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

Tit,. Hon LORD COCKBURN in the Chair.
The THIRTY-STXTH ANNUAL GENERAL COURT of this SO-
CIETY was held in Edinburgh on the sth March, 1850.
The Hon. 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 year 1849, the total number of Policies actit-
allY passed and issued was 600, covering Insurances to the
extent of 422,0651.115. •
2d, That the Capital of the Society at 31st December, 1849, was
2,167,55061.95; Ide, having increased during the year to the
• extent of 112,9571.165. 2d.
• 3d, That the Annual Revenue of the Society at the same date was
• 300,5371. 193. 6d., being a decrease since last year, arising'
from the reduction in the rate of interest during the currency
of the year.
4tlr, 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, beingd
3
117,621/. 10s., or, with Bonus additions, 148,8241. 125.
sth, That the above sum of 117,622/. 10s. and the number of
deaths were in the ratio of 63 per cent, of what might have
been expected, according to the tables of mortality upon
Which the Society's calculation,: 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-
' taln a faithful exposition of the exact etate of our affairs. Ile
to
haring done SO. I really ant not aware- what I can do to add either I
Your information or to your consequent confidence in this Institu-
tion. Your:confidence mast de; end en the "facts" youlhave heard
;torn him ; and were it not the usage that the person who occupies
'the place which I have the honour to occupy is expected to make
some address, I think the most judicious thing I could do wou!d be
do maintain silence. At the same time, however, it has often oc-
curred to me, and it eccurs to me now, that perhaps a recapitulation
n a quiet way, and in ordinary language, of the almost technical
,atatetnents made by the Manager, may sink more deeply into your
and be, more easily carried away—(Applause)—and there-
fore allow me to recall to you a few of the leading facts which you
Kaye now heard.—(Renewed applause.)
One of the first ofthese—at least the one that leads me to consider
%beremark 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 secti-
'elties, 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
there not only being no suspicion in regard to it: hut that public con-
deuce has been always on the increase, than in the increase of the
Umber of its interested members—of members,
I mean, who have
Itoo interest but pure selfishness—who are ,ms anxious as men can Fe
. _protect themselves from misconduct, in order that,
e!l'nneonalY detected, it may be timeously corrected. Now
find that in the year -1815, when the Society was instituted, we
began tvith 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.
'the er (Renewed laughter.) I also find that durine the first six years of
Society's existence, 219 were the- sum fetal of our chickens.—
strikes me is the great caution with which the lives must have been
selected; for of the 49 members who were admitted in 1815, 35
lehar sago, eleven still remain upon the books, after deducting many
.o urrendered their policies, and who, for aught we know, may be
'flug still. Then, of the 17 who joined them in the year 181 e, after
;tneducting many surrenderers, there are still three upon the books ;
tnadexofisttleinee2, nearlyl,2mvhejoined the society during the first six year! of
60 surrendered their peleles, but 49 still survive.
(applause.) These seem to me to have been well selected lives.—
(Hear, hear.) And the remit now is that, at the enol of 35 years, the
number of our members amounts, not to one thousand, nor to two,
:lioxrtthoooth,arened,n_o(rAtpopti,amtz)
„nor to five, nor even to six, but to above
Mired lives. Front this fact IWitemfebrasneothoinl batbmrtheiss—ixhthaotu,
sincesmnd wino
-
hare se many jealous but uncomplaining eyes prying lute us, I pre-
sume that we cannot he an ill-managed body.
The Business done during the year 1849, after deduction of several
Polities which were cancelled, amounts to above 422,0001.; that is
lo gay, 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—which, I am told, is a high
°ne-eof no less than 7001. on every policy.
The Capital has increased during the year that is now closed by
nbove 100,0001. ; and the total Capital that we omen now amounts to
2,167,5061.; that le to say, in ronnd 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
*ere not-well invested ; many a man thinks he has, and he ought to
bays it ; but when he comes to grasp it it eludes the closing hand ;
and, therefore, it is of vital and all-Important consequence to be told
In this place, that of our investments, so for as we have 1
hese in-
discovered,
We have never yet made a single had Dire.—(Applause.)
rit I
vestments are, for the most part, laid out on real seen y— mean
Within Scotland, the best country, in my belief, for real security, in
Europe ; and, besides this, a large portion of our capital is invested
What
better loans to the members, upon the security of their policies.
better security can there he than that?—(hear, hear.) A member
When he dies is our creditor, say fur 1,0001. ; and he asks for a loan
orSoot. ; if the policy be of equal value, we lend it to him, because
We lend it to him out of his own money. With such a security we
tan, advance it ; and we are as certain of its return as he is that he
nes claims upon us. Part of these two millions is laid out in Bank
Stock—I mean stock of the chartered Banks of Scotland and the
Ilank 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
individual in private life entertains the slightest doubt. A
little of our capital is laid out in redeemabte annuities, which,
by the law of Scotland, as we all know, fall under the class
of advances secured under real property. Some of it is laid eat on
tallway—mark my next word, for this first one makes many
people tremble—(A laugh)—some of it is laid out on railway de-
bentures.—(Applause.) Not one sinslo sixpence of it—if there was
latatftahzritnhing of it, I would tell you honestly—but not one single
to
of it is invested in railway shares. One fact which I have
state is one which, above all *the's, 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, wills us, we have never found the
least cause for fear or doubt. The interests, I understand, are
always paid almost within a day of the time. The result I draw
from all this is, that nut only are these investments good. but that
they are so good, that better could not be obtained. My belief is,
that it these investments were all now thrown loose, and the Di-
recters 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.—
(Applause.) Tho six thousand members of this Society have laid
by above two millions of as well-secured money as can be secured in
