The Sun.
London, England, 1859-02-03 00:00:00

BRAZIL.-CHANGB OF MINISTBY.

A French clipper which left Rio de Janeiro on
th© 18th of December, and has just arrived at
Havre, brings news of the downfall of the Cabinet
presided over by the Marquis of Olinda, and of the
appointment of a new Administration composed as
follows :—President of the Council and Minister of
Navy, Viscount Abacte ; Minister of Interior,
Chevalier de Macedo, ' late Minister in London ;
Minister of Foreign Affairs, Senhor Paranhos, who
occupied the same position in the Parana Cabinet ;
Minister of Justice, Senhor Nabuco ; Minister of
Finance, Senhor Torres-Homer ; Minister of War,
General Souza e Mello. The outgoing Cabinet was
at its close very weak and unpopular, and the new
combination was favourably regarded. As the
Chambers do not meet until May, it will have
ample time to prepare its policy. The new Minister
of the Interior, M. de Macedo, was resident for
several years at this Court, and is well known and
highly esteemed in London.

THE SOUTH DEVON RAILWAY.—The directors of
the South Devon Railway on Tuesday decided on recom-
mending a dividend of £1 108. per cent, per annum, on the
consolidated stock, carrying over a balance of £2,382 to the
current half-year. At the Plymouth railway station the
enlargement requisite for the traffic of the new lines pro-
ceeds rapidly. The rails are laid for the Cornish line to
enter, and there is-to be a good refreshment room.

PROVIDENT CLERKS' MUTUAL LITE

ASSURANCE ASSOCIATION:

