paid upon the capital of
the company for the past year."
The balance-sheet was taken as read, having bees
previously circulated among the shareholders.
The CEIAIRMAN, in moving the adoption of the report,
which was brief, said he should be equally as brief in his
remarks, believing that a straightforward, business-like
statement, such as that contained in the report, did not
require that elaborate notice which was usually adopted
on these occasions to recommend it to the shareholders.
Their business, he was happy to say, was progressing
favourably. They had passed through their stage of
infancy successfully, and were emerging into manhood
with a profitable future before them. (Cheers.) He
had much pleasure in moving the reception and adoption
of the report and balance-sheet.
Mr. GARRETT seconded the motion, which was car-
ried unanimously.
Mr. J. J. UNwIN CLARKS moved the second resolu-
tion, as follows :—" That the following gentlemen, who
retire from the direction, together with the directors
elected during the present year, being eligible for re-
election, be re-elected, viz. :—Thomas N. Baker, Esq.,
Charles Latham, Esq., Captain E. G. L. Perrott, and
Charles Henry Cook, Esq." He belie red it was to the

colonies, sums up the plan in the following recom-
mendations and conditions of the contract :
I. That they shall instruct the Admiralty to obtain
tender:, by open competition, for a monthly postal ser-
vice between this country and Australia, the vessels
outward and homeward touching at Ring George's
Sound, Melbourne, and Sydney, carryinx the mails for
the six colonies of New South Wales, Victoria, South
Australia, Western Australia, Van Diemen's Land, and
New Zealand.

11. That branch services shall be established by open
competition from Melbourne, as the central point, with
Port Adelaide, Van Diemen's Land, and New Zealand,
111. That all letters and newspapers shall be prepaid,
and that each ?est-office shall retain its own receipts.
IV. That the entire cost of the service described shall
be divided equally between the Home Government and
the colonies collectively.
V. That each et the colonies shall contribute to the
moiety to be paid by them collectively, in proportion to
the number of letters despatched by each, to be ascer-
tained every two years.
1. The tenders to be delivered within two months of
the date of the advertisement. ,

2.--The tenders to specify the route and the maximum
number of days between the departure of the mail from
Southampton and its arrival at Melbourne, and Sydney,
and King George's Sound, respectively ; and also the
number of days on the homeward route.
3. That the service shall be performed under a penalty
of 1001. a day for delay in starting, and 301. a day for
any time consumed in the voyage beyond the allowed
maximum.

4. Th• contractors to state in what time from the ac-
ceptance of their tender they will be prepared (under a
penalty to be agreed upon) to commence the service.
5. The contractors to give such adequate security as
to the Loris of the Admiralty may appear necessary for
the payment of any penalties which may become due,
and generally for the performance of the contract: which
penalties in no case whatever shall be relinquished.
6. The contract to be for lve years.

THE QUEEN'S VIUT TO ASHI3URNHAM-
PARK, OREMORNE.

