The Sun.
London, England, 1858-02-05 00:00:00

NING, FEBRUARY . 5, 1858.

PROVIDENT CLERKS' MUTUAL LIFE
A.SSURANC E ASSOCIATION.

On Wednesday evening, the 17th annual meeting of
the members of thiii association was held at the London
Tavern, Bishopsgateestreet,—Mr. It. H. Jones in the
chair.
The SRCHRTA.RY having real the notice convening the
meeting, then read the following report, also the state-
meat of aecounts :
" In presenting their 17th: animal report of the affairs
of the association the board have mach pleasure in being
able to congratulate the members upon tho successful re-
sult of the year's operations, the amount of new assurances
effected during that period having been larger than in any
previous year, This fact is the more satisfactory when it
is remembered that from the severity of the recent com-
mercial crisis' the year 1837 has been by no means favour-
able to the extension of the system of life assurance in
general :---6SB proposals for 116,6651. have been completed ;
8 ditto for 1,200/. have been declined; and 89 ditto for
22,350/. have been deferred or withdrawn, or are awaiting4o
completion ; making 785 proposals for 1,215/. received
during the year. The maw Annual income arising from
,policies completed is
3,1521. ; the actual income of the
year is 28,9101. 4s. • the amount added to the invested
funds of the association, after providing for all known
claims, is 15,239/. 4.3. lid. ; the total balance in
favour of the association is 98,1611. Bs. The total
number of policies iu force on 31st of December last
was 4,811, for an aggregate sum of 885,8101. The
balance-sheet, duly audited, has been placed in the hands
of the trustees, who have expressed themselves much
pleased with the favourable progress of the association. It
is gratifying to observe that the mortality continues very
favourable, the claims durip the past year having been
extremely moderate both in number and amount; 38
policies, amounting, witls- -bonuses, to 6,5331. lls. have
lapsed by death, a propcirtion smaller than in either of the
_ two preceding ,years. The greatest ettriett exercised by the
board in the selection of lives, and the thanks of the mem-
bers are due to the medical officers for the skill and caution
exercised by them. The arran;ements with the staff of
the Electric Telegraph Company, referred to in last year's
report, have been carried out to a considerable extent, and
are found to work in a manner mutually satisfactory. Spe-
cial general meetings of the members were held on the 24th
June and 28th October last. At the former the rules, as
rovieed by the board, were adopted, and at the latter Mr.
John S. Leigh was duly elected a director of this association.
A deputation from the Board visited Bristol on the 23i
Mcrch last, when a public meeting was held, at which the
Mayor of Bristol, John Vining, li,q. presided, and which
was numerously attended. In their last report the Board
adverted to a branch office which had been opened at Man-
chester. On the :30tli July hat a deputation from the
Board proceeded to Manchester to investigate the condition
of the agency in question, and to confer with the local com-
mittee on the base means of advancing the association in
that City. The Beard Lave, however, to report that the
success'of the experiment has not been such as to induce a
continuance of the expense, and it has therefore been die-
continued. With refinance to the division of profits the
period for which has now arrived, the Board have received
a report from the consulting actuary informing them that
the calculations are in a fa ward etete, and the result will
be made known to the members at the ear iestpmsibleperi
In conformity with Rule 10, the followieg directors retire
re-
election : Mr. Seinuel Jeppe, offer themselves for by rotation, but, being eligible,
r.
Alexander Dawson, and
Mr. James Lintott. The following gentlemen, duly quali-
tied, have been proposed, in accordancewi i rule
12,
as
ara abl dto present to the members,
ene
auditors for the aneuieg year : Mr. James Richard Lloyd,
Mr. Francis Fredolick. Toole, and Mr. Charles Woolley.
While the Board are sincerely gratified at the favourable
rthepeyorttr'uvehtiiethwtihlleybe regarded hy the latter as a stimulus to
strengthen the hands of the Bowel as much as possible by
bringing the merits of the association prominently forward
each in his own sphere, and thereby extending and con-
solidatiug its prove] y. (Sieole.t)
"RICHARD EIENRY JONES, Chairman."
The CHAIRMAN expressed the pleasure he derived at
presiding over the meeting of the association, and said it
was a matter of deep congrainlatien to find there was a
continued gradual improvement in the funds and pro-
gress of the association. (aear.) The best illustration
he could give of that was to read them a summary he
had prepared of the amount of business they had done
in 1356 and 1357, bearing in mind that the latter year
had been one of great commercial distress. In 1856
there were 730 new. policies for 106,280/., and in 1857
there were 683, for 116,6661., giving an increase of
10,2001. ; a considerable portion of that—about 13,600/.
was derived from the Electric Telegraph Company, but
after deducting that the remaining amount gave an
average of the past year's new pclicies of 230/ ;
whereas in previous years they had never exceeded
1921. (Elear, hear.) The annual income in 1856 was
26,1001., and in 1857 23,9001., giving an inerease of
2,300/. ([sear, hear.) The balance added to capital
in 1856 was 12,8001. ; in 1857, 15,200/1 giving an
inereaco of 2,4001. (Hear, hoar.) In 1856 the
claims on the association amounted to 7,3001.,
and in 1857 to 6,609/.3 showing a decrease of 7001.
