The Sun.
London, England, 1850-04-04 00:00:00

SCOTTISH WIDOWS' FUND AND LIFE
ASSURANCE SOCIETY.
REPORT of the PROCEDURE of the TIIIRTY-SIXTU ANNUAL
GENERAL COURT of this SOCIETY, held en the sth March,
1850.

The Hon LORD COCKBURN in the Chair.
The THIRTY-SIXTH ANNUAL eIENERAL COURT of this SO-
CIETY was held in Edinburgh on the sth March, 1850.
The Hou. LORD COCKBURN in the Chair.
The Manager read to the Court various Statements relative to the
Society's affairs, from which it appeared
Ist, That during the ear 1849, the total number of Policies actu-
ally passed and issued was 600, covering' Insurances to the
extent of 422,065/.lls.
Id, That the Capital of the -Society at 31st December, 1849, was
2,167,5061. 9s. Id., having increased during the year to the
extent of 112,957/.165. 2d.
3d, That the Annual Revenue of the Society at the same date was
300,5371. 19s. ed.. being a decrease since last year, ar'sing
from the reduction in the rate of interest during the currency
of the year.
4th, That the number of deaths which had occurred during the
year 1849 was 111, the sums insured under the Policies
which have emerged in consequence of these deaths, being
+ 117,621/. 105., orovith Bonus additions, 14e,8241. 12s. 3d.
attl, That the above suns of 117,6221. 10s. and the number of
deaths were in the ratio of 53 per cent. of what might have
been expected, according to the tables of mortality upon
Which the Society's calculations are based.
The accuracy of the statements read having been confirmed by
he Auditor,
The Chairman, addressing the meeting, said, the Manager has
now read certain papers, and made certain statements, which con-
tain a faithful exposition of the exact state of our affairs. Ile
having done se, I really am not aware what I can do to :aid either
to your information or to your consequent confidence in this Institu-
tion. Yoursonfidenee must del end on the " facts" youthave heard
fr,un him ; and were it not the usage that the person ho occupies
t
" -Place Which I have the lionous to occupy is expected to make
some address, I think the most judicious thing I could do would be
to realist/tin silence. At the same time, however, it has often oc-
eur.:ed to me, and it occurs to me now, that perhaps a recapitulation
In la quiet way, and in ordinary language, of the almost technical
Statements made by the Manager. may sink more deeply into your
and bell more easily carried away—(Applause)—and there-
LON allow me to recall to you a few of the leading facts which you
axe now heard.—(Renewed applause.)
gine of the first of these—at least the one that leads me to consider
tho remark i have to make first—is one that I was not aware of
myself till very recently, which is the view exhibited of the pro-
gress of this Institution by our mere numbers. I do not here
speak of the sums insured, of our investments, of our secu-
rities, or of anything of that sort. Look at our mere numbers. I
know* no better test of a society like this being well managed,—of
ttceer boat. si
tsb been
interested
ithdeor,,e not only being no suspicion in regard to it. but that public con-
alwaysmoieinitibieet_croefasme,etothoanerisi: the increase of the
tnuo n erest but I mean, who have
Pare selfishness—who are as anxious as men can bo
_r protect themselVes from misconduct, in order that,
liin"uslY detected. it' may be timeously corrected. Now
find
that in the year 1815, when the Society was instituted, we
11_11 with a small nest-egg of 49 members—(Laughter) —and it did
not_look well for the year 1816, that the eggs laid then were only 17.
(Renewed laughter.) I also find that during the first six years of
the Society's existence, 212 were the sum total of our chickens.—
(Laughter) And here I may observe, that the first thing that
strikes me is the great caution with which the lives must have been
selected; for of the 49 members who were admitted in 11115, 35
Years ago, eleven still remain upon the books, after deducting many
who surrendered their policies, and who, for aught we know, may be
living still. Then, of the 17 who joined them in the year 1815. after
deducting many surrenderers, there are still three upon the books ;
