The Sun.
London, England, 1868-03-23 00:00:00

ARMY CONTRACTS.

MENDERS will be received by the DIRECTOR
9. of CONTRACTS, War Office, Pall-mall, London,
until Twelve o'clock noon on the 26th instant, for the
SUPPLY of

O,OI7AVIUS WIGRAM, Esq Governor.
JAMES STEWART 1111SpSON, Esq Sub-Governor.
CHARLES JOIIN MXXXING, Esq Deputy-Governor.
:DIRECTORS.
-

Robert Barclay, Tetlow Hibbert,
John Garra't Cattley; Esq: Esq.
Mark Currie Close, Esq. - Wilmot Holland, Esq.
alward James Daniell, Ez,q. Egerton Hubbard, Esq.
William Davidson, Esq. • Nevile Lubbock, Esq.
Lancelot William Dent, Esq. George Forbes Malcomson,
Alexander Bruce, Esq. Esq. .
Fredk. Joseph Edhnann, E-q. Lord J osceline Wm. Percy.
Charles Hermann Goschen, 'Charles Robinson, Esq.
Esq. Samuel Leo Schuster, E zq.
Riversdale Wm. orenfell, Eric Carrington Smith, Esq.
Esq. Joseph Somes, Esq.
Francis Alex. Hamilton,-Esq. William Wallace, Esq.
Robert Amadeus Heath, Esq. Charles Barinc, Young, Esq.
Medical Referee, Samuel Solly,

NOTICE.—The usual fifteen days allowed for payment
of FIRE PREMIUMS falling dill at Lady-day will empire
on the 9th of April.
FIRE and LIFE ASSURANCES may be effected on
advantageous terms.

The Duty on Fire At:sin-am:es has been reduced to, the
uniform rate of ls. Gd. per cent:per annum.
No charge is made by this Corporation for Fire Polley
or Stamp, however small the Assurance may be.
FARMING STOOK.—No Extra Charge is made for the
use of Steam Thrashing Machines.
The Rever,ionary Bonus on British LIFE POLICIES
has averaged nearly 2 por cent. per annum on the min
assured.

Equivalent reductions have been made in the Premiums
payable by persons who preferred that form of Bonus.
The Divisions of Profit take place every Five Years.
Any sum not exceeding £16,000 may be insured on one
Life.
This Corporation affords to the Assured
Liberal participation in Profits, with the guarantee
of a large invested Capital Stock, and exemption
under Royal Charter from the liabilities of part-
nership.
The advantages of modem practice, with the secu-
rity of an Office whose resources hare been tested
by the experience of nearly a CENTURY AND A
HALF.

ROYAL EXCITAGE7 LONDON.
ROBERT P. STEELE, Secretary.

LONDON, BRIGHTON, AND SOUTH-
CO AST RAILWAY,
TEE ONLY ROUTE TO EPSOM DOWNS.
• EPSOM SPRING RACES,
TUESDAY, March 24, and WEDNESDAY, March 25.

•
The New Epsom Down Station is close to the Course.
The Fares to or from this station will in each case be Gd.
more than those quoted below.
Frequent Trains will run during both the tbove days
from London-bridge, Victoria. Kensington, Clapham Junc-
tion, Battersea, Chelsea, and West Brompton.
On both days Ordinary Fares will bo charged to Epsom
from LONDON-BRIDGE up to mis a.m., from VIC-
TORIA (calling at Clapham Junction) up to 11.10 a.m.,
and fton.i. KENSINGTON (calling at West Brompton,
Chelsea, and Battersea) up to 11.5 a.m., viz.:—

Ist Class. 2d Class. 3d Class.
Single Journey ......... 2s. 3d. ... ls. 9d. ... is. 2d.
Return Tickets ......... 3s. Od. 2s. Gd. 2s. Od.

These Return Tickets will not be available to return
from Epsom until after 6.30 p.m.
SPECIAL EXPRESS TRAINS

will run direct to EPSOM and EPSOM DOWNS from
LONDON-BRIDGE and from VICTORIA (calling at
Clapham Junction) from 11.30 a.m. to 1.45 p.m.
Returning from EPSOM DOWNS from 4.0 to 6.0. p.m.,
and from EPSOM, old station, from 4.30 to 6.30 p.m. Be-
tween the hours of 11.30 a.m. and 6.30 p.m. the Ordinary
Trains from London and the Ordinary Trains from Epsom
and Epsom Downs will be suspended.
FARES FROM KENSINGTON, WEST BROMPTON,
CHELSEA, BATTERSEA, VICTORIA, OR
LONDON-BRIDGE.