They had, however, paid in all for claims and claims
provided for, 54,6701. The expenses in 1856 were
4,8701., and in 1857 5,4201, showing an increase of
5501., which arose in connection with a special meeting
for the alteration of the rules and law expeases, amount-
ing to 180/. ; the 'branch office at Manchester and
meetings in the provinces, 2201., making 400/. ; so that
the ordinary expanses had only bean increased by 1501
The branch office at Manchester hal been given a fair
trial. L was represented that prospects were proraieing
at Manchester, and that if the experiment were tried or
the establishment of a bra: eh office at that pine', it
would be found advantageoue ; but the directors unfor-
tunately had louud, after giving it 15 months' trial,
that they were not warran'ed in contietifug that expense,
and consequently that expense must be taken as a special
one in this year's account, and one that would not be
again incurred. (near, hear.) Oa a former occasion
an increase of celery to the clerks iu the office was
suggested, but the directors hal anticipated the wishes
'1)1. the inembete, and notwithstanding that increase, the
actual expenses of an ordinary character were less than
those of former years. (Hear, hear.) The directorP, he
could assure theta, had nothing whatever to con-
ceal, and would be most happy
to give every it for.
'nation required by the members in c theection with the
association. So far as he was
given to understand the
~
society was in a very prosp
Aenis position and satisfactory
condition, and as regarded the business of the past year
he thought they
n-110.ht vie with many older offices in
that respect. (gar hear.)
furnish any inforniation required in connection with the
association, and concluded by Be should be happy to
moving
" That the report and balance-sheet now read be received
and adopted, and that the same be printed and circulated
at the discretion of the board."
Mr. BATHUS called attention to the sum of 682/.
paid for ceinneission to
assets. Tire country agents,
who h great a deal of trouble
in completing in-
surances,t) ought to be aid their 10 per cunt. for
the first year, and 5
per cent, at ter wards ; but he
thought it too much-to be paid to the London or
metropolitan ,goats for the little work they had to per-
form, often only merely witnee.iee to the execution of the
proposal lie thought their payments should be com-
muted. Ile asked, to bo informed the amount paid to
metropolitan agents.
"I'he SECRETARY Was unable to give the exact sum,
but it wasp robably less than one-third of the whole com-
mission. Ins
-eeu association gave agents the option of
commuting their commission. It was an unusual thing
for offices to dictate to their agents on such a point.
Tho CHAIR
llAZsr—Wherever we can commute the
commiesion vve do.
The SECRETARY said the payments averaged 3 per a
very moderate co.
cent., which wascost compared with
other offices.
Mr. WARWICIK asked what had been the result of the
public meeting held at Bristol ?
The CHAIRMAN said it was very satisfactory, as it
always vas there. A certain amount of immediate
business was done, and several subscriptions were added
to the Benevolent Fund. (beer, hear.)
A conversation then ensued relative to the hour of
assembling (five o'clock) • in the course of which Mr,
Warwick, Mr. Cull,
.air.
Pelcher, Mr. Toole, and
others took part, the directors intimating their desire
to meet the convenience of the members. In making the
alteration from six to five, the Board had been guided
by the prey ilence of a general desire to get business
over at an early hour, as evidenced by tae early closing
movement, and by the complaints of mall members
that the later hour was inconvezdent.
Mr. WARWICK comgratulated the meeting! on the
satisfactory position of the association, considering the
great commercial distress we had wittif,sied. A convul-
sion of that kind was likely to have a
oulidt effect on
their body, but it was gratifyin-
g to find the business
done daring the past year had exceeded that of any
former Sear—(boar)—and he thought they might look
forward,with confidence to the future . It was also satis-
factory to know that they were doing an increased
amount of business without a corresponding increase of
expenditure. Tney were all mach indebted to the
directors for the very aide ina.nner in w hich they con-
ducted the business of the aseociation. Toe association had
only been in existence 17 years ; during that varied
it bad paid two bonuses and, vvae about to pay another,
whilst others of a more pretending cuaracter had been
swept away in that time. (near, hear.)
Mr. Cuhr, asked how the advances were made on
m,r,gage, and if they advanced leans on bills ?
Tee CHAIRMAN said that in all their aaortgages they
heol a good neargia on their side. They never effected a
mortgage mikes the property was lir: t valued by their
on whose opinion they
surveyor,relied, taking great
stance,
care to have
(Hear, hear.) a good Margin in
thir favour in every
in
Mr. CULL ailed in whose hands ware the 9,090/.
deposits ?
The CHAIRMAN sail they were in the hands of two
parties—the National di count and the London discount
in equal tzopertions. They
had cella; eral security as
well in bills for the amount. (Hear, hear.)
The resolution was then put aed carried unanimously.
Mr. REED had much pleasure in moving a vote of
thanks to the directors. Last year he Lad the satisfaction
in joining in a similar vote, bet his then conscientiously
objected to the remuneration allowed to them being in
he was happy to say, was now
creased. The institution,
-in a far better position, and the moll,. showed the z al
and attention thedirectors must have paid t
et
its progress, and the time sad labour it mu