this world.
Our annual revenue has decreased from the recent fall of interest
during the last year, but it is now above 390,500/. The stun total of
What
we have insured amounts to above Six Millions and a Half.
_.. The
!heydeaths in 1849 are peculiarly instructive. In the first place,
i 7. amount to 11I—a great number, and to be accounted for only
i,l/Itoh)revalent pestilence. But yet though they amount to
probabilitiesy "e
Only
sixty-three per cent, of our calculated
‘,_ ;—that is to say, that our system is founded on
that,
calculation that there would be 100 deaths, while instead of
there have been only sixty-three, leaving thirty-seven per
cent, over and above for the security of the Society.—(Applause.) Of
the 111 who hays died—let the upper ranks think of this fact-24
have fation w allen by cholera, it is commonly thought that this is a vial-
lhich afflicts only the poor and the destitute. I daret saiyroit. mallets them first, and worst, but it is by no means condfinfreodmo
itn lasi
Ter we heard it to-day stated, that of those who d
:rear connected with this society, one individualas insured for
/four
Zi'rniq., One for 4,0001., ore for 3,0001., two for 2,0001., and
iirol., and that the whole twenty-tour were insured for something
—'e 27,0001. ; and therefore you will observe that these, apparently
Periodical visitations,
The
Minds of men in all classes.
ought to strike a lesson of prudence on the
sums pail by us since we began in 1815, are above
1,164,0001. ; and this is a fact with which I was much struck. We
'lave distributed above eleven hundred thousand pounds. We have
telieved to that extent the families of those members who trusted
14; and the example that was given by the manager so technically,
tend with such proper brevity, of One benefits of this Institution,
abade a great impression upon me, as I have no doubt it did upon
'the meeting. 'I he case I refer to was that of an old member who
tiled abroad last year, and who had insured three times, each time
fer'l,oool. Well, be dies, and he has claims upon us for 3,0001. cer-
lain. But besides that, his representatives will receive considerably
lAbove 2,0001• as a Bonus, , This, upwards of 5,000/. is secured to his
nt, iIY ; and, even after paying that, the Society was plus nearly
001.-(Applause.) .
' The. next matter which I have to state is, one for whleh lam very
T.-4-`,111; and it is, that we have had up to this day, no litigation.— (tolughter and applans.s)
—ow. What I have stated are the material facts ; and what else
-beed I say ? It is not my business, and I am sire it would be no
zirct:listirtion to you, if I were to boast of the excellence of our system,
grt:ataess of our success ; and still less would it give any satis-
Yoe if I were to do that from which every respectable So-
yt et will for ever abstain—that of attempting to raise ourselves by a
'contrast or comparison, or even by an allusion to kindred Institutions.
siel)Plaale4 I have stated thefacts ; and having done so, I can do no
bx
tre:t.rylt,i,ls,!:;),,,•olutitto judge how your affairs have been managed, and
you those resolutions or judgments which the
Zaet ments you have heard are calculated to produce. My inferences
..14‘ivmhoeterhe.ly two. It seems to me, in the first place, that this is a Society
we may have perfect confidence.—(Hear, hear.) My belief
27anmaering as I do something about it, although not so much certainly
that
irny others is, that our confldence,in it may go to this extent,
we were to begin our career again, with the experience which
We Ilavt ac !red, I know many ways in which we might act differ-
*.jsin__ /3, but Igkinow no way in which we could do better.—(Applause,)
walists have often amused themselves by speculating about what
Its,Loastoset
o would do, if he was again to become a boy, with all the expe-
Zl::14..1 _ his manhood. If this Society were to do so, I seriously
firmly believe that If we were to begin our career in 1815, with
experience which we have gained between that time and the
:Year 1850, we should walk in the very paths, -nay in the very
,Thruts by 'which we have reached our present state. M other 'lifer-
, ee---although it is something very like repeating the same sermoni
brice—is, that it is the duty of all of us to do all in our power to
ProPagate a knoss ledge of this Institution, and still more to propa-
gate a knowledge of the great duty, in this precarious life, of
tooeel%Pres_ervatiby isurance. Some people talk as if there were
rmany societies of this kind. Ido not agree with them ; and I
Perfectly certain that, if the public, and every individual in it,
;776Si2r_s adequately impressed with the Importance of insuring their
, there would net only not be too many, but It would be found
,sat there was perhaps a great deal too few.—(Hear, hear.) The
!meat thing is to get the
hetohmmunity steeped in the conviction that
practisell the great duty of pru-
t'beie la no way in which 'den so well as by life insueraynec'eu!' en ar.e convinced that pru-
_eeee is a virtue, but all men are men
that there is no
terra In which that virtue can be pan with so small a present
eaerlfice. contrasted with so great en ultimate reward. "you want
ouyowuhmeruestyeu are to llnd them.
any examples of this, I can tell
You are not to seek for them here,
among the families
of those who have been bereaved, and amongsto whom the society has
Go into
already distributed greatly beyond a million these families, and ask them what they thinknofolifferainTureYa.nceG.
Will tell you that instead of thinking it unreasonable and useless,
thcii only pang, even at the moment When they are experiencing
the blessings of life insurance, is, that the head of their house haul
asst
Gentlemen,
it te a greater extent. Therefore, what you have to
, Gentlemen, is, in your various spheres, to urge this duty upon
:your friends—to urge it simply uon tires' tw.o grounds, that no man
can avoid death, and that no man fixcanneseperiod ;but that in-
aurance is a science which, out of individual its P
eularities, extracts
laws of general uniformity ; and thus cony
recarious-
.?less.of life into a method of correcting its uncertainyteyrY PThese are
Me impressions made upon me ; what yours are, I leave you to say.
--(Lord Cockburn then reserved his seat amid loud applause.)
K. Cg.litv.
e,
nor
.Astblessectreoyeuiler
On the motion of Sir James Russell,
Is 3, Professor Miller, a vote of thanks was , seconded
eats odfurDini-
rectors, to the Trustees and Office Bearers, for to
re
tile past year.
g
On the motion of Alexander Shank Cook, Esq., Advocate, seconded
by she Rev. James It. Campbell. of Albany-street Chapel, the
Courts of DimetOrg for the following year were
appointed ,
frdlowe ; ~