Single Journey (between the hours of 11.151 4s. Od.
Return Ticket 7 a.m. and 6.30 p.m. f 7s. Gd.
Trains leave Kensington for Clapham Junction at 11.26
a.m., 12.0 noon, 12.40 p.m., and 1.36 p.m., calling at West
Brampton, Chelsea, and Battersea, in connection with the
Special Trains from Epsom and Epsom Downs.
The Express Trains will consist chiefly of Ist Class
Carriages, but no particular class of carriages can be gua-
ranteed. _

Passengers from Kensington, West Brompton, Chelsea,
and Battersea change at Clapham Junction into the Special
Trains for Epsom.
Passengers from intermediate stations on the Croydon
end Epsom and the West End Lines must proceed to
Epsom by the Ordinary Trains, which will run up to
11.15 a.m., 11.10 a.m., and 11.5 a.m. respectively, as abovo
notifl,d.

Tickets may he obtained on and after Saturday, the 21st
March, at the London-bridge, Victoria, and Kensington
Termini, at the Z_lompany's Office, 43, Regent-circus, Pic-
cadilly, Tattersall's Subscription Rooms, Cook's Excursion
Office, 98, Fleet-street, E.C., Golden Cross, Charing-cross,
W.C., and Swan with Two Necks, Gresham-street, E.C.

EC,'ONOM IC LIFE ASS G RANCE SOCIETY.

-.9..---__

The annual general court was held ou Saturday,
at the society's house, No. 6, Bridge-street, Black-
friars, to receive the auditors' report of receipts and
disbursements during the year 1867, and to elect
auditors for the present year; Mr. Hy. Barnett,
M.P., in the chair.

The SECRETARY (Mr. Grimes) having:read the
notice convening the meeting, proceeded to read the
following statement of accounts for the year ending
31st December, 1867 :

General Account.-Received : Assurance pre-
miums, £220,703 3s. 7d. (less commission
£7,720 lls.) ; interest on 'investments, £100,177
7s. 4d. (less income tax, £1,719 7s. 4d.); registra-
tion fees, £ll ss. ; total, £311,454 17s. 7d.-Paid :
Assurance claims, £179,690 25.; annuity claims,
£2,750 10s. ; policies purchased, £7,850 4s. ; re-
assurance premiums, £324 16s. 4d. ; office expenses,
£10,151 ls. 11d. ; law charges, £736 16s. 6d. ; me-
dical fees, £261 Is. 6d. ; balance carried to invest-
ments, £109,687 ss. 4d. ; total, £311,451 17s. 7d.
Assurance Fund.-Dr.: To balance, Ist January,
1867 (consisting of-funded property, £482,801 33.
2d. ; mortgages, £1,583,990 3s. 11d. ; loans ou
policies, £125,887 10s. ; reversions, £130,619 13s.
9d. ; life interests, £67,700 6s. 8d..; cash on hand
and on deposit, £11,557 17s. 7d.), £2,402,856 15s.
id. ; to profit on reversions fallen in, £12,286 33.
11d.; to balance from general account, £109,687
ss. 4d. ; total, £2,524,830 4s. 4d.-Cr.: By ter-
minable annuities, £2,194 2s. 6d. ; by balance, 31st
December, 1867 (consisting of-funded property,
£513,639 12s. Id. ; mortgages, £1,683,662 Os. Bd. ;
loans on policies, £127,491 10s. ; reversions,
£118,379 7s. 61. ; life interests, &c., £57,761 3s.
sd. ; cash on hand and on deposit, £21,702 8s 2d.),
£2,522,636 ls. 10d. ; total, £2,524,830 4s. 4d.

STATEMENT FOR THE YEAR 1867.—Number of
proposals received, 529 ; policies issued, 415 ; pro-
posals declined, 61; not completed, 53 ; number
of policies remaining in force at end of year, 9,436 ;
amounts assured thereon, £7,848,773 ; absolute
bonus, £718,951 ; total liabilities, £8,567,727 ;
sums assured by new policies, £418,640 ; amount
of new premiums, £14,018; total premium revenue,
£226,100 ; invested capital, £2,522,636.
STATEMENT OF CLAIMS ACCRUED.—On 164 poli-
cies assuring 140 lives in the sum of £169,818, in-
cluding bonus. Out of the 164 policies deter-
mined by death 147, assuring £124,702, carried
£35,917 bonus.

