The Sun.
London, England, 1857-01-21 00:00:00

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' inn the past year had been very active, the consequence
of which was an increased advance in the business of
the ass,Aiation. (Hear.) He hardly knew that he had
anything more to say, but he should be ready to answer
any questions that might be put to him, and in the
meantime would move that the report read be received,
adopted, and printed, and circulated at the discretion of
the board of management.
Air. WOOD said ho thought it was desirable that the
fullest information should be laid before the members at
their annual meeting as to the position and prospects of
the institution. The usual statement of accounts he
thought insufficient. It informed them, it was true, of the
past ; but provident people looked to the future ; and
therefore it was that he suggested that a statement of
the total number of policies issued, with a statement of
the periods when they would become due—(laughter)—
should be furnished every year with the balance-sheet.
They could not be too explicit in their statements, and
he should move a resolution accordingly.
The SECRETARY said the report and balance-sheet
both showed the number of policies that had been issued,
and the number in existence.
Mr. WOOD—But you give no information when the
existing policies will become due. (Laughter.)
The SECRETARY It is quite impossible for the
directors to lay a statement before the meeting of the
period when each member will die. (Laughter.)
Mr. WOOD said that no doubt it would be ridiculous
to attempt to do so ; but what he wanted was an ap-
proximate statement of the probable number of deaths
likely to occur, calculated on the tables of mortality.
A MEMBER reminded the gentleman that it was
impossible to tell when men would die, and without
thy could do that it would be impossible to say what
would be their liabilities, because that depended
more on the amounts insured for than the number o
assurers.