The unique and unprecedented collection of floral
novelties now on view at Ashburnham-park, ad-
joining Cremorne, has attracted the notice of the
Queen, and yesterday her Majesty, accompanied
by Prince Albert, the Princess Royal, and the
Prince of Prussia, honoured Mr. Simpson with their
presence. The royal party arrived, at about six
o'clock, at the King's
-road entrance to the gar-
dens, and were conducted by the proprietor and
Mr. Godfrey along the main walk through the
Castle of Barfleurs entrance to the exhibition, the
gallery of which was first visited to allow the royal
party an opportunity of judging of the effect of the
whole collection, which can here be obtained at
one view. Of this magnificent sight her Majesty
was pleased to express her great admiration, From
this point the royal visitors were conducted up the
centre of the ground to the gem of the show, a
rhododendron of upwards of 40 years' growth,
covered with more than a thousand blossoms,
which elicited marked praise, and from there to
the grand avenues of mixed azaleas and rhododen-
drons. On their return through the gardens the
general visitors fell respectfully into two lines to
pay homage to their Sovereign—an attention
which was repeatedly acknowledged by the Prince
Albert and the Prince of Prussia. Before entering
their carriage, her Majesty and the Prince ex-
pressed the pleasure they had felt in their visit.
On the assembling of the general visitors around
the orchestra a general demand for the National
Anthem was made, which was immediately re-
sponded to, and verse and chorus most effectively
given. This exhibition bids fair to be one of the
fashionable resorts of the season. Since the private
show the visits of the aristocracy have daily in-
creased, and 710 doubt will continue to do so as
the real merit of the show becomes more generally
known.
Of the recent visitors may be mentioned—The
Earl and Countess of Camperdown, the Countess
of Gosfor(l, the Countess of Meath, Lady Ash-
brook, L•ady Duff, Lady H. Allen, Lady Camp-
bell, Lady Elizabeth Duncan, Lady E. Russell,
Lady W. Warneford, Dowager Lady Ashbrook,
Dowager Lady Langford, Lady Edith Acheson,
Lady de Lisle, the Hon. Mrs. Walpole, the Hon.
Mrs. Dundas, Lord Stafford, Sir Hugh Dalrymple,
Sir R. Clarges' his Excellency the French Am-
bassador and Lady, his Excellency the Sardinian
Ambassador, his Excellency the Danish Ambas-
sador and family, Sir E. Ryan, Major Wragg,
Col. Armitage, and Col. Harcourt.

interest of the company that those gentlemen who had
so admirably discharged their duty should be re-elected.
(Cheers.)
Mr. SPENCE seconded the motion, which was car-
ried unanimously.
The CHAIRMAN returned thanks for the additional
honour and mark of confidence which the motion con-
ferred on them, and assured the meeting that it would
be their anxious desire to discharge the onerous duties
confided to them as satisfactorily for the future as they
appeared to have done in times past. (Cheers.)
Mr. BAKER moved the third resolution, as follows :
"That the following gentleman who retires from the
audit, including, the gentleman proposed to be elected,
be and are hereby elected, viz. :—T. C. B:undell, E-q ,
and Richard Hodson, EQq." He had much pleasure in
doing so, believing that those gentlemen were every
way qualified for the arduous duties they had to per-
form. (Hear, hear.)
Mr. S. COCKSHANY seconded the motion, which was
agreed to unanimously.
Mr. HODSON returned thanks. He moved the fourth
resolution, as follows :—" That interest at the rate of 5
per cent, per annum, free of income tax, be paid
on the paid.up capital of the company." He said
that, as auditor of the company, he could inf
the meeting that the funds of the society were in
such a really excellent and favourable state, that the
propriety of their paying this dividend could not be
questioned. (Hear, hear.) He considered it a very
moderate amount for the directors to declare. It was
the practice of many companies to pay larger dividends
than they could really afford; with the view of inducing
the public to believe they were doing an extraordinary
amount of business. That could not be right, but it
was not a question for the consideration of that meeting,
but he had been induced to allude to it in contrast to
the flourishing condition of the company's income, which
would have admitted of the payment of a higher rate of
dividend. (Hear, hear.) The directors, he thought,
had shown great judgment to keep the dividend at the
present low rate. (Hear, hear.
Mr. YOUNG seconded the motion, which was agreed
to unanimously.
Mr. GRADY moved the fifth resolution, as follows:
" That a sum of money be voted for the expense of th•
direction during the past year, and that the directors be,
and are hereby, empowered to take and pay such fees to
town and country directors during the ensuing year as
to them may seem expedient, but in no case to exceed
the amount named in the Deed of Settlement." He
had much pleasure in moving the resolution, which
was but a small acknowledgment to the directors for
the time and great ability which they devoted to the
furtherance of the best interests of the company, and
which was shown in the clear, able, and satisfactory
report they had that day presented to the meeting.
(Cheers.) Past experience had shown them that they
might with confidence leave to the board the power
of remunerating the town and country directors. (Hear,
hear.)