The CHAIRMAN said—Gentlemen, in rising to
propose the first resolution which is usual on these
occasions, I wish before entering upon the figures
which have been read, to advert to a circumstance
that has happened during the past year, affecting
in some degree the society, viz., the loss we have
sustained in the retirement from our service of Mr.
McDonald, the late secretary. We received his
resignation with great regret, he having for nearly
twenty years fulfilled the duties of his office with
great ability and zeal, and I am sure that you as
well as ourselves are exceedingly sorry to lose
him. (Hear, hear.) We have, however, been
fortunate enough to secure the services of Mr.
Grimes, who has thrown his whole mind into
the business most cordially and energetically, and
we have every reason to believe than he will
prove an efficient successor to Mr. McDonald.
The figures, a statement of which is in your
hands, will, I think, require but little explana-
tion. They are drawn up in the same form as on
previous occasions, and speak for themselves. We
(the directors) consider the statement very satis-
factory. Last year, you will remember, I had to
apologise in some measure that the figures pre-
sented to you were not of so cheering and satis-
factory a nature as we had been enabled to
submit on many previous occasions. But I en-
deavoured to impress on the meeting that there was
no reason for despondency, for we were ourselves
well assured that, by the mode in which our calcu-
lations were made, we must have ups and downs in
our business, and that although there might be a
falling off in one year, there would in all proba-
bility be a recovery and counterbalance in after
years, which would bring up the business to the
average amount. I am happy to say that my anti-
cipations have been fulfilled more rapidly than I
could fairly have expected. The business of last
year, as you will see by comparing the pre-
sent figures with those of the previous an-
nual statement, has brought us up already to the
ground we had apparently lost. (Hear; hear.) The
nature of the business has also been highly satis-
factory ; we have had fewer proposals, it is true,
but the aggregate amount of the policies have been
larger, which is a magnificent fact. The number
of proposals made to us last year was 529, against
553 in 1866, or 24 less, and we issued last year 415
policies against 147 in 1866, or 22 less. But the
amount assured by them was in 1847 £40,000 more
than the amount assured by the policies taken out
in 1866—the totals being in 1867 £48,640 against
£378,570 in 1866 ; the average of the policies last
year was £l,OOB against £846 in 1866, and we
received in new premiums £14,017, against
£11,872 in 1866. This shows that last
year's business was of a very satisfactory cha-
racter, and I think that we may argue from it
that a certain amount of the commercial distress
which prevailed so extensively in the previous
year has passed away, and that people are
again able to apply their savings to life assurance,
and putting away for the benefit of their families
hereafter. At the same time we cannot consider
the last as a very favourable commercial year gene-
rally ; but we find the state of commerce and trade
always reflected to a certain extent on the business
of this office. Another fact bearing on the same
point is that we have had fewer policies lapse from
non-payment of premium, and fewer brought to us
to purchase last year than in the previous year.
The total amount of premium received was, in 1867,
£226,000 as against £219,600 in 1866, being an
increase of £7,500. Then, taking the other side of
the question—in the claims paid we have also a
satisfactory result. In 1867, 164 policies be-
came claims, against 216 in 1866, and the
amount paid on such policies, including bonuses,
was £169,800 in 1867, as against £208,000 in
1866, and in point of fact was less by £38,000 than
the estimated amount we might have expected to
have t 3 pay. You will recollect that in reference
to the year 1866, I stated with regret at the last
meeting that we had then for the first time, I be-
lieved, exceeded the estimated amount by about
86,000, so that now we have more than got back
to the amount we might have expected. The
bonuses have also she ra up pretty well. We have
paid as much as 115 per cent. on a policy during the
year, and the average has risen to 28.8 per cent. A
curious circumstance, too, has happened, which we
cannot account for, in connexion with the claims
that have arisen during the year, and that is that
the average age of death has been four and a
half years higher than in 1866. Looking at the
general state of the society, we find that the assets
have increased in the year by nearly £120,000,
which you will admit is a gratifying circumstance.
(Hear, hear.) We have now upwards of £2,522,000
invested capital, against £2,403,000, as shown
by the accounts of last year. The total income
of the society is now no lesS than £536,000.