have cost them. He thought 7001. allowed the manag-
ing directors was a small sum to be divided amongst so
many, and be moved, as a mark of the approbation of
the members for the ntanner in which they dioocharized
their dutie3, the mount be increased to 8001. The
report and balance-sheet showed that they were not only
ornamental directors, and he could state that whenever
he went to the 'taco, he fiund the chairman, deputy
chairman, or one or other of them, present on the ground
floor, busying themselves with the actual working of the
concern. It was, of course, gratifying to the members to
know that fact, and to know that they had gentlemen
who felt such an interest in the Association. (Hear.)
Mr. PiLcaut seconded the resolution, which was
carried unanimously.
Tho CHLIIIILIN, in returning thanks, said it was not
the amount of the grant the directors ►alued, but the
unanimity with which it was given, showing untnistake-
ably that they enj eyed the confilense of the members.
(flear, hear.)
Mr. CULL asked if the directors well remunerated
the staff.

The CHAIRMAN said that the suggestion of a former
meeting relative to an increase of salary to the clerks in
the office had been anticipated by the directors, and
attended to, and he believed to the entire satisfaction
of the staff. (Heer, hear.)
The CHAIRMAN then moved the re-election of the three
retiringidirectore : Mr. Jepps, Mr. Alexander Dawson,
and Mr. James Lintott, which wag carried unanimously.
Mr. *TEETS returned thanks for himself and brother
directors. It was a matter of congratulation to find that
the members were so much satisfied with the conduct of
the direo ors that on every occasion of their retirement
on their presenting 'thernrolTes they were re-elected to
office. (Elear, hear.) Such repeated marks of confidence
only increasedlho obligation the-directors awed.. to the
tneinhorg, and .garra theni :an.niditional incentive to
devote their time and attention to the iatereste,ofetilasee
institution. (hear, hear.) , -
The CHAIRMAN then moved the re-election of the audi-
tore, Mesert. Lloyd, Toole, and Woolley. He bad
much pleasure in bearing testimony to their z3al in the
execution of their office. They minutely examined every
item in the aocennts and b toks of the association.
Tail motion was also carried unanimously.
Mr. WOOLLEY and Mr. TooLE returned thanks.
They assured the meeting that they foiled the business
of the association carried oe with great regularity. They
had every assistance given them by the directors and
staff to arrive at a complete audit. The whole of the
books were open for their inspection.
Mr. PILCHER moved that the remuneration of the
auditors should he increased from 20 to 25 guineae.
Mr. REED thought that toe little, it should be
made 301.