Mr. WILSON, in seconding the motion, said it was
satisfactory to find that every one connected officially
with the society did his utmost to keep it in its present
favourable position. (Hear, hear.)
The resolution was carried unanimously.
Rev. J. GEORGE moved the sixth resolution, as fol-
lows :—" That the thanks of the shareholders be ten-
dered to the directors for their past services." This, he
presumed, was meant as no empty compliment. (Hear,
hear.) It was felt that something more was due from
the shareholders to the directors, in town and country,
than voting them a small fee as had just been done,
which was no adequate remuneratio❑ for the services
they had rendered to the company, and for the readiness
with which they devoted their time and their abilities to
place it in its present fl munching condition that the as•
sent ,of the meeting was asked this motion. (Hear,
hear.) It was true the directors had an interest in the
success of the Company, but he confessed himself in-
debted to them f)r the self-sacrifices they made of time
and trouble to do the best they could for the joint inte-
rest of all—(hear)—and, therefor?, it was this he thought
they deserved at the hands of the meeting, this special
recognition of their valuable services. He considered
they were deserving of every credit for the moderation
with which they had acted in reference to the dividend,
and their evident desire to conserve the interest of all
concerned, for had they wished to have presented the
society in the most fi ,urishing aspect, they could have
announc.:d a much larger dividend, according to the au-
thority of the audito!s, (Hear, hear.) They had, how-
ever, adopted the more prudent course, and refused to
do so, recommending simply the division of 5 per cent.
(Cheers.) He considered it showed that the directors
paid every attention to their interests, and well weLhed
every step in the progress of the society. (Cheers.) The
rejection of certain offers of policies that had been made
to the society to the amount of 3,0001. per annum in•
come showed their great discrimination ; and the state
of the affairs generally showed that the directors really
took considerable pains to place the society in its pre-
sent proud and enviable position—(bear, bear)—and,
therefore, the more they looked at the matter and their

conduct, he felt persuaded the more heartily would they
pass their vote of thanks, and show it was no empty
compliment. (Cheers.) He had known many of the
directors for a number of years, and it was his know-

ledge of them, and confidence in their being good and
true men, that he felt certain he could safely and with
confidence join the society. (Cheers.) He bad never
had reason to regret it, and it was with grateful feelings
that he moved the resolution. (Cheers.)
Mr. GARRETT, senior, seconded the motion, which was
carried with acclamation.

The CHAIRMAN, in acknowledging the compliment, said
it was a most pleasing duty to receive and acknowledge
such a vote of confidence as that just passed. Encou-
raged and fortifiod by finch approbation and mildews

the directors would feel themselves enabled to go for-
ward with the business of the society with renewed
vigour. (Hear, hear.)
The CHAIRMAN then moved the seventh resolution,
as follows :—" That the thanks of the shareholders be
tendered to the auditors of the company for their
past services." He said if the meeting could
but see the immense pile of books which the
auditors bad to go through, they would be able to
form some idea of the Herculean task the auditors had
to perform, and which they discharged most satisfac-
torily. (Cheers.) He hoped the meeting would agree
to the resolution, which would no doubt be an additional
encouragement to their future action. (Hear, hear.)
Mr. EDWARDS seconded the resolution, which was car•
ried unanimously.
Mr. BLUNDELL returned thanks, and assured the
meeting of the admirable manner in which the books
were kept, as well as the soundness of the society.
(Cheers.)

