The Sun.
London, England, 1850-04-13 00:00:00

The Hon LORD COCKBURN in the Chair.
The THIRTY-SIXTH ANNUAL • GENERAL COURT of this SO,
CILTY was held in Edinburgh on the sth March, 1850.
•--

The Hon. LOlti) COCKBUIIN in the Chair.
s The Alanager 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 actu-
"ssssd and issued was 600, covering Insurances to the
extent of 422;0651.1 la.
4., Tin, is, 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.
That the Annual Revenue of the Society at the same date was
200.535/. 19s. 64.. being a decrease since last year, ar;sing
frotn the reduction in the rate of interest during the currency
ithe year.
• 4t.
h"' "-- ss mosiber of deaths which had occurred during the
Year 1849 was 111, the sums insured ender the Policies
• which have emerged in consequence of these deaths, beingil
117,621/. lOs , or, with Bonus additions, 148,024.. 12s. : .
sth, That the above. sum of 117,612/. 10s. and the number of
deaths were in the ratio of 63 per cent. of w hat might have
been expected, according to the tables of mortality upon
Which the Society's calculations are based.
Ths
of the statements read having been confirmed by
AUditOr, •
rile Chairman, addressing the meeting, said, the Manager has
iolv read certain papers, and made certain statements, which con-
ttab, a faithful exaesition of the exact state of our affairs. Ile
l
done se, I really am no' aware what I can do to add either
ti to your information or to your consequent confidence in this Institu-
t srs* himjour:eonfidenee must defend on the " facts" youl.have heard
the place
; and were it not the usage that the person who occupies
h--
eldace which I have the honour to occupy is expected to make
t°4le address, I think the most judicious thing I could do would be
maintain silence. At the same tune, however, it has often oc-
letan'Sia-eqduiteotme, and it occurs to me now, that perhaps a recapitulation
„,„_ way, and in ordinary • language, of the almost technical
ishiteents made by the Manager, may sink more deeply into yoar
d"'
'• and bel inure easily carried away—(APplause)—and there-
ay allo
h w to recall to you a few of the leading facts which you
.e now Iseard.—(Renewed applause.)
One of the first of these—at least the one that leads me to consider
the
remark have to make first-1s one that I was not aware of
mYsta:lfll very recently, which is the view exhibited of the pro-
gr ofthis Institution by our mere numbers. I do not here
sitiZ of the sums insured, of our investments, of our secu-
rities, °r of anything of that sort. Look at our mere nurobers. I
sh'• ne better test of a society like this being well managed,—of.
tize not only being no suspicion in regard to it. but that public con-
nsa,ll,..ee has been always on the increase, titan in the increase of the
1)07"r of Its interested members—of members, I mean, who have
to interest but pure selfishness—who are as anxious as men can be
if
,trotect themselves from misconduct, in order that,
fh sale°usly detected, it may be timeouslys corrected. Now
iteb_wit that in the year 1815, when tho Society was instituted, we
no't!' with a small nest-egg ef 49 members—(Laughter) —and it did
silook Well for the year 1816, that the eggs laid then were only 17.
unsenews,
s‘s laughter.) I also find that during the first six years of
(Le s•vsety's existence 212 were the sum total of our chickens.—
atithter ) And hero' I may observe, that the first thing that
/seises:Pell the great caution with whist' the lives must have been
lear ss.; for of the 49 members who were admitted in 1815, 35
ssh, s age, eleven still remain upon the books, after deducting many
de r ge
feting
still. Thin,
any
issvo surrendered their policies, and who, for aught we know, may be
of the lY who joined them in the year 1818, after