Of course the liabilities may appe.ar large to
those who are unacquainted with life assurance
business, amounting as they do to £8,567,000, but
having £2,522,000 in hand, we believe we can show
our condition favourably as compared with other
offices ; and the ordinary roug'ia calculation made
by those who study the subject will show that we
are in a very satisfactory state at regards the secu-
rity we offer to our policyholders. (Cheers.) We
have for some years past paidl great attention to the
investment of th 3 funds, and it has been more than
once suggested to us here whether we could not in-
crease the income of the society by laying out the
money in investments which pay higher rates of in-
terest. We have succeeded in doing so some extent,
and I am happy to say with every assurance that we
have thereby in no way jeopardized the security of
any part of the society's assets. (Hear, hear.) We
have had investments offered paying a high rate of
interest, but not considering them of that un-
doubtedly safe character We ought alone to invest
the -funds of the society in, we have declined them,
and we are enabled consequently to say that upon
the whole we have the most perfect confidence in
the securities in which the money is invested, and
that it is yielding a very satisfactory return. The
directors are indefatigable in their attention to the
business:ofthe society, and doing all in their power
to promote its interests. I have on former occasions
drawn attention to the fact that in a mutual office
of this kind we all hang very much together on the.
same string, and I would take this opportunity to.,
repeat that every man who is assured in this society,
by using his influence to bring .new business, is
taking the most effeCtual means of improving his
property and adding to the bonus on his own policy.
Before moving the adoption of the report I shall
be happy to answer any questions that may be
put.

Mr. CURTEIS thought it might be satisfactory i
the chairman would state in what way the fresh in-
vestments alluded to had been made.

The CHAIRMAN—We have not so much taken any
new description of investments, as we have re-
frained from investing in the funds. We think we
have sufficient money in the funds to meet every
immediate requirement, and we have accordingly
availed ourselves of opportunities which occasionally
offer of putting out money on the mortgage of rates,
by which the interest is secured regularly, and re-
payment of the capital in a certain number of years.
This is a class of investment which suits an in-
surance office very well, but does not suit bankers.
We get upon these investments 5 per cent. interest,
which helps up the small rate of interest we get
from the money invested in Consols. We also
bought some reversions some years ago, which have
turned out remarkably well, and we have made a
profit on reversions which have fallen in of £12,286.

Mr. CURTIES considered the explanations very
satisfactory. (Hear, hear.)
A PoLicv-noLDER—What is the average rate of
interest derived from the investments?

Thd CHAIRMAN—That is hardly a fair question,
but I have no objection to state that it is between
4i and 4I per cent. We cannot expect to get much
beyond that, as it is nece3.sary to keep always a
very large sum in immediately convertible securities,
which pay only a low rate of- interest. I now move
that the statement and report be received, and en-
tered on the minutes.

Sir A. DUFF GORDON, Bart., seconded the motion,
which was put and carried nem. con.

On the motion of the CHAIRMAN £l6O was awarded
to the auditors for their services in the past year ;
and the auditors, Messrs. J. G. Stillwell, J. Howell,
R. Taylor, and H. Roberts were re-elected.

Mr. CtJRTEIS said he was an old insurer of forty
years, during which time he had attended most of
the meetings, and always felt great confidence in
the directors, who, although a little depressed last
year, had only shared the same fate of nearly all
the other offices. He had now the pleasing duty of
proposing a vote of thanks to the directors for their
extreme attention to the office during the past year.

Mr. BARRON feL it a privilege to second the
motion. lie thought the assurers hal every reason
to be satisfied with the exertions of the directors,
and he for one was glad to hear that their rate of
interest was no higher. (Hear, hear.) As a pro-
fessional man he knew the -extreme difficulty of
getting a higher rate, and if it bad been but one
penny over 5 per cent. he should have thought
their investments were placed in a questionable
position.

The motion was agreed to unanimously.

The CHAIRMAN said it was a pleasing duty to
return thanks for such a compliment, and on the
present occasion it was peculiarly gratifying, as it
had been moved by one of their oldest assurers,
who knew what bonuses had been declared, .and
seconded by one of the youngest, who doubtless
looked forward with hope and confidence to their
operations in future years. (Hear, bear, and
laughter.) He hoped all their assurers would take
care to live as long as they could—(laughter)—
which would not only be a benefit to them, but an
advantage to the office. (Laughter.)
Mr. CUJITEIS then proposed a vote of thanks to
Mr. Downes, the actuary,
The motion having been seconded, was carried
unanimously, and the Chairman, in conveying the
compliment to Mr. Downes, said it was one in
which the directors most cordially concurred.
Mr. DOWNES, in acknowledging the vote, said lie
had been so lung connected with the office that it
had become so much a part of his life that he felt
its interests and his own were identical. It was his
constant endeavour to find out anything that would
be advantageous to the society, and to remedy any
defect in its working that might be discovered.
The meeting then broke up.