Mr. HODSON, in also acknowledging the compliment,
said that in matters of account no doubt everything that
tended to inspire confidence in auditors was interesting
to the society. (Hear.) The accounts were certainly
exceedingly well kept. (Hear, hear.) The audit of
the accounts of the society was in reality a continuous
monthly audit, and not a yearly one. (Hear.) Such a
monthly audit by the directors, followed by the auditors,
was, ho considered, a guarantee that everything was
proceeding satisfactorily—(hear, hear)—because it pre-
vented many things from being forgotten from lapse of
time and expenditure unjustly incurred. By this c us-
stant supervision of the board they were able to cut
down expenditure, and the work of the auditors was ma-
terielly lessened. (EL ar, hear.) Many persons might
consider the certificate appended to the accounts by the
auditors, viz , " Examined and found to be correct," a
meagre statement after what he had stated, but he
thought it was impossible to pay a higher compl nent
to all engaged and desc,ibe the satisfactory suite of the
accounts than by stating they were correct. (Hear,
hear.) The books were exceedingly well kept ; in fact,
he had never seen books that had given greater satis-
faction than the books of the company, and he had ex-
amined a great many. (Hear, hear.)
Mr. WEBBER moved the eighth resolution, as fol-
lows :—" That the thanks of the shareholders be ten-
dered to H. B. Sheridan, Esq., and the other
officers of the company, for their past services."
The resolution, such as he had moved, was in many
cases one of form at meetings of that kind. The plea-
sure of moving it had devolved on him. (Cheers.) He
saw some gentlemen present who were connected with
assurance business and some partially acquainted with
guarantee business, which, generally speaking, was
separated in other offices, but were joined in this. Their
excellent manager had contrived to grasp the two in an
extraordinary manner. (Hear, hear.) With such a re-
port and balance-sheet as had that day been presented
to them, he felt it unnecessary for him to enter into the
particular merits of Mr. Sheridan. (Hear.) When they
recollected that the past year had been one in which men
did not naturally indulge in luxuries, and life assurance
might be said to be one, it was something for the society,
through the instrumentality ef their managing director,
to see they had done as much business this year. (Hear.)
With the immense amount of competition they had to
contend with it was impossible, without constant ext.r
tion on the part of the chief of such an institution as
that, to maintain its position, to say nothing about doing
more business. One subject of great importance, and to
which the report alluded, was, that they had received a
larger amount of premiums this year on a fewer number
of policies, which showed they were doing the best de-
scription of business. (Hear.) He hoped they would
cordially agree with him in carrying the resolution, for
without such a manager as Mr. Sheridan it would be
difficult for such an institution to flourish. (Applause.)
It was easy, no doubt, to find a gentleman cap-
able of conducting the business of a life assurance
office, but it was not, in hie opinion, to find
one like Mr. Sheridan, who was capable of grappling
both that and the guarantee department. (Hear.) It
was also satisfactory to know that he bad been ably as-
sisted by the very excellent staff he had at his command.
Mr. STANDISH G GRA.DY seconded the resolution.
He had known Mr. Sheridan fora number of years, and
he (Mr. Grady) was the first person to whom Mr.
Sheridan spoke relative to the formation of the society.
(Hear, hear.) He had watched Mr Sheridan's actions
narrowly since that time, and without wishing to de-
tract from the merits of others he must say that the
success of the society was greatly due to the persever-
ance and indomitable energy of Mr. Sheridan. (Hear.
He had shown unscrupulous attention, and brought to
bear the most consummate ability in the discharge of the
business of the company, and he (Mr. Grady) was quite
sure that no one would more heartily respond to the
resolution than the directors, individually and collec-
tively. (Hear, hear.) He bad much pleasure in bear-
ing his testimony to the efficient staff the company had
to aseist Mr. Sheridan, who in that case had also shown
erect discretion in the selection of persons to fill situa-
tions under him. (Hear, hear.)
The CHAIRMAN, before puttiog the motion to the
meeting, said he concurred in all that tad been said of
Mr. Sheridan, and more especially with regard to the
discharge of his duties in connection with the guarantee
department, as he had saved the company thousands of
pounds by his legal ability. It required a man success-
fully to conduct it possessed of DO ordinary energies of
:Mod. Often be was placed in most delicate positions,
in having to stand between the employer and the em-
ployed, and at the same time consult the interests of the
society. (Hear, heer.) He was also happy to be able
to endorse all that bad been said about the other officers
of the society. (Hear.)
The resolution was carried unanimously.
Mr. Snenrneer, in acknowledging the compliment,
said that the competition during the past year with re-
gard to life assurance had been very great, and that in the
guarantee department, from several of the offices merging
it t one, and consequently bringing a greater amount of
force to bear on the object they hod in view, the compe-
tition had also become intenser. Yet, notwithstanding,