The !Atter sum, with but one dissentient, was
;greed to.

Mr. WARWICK moved, and Mr. TOOLE sec nded,
a cordial vote of thanks to the C:lairtnan for the
interest he had ever felt in the wel'aro of the A3SO-
- (Dear,)
The CUAIEHAN, in returning thank., assured them
that the uniform kindness 'he had at all times received
from the members of the a,sociation at their annual-
meetings, was a great comfo t to him, which enabled
him to get through the busioess in so satisfactory a
manner. He asuced the meeting that in future, to
ensure greater publicity of the day aid hour of the
mco;iog, and to meet the conveniesice of members, it
should be printed in the prospectuses for circu'ation.
A cordial vote of thanks was then liaised to the Sec-
retary and staff.

LINFORD returned thank.. He assured them
that every endeavour wag made by bimseif and the
members of th 3 staff to efficiently and satisfactorily
perftral the duties entrusted to them, and he was happy
to find them so kindly recognised by the members.
Tue businets of the meeting then terminal; d.

PROVIDENT CLERKS' BENEVOLENT FUND.
The annual meeting of the members of thin fund was
held on the same evening and at the same piece. Thos.
Baring, Esq., M.P., in the absence of the treasurer—
John Ab.l Smith, Esq , presided.
The Creetnereer said he regretted the absence of their
respected treasurer, not only on account of the ability
and judgment which he ordinarily displayed in presiding
over their reeetiny, but principally on account of the
severe domestic affliction under which he was now
suffering. No one could come into contact with
Mr. Smith without recognising in him the- o kind
and benevolent feelings which prompted hisr to
do all in his power for the benefit of his fellow.
men. The members of this society hail reasen to 'eel
deeply affected for Mr. Smith's present suffering, for no
one had rendered greater service to the imititutren than
had their eatirn die treasurer. (Hear, Lear.) 1.15 ven-
tured to say that without Mr. Seeills's constant efforts,
zeal, and efficient support and advice, they would not
have seen the institution in the independent position it
now holds, (Hear, hear.) Ho wever renneh he might feel
honoured in presiding over their meeting, he assured
them that he deeply regretted, in common with them
all, the absence of their worthy treasurer. (ilear.)
The SECRETARY road the report an I balance-sheet :
"The report, which was unanimously received and
adopted, stated that the income of the fund during the
year 1857 had been :—From donations and subscriptions,
640/. 17s. 9d. ; subscriptions of ss. and upwards from
a,surers, being clerks, 644/. 16s. ; intorost, dividends, &e.,
6171. 19,. ld.--total, 1,9031. 12s. 101. Gratuities had been
awarded amounting to 1171. 18s. ; loans had boon granted
amounting to 2,3621. ; the capital of the fund which had
been increased by 3341.25. Gd., amounted to 16,1441.0 e. Bd.
The following annuitants had been elected on the
29th May, 1857, viz. :-- one clerk to an annuity of 30/. ;
two widows to annuities of 201. each; one ditto to an
annuity of 15/.--amounting together to 851. per annum
One annuity had fallen in during the year, and the num-
ber on the fund at the present time was stated to be 49,
viz., 11 clerks and 33 widows, who are receiving collec-
tively 855/. per annum. The board recommended that on
the 27th May next ono clerk and two widows, or three
widows, should be elected to annuities. The period fur the
division of profits by the Provident Clerks' Mutual Life
Assurance Association had arrived, and a tenth part would
be added to this fun]. A special general meeting of the
members had been held on the Bth of July last for recep-
tion anti confirmation of the revised rules. The Report
concluded by stating that —' With the view of augmenting
as much as possible the means of the fund and increasing
its utility, the board ha 1 decided on a public dinner to be
held during the present year, and they appealed with
confidence to the merebera to lend their cordial and ener-
getic support in furtherance of this object.'