4:
It has been already stated
the assizes for the county of
a disagreement took place ref
ior
Justice and the high sheriff . , i
"Mr. Ctiofts, 1
and that upon one occasion his lordship expressed his
intention to fine him for neglecting his duty and treating
the court with disrespect. The proceeding gave rise to a
great deal of conversation, the occurrence being one
of an entirely unusual character. It would seem that .
upon the occasion of the judges' arrival, the high
sheriff was not in attendance, and the judges
bad to walk to their lodging, and that upon
proceeding to church the high sheriff very unceremo-
niously took possession of the scat of honour in the car-
riage, compelling the Lord Chief Justice to sit with his
back to the horses. There were also no trumpeters
engaged—whether from motives of economy or otherwise.
does not appear, . but the absence of these neces-
sary adjuncts to the proceedings of the assizes did not
seem to please either of the judges, who were both
very dissatisfied with the course that had been taken.
The consequence of this was that an intimation was
given by the judges that they would not require car-
riages, and on each morning they walked to the court,
leaving the sheriff to proceed thither alone. After
the little fracas of Tuesday, the Lord Chief Justice
treated the high sheriff with apparently studied neglect,
and the latter, who was told that he must attend in court
or be fined, was compelled during the whole day to sit by,
the side of the judge, who did not speak a word to him,.
and upon one occasion, when the Chief Justice dropped a
paper and the high sheriff was about to pick it up, the
Chief Justice remarked, " Let it alone, sir," and picked it
up himself. During the whole sitting of the assizes this
state of things continued, and no attempt at reconciliation
was made when the business was concluded. It may be
dated that the under-sheriff was fined 220 upon the same
occasion that the Chief Justice threatened to fine the
high sheriff, but this fine, it anuears has since been re.
mitted.

ELECTORAL _REPRESENTATION.

t the adjourned meef'llg for the discussion of Mr.
Hare's system of representation, held at the offices of the
Reform League, that gentleman dealt with the objections
that had been raised against his plan—namely, that it was
complex, offered facilities for bribery and wire-pulling,
and would not work in harmony with the ballot. It was
certainly not more complex, he said, than the system
of bankers'. cheques, and yet on this system pay-
ments were made daily of millions throughout the
country, and accounts were balanced every morning at
the clearing-house without the slightest confusion. The
voting paper would be treated with the same care as the
cheque, and after the election would be filed by the re-
turning officer, for reference if any question arose. There
was much less complexity in his plan than in the daily
business of the Post Office. As to bribery, he had no
recipe for making the political world suddenly
virtuous, but he would deal with corruption in
political life as the physician treated physical
maladies—diminish the. conditions which propagated
the disease, and isolate the infected. By his
system the infected would be absolutely isolated, and no
man could do more than sell himtelf ; he could not, in con-
junction with a few others like him, sell the borough. As
to " wire-pulling," only those who liked need submit to the
operation ; no man could be forced to undergo it. As to the
ballot, his scheme, with a little alteration, would be perfectly
applicable to that, though he had not originally contem-
plated secrecy of voting, for to that per se he had a
great aversion. His plan would be perfectly adapted to the
present franchise, or to universal suffrage, and it would
not sweep away local representation. Professor Fawcett,
in supporting Mr. Hare's plan, thought that among other
things it would facilitate the more direct representation of
the working classes.—Mr. Sterne, of the United States,
was of opinion that the plan would be specially beneficial
in America, where, owing to the present system of voting,
many important sections of the community, and notably
the Free Traders, were quite unrepresented in Congress.
Other gentlemen took part in the discussion, and it was
finally resolved that a committee should be appointed to
confer with Mr. Hare, and draw up a simple explanatory
statement of the details of the system, to be published in
pamphlet form for general circulation, after being sub-
mitted to an adjourned meeting of the conference.—Mr.
Beales explained that the proposal to appoint the com-
mittee would in no way commit the League to any opinion
en the subject of Mr. Hare's system.