surrenderers, there are still three upon the books :
1,5 of the 212 who joined the society during the first six years of
....`"Xistence, nearly 60 surrendered their policies, but 49 still survive.
(II e n ,PPlanse.) These seem to me to have been well selected lives.—
ritm sear.) And the result now is that, at the end of 35 years, the
ber of our members amounts, not to one thousand, nor to two,
si three, nor to four, nor to five, nor even to six, but to above
x sti( i)
ousand.—(Applaase.) We have now above six thousand in-
Itayrsd lives. From this fact I infer nothing but this—that, since we
scirt have
Many jealous but uncomplaining eyes prying into us, I pre-
that we cannot be an ill-managed body.
policies Business done during the year 1849, after deduction of several
t which were cancelled, amounts to above 422,0031. ; that is
th:taY, that last year the Insurances which we effected amounted to
coa suns, The number of Policies on these insurances amounts to
si",-_betag. at the the average, over all—which, I am told, is a high
of no less than 7001. on every policy.
t(fl,,,pital has increased during the year that is now closed by
2,167 557,•000/. ; and the total Capital that we own now amounts to
taw ' t• ; that is to say, in round numbers, which will be far inure
Y remembered, considerably above Two Millions of money.—
IPPlause.)
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
afee not well invested; many a man thinks lie has, and he ought to
as: It ; but when he comes to grasp it it eludes the closing hand ;
is"lll`l,.therefore, it is of vital and all-Important consequence to be told
'We have Place, that of our investments, so far as we have discovered,
5,..,4,Mve never yet made a single Lad one.—(Applause.) 'I hese in-
ss7, !tents are, ter the most part, laid out on real security—l mean
ein Scotland, the best country, in my belief, for real security, in
To°Pe ; and, besides this, a large portion of our capital is invested
'Ms to the members, upon the security of their policies. What
better When
security can there he than that?—(hear, hear.) A member
L‘i he dies is our creditor, say for 1,0001. ; and he asks for a loan
of ;if the policy be of equal value, we lend it to him, because
canNe 'end it to him out of his own money. With such a security we
,advance it ; and we are as certain of its return as he is that lie
4,4 i claims Upon us. Part of these two millions is laid out in Bank
•s'''ek—l mean stock of the chartered Banks of Scotland and the
ts•ak of England, which I believe is as secure as can he. There
ind. not a Penny of it laid out in any Bank Stock of which a single
little
private life entertains the slightest doubt. A
by of our capital is laid out irs redeemable annuities, which,
2" 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
ysttr
twaY—inarit my next word, for this first one makes many
,Tie tremble—(A laugh)—some of it is laid out on railway de-
!ures.—(Applause.) Not one single sixpence of it—if there was
fatrthing of it, I would tell you honestly—but not one single
farthing of it is invested in railway shares. One fact which I have
10
! state is one which, above all ethers, 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
leant
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 not only are these investments good, but that
they
it
so good, that better could not be obtained. My belief is,
that
t t these investments were all now thrown loose, and the Di-
rectors were required to retrace their stel is and to getgood
Realities, they could, and therefore they would, , do nothing but
recur exactly to the securities that they have already obtained.—
(Applause.) The six thousand members of this Society have laid
fix above two millions of as well-secured money as can be secured In
Ws world