and of the 212 who joined the society during the first six years of
' its existence, nearly 60 surrendered their policies, but 49 still survive.
—(Applause.) These seem to me to have been well selected lives.—
(seer, hear.) And the result now is that, at the end of 35 years, the
Limber of our members amounts, not to one thousand, nor to two,
nor to three, nor to tour, nor to five, nor even to six, but to above
ale thousand.—(loplaase.) We have now above six thousand in-
frared lives. From this fact I infer nothing but this—that, since we
have so many jealous but uncomplaining eyes prying into us, I pre
same that we cannot he an ill-managed body.
The Business done during the year 1849, after deduction of several
Policies which were cancelled, amounts to above 422,0001.; that is
i 9 say, that last year the Insurances which we effected amounted to
that sum. The number of Policies on these insurances amounts to
600, being, at the the average, ever all I am told, is a high
one—of no less than 7001. on every policy..
The Capital has increased during the year that is now closed by
above 100,0001. ; and the total Capital that we own now amounts to
2.167,5061.; that is to say, in round numbers, which will be far more
'easily remembered, considerably above Two Millions of money.—
(Applause.)
The statement that we have above Two Millions—that is to say
That we ought to have it—would be a very idle one, if our funds
were not well invested ; many a man thinks he has, and ho ought to
have it ; but when he comes to grasp It it eludes the closing hand ;
sand, therefore, it is of vital and all-important consequence to be told
iirs this place, that of our investments, so far as we have discovered,
we have never yet made a single bad one.—(Applause.) a hese in-
*estments are, for the most part, laid out on real security—l mean
within Scotland, the best country, in my belief; for real security, in
tarope ; and, besides this, a large portion of our capital is invested
in loans to the members, upon the security of their policies. What
.ketter security can there be than that ?—(Hear, hear.) A member
leten he dies I. our creditor, say for Lem/. ; and he asks for a loan
of 5001. ; if the policy he of equal value, we lend it to helm, because
'we lend it to him out of his own money. With such a security we
eats advance it ; and we are as certain of its return as he is that he
gas claims spots us. Part of these two millions is laid out in Bank
Stock—l mean stock of the chartered Banks of Scotland and the
Bask of England, which I believe is as secure as can be. There
is not a penny of it laid out in any Bank Stock of which a single
hull-vide:a in private life entertains the slightest doubt. A
attle of our capital is laid out In redeemable annuities, which,
al" the law of Scotland, as we all know, fall under the class
of advances secured under real property. Some of it is laid out on
railway—mark my next word, for this first one makes many
People tremble—(A laugh)—some of it is laid out on railway de-
lbehtures.—(Applause.) Not one single sixpence of it—if there was
a farthing of it, I would tell you honestly—but not one single
:teething of it is invested in railway shares. One fact which I have
-to state is one which, above all others, testifies the solidity of these
:investments; and it is, the regularity and the promptness with
-which the interest on the loans is invariably paid. Wherever an in-
-vestment is not met by regular payment of the interest, let the
creditor begin to tremble. Now, with us, we have never found the
least cause for fear or doubt. Tile interests, I understand, are
• always paid almost within a day of the time. The result I draw
.morn all this is, that not only are these investments good, but that
they are so good, that better could not be obtained. My belief is,
that if these investments were all now thrown loose, and the Di-
rectors were required to retrace their steps, and to get good
securities, they could, and therefore they would, do nothing but
:recur exactly to the securities that they have already obtained.—
s(Applause.) The six thousand members of this Society have laid
Its' above two millions of as well-secured money as call be secured in
this world.