this society had done a larger amount of business this
year than last. (Hear.) The competition had, of course,
made it a very difficult and delicate matter to reject
business ; but this society had done so during the year
to an enormous extent, believing it for the ultimate be-
nefit of all that nothine but lives of a first-class character
should be taken. (Hear, hear.) The same caution
had been used with regard to the guarantee depart-
ment. This rejected business, of course, involved an
expense ; but, as he had already stated, there c ,uld
he no question but that the course laid down by the
directors, to act with great care and caution in all cases,
would be for the ultimate benefit of all. (Hear, hear.)
The hon. gentleman then entered into a comp trison of
the amount of business done by this office with that of
others, remarking that if those offices had cause of con-
gratulation at the business they had done, as represented
by the figures published, this society had much greater
cause for congratulation from having done more than
double the amount of business stated to have been
done by other offices in a less period of time and
at a similar expense. (Hear, hear.) Ile also
referred to the small amount of actual trade
debts, 500/., owing by the company, and in refe-
rence to the company's branch offices congratulated the
meeting on that established at Berlin, which was ex-
ceedingly prosperous, the company having met in the
five years it had been established but with one loss, and
that only of 1001. By the indefatigable ( xertions and
genius of their agent there, he had succeeded in over-
coming the prejudices of the worthy burgesses of that
place, and now they had assurances effected by many
of the wealthiest and most influential inhabitants
of Prussia, some of them including Ministers
ef the Crown, and even Princes. (Hear.) In
Bath, Southampton, Glasgow, Birmingham, and other
places in England, their business had greatly increased in
consequence of the devotion of the local directors to the
interests of the company. (Hear, hear.) In speaking of
assurance office accounts Mr. Sheridan said that the
assets and liabilities of an insurance company were sel-
dom understood by those journals which criticised the
condition of such institutions—the balance-sheet, gene-
rally an inexplicable document, was in most cases a
mere statement of receipts and expenditure, with' a list
of the immediate liabilities and tee available assets,
and it was, and is, customary to remark, " Yes,
this is all very well, but where are their lia-
bilities under policies ?" but it is never asked, " Where
are the assets to be derived from the premiums
payable for such liabilities ?" Omit the premiums, and
what becomes of the liabilities ? The most ignorant per-
son must admit that, if there is liability, there must be
premium, Well, the value of the premiums of this com-
pany is higher than the amount of the liabilities, so that
if this view be correct, and it was based on the soundest
principles, this company would be enabled with its avail-
able assets, not only to pay off every known immediate
liability, and pay back all the share capital received, but
to have a large sum besides for a handsome bonus per
share. He looked forward to the results of next year
being larger and more satisfactory, if possible, than the
past year. They had few claims to meet, and he thought,
underall circumstances, that he might contemplate advan-
tages for the future, and that at their next meeting the
anticipations of the auditors, so well expressed by Mr.
Hodson, might be realised, and that it might become
a question for consideration, whether or not, in these
days of large dividends and large interest for money, the
shareholders could not have six per cent. instead of five
per cent. upon the capital.
• Mr. LEwINE then rose and said—Mr. Chairman, Mr.
Sheridan has in a very complimentary manner men-
tioned my name in speaking of the Berlin agency. You
will therefore allow me a few words. About five years
ago I came a mere stranger to this office ; Mr. Sheridan
and the directors of the company engaged my services
as an agent for the Kingdom of Prussia and Saxony. In
entrusting me with the careof such an important agency
it has been my duty, and it will always be my endeavour,
to realise that trust to the utmost of my power. It is
true I have only had one less of 100/, during the five
years. I cannot ascribe this to any merit of mine ; but
that is in the hands of the Almighty, Certainly I have
taken great care only to select good lives, and was much
assisted by the great ability and zeal of Dr. Guter-
bock and the other medical officers of this company.
During the time I have been connected with you I could
have done much more business, but in many instances I
did not even offer the parties for examination, on account
of their character not being satisfactory. Within the
last year I have added to the business nearly 40,0001.
of insurances, of which scarcely 500/. was declined. I
should have liked to appoint agencies in smaller places,
but after due consideration I found the business too un-
certain and unsafe. If, therefore, any person from the
provinces wishes to insure their lives with this office they
must come to propose and be examined at Berlin. Now,
Mr. Chairman, I never could have done such a business
if I had not received the excellent assistance of our wor-
thy manager, Mr. Sheridan. I hope, gentleman, yea
will excuse the very imperfect manner in which I have
expronod myself u I have a eery lirnibed knowledgo of