Our annual revenue has decreased from the recent fall of interest
during the last year, but it is now above 300,501/. The sum total of
What we have insured amounts to above Six Millions and a Half.

The deaths in 1849 are peculiarly instructive. In the first place,
they amount to 111—a great number, and to be accounted for only
fro they
Prevalent pestilence. But yet though they amount to
probabilities;—that
are only sixty-three per cent. of our calculated
the ;—that is to say, that our system is founded on
calculation that there would be 100 deaths, while instead of
tent,
there have been 'Daly sixty-three, leaving thirty-seven per
t,'". over and above for the security of the Society.—(Applause.) Of
111.1 e 111 who have died—let the upper ranks think of this fact-24
athe fallen by cholera. It is commonly thought that this is a visi-
on 'which afflicts only the poor and the destitute. I dare say it
Tor a them first, and worst, but it is by no means confined to them ;
we beard it to-day stated, that of those who died from it last
tzrreolineeted with this society, one individual was Insured for
one for 4,000/.. one for 3,0001., two for
.2,0001., a one for
like;l4, and that the wole twenty-four were insured
hese lor someing
and therefore you will observe that t, apparently
Aeriodical visitations, ought to strike a lesson of prudeace on the
-48 of men in all classes.
16;,,,nins paid b , us since we began in 1815, are above
Iles ; and thisis a fact with which I was much struck. We
~51:e distributed above eleven hundred thousand pounds. We have
us, to that extent the families of those members who trusted
aa,, and the example that was given by the manager so technically,
,tati. With such proper brevity, of the benefits of this Institution,
the nle.a_sreat impression upon use, as I have no doubt it did upon
died abroad
The case I refer to was that of an old. member who
for an.nroad last year, aid who had insured three times, each time
tafa.ml. Well, he dies, and he has claims upon us for 3,0001. cer-
Ahoy But besides that, his representatives will receive considerably
2,00 W. as a Bonus. Thus, upwards of 5,001. is secured MIAs
1404 ; and, even after paying that, the Secieoty was plusnearly
(APplause.)
pro'ta,,e,unext matter which I have to state is, one for which I am very
(La,' 1; and it is, that we have bad up to this day, no litigation.—
sghter and applaus2.)
aeed 'what I have stated are the material facts ; and what else
sattsf saY ? It is not my business, and I am sure it wouid be no
or
th:ction to you, if I were to boast of the excellence of our system,
factio greatness of our success ; and still less would it give any Batts-
oietv n toYoU if I were to do that froin which every respectable So-
Wlll for ever abstain—that of attempting to raise ourselves by a
entreat or comparison, or even by an allusion to kindred Institutions.
itaetearry away with
ra or r''aine.) I have stated thefacts ; and having done so, I can do no
~e• It is for you to judge how your affairs have been managed, and
you those resolutions or judgments which the
are a,14,1,en," You have heard are calculated to produce. My inferences
itt%rreLY two. It seems to me, in the first place, that this is a Society
Whalen we may have perfect confidence.—(flear, hear.) My belief
as incivilitg as I do sots ething about it, although not so much certainly
that i4OY
begin our coafidence in it may go to this extent,
We We wens to g our career again, with the experience which
e Kaye acquired, I know many ways in which we might act differ-
ItlrY, but I know no way in which we. could do better. —(Applause,)
,4 alists have often amused themselves by speculating about what
Titnirkan would do, if lie was again to become a boy, with all the cape-
am': of his manhood. If' this Society were to do so, I seriously
the urtalY believe that we were to begin our career in 1815, with
horexPerience which we have gaid hstween that time and the
185(i, we should walk in thene very paths, nay n the very
by
which we have reached our present state. My other Infer-
uZe•
—although it is something very like repeating the same sermon
ps„,., —is, that it is the duty of all of us to do all in our power to
sate a knowledge of this Institution, and still more to props-
-4,11.7 knovvleclge of the great duty, in this precarious life, of
too 11',,reaervation by insurance. Some people talk as if there were
aari,etdrfe
manY societies of this kind. Ido not agree with them ; and I
Perfectly certain that, if the public, and every individual in it,
lives
_equately impressed with the importance of insuring their
great tl
hat'therc
would not only not be too many, but it would be foinul
was perhaps a great deal too few.—(fresh, The
ier, ~.144 is to get the community steeped in the conviction that
dene,s' no way in which they can practise the great duty of pru-
de": o nail as by life insurance. Al! men are convinced that pru-
fpnn a a virtue, but all ir en are not cenvinced that there is no
Ilaerinn which that virtue can be practis,d with So small a present
of
those to
any eve'e, contrasted with so great an ultimate reward. If you want
You a-aniPles of this, I san tell you where you are to find t, em.
seek for them here. You must go among the families
%tread: ‘,,,"0 have been bereaved, and amongst whom the s clay has
these distributed greatly beyond a million of money. Go into
Win tell lilies, and ask them what they think of life insurance. They
their 0,,13'4(41 that instead' of thinking it unreasonable and useless,
4_, your
it
the Duly Pang, even at the moment when they are experiencing
• dot of life insurance, is, that the head of their house hail
to a greater extent. Therefore, what you have to
~u,,_tiSntlemen, is, In your various spheres, to urge this duty upon
"ekl'af friends—to urge it simply upon these two grounds, that no man
am avoid death, and that no man can fix its period ; but that In-
-10; lice is a science which, out of individual irregularities, extracts
of genintoof lifeneral aeral uniformity ; an thus converts the very precarious-
ti method of correcting its uncertainty. These are
,ll:nPressions made upon me ; what yours are, I leave you to say.
°fol Cockburn then resumed his seat amid loud applause.)
,_Oll the motion of Sir James Russell, K.C.8., of Ashiesteel, seconded
"Y Professor Miller, a vote of thanks was given to the Courts of Di-
?set •
44 ors, to the Trustees and Office Bearers, for their services during
Past year.
I On the motion cf Alexander Shank Cook, Esq., Advocate, seconded
ethe Rev. James R. Campbell. of Albany-street Chapel, the
Courts of Directors for the following year were appointed as
Ipllot ;