The CIIAIRMAN then mored the reception and adop-
e
ot
aiAti
Although,
otaiobnlnfesi tgeedterrhhdtt
reaeaatrantiel
observations
circulated
perhaps,ert
ot usfhn lt
extension
ntteehber deexawlpawah:na
cocttslt report,p-et balance-sheet,
hdnfewi:ssnttochot,rs
efjeadtuni
estodssteoni
mtcchroei
eafrditlynt hdnttehehohseatß;desroc4asablnturoloodi
r
t was, however, very satisfactory to know that it bad
reached a position safe from every loss, danger or acci-
dent. T so things had been attained since its establishment,
first its permanence, secondly, its powerte relieve distress ;
and he thought it was not geing too far to call upon
those clerks who might be beyond the reach of accident
as well as these who were not so fortunately situated, to
come forward and raise a fund that would afford help
and succour in the time of need and suffering
to distressed clerks or their widows. (Hear, hear.)
This was an institution that was peculiarly
valuable in time of commercial distress by the kindly
aid it afforded to those requiring assistance, and he was
inclined to attribute its comparative small extension, not
so much on its want of vitality, as to the fact
that many large establishments, such as the Bank
of England, had such an association which
their employeSs were esl:ed upon to support, and
which it was impossible for it to supplant. (Hear,
hear.) It was, however, highly gratifying to find that
since the establishment there had been 53 annuities
granted (hear, bear) with a total amount paid
of 5,0701., showing that the association had been
recognised, and that it had been of benefit to those for
whom it was formed. With reference to the contem-
plated public dinner during the present year, he had
no doubt it was a very desirable step, and that the
fund would benefit largely by it, especially if it had the
active cn-operation of the members. (Hear.) Apia con-
gratulating them on the position of the association, and the
probability there was of its making great progress, he
concluded by moving the above resolution.
Mr. R. 11. JONES seconded the motion. The remarks
of the hon. chairmen had anticipated much of what he
intended to have said. He congratulated them on the
position of the association which new guaranteed to
those connected with it stability. He controverted
the opinion entertained that country members had not an
adequate chance of success of participating in its benefits,
and renee.ted the number of annuitants who bad derived
benefit in the provinces and in Leaden in refutation of
such an opinion. (Hear, hear.) There was good
ground for recommending the election of 3 additionalhad
annuitants. By a change of their security, theyl. 351'
realised an additional income of something
and they counted largely
bring them accession of funds,
inhere in this mat-
TsOielysa,,nslusis
einu ittraaunsistt
behdoandtthi (sal itefirtl
the
andfrom
p rtohtpehoesyae
proposed
woulds
creedcdienievripeea:ratwmiroaeunnldtd.-
upon the hearty assistance of the me
was very
ter. The labour of such an undertaking
by the benefit accruing to
sed. The
justified in the ;purse prep° .
there-
fore, were
groat,
recommend without
directors could conscientiously
During its
impairing the funds of the institution.
but they would think tthheem;nenvde.e
They,
out dis-
of the income, and
tressed clerks, taking 1,4061.
e rewarded
trifling
oi
1,17
r bona-its of the
tebseta:liiisoblin3loonf establishment
welch was a loss of only a
extent of 26,33050/n.:
sum of 3411.—(bear, hear)—which
hear.) He
gratuitiesiad
been
e n repaid
db been grantede
except
ti
hl
olittle ocluded taryne stchahal had
nidn
ospne beenp
on
the members to cc-operate and
theg.rraconftlet.ddtio(ntheae
iasuredin the
ir,
' the society were contributors to the benevolent
institution.
a Is tr
. r Ice
directors
howhen".)
xutaenny ofg the clerks who were
fund ?

SECRETIRY said he thought the whole with
the
txleption of ha 'f a chlzen or 80.
, The resolution was earned unanirtioui;ly.
The CriIIIIMAN prJp?auf the next resolution,
"That in accortlance with the report, by which it a.
peals that the sum 0f151., voted for nunuitnts at the lasp,