The Sun.
London, England, 1869-10-05 00:00:00

THE EUROPEAN POLICY-HOLDERS.

An adjourned meeting of the policy-holders ill the Royal
Naval, Military, and East Indian Assurance Company,which
was amalgamated with the European, was held on Monday,
at Grindlay's Room, Parliament-street. Mr. S. P. Low
presided, and stated that a deputation had waited on the
directors of the European Society with reference to the
terms on which the Naval, Military, and East Indian Assu-
rance Company—

Mr. TT= asked,'after what occurred in Chancery, would
it be wise to have the reporters present.
The CHAIRMAN said what he had to say would come very
near what the Times had to answer for in Chancery on
Saturday, but he thought he ought to make it. The depu-
tation saw Sir Frederick Smith 'and Admiral Quinn, and
Jones. Clauses 172 and 173 of the deed of settlement
made provision for the dissolution of the company. The
liabilities at that time on policies amounted from
£750,000 to £BOO,OOO. The business was not
increasing, though, of course, the lives were get-
ting older. The total capital was £500,000, in £25
shares, with power to increase to £1,000,000. There were
only 3,107 shares subscribed for, and if the capital was all
called up it would only amount to £78,000, and
of this £14,000 had been called up. At that
time two of the directors—Admiral Quinn and Si
Frederick Smith—stated that, so far as they were aware, no
promotion money had been paid. It was now a question
whether the policy-holders could not follow their
assets. Mr. Finlayson, at the time of the amalgamation,
declared that the European.was in a sound condition. The
report concluded by stating that the compilers believed
the directors not to have been' etuated from corrupt or un-
worthy motives. Mr. Low then proceeded to say that the
Naval, Military and East Indian Assurance Company
had at first tried to be amalgamated with the Albert, then
the Briton, andultimately with the European, the latter of
which received £BO,OOO. The speaker then proceeded to
say that he had seen the balance-sheet of the European and
would read it.

Captain JONES (director of the European), protested
against the balance-sheet being read till the petition in
Chancery was disposed of. (Hear, hear.)

The ClisrnmAN said if the talance-sheet was true there was
nothing to conceal, and if not they ought to know it.
(Hear hear.) He knew, as a policy-holder, that it was their
interest to know the true state of affairs.

In answer to questions, Mr. Low said he promised not to
disclose the balance-sheet till after the proceedings on
Saturday.
A show of hands was taken as to -whether the chairman
should say what the balance-sheet contained, or otherwise.
Captain JONES protested against the balance-sheet being
read. It was shewn to Mr. Low privately, and he had no
right to say what it contained.
Mr. OILIKNEY thought the directors of the European
should acknowledge they could not pay their liabilities.
(Captain Jones : "We say we can.") The wisest course
would be for the policy-holders to consider whether they
would not ask for protection from Chancery and assist in
winding it up. He thought the directors of the Naval and
Military were wrong in stating that their capital was
1500,000 when it was actually only £63,000 paid up.
The CHAIRMAN said that they were led to believe there
were 20,000 shares, whereas there were only 3,000, and only
£14,000 were paid up.
It was then decided by sho'c of hands that Mr. Low
should state the position of the European balance-sheet.
Captain JONES said that whatever Mr. Low saw was in
strict confidence. (Captain Jones here left the room.)
The CHAIRMAN said that he only pledged himself not to
disclose till last Saturday, let the result bo whether the
petition was dismissed or not.
Mr. Low then read the balance-sheet.

A resolution was then passed for a meeting of the
policy-holders in the European Society and the policy-
holders in the amalgamated companies to be held at the
London Tavern on Friday next.

Mr. Bradlaugh writes to the Pall-Mall Gazette as
follows :—" I never said at Birmingham what you attribute
to me as to the land, nor did I make any personal attack on
the Queen. What I said as to the Princes lam prepared to
justify."

The minimum loss caused by the fire at Bordeaux
is now estimated at X 240,000. The disaster is supposed to
have beon caused by the carelessness of a boy who went
down into the hold of the lighter to light the lantern of a
Custom-house officer with a lucifer match.

An inquest was held on Monday at the Princess
Royal, Paul-street, Finsbury, on the body of Elizabeth
Park, four years of ago, who died on Friday last through
falling out of a perambulator on the previous day. A ver-
dict of "Accidental death" was returned.

The Conservatives of Stalybridge celebrated the
third anniversary of their Constitutional Association on
Saturday evening by a tea meeting in the Town-hall. Mr.
Sidobottom, M.P., was among the speakers. A favourable
report was given of the progress of the association.
An amnesty meeting was held on Sunday at Han-
nabsiown, five miles from Belfast. Tho attendance was
very large, end the prceecdings were orderly. The speakers
said no message cf peace would satisfy Ireland except it be
accompanied by an unconditional release of all the political
prisoners.

_
N EWPORT UNION. —lt is pleasant to contrast
the proceedings of the guardians of this union with those
of our metropolitan magnates. Not only the bodily, but
also the spiritual welfare of the poor committed to their
charge is studied by the Newport Guardians. After con-
structing a handsome infirmary at a cost of £lO,OOO they
have also erected a suitable and elegant place of worship,
which was formally opened a day or two ago in tho pre-
sence of a great number of the nobility and gentry of the
neigbourhood.
Oun CRIMINAL TREATMENT.—Miss Florence
Nightingale writes in a recent paper :—" It always ap-
pears the greatest non-sequitur to give, for instance, to a
forger, five years' penal servitude—that is, provision and
lodging in prison. What has that to do with his crime ?
But if you sentence him to repay, say twice the amount he
had stolen, his sustenance to be repaid meanwhile to the
State, out of his earnings, and let him go whenever he had
done so, that would bo something like a reformatory."
"But," adds Miss Nightingale, "hitherto the object of our
law seems to have been to teach that it is dearer to work
than to steal.--Papers issued by the Howard Association,
London.

ASSURANCE OOMPANIES.—One great cause of the
misconceptions which rrevail arises from the fact that the
members of the Fourth Estate, who are presumed to watch
over the interests of the public, are not inclined to trouble
themselves with life assurance Many of the conductors
of daily, weekly, and monthly periodicals, know more than
they dare to tell, and find it necessary to write very eau-
tiously, lest they should have to defend themselves against
an action for libel. The suggestion that an office may be
declaring too large a dividend, or is too liberal in giving
commissions, is very likely to bring an innocent writer
into imminent peril. What wonder,: then, if writers
for the press act on the principle that the better
part of valour is discretion, and say as little as
possible respecting offices which are doubtful or
dangerous ? Moreover, the ccnductorj of newspapers are
under a strong inducement to speak favourably of all
offices which advertise in their columns. Upon the priLei-
ple of "Speak of him as you find him," they can hardly do
otherwise ; they testify their gratitude for the past by
endeavouring to merit future favour. When an office
breaks up in hop,:.less insolvency, many papers are ready
to say that its finu_ncial condition was well known
in well-informed circles. But which of these papers ever
refused to insert misleading aciyertisements, such as the
placard which represented the Albert as nearly the largest
office in the world—Capital, 000,000 ; Claims Paid?
AMU; &my SRN,QOQ worry