The Sun.
London, England, 1850-05-10 00:00:00

WORTH.

Our readers will find in our columns to-day the
annual report of an institution, the National Loan
Fund Life Assurance Society, which from its
commencement we hailed, and during its progress
constantly encouraged. We have done this hereto-
fore from an intimate conviction of the stability of its
principles, and from the high moral character and
eminent attainments that characterised its managers
and actuary ; and as we have had from time to time
closer opportunities than the general public before to-
day of examining its annual transactions, we have
done so unhesitatingly. _ _

The opportunities which we have had are now
common to the public, who will see in the published
accounts of this institution/enough to show how much
may be really and solidly effected by great per-
severance and strict economy. Since last year
as we gather from the able speech of the Chairman,
while the amount of business has marvel-
lously increased, the effect of such increase in
lowering the average ages of the lives in-
sured, has given greater strength to the insti-
tution, and largely increased the reserve of future
profits. In this way insurers in the National Loan
Fund are entitled to look forward to results which
can alone be produced by that popularity which
attracts considerable numbers towards it. This
principle has been well illustrated on the year's
transactions, as while those who were insured at this
period last year have, in the course of nature, become
one year older, they have obtained an advantage,
from the influx of new insurers, which could not be-

long to them, from the return of their own individual
payments. If such momentum can be kept up,
it will neither be difficult or hazardous to predict
what may be predicated of an institution progress-
ing so rapidly.
We have always been ready to lend our aid to
similar societies, and encourage the exertions of
those wbo lend themselves to the promotion of habits
of foresight amongst all classes ; and if some of them
do not attain to eminence, it has not been our fault.
We feel, however, that, like all other affairs of life,
success is not reached by all, but reserved to those
who join to a perfect knowledge of their business
indefatigable perseverance and heartiness of purpose.

The Commissioners for the Sale of Encumbered
Estates in Ireland have been compelled to adopt a
new rule on their own responsibility, in order to
prevent the fearful sacrifices that were taking place
on the occasion of every sale of property under the
new tribunal. They have ordered that henceforward
purchasers may be permitted to lodge one-half of
the purchase. money, retaining the remainder until
the Security for Advances Bill is finally disposed of.
This is a wise and prudent regulation, for which
these Learned Gentlemen are entitled to the
marked thanks of the community. It is an act
of justice to the puisne encumbrancers, and
also to the owners of property that may be submit-
ted for public competition. In the former it will
afford a fair prospect of payment, while the latter will
have a chance of some residue remaining for their
own use, after liquidation of all fair demands. It
must be manifest to the most superficial observer that
the effect of a sale, during the pendency of the mea-
sure introduced by the Solicitor-General, offering un-
precedented advantages to all future purchasers,
must necessarily be to depreciate prices for
the time being. Capitalists who were inclined
to invest their money in the purchase
of real property in Ireland, would naturally
wait until the Bill had received the Legislative sanc-
tion, or until it was decisively rejected. They would
husband their resources until they could see their
way clearly before them, and nothing could induce
them to come forward but sales at prices so clearly
inadequate as to more than counterbalance the bene-
fits to be derived by the great privileges about to be
conferred by the new enactment.
• Tne biddings that had been obtained sufficiently
proved that this view of the case was taken by in-
tended purchasers. During the preceding week a
small property producing a rental of 691. id.
was withdrawn, the only offer being 6501.,
or about nine and a half years' purchase. Another
producing 951. 7s. lid. per annum, was knocked down
for 9501., or less than 10 years' purchase. In like
manner, 2011. a year was sold for 2,4001., or for less
than 14 years' purchase, and 1281. per annum,
for 1,6001. The above lots were disposed of on
the 30th of April, the purchasers becoming en-
titled to the half-year's rents falling due
on the following day. Matters were still
more gloomy on the next day of sale, the 3d of
May—estates yielding a clear annual income of 6001.,
and situated in the barony of Fermoy, a
favourite part of the county of Cork, the
Yorkshire of Ireland, were submitted to pub-
lic competition. The two first lots were
passed over sub silentio ; not a single bidding could
be obtained, notwithstanding the inducements of
an immediate conveyance, HO delay or investigation
being necessary, a Parliamentary title being offered
to the purchaser ; but all in vain, no person could be
induced to come forward, For the third lot there
was one offer, but it was so clearly inadequate that
the Commissioners refused to receive it, and ad-
journed the sale until the lath of June. One lot,
and one only, of that property changed hands, and
for that, which yielded 25/. 13s. per annum,
2601., or just ten years' purchase, was
obtained. The Beerabridge Mills, situate in
the county of Down, were sold the same
day. This property, with the machinery, had for-
merly realised 1,3001., and without the machinery
600/. per annum ! And yet they were knocked down
for 5,500/.!! Under such circumstances no alterna
tive remained but either to suspend the operation of
the Commission, so far as sales were concerned, or to
afford an option topurchasers of retaining a moiety of
the price until the contemplated measure should be
finally decided, and the Commissioners, who have
much to do, and cannot afford to waste some months
in compulsory idleness, judiciously determined to
adopt the latter course.
The results were immediately perceptible. On the
next day of sale property to the amount of 54,0001.
changed hands;, and, although prices still ruled low,
there was a marked improvement on previous quota-
tions. The D'Arcy Estates, situate in the counties
of Meath and Westmeath, were first disposed of. The
prices realised were as follows :-Ist Lot, 4,000/., or
14 years' purchase ; 2d, 2,4001., or 16 years' pur-
chase; 3d, 1,800/., or 131 years' purchase; 4th,
1,1001., or 10 years' purchase ; sth, 3,5001., or
51 years' purchase ; 6th, 2,5001., or 17 years'
purchase. The last lot produced 18,500/., or
nearly 20 years' purchase. Ten houses in
the city of Cork were also,, sold, producing
an average of 4401. per house. We believe
at hnenyu
mpdu
.roFrcoe a
From
this g riots s income
w ounlcdo
appear
of p
pe a r ntehaartlytifi,eoyo/
w. perwere
dispospeodrtoifonfoorf aboutther 07r*tay:ianton reEstates were thens' purchase.
A
ppuritncuelpy income
.This
ro perty, producing altogether the
circumstanced in every respect, has long attracted
p
public attention. It has been visited by persons
from every part of the country—from England and
Scotland as well as from Ireland. The part now sold
was situated in the counties of Meath, Kildare, Kil-
kenny, and in the Queen's County. It was dis-
tributed in seventeen lots, and produced alto-
gether 17,100/., or about twenty years purchase.
on the entire, the lots varying from 16 to 25, and in
I
intbo one
nmys instanceuoosnft ttnot,hh
eis pa(
property
however,
waeg
,revti
veynzoisi
bl
omlei
dapfl
rol or lbgo
probably
leases.b)t
tl,
ye2n6i
It
hcty
raecetaaarnss
en'
certainopc tourcsibpdaoesrre:.
there-
fore, be regarded as affording a fair example of
average prices. We have already shown bow little
foundation there was for the joyous paeans announc-
ing the sale on the 16th ult. of the lands of Duncor.
muck and the Hill of Bellany for 41 years' purchase
On investigation it turned out that the rental would