The Sun.
London, England, 1866-02-08 00:00:00

THE SUN, LONDON, THURSDAY EVENING, FEBRUARY 8, 1866.

Provident Clerks' Mutual Life Assurance
Association.

The twenty-fifth annual general meeting of mem-
bers of this association -,vas held last evening, at
the London Tavern, to receive the report of the
directors relative to their position and business
transactions during the last twelve months.
The chair was occupied by R. 11. Jones, Esq.,
chairman of the board of directors.
The advertisement convening the meeting having
been read,
The CHAIRMAN called upon the Secretary (Mr.
Linford) to read the report, which was as
follows :
The Board of Directors have much pleasure in presenting
to the members their 25th annual report, and in repeating,
as they have been able to do for many successive years,
that the new business of the past twelve months surpasses
that of any previous year.
The total proposals received were 1,540, for £288,000 ;
of which 1,353, for £241,350, were accepted and completed,
producing a new annual income of ..£6,774. The remainder
were either declined, or deferred, or are now awaiting

completion.
The total income for the year was £62,826 6s. 25., and
the sum of £6,195 10s. has also been received for sale of
immediate annuities.
After providing for all known claims, the sum of £34, 695
4s. 6d. has been added to the accumulated fund, which
amounted on the 31st December last to £284,744 7s. 55.
The claims by death (including bonuses) amount to
£20,755 4s. 10d., arising upon 113 policies.
The close of the year 1865 affords the directors an oppor-
tunity of laying before the members the following tabular
statement, which exhibits the progress of the Association
during the quarter of a century it has been in existence :
Annual Accumulated
New Amount Income at Fund at end
Policies. Assured. endof period. of period.
Ist 5 years... 567 £52,699 ... £2,400 £6,200
2d do. ...2,184 ... 432,075 ... 12,300 ... 29,150
3d do. _2,249 434,720 ... 20,750 ... 63,500
4th do. ...3,775 648,310 ... 36,500 146,000
sth do. ...5,207 ...1,065,300 ... 62,800 ... 284,700
The board have to report with much regret the decease
of W. G. Prescott, Esq., one of the trustees ; they have,
however, been so fortunate as to secure a new trustee in
the person of Robert Wigram Crawford, Esq., M.P. for the
City of London.
They have also to regret the retirement of Mr. Ratray,
who having relinquished the active duties of his profes-
sion, has resigned the office of consulting actuary, which
he has held from the commencement of the association.
To fill the vacancy thus created, the board have appointed
Mr. Robert Tucker, Vice-President of the Institute of
Actuaries, consulting actuary.
The following directors retire by rotation, viz. :—Mr.
Alexander Dawson, Mr. Samuel Jepps, and Mr. James
Lintott, all of whom being eligible offer themselves for
re-election.
The following gentlemen, duly qualified, are proposed
as auditors : —Mr. James Richard Lloyd, Mr. Francis
Frederick Toole, and Mr. Charles Woolley.
In concluding this report, the board desire to direct at-
tention to the fact that with a constantly increasing
amount of new business, they have been enabled to meet
their members year by year with regularly diminishing
ratio of expenditure. That a combination so important to
the success of a life assurance office may be still maintained
the efforts of the board will not be wanting, but they
nevertheless feel justified in claiming the co-operation of
the members themselves, which is the true strength of a
mutual association.