The eighteenth annual general meeting of the
members of this flourishing association was held last
evening at the London Tavern, Bishopsgate-street,
for the purpose of receiving the annual report of the
directors, and for the election of the new directors
and auditors, in accordance with the rules of the se"
ciety. There was a very full attendance.
At five o'clock the chair was taken by R.
Jones, Esq., chairman of the board of directors.
The CHAIRMAN said the first thing he had to do
was to call upon the secretary to read the advertise'
ment convening the meeting.
The SECRETARY (Mr. Linford) having read the
notice calling the meeting, submitted the directors
annual report, as follows:
" In presenting their 18th annual report of the afftrs,?„f
the association, the board aro much gratified in being able
to state that, notwithstanding the competition which est',"
in life assurance business, the progress of the past year
been highly satisfactory. The proposals received dull
the year 1858 were 576 in number, for a total stnul
£124,775; of which 478, for £104,575, were completed; i°
for £6,500, were declined; and 8, for £13,700, were deferred
or withdrawn, and aro now awaiting completion. the
amount of new annual income arising from complete,
£3policies is £2,899 ss. 9d.- The total income of the yenrl6
0,878 4s. 3d. and the balance in favour of the association
is £15,318 Os. dd. After paying upwards of £4,400 in cash
bonuses, and proNiding for all known claims, the accural,
lated fund is raised to £108,799 10s. 3d. It is satisfaetV
to observe that the claims by death continue moderate.
55 policies, amounting, with bonuses, to' £8 978 19s.
have fallen in during the past year ; while the a, ant-an
existing during that period have reached nearly one 1124,1-
lion—the policies in force on the 31st December,
being 5,082, for a gross sum of £960,775. At the r 1;
quennial investigation into the business of the associatls-
to the 31st December, 1857, the report of the consultini
actuary, Mr. Ratray, showed that a surplus of £10,895 115'
been created by the five years ended as above, and thateaut
addition of 10 per cent. per annum could with per etc
safety be made to the policies entitled to partletPs;
The profit realised would have admitted of a larger additi° ;
but the board were of opinion that it was desirable to resell
a portion of the amount. In addition to the above, anctei
provision has been made for all participating policies effee.L.,
since Dec. 31, 1854. The balance-sheet, duly audited, n 0
been placed before the trustees, who expressed themselves
much gratified at the continued prosperity of the associatioa.
In conformity with Rule 10, the following directors retire
by.rotation, but, being eligible, offer themselves for re'
-election, viz., Mr. Edward Coleman, Mr. Sancton "W.°°;"
and Mr. Henry Rogers. The following gentlemen, dill
qualified, have been proposed, in accordance with Rule in
as auditors for the ensuing year, viz., Mr. James Rich%
Lloyd, Mr. Francis Frederick Toole, and Mr. Charles
'Woolley. While congratulating the members on the
gress that has been made, the board beg to renew Me_
urgent request that every member will, in his own
endeavour to the extent of his power to promote still 111,1:
.ther the prosperity of this association by making known the
advantages it offers a.s a well-established and mutual la
assurance office to assurers of every class of society." t
The CHAIRMAN said he need scarcely say that
he felt very great pleasure in meeting the men bete
after the lapse of 12 months, and after the vert/
favourable report which had just been detailed 0
them. There were, however, a few points in the
balance sheet which he would notice, but in donrillh
so he should detain them only a few minutes. "Pr
first point was that the business of the past Yeae
was very nearly equal to that of the one be for
notwithstanding that in that year ,bth
ee
a large accumulation of business from
Another
Electric Telegraph Company. (Hear,hear.) Anot;io
point was the number of new policies issued. In the
year 1858 the average amount of each new Peulwe'r
was £230, while in former years they had lie4t
exceeded .£l9O ; and that simple fact showed ti`ito
their business was improving. Not only
but others were daily joining the society, and t.te.
circumstance could but give an increased stabil).
He felt confident that the members generallii.ovo
looking at the balance-sheet, would be of opiol
that the society had made the. most of their inonelj
while, on the other side, although the clainis'.ll„,
been large, they had not exceeded the expectati°_,'-
,of the directors. With respect to the expenditaiev.i,
it would be seen that the directors had redo: t
that item by £650 per annum. (Cheers.) Puri
although that had been done, he wished to guard
members against the supposition that the direct();
could, as a matter of course, reduce every it
which to some seemed unnecessary. If it W.O
considered prudent by the board to risk a certslo
sum of money With a view to increase its busille°4
it was not fair uniformly to censure the board
of
loss occurred, for the members might Ic,eo
perfectly satisfied that nothing would be undertlifjo
without a fair prospect of success. To say thai
sf
was satisfied with the result of the past year's 131.1,,
ness would be to say that which he did not thiete
even if the business had increased twofold r,
u
should not be satisfied, so. he trusted that all P.,e.
-sent would still endeavour to make it go oninere;tl
ing. The position the society had now attain...)
was very high in the assurance world. (Ileac.)
They had issued altogether since the coraraerice':
meat of the society, policies to the amount
£1,250,000. (Hear, hear.) The amount noW of
force was £960,000, and they had a capitally
£lOB,OOO. (Hear, hear, and cheers.)
could confidently appeal to Mr. Ratray,
actuary, whether they were not in a positron „pir
00,
meet all . their claims, which circumstance iliecl
testably proved the society to be in a sound "'lie
healthy position. Before he resumed his seat ad
could not help alluding to a pamphlet that P. 4.4
been put into his hands, which contained statemelt
that were perfectly chimerical. (Hear, hear.) 00
was all very well for persons to write and isslif
such statements, but he could not look upollifil
such as friends of the institution. (Hear, 07i°
If the author of that pamphlet had attended at
iivia
office, he would have seen the secretary, who "We-fe
have received him with courtesy, and would lin
;given him all the necessary information ta t
him right on the points he had treated Of.
(A
the pamphlet another society had been fbe
up as a model for other societies to imitate ; gilt
thought an unfair comparison had been madenud
tween the Provident Clerks' Association 4"o
the one referred to, for though both tuioo
associations had been established in the na
year, the other had since accumulated gad
£22,000, whilst theirs had an invested fonufhe
£lOB,OOO.- The gentleman who had written "01
pamphlet had declared himself to have been ogeifo
the first founders of the Provident Clerks' Itbe
Assurance Association, but that was not sol.fer,ool
gentleman had joined it 12 years after. The hals
founders of the institution had started with "1,01
higher and purer motives than their own perse„-0t
gain, and gave their own guarantee to the alli,e-re,
of £5,000 against the risk of its being a fail
(Hear, hear, and cheers.) He was, however, gmr
to say that that gentleman had increased his Pni.'he
last year, which showed that, however much
night write against the institution, he had atia.cia
.ute very great confidence in the manner in Wind
its business was transacted. (Hear, hear, beer
taken laughter.) Then the subject of rent had view.
taken up by other parties, but he trusted that aft
the manner in which the subject had been discus; te
at former meetings the subject would be allowed to
rest, because further discussion would tend to ere 9
false impressions on the public mind. (Hear, head
He hoped that he had said nothing that would la
displeasing to any individual present, and he Wen
conclude by moving the following resolution
" That the report and balance-sheet now read 191 Viv
ceived and adopted, and that the same be printed an
culated at the discretion of the Board." (Loud cheers./;
rs
Mr. BELL said it would afford him much pleas-
to second the resolution.
r°
Mr. KINTREA complained that the direet- o
re
ought to have done more work, and got them 11in
than £2,500 worth of new business in the 3,eoif
especially as they were paid £BOO, or about .1'
the income of the company for their services. rg,
Mr. WARWICK warmly defended the direct° 0
and showed that, as compared with other ofgeeatlie
very surprising progress had been made by
of
Provident Clerks. Had that been a meeting, at
persons ignorant of figures such. a complaint as th
at
of the last gentleman might have passed ; but scP,,,,
was to be said to a gentlemen who told an rise
bly of London clerks that £BOO was the half r
£2,500 ? (Laughter and cheers.) It was not o,llbe
third. But further, that £2,500 was simply
new income. The gross income was £30,878, °Po,
the company was in a highly prosperous conditiere
They were better off by £10,635 than they W,ea
twelve months ago ; and he firmly believed tart(.
would soon become one of the most successful ins
tutions of the kind in England.
cb'
Mr. BELL said he had often referred to this
1,-0t
ject before, but lie could not help repeating 'to
£BOO a year was, in his opinion a very modeiror..
remuneration to the directors of an institution ilad
ing such onerous duties, and the administration,
so large an amount of capital. (Hear, hear.)
regard to the directors exerting themselves, 01
thought it was equally the duty of every indivi‘"
member to do his best for the general prosperitY;Do
Mr. J. R. LLOYD thought the contents of
pamphlet should be discussed then.
Mr. KINTREA .denied having anything in
with the pamphlet. it
Mr. TOOLE hoped if the gentleman who wroteho
was present, he would come forward and state We
he was, and what he had to complain of. (The
was no response to this suggestion.
Mr. LLOYD said with regard )to the diree die
being overpaid, that underpaid services were
dearest things that people could have. Ch 0 ,'4
labour Was now all but discarded. It had itlf.
been considered as worth next to nothing.
the railway contractor, who took his own ~naccl'oc
into the provinces, and paid them a guinea a We to
and upwards, when plenty of men would offend a
work for him at ls. a day. Whoever fonflos
lawyer's, -opinion Worth a straw, when it 10.
given without a fee ?. (Laughter.) After eel
menting at some length on Mr. Kintrea's realn•nia
Mr. Lloyd hoped that the Benevolent Fund Nve,..-of
not longer be charged with the heavy payment

ha

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