Our annual revenue has decreased from the recent fall of interest
eluring the last year, but it is now above 300,500/. The sum total of
`hat we have Insured amounts to above Six Dlillions and a Half.
The deaths in 1849 are peculiarly instructive. In the first place,
they ainount to 111—it great number, and to be accounted for only
IT the prevalent pestilence. But yet though they amount to
•11 1, they are only sixty-three per cent. of our calculated
:probabilities ;—that is to say, that our system is founded on
-the calculation that there would be 100 deaths, while instead of
that, there have been only sixty-three, leaving thirty-seven per
tent, over and above for the security of the Society.—(Applause.) Of
• ithr 111 who have died—let the upper ranks think of this faet-24
have fallen by cholera. It is commonly thought that this is a visi-
tation which afflicts only the poor and the destituten.nalnertnettymit.
siffilets them first, and worst, but it is by
for we heard. it to-day stated, that oofntehoinsielodinivrvealhdounsliewd
:year connected with this society, asfminmsurietdlatOrt
-5,000/., one for 4 000/.. 3,0001., two for 2,0011., and one for
,
~,a.5001., and that the whole
mete 270001. ; and therefore you willY- observe
that these, apparently etfworent r were insured for something
Periodical V
iiitations, ought to strike a lesson of prudeice on the
nitride of men in all classes.
The sums paid
.1,164;0001. ; and by us since We began in 1815, are above
this is a fact with which I was much struck. We
' have tributed above eleven hundred thousand pounds. We have
relieved to that extent the families of those members who trusted
us ; and the example that was given by the manager so technically,
and 'with such proper brevity, of the benefits of this Institution,
made a great impression upon me, as I have no doubt it did upon
;the meeting. The case I refer to was that of an old member who
idled abroad last year, and who had insured three times, each time
for 1,000/. Well, he dies, and he has claims upon us fir 3,001. cer-
tain.. But besides that, his representatives will receive considerably
above 2,000/. as a Bonus. This, upwards of 5,0001. is secured to his
family ; and, even after paying that, the Seciety was plus nearly
I,sool.—(Applause.)
' The next matter which I have to state is, one for which I am very
grateful; and it is, that we have had up to this day, no litigation.—
(Laughter and applanse.) •
Now, what I have stated are the material facts ; and.what else
sueed I say? It is not my business, and I am sore it would be no
satisfaction to you, if I were to boast of the excellence of our system,
et the greatuess of our success ; and still less would it give-any Batts-
faction to you if I were to do that from which every respectable So-
Ceti' will for ever abstain—that of attempting to raise ourselves by a
tontrast or comparison, or even by an allusion to kindred Institutions.
—(Applause.) I have stated thefacts ; and having done so, I can do no
More. It is for you to judge how your affairs have been managed, and
to carry away with you those resolutions or judgments which.the
Statements you have heard are calculated to produce. My inferences
are merely two. It seems to me, in the first place, that this is a Society
:In which we may have perfect confidence.—(Hear, hear.) 11y belief
—knowing as I do something about it, although not se n.uch certainly
as many others—is, that our coafldence in it may go to this extent,
that if we were to begin our career again, with the experience which
we have acquired, I know many ways in which we might act differ-
. ently, but I know no way in which we could do better. —(Applause,)
Moralists have often amused themselves by speculating about what
_a man would do, if he wag again to become a boy, with all the expe-
.• • rienee of his manhood. If this Society were to do so, I seriously
and firmly believe that if we were to hegiu our career in 1815, with
the experience which we have gained between that time and the
Year 1850, we should walk in the very paths, nay in the very
ruts by which 'we have reached our present state. My other inter-
ence—although it is something very like repeating the same sermon
twice—is, that it is the duty of all of us to do all in our power to
propagate a knowledge of this Institution, end still more to propa-
gate a knowledge of the great duty peoplehi precarious lite, of
self-preservation by insurance. Souse talk as if there were
too many societies of this kind. Ido not agree with them ; and I
amperfectly certain that, if the public, and every individual in it,
v
as adequately impressed with the importance
of insuring their
lives, there would net only not be too many, but it would be found
that there was perhaps a great deal too few,—(Hear, hear.) The
great thing is to get the community steeped in the conviction that
there is no way in which they can practise the great duty of pru-
dence so well as by life Insurance. All men are convinced that pm-
(lance is a virtue, but all men are not convinced that there is no
for% in which that virtue can be practisedt with so small a present
sacrifice, contrasted with so great aonnult mate reward. If you want
y where you are to Ilnd them.
any examples of this, I can tell You are not to seek for them here, oatunonniust go among the families
a get whom whom the ciety has
of those who have been bereaved, and
annacet.zhesesy,
fferaoueY. Go into
already distributed greatly be
these families, and ask them what they think ()fob
avlll tell you that instead of thinking it unreasonabilrleura
their only pang, even at the moment when they
the blessings of life insurance, is, that the head oft heelerxferieevnenliiant:l
not Carried it to a greater extent. Therefore, what voulmhisa
ump
nn
do, Gentlemen, is, In your various spheres, to urge
th
your friends—to urge it simply upon these two
grounds, itslidauttlyto
can avoid death, and that no man can fix its period • but that In-
surance is a science which, out of individual irregularities, extracts
laws of general uniformity ; and thus converts the very
precarious-
ness of life into it method of correcting its Theseuncertainty, are
the impressions made liven me ; what yours are, I le *•
,---(Lord Cockburn then resumed his seat amid loud apPleauysoeu)to say.
On the motion of Sir James Russell, K.C.8., of Ashiesteel, seconded
by Vrofessor Stiller, a vote of thanks was given to the Courts of Di-
rectors, to the Trustees and Office Bearers, for their services during
the past year.
On the motion of Alexander Shank Cook, Esq., Advocate, seconded
by the Rev. James R. Campbell, of Albany-street Chapel, the
Courts of Directors for the following Year were appointed as
tollows