Mr. KINTREA said that he was of opinion that such
a statement as that required by Mr. Wood could be
furnished, and would be highly useful and advanta-
geous to the public and the members, and he asked if
the sew of 33,0001. accumulative capital was equal to
the present value of the lives insured? He also called
attention to one or two items in the account.
Mr. RAMAT (actuary) said that the capital of the
association more than covered the value of the policies
in existence. He also replied to the other queries of
the last speaker in an equally satisfactory mariner.
Mr. PACKMAN congratulated the members on the
satisfactory manner in which their accounts were pre-
sented, and also on their increase of business during the
past year. The increase of capital was at the rate of
75 per cent., and the increase of income 50 per
cent. He noticed in the accounts an items of 7,0001.
deposited at interest on call, and asked where it was so
deposited. There was also a large actin of money be-
-longing to the institution at the Bank of England, and,
as no interest was allowed for it, he wished to know
why it remained there ?
The CIIIIRMAN said that the sum of 7,0001. was
tern porari:y deposited with the National Discount Cow.
party, and, as regarded the money at the Batik of Eng-
land, it would soon be properly invested. The directors
only lodged money there for a short time.
Mr. .MINToN brought foraard to the notice of the
meeting the policy of having persons connected with the
wholesale drapery business on the board, in consequence
of the vast number of clerks they employed. Some of
them to the extent of 100, ethers 200, and many 250
clerks each. He would not suggest that the gentlemen
about to retire should not be re-elected, because they
were useful and honourable men, but if a vacancy oc-
curred in the next twelve months, some one connected
with the drapery business should be placed on the board.
He expressed his entire approbation of the kindness and
urbanity always manifested at the office in Moorgate-
street, whenever any one called there on business, and
urged his brother members to exert themselves, and in..
troduce as much business as they could to the office, be-
cause, being a mutual benefit association, they should
feel an interest in its welfare and exert themselves, and
not leave all for the directors to do. (Hear, hear.)
Mr. KINTREA suggested an alteration in an item in
the accounts represented as an asset, viz —carrying
forward every year the same amount connected with
the cost of the offices, &c., &c. He referred to the
25,0001. they had invested in 3 per Cents,, and said that
he thought the directors could do better with the money
by putting it at interest at call in the London Joint
Stock Bank. On a former occasion he mooted a change
of name for the association, but ho would not press it
now after what had been stated, because there could be
no doubt but that they were better acquainted with the
necessity of the association retaining its present name
than he was.
The CHAIRMAN, in reply, said that the act of Parlia-
ment prevented them investing their money in joint-stock
banks, but not in Consols or in mortgage. Money was
only placed at the bank for a temporary purpose.
Mr. RATRAY (actuary) also explained the item in the
accounts taken exception to by Mr. Kintrea, and re-
marked that the balance sheet contained a statement
only of what bad actually been received and paid over
the counter. The Chairman had explained that they
considered it prudent to invest a portion of their capital
in Consols, and not place it at a bank at interest, and
he (Mr. Ratray) believed it was one of the best items an
insurance office could have in its balance-sheet, for it
gave a stability to the concern. (Hear, hear.)
Mr. LLOYD, one of the auditors, congratulated the
association on its prospects, and hoped that nothing
would induce them to alter the name of the association
in order to make it more general. He was also proud
to say that nothing could be more satisfactory than the
beautiful manner in which the books were kept, and the
kindness and urbanity of the gentlemen in the office.
He also suggested to the board that if they wished to
keep respectable gentlemen in their office they must pay
them respectably, and he sincerely hoped that suggestion
would be attended to. (Hear, hear.) He had heard of
some offers being made by employers to their clerks to
pay one-half the policy if they insured their lives, and
sincerely hoped such offers would not be rejected.
Mr. WARWICK thought their balance sheet was highly
satisfactory, and the explanations given by their chair-
man everything that could be required. They had an
income of 20,0001., and a capital of 80,0001., so that it
was utterly impossible but that their success must be
complete. Ho was also glad to find that exertions were
made to establish agencies in the country, which he had
no doubt would add greatly to their business. He was
also rejoiced to perceive that while the increase in their
income was upwarda of 3,0001., the additional expenses
did not amount to 3001. Indeed from what had occurred
it was unquestionable the institution was carrying on
the work which its founders intended. (Cheers.) They
had an active board of management, an intelligent secre-
tary, and an efficient staff in their office, for whose bene-
fit he hoped the suggestion previously thrown out would
be adopted.
The CHAIRMAN said that the wishes so kindly ex-
pressed had been anticipated by the board, by the
giving of gratuities to the officers in their establishment.
(Cheers.)
Mr. REYNOLDS said that he did not intend to gainsay
that the establishment of agencies in the large commer-
cial towns of the kingdom was not a benefit and advan-
tage to them, but at the same time he must remind them
of the practical hint he gave them on a former occasion,
viz., that being a Mutual Life Insurance Association
it was the duty of every member to consider himself
an agent, and would induce as many of his friends as he
could to join them. However small a number or amount
they brought to the office they were all benefitting them-
selves by it, without incurring an additional expense.
(Hear, hear.)
The report was then unanimously agreed to.
Mr. REYNOLDS said it was now his privilege and plea-
sure to move a vote of thanks to the board of manage-
ment. (Hear, hear.) Ile thought the result of the
satisfactory report that had been read to them was more
owing to their untiring and unwearied attention to the
management of the concern than it was, he feared, to
the energy and zeal of the members themselves. (Hear,
hear.) With that resolution it was their usual practice
to partially reward their services with a sum of 7001.,
but he thought that a poor remuneration for the loss
of time, trouble, and expense they were put to in watch-
ing over the interests of the members. He should like to
see that sum increased, rather as evincing gratitude on
the part of the members towards thew than as any
adequate reward, or that they wished any for their
services, and if he could obtain the unanimous consentto
of the members ho would move that it be increase
8001.
Mr.
IKlEnsyTNweELaDsanedhsoetrhveed that other membersat ha
entirely from himself, and as
they
w:unt, as heretofore,
he should not press it, and fix the am
viz., 7'ool. the
treeveirnneog at unanimous
s eo bet oetne
ad,
t
Mr.e d
atoirrettncomhapdlimalewnateyds
auditors, and the
the board eFat.dF .0n TOOLS
the (eooneertoefhe
courtesy
evinced towards him
oynotfhionein)aarntyowthtehvee
society for the way
The resolution was
their
put and carried unanimously.
ande;r h
ei his Itseh eaw brotheruedhi
kept.
aahkbsod
attention to their concerns,
that paid more
next proposed the re-election of the Chair-
man Mr. Wisecir
trheetmurnteedfinthd
board, The CHAIRMANaa defied
given him, the greatest pleasure to move
as one of the directors. It gave him then, as it
hear.) He and the Chairman
had worked hard together in promoting the interests
of the association, and it must have been peculiarly
h
gratifying to him as it had been to him (Mr. Welsh) to
hiasdrae-lewleacytlon. (fleas,
have heard the expressions of satisfaction at his conduct
that had emanated from the whole of the members who
had addressed the meeting. (Hear, hear.) He had no
desire to detain them long, but he must refer to the
pleasing fact that the past year's exserience had modified
the tone of one of the speakers considerably in compari-
son with his remarks on a former occasion, relative to
the progress of the association, and which tended then
very materially to damage its interests. It was a source
of the greatest gratification to him (Mr. Welsh), and he
doubted not but that it was so also to alt the members,
to find how satisfactorily things were progressing;and he
hoped they would live to meet again next year, when,
no doubt, they would be presented with a more satisfac-
tory account of the association's progress than they had
received that night. (Hear, hear.)
Mr. LINTOTT seconded the motion, which was earried
unanimously.
The CHAIRMAN, in returning thanks, said he sincerely

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