PRESIDENT.
The Right Hon.the Earl of ROSEBERY, K.T.

VICE-PAZSIDENTS.
.11e lion. Lord MONCREIFF.
411 s Grace the Duke of BUCCLEUCH, K.G.
The me,t. Hon the Marquis of TWEEDALE, K.T. and C.B.
*
WILLIAM GIBBON-CRAIG, Esq., Younger of Riccarton, M.P,

erVt Per? Rev,
---
in -----
nrrasonmnattv ntuncToas.
The
Rueay.iPernel. M‘Farlane John Ravenbill, Esq., banker,
3 o1)`' 'tilers Esq., of Culter- • Warminster.
Thomas Beveridge, Esq., D.C.S.
- sa„„.. z
?,! 3i'Gregor, Esq., Chairman CharldesDßaillie, Esq., advocate.
diet 6outhEastern Railway. Arch . avidson, Esq., Sheriff of
tqlrohlt Stuart Richardson of Aberdeenshire.
,th our., Bart. William James Duncan, Esq.,
,„I'llight Ron. the Earl of Lincoln. Manager of National Bank.
ba"Dhlarl Horner, Esq., London. * Sir William Hamilton, of Pres-
'el Watney Esq. Wands- ton, Bart.
It„'nrth, Loudon'. ' * The Solicitor—General for Scot-
•iiivier. Robert Macnair, Paisley. land.
aul Shuttleworth, Esq., * Archibald Alison, Esq., Sheriff
t 1
Argiln, e erk, Liverpool. of Lanarkshire.
Ivii„"Y Murray of Dollerie, W.S. * George Dundas, Esq., Sheriff of
„utni Mitchell lanes Esq., of Selkirkshire.
v4rscns Green.

Chrl ORDINARY DIRECTORS.
merchant,
--erch Wood, jun., Esq.Xreorge Gibson, Esq., merchant.
a„, ant, Leith. - Leith.
Iv init„,s Balfour, Esq. of Pilrig, W. S. William Wilson, Esq„ W.S.
l'ani- Smith Esq., of Curbeth Sir Adam Hay, Bart., of Hays-
-I,,Guthrle. '
Le41",131/4YIeY. Esq., of Manuel. John Cockburn, Esq., merchant.
Jarrltex. Wallace, Esq., archt. Henry Cheyne, Esq., W.S.
.0,1_..1, ylne. Esq., W.S. * Robert Scott Moncrieff, Esq.,
,74a der Pringle, Esq., of Whyt- advocate.
jazelk.
* Alexander Thomson, Esq„ W.S.
lee ,w. Tyt Cr,lersq ofWeodhouse- • Thomas G. Mackay, Esq., W.S.

On u Those marked * are New Appointments.
Wank' the a
vote o motionf
thanks of Robert Paul, Esq., managon er of
Chairman, the Commercial
re.
iourftweelved with much applause, and the Court thereafter ad-

JOHN MACKENZIE, Manager.
Edinbieh WILLIAM GEORGE, Chief Clerk.
LONN 5, St. Andrew Square, Bth March, 1850.
OFFICE, 4, ROYAL EXCHANGE BUILDINGS.
HUGH MICEAN, Agent.