The Sun.
London, England, 1869-11-11 00:00:00

EUROPEAN ASSURANCE SOCIETY.

An extraordinary general meeting of this society was
held at Willis's Rooms, London, on Wednesday, having been
adjourned from the offices, in Waterloo-place. There was
a numerous attendance of shareholders and policy-holders.
The directors on entering were received with mingled
cheers and hisses. Sir Frederick Smith, the chairman,
presided.

Mr. LAKE, the secretary, read the report, which included
the accounts already presented to the Court of Chancery.
It also stated that, notwithstanding the excitement for
sometime past in the insurance world, the amount of pre-
miums on new life and guarantee policies received by the
secretary for the nine months of the present year ending
on the 30th September was no less than £24,756 IBs. 7d.
On the recommendation of a committee of revision, the
board had agreed upon large reductions in various items
in the cost of working. The remuneration voted to the
directors had been reduced by one half. The directors
believed that an annual saving might be made of at least
£25,000. The directors, being desirous of affording
the shareholders an opportunity of appointing
new members to the Board, should they think it expe-
dient, had determined to create vacancies for that purpose.
The presentation of petitions had no doubt affected the
society prejudicially, and the directors proposed to make a
call of ss. per share. The directors, in conclusion, averred
that they believed the society to be in possession of a very
valuable business. The report was received with applause,
with the exception of the announcement of a call, which
excited some disappointment.
The CHAIRMAN, who was applauded on rising, remarked
that the company had passed through a terrific
ordeal ; but they had passed through it with credit.
It would now be the duty of the directors to practice the
most rigid economy. They had a fine business, and a wide-
spread net of agents, who, he hoped, would exert them-
selves more than ever under the present circum-
stances ; and they had a board of management such,
as ho trusted would give confidence to the public.
He believed that the accounts which would be submitted
at future meetings would give proof of frugality, thrift,
industry, and care. In conserfuence of the presentation of
he petitions, he was sorry to say that the hands of the law
had been placed upon their assets in America, and he
reared they would not recover them without the use of
much pressure. A. telegram was sent from London—by
whom it was not for him to say—to give notice that the
society had collapsed, and the same day the receiver
was appointed to receive their fees. Within a few hours
of the same transaction another telegram was sent to
India, causing the detention there of funds which were to
have been remitted, and business from that quarter
dropped off for the time. But he should tell the meeting
that they had kept one part of their business almost
intact—that was tho guarantee portion. Perhaps
the meeting knew that one of the petitioners (Mr.
Crawford) had appealed to the Lord Chancellor.
He thought that gentleman was unwise in taking that
course, now that he had been unsuccessful in his first at-
tempt. One object of the call to be made was to make up
the gap arising from the falling off in the United
States and India. No doubt they would hear of the same
state of things from Melbourne, and for a time the com-
pany was placed in the unpleasant position of pay-
ing claims without getting funds from the same place.
One part of the directors' programme was the formation
of a reserve fund. They thought that £lO,OOO might be
set aside for this purpose in the next twelve months, and
they would go on adding until it reached the amount of
£50,000. The Government had agreed to guarantee all
their officials with this society. Since the filing of the
petitions, £487 had been received for guarantees. The
shareholders, he thought, ought to consider themselves
very fortunate.
Mr. CHILDS, of Manchester, stated that he attended
the meeting as the representative of more than one-
third of those who were principally interested,
namely, the shareholders, as well as of a large
number of policy-holders, and on their behalf to
move an amendment. The committee which he repre-
sented had not taken any proceeding hostile to the board,
but they felt that they had been grossly betrayed by
some of their partners. The meeting ought not to enter-
tain any proposition from gentlemen who had been acting
partners until they knew the true cause of their being in
a position which justified want of confidence. Those in
Lancashire felt that it must have been produced by mis-
management. Therefore, they desired to have a committee
-ppointed to confer with the directors, to ascertain the
cause of unsoundness, and to find a remedy.
The meeting was afterwards adjourned.

TO PREVENT POTATO-SETS FAILING.—The best
preventive is assuredly the selection of good sets. The
sets should only be selected from a perfectly ripened crop,
,nd the medium-sized tubers selected for seed. These
should be planted whole, and before planting they should
be spread out singly in a warns shed exposed to the light,
and allowed to form short, stubby purple sprouts, about
half en inch in length, and then select two of
the strongest, and rub off all the others. I
have had much experience with potatoes in
England and Ireland, and have found that many cf the
Failures result from using unsuitable seed. It is a very
ommon practice to send all the best tubers to the kitchen,
:end reserve the small ones only for planting ; therefore
no surprise need be felt when we hear of an occasional
failure. The plan of reserving the small tubers of crops
ifted before. they are properly matured is also one of the
, worst systems that could possibly be adopted.—"J.
Graham." in garcimerkag.(qitie.