?RESIDENT.
The Right Hon. the Earl of ROSEBERY, K T.
VICE-PRESIDENTS.
The Hon. Lord MONCREIFF.
Ills Grace the Duke of BUCCLE'CTCH, K.G.
The Most Hon. the Marquis of TWEEDALE, R.T. and C.R.
*WILLIAM GIBSON-CRAIG, Esq., Younger of Riccarton.
EXTRAORDINARY DIRECTORS.

The Very Rey. Princl. M'Farlane
Robert G. Baillle, Esq., of Culler-
allers.
James 111 Gregor, Esq., Chairman
of South-Eastern Railway. •
Sir John Stuart Richardson of
Pitfonr., Bart.
The Right Hon. the Earl of Lincoln.
Leonard Homer, Esq., London.
Daniel Watnoy, Esq., Wands-1
worth, Loudon.
Rev. Dr. Robert Macnair, Paisley.
William Shuttleworth, Esq.,

John Raveatim, EN.. banker,
Warminster.
Thomas Beveridge, Esq., D.c.s.
Charles Bathe, Esq., advocate.
Archd. Davidson, Esq., Sheriff or
Aberdeenshire.
William James Duncan, Esq.,
Manager of National Bank.
Sir William Hamilton, of Pres.
ton, Bart.
* The Selicitor—Cleneral for Scot-
land.
* Archibald Alison, Esq., Sheriff

town-clerk, Liverpool.
Anthony Murray of Dollerle, W.S.
William Mitchell Inues, Esq., of
Parsons Green.

of Lanarkshire.
George Dandas, Esq Sheriff el
Selkirkshire.

ORDINARY
Christopher Wood, Jun., Esq.,

DIRECTORS.
George Gibson, Esq., merchant.
Leith.
William Wilson, Esq„ W.S.
Sir Adam Hay, Bart., of Hays.
tour.
John Cockburn, Esq., merchant.
Henry Cheyne, Esq., W.S.
• Robert Scott Moncrieff, Esq.
advocate.
* Alexander Thomson, Esq„ W.S.
* Thomas G. Mackay, Esq., W.S

merchant, Leith.
James Balfour, Esq. of Pllrig, W. S.
William Smith, Esq., of Carbathi

Guthrie.
Isaac Bayley, Esq., of Manuel.
Levels Alex. Wallace, Esq., archt.
James Mylne, Esq., W.S.
Alexander Pringle, Esq., of Whyt-
bank.
James Tytler, Esq., ofWeodhousc-
lee, W.S.

• * ar Ncw Aintments.
On the motion Those of Robertmarked Paul, e Esq., manager of the Commercial
Elf a vote of thanks was proposed to the Hon. Chairman, which
was received with much applause, and the Court thereafter ad.
Joann&

JOIIN MACKENZIE, Manager.
• • WILLIAM GEORGE. Chief Clerk.
Edinburgh, •
5, St. Andrew Square, Bth March, -1850. • -
LONDON OFFICE, 4, ROYAL EXCHANGE BUILDINGS.
1111011 DI'KEAN, Agent.