PRESIDENT.
• The Eight Hon. the Earl of ROSEBERY,
VICE-PRESIDENTS.
The Hon. Lard MONCREIFF.
Ilia Grace the Duke of BUCCLEUCII, K.O.
The Most Hon. the Marquis of TWEEDALE, R.T. and C.B.
*WILLLLM GIBSON-CRAIG, Esq., Younger of Ricearton,
EXTRAORDINARY DIRECTORS.
The 'Very Rev. Princl. St‘Farlane John Ravenhill, Esq., banker,
Itobe rt G. Bettina, Esq., of Culter- Warminster.
a'ders. Thomas Beveridge, Esq., D.C.s.
Janes M'Gregor, Esq., Chairman Charles Baillie, Esq., advocate.
of South-Eastern Railway. Archd. Davidson, Esq., Sheriff of
Zit. John Stuart Richardson of Aberdeenshire.
Pitfour., Bart. William James Duncan, Esq.,
'The Right Ilon. the Earl of Lincoln. Manager of National Bank.
:Leonard Horner, Esq., London. * Sir William Hamilton, of Pres-
Daniel Watney, Esq., Wands- ton, Bart.
worth, London. * The Solicitor—General for Scot-
Rev. Dr. Robert Macnair, Paisley. land.
William Shuttiemorth, Esq., * Archibald Alison, Esq., Sheriff
town-clerk, Liverpool. of Lanarkshire,
Anthony Murray of Dolleric, W.S. * George Dundas, Esq., Sheriff of
William Mitchell limes, Esq., of
Parsons Green.

Christopher Wood ORDINARY
, Esq.,
Merchant, Leith.
James Balfour, Esq. of Pilrig, W. S.
William Smith, Esq., of Carbeth
Guthrie.
Iva Bayley, Esq., of Manuel.
Lew!s Alex. Wallace, Esq., archt.
James Mylne, Esq., W.S.
Alexander Pringle, Esq., of Whyt-
James Tytler, Esq., ofWoodhouse-
lee, W.S.

DIRECTORS.

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

Those marked arc .!...Ccw Appointments.
_On the motion of Robert Paul, Esq., manager of the Commercial
Bank, a vote of thanks was proposed to the lion. Chairman, which
'as received With much applauso, and the Court thereathr ad-
Jeurned.

JOHN MACKENZIE, Manager.
M GEOE, C
Edinburgh, 5, St. Andrew SquWILLIAare, Bth MarchßG, 1850. hief Clerk.
LONDON OFFICE, 4, LOYAL EXCHANGE BUILDINGS.
Amt.