The CHAIRMAN, in moving the adoption of the
report, said another year had slipped away since.he
had the pleasure of seeing some of them, and he
hoped that in addressing them for the twenty-fifth
year they would have an agreeable and pleasant
meeting. All their former assemblages had been
marked by that happy feeling, and he hoped the
present would be in consonance with those he had
referred to. The recurrence of this. their annual
meeting brought forcibly to his mind that another
year had irrevocably gone, and it impressed upon
him the reflection whether he had done all he could
as an individual for the success of the institution.
It having been his happiness to be connected with
the association for so many years, he need not say
he was warmly attached to it—(hear, hear)—and it
was a feeling of pride and pleasure for him to watch
it year after year increase in prosperity and useful-
ness. The watchword of the present age was
" Progress," and he hoped the directors might be
permitted to say they had adopted it. (Hear, hear.)
The transactions of the past year showed an increase
over all its predecessors; the proposals for new assur-
ances during that period had been 1,546, of which
svnien the annual
income was increased to the extent of £6,774.
(Hear, hear.) There were some of the new pro-
posals still under consideration, but the total income
for the year was £62,826 6s. 2d. (Cheers.) They
did not appear to have lost ground from the Go-
vernment assurances, which were established to
promote £lOO assurances. It was quite true
that ho was not in a position to show
that those who had assured with the Government
would have come to them if no Government assur-
ance existed, but it was true that their business had
in no way suffered in consequence, as a comparison
between the business transacted in 1864 and 1865
would show. In 1864 this association had assured
652 lives for £lOO and under, while last year they
had 950 assurances for £lOO and under. (Hear,
hear.) He thought that fact was quite enough to
create confidence, and that it ought to show them
that they ought not to be deterred from the energy
hitherto exercised, but rather to induce competi-
tion with the Government. (Hear, hear.) The
balance sheet was before them. It had been made
up in a clear, comprehensive, and intelligible man-
ner, and although the claims from deaths no doubt
had increased, compared with former years, yet it
should be recollected that deaths must be increased
according as their liabilities enlarged. (Hear.)
It was a great pleasure, however, to know that 113
families had been provided for by the prudence and
forethought of their deceased members. The ave-
rage interest on their investments for the last
year averaged fully 441 per cent. On the last occa-
sion that he had addressed them they had £20,000
standing in the 3 per Cents. Last year they had
lent £15,000 of that stock at 4f per cent., by which
they obtained 14 per cent. more than if it had re-
mained in the Funds. (Hear, hear.) He also
directed attention to a receipt on account of rent
for an office which they had let to the Provident
Clerks' Guarantee Association, thereby reducing
still further their expenses. Referring to the
Guarantee Association, in which so many of their
members were interested, he had the pleasure to in-
form them that it was now in full operation, and
he trusted that all the members would do their best
to promote its prosperity in every way within their
power. The death of Mr. Prescott, one of
their trustees, was a matter of great regret to
the directors, and he felt certain that the
great body of assurers would participate in that
feeling. Mr. Prescott was an affable, kind, and
courteous gentleman, always ready to render the
association every assistance in his power. In
selecting a successor to Mr. Prescott, they had, he
thought, been particularly fortunate in obtaining
the services of a gentleman of high standing and
influence in:society—Mr. R. W. Crawford, one of
the members for the city of London ; and the mem-
bers generally would be certain to participate in the
pleasure the directors felt at that gentleman
becoming one of their trustees. Last year he was
congratulating the members on the happiness that
prevailed owing to the long association and unani-
mity that prevailed amongst the executive ; but a
gap had since then happened, and now they had also
to regret the retirement of Mr. Ratray. 11l health
had compelled that gentleman to relinquish the
active duties of his profession, and with it
that of consulting, actuary, of their association.

The directors, he knew, had but anticipated the
wishes of the great body of the assurers in present-
ing Mr. Itatray, on his retirement, with a small
testimonial, engraved with a suitable inscription,
the cost being but R,26. (Hear, hear.) The mem-
bers would also be pleased to know that they had
secured the services of Mr. Tucker, vice-president
of the Institute of Actuaries, as successor to Mr.

Ratray, and he had come amongst them that

evening, and, with his high character, he was quite
certain to take good care of them in all matters that
appertain to his office. (Hear, hear.) He doubted

not that many of them would miss the face of one

of the most valued and oldest friends, viz., Mr.
Welch, their deputy-chairman. His absence was

caused through ill-health ; otherwise it would have

been a pleasure to have been with them that

evening, and to have occupied the seat he had done

far so many previous years.

With these few obser-

vations he would conclude by formally moving the

adoption of the report. At the same time he invited

any gentleman to make any observations, and the
Directors would be only happy to hear him.
Mr. SAWTELL said it gave him the greatest plea-
sure to second the motion of the Chairman.
Mr. WARWICK made a few observations relative
to lapsed policies, and said he thought it unwise on
the part of the Directors to be too stringent in their
decisions. It appeared, however, by the speaker's
own showing that no premiums had been paid on
the policy for nearly two years, and that the rules
expressly forbade the revival of a policy after it had
been in arrear a year and 14 days.
The SECRETARY, at the request of the Chairman,
explained the circumstances connected with the
Matter, and said the Directors, while they regretted
the fact of a single policy lapsing, had certain rules
imposed upon them for their guidance and the pro-
tection of assurances which it was impossible for them
to disregard. (Dear, hear.)
Mr. LLOYD said it would be fatal to the prosperity
of the association if the rules were broken through
to meet particular cases. The benevolent fund was
open to all, and if that was not taken advantage of
it certainly was not the fault of the directors. The
directors in the case referred to had done nothing
but their duty.

The adoption of the report was then put, and
carried unanimously.
Mr. REYNOLDS said he had the greatest pleasure
in moving a vote of thanks to the directors for their
services during the past year.
_ _

Mr. PILCIIER briefly seconded the motion, which
was carried unanimously.
The CHAIRMAN, in returning thanks, said it was
a great happiness to him that there should be such
unanimity in agreeing to the resolutions submitted
to the meeting. For himself and colleagues he
begged to thank the meeting for the kindness with
which the vote had been proposed, and the plea-
sant manner in which it had been received.

The retiring directors, Messrs. Alexander Daw-
son, Samuel Jepps, and James Lintott were unani-
mously re-elected, as were also the auditors, Messrs.
J. R. Lloyd, F. F. Toole, and C. Woolley, and
their remuneration fixed the same as last year.
Mr. A. DA* SON, on the part of the re-elected
directors, returned thanks, and said he and his
colleagues would do all in their power to enlarge
the scope and heighten the prosperity of the society.
Mr. F. F. TooLE, on the part of the re-elected
auditors, testified to the admirable manner in which
the accounts of the association were on all occasions
placed before his colleagues and himself, and acknow-
ledged the great assistance which Mr. Lloyd afforded
as one of the auditors. Mr. Toole also suggested,
as he reminded the meeting he had before done,
that a large meeting should be held alternate years
in the City and the West-end, independent alto-
gether of their regular annual meetings, and that
all the clerks of the metropolis be invited to attend.
He believed that this would be the means of making
the benefits arising from connection with the asso-
ciation better known, and would bring to them
many new members.

Votes of thanks to the directors, auditors, secre-
tary, and the general staff of the association were
then accorded, and a similar compliment to the
chairman cancluded the business.

AMERICA.

(REUTER'S TELEGRAMS.)
ARRIVAL OF THE CITY OF NEW YORK.
(Via Roche's Point.)

NEW YORK, Jan. 27 (Morning).
General Crawford has been arrested in New Orleans,
and lodged in Fort Jackson by order of General Sheridan.
Advices received here from Brownsville to the 7th inst.
state that the party which captured Bagdad was composed
of a miscellaneous crowd of 60 men, Mexican sutlers, ad-
venturers, clerks, and idlers. Some Federal soldiers were
believed to be among them, but these were all back on the
American side of the Rio Grande on the following morning
and answered the roll call. The capture was planned and
executed without the knowledge of any of the liberal
chiefs. Bagdad was garrisoned by 300 native troops
and 40 Austrians, under Colonel Rice. The latter
escaped with the Austrians on board the Imperial
gunboat Antonio. All the native troops turned Libe-
rals, some joining the captors in pillaging the town.
Escobedo arrived on the sth, and being without forces
telegraphed to General Weitzel for 200 men to preserve
order, which request was granted. Escobedo quarrelled
with Crawford, and declared that the latter had no autho-
rity to interfere with Mexican affairs. The Liberals had
four men killed and seven wounded, the Imperialists seven
killed and twenty-three wounded. Three hundred men
were captured, including two Austrians. The Alcalde
was among the killed. _ _ _

The United States Senate has passed a bill enlarging
the powers of the Freedmen's Bureau by a strict party
vote. The House of Representatives continues in debate
upon the joint resolutionfor the constitutional amendment
fixing the basis of the representation upon the number of
voters. The house will vote upon the resolution on Tues-
day. Secretary Harlan has made a speech, stating his
belief that the President intended to leave to Congress the
question of the admission of Southern Representatives to
the national Legislature.

Sherman, Sheridan, Meade, and Thomas will meet in
Washington next week to consult with Grant and the Go-
vernment authorities relative to the condition of affairs in
their respective military departments.
Continual complaints arrive from the interior of Louisi-
ana of the refusal of the freedmen to work. Small-pox is
raging among them, and large numbers are leaving for
New Orleans and other places.

Mr. Seward arrived at Havana on the 20th inst.
The steamer Meteor is still held by the authorities on
suspicion of her being a Chilian privateer.

The British ship Mary Blades, from New York, for
Queenstown,.has been abandoned at sea. The crew were
saved.

The Hibernian, City of Boston, Java, and Pennsylvania
have arrived out.

The Columbian Insurance Company has issued a state-
ment showing over one million dollars on hand, after pay-
ment of all liabilities. The stockholders have resolved to
resume the business of the company on a capital not ex-
ceeding $2,000,000, after obtaining the necessary legisla-
tive authority.
COMMERCIAL INTELLIGENCE.

Money easy. Gold, 1394. Exchange on London, 1511 ;
on Paris, 8.721. Stocks dull. New York Centrals, 91};
Illinois, 116 ex div. ; Erie, 841- ; 5-20 Bonds, 104 Cotton
dull ; middling upland, 48. Cum dull ; wheat quiet ;
flour steady ; provisions declining; coffee held firmly ;
sugar quiet ; molasses heavy. Petroleum slightly firmer ;
crude, 32i ; refined, 54.