The Sun.
London, England, 1850-04-08 00:00:00

SCOTTISH WIDOWS' FUND AND LIFE
ASURA.IiCrE SOCIETY.
REPORT of the PROCZDURE of the TIIIRTY-SIXTH ANIMAL
' . ERAL COURT of this SOCIETY; held en the sth March,
18119.

The Hon LORD COCKBURN in the Chair.
The TurlITY-SIXTIE ANNUAL GENERAL COURT of this SO-
CIETT w
al 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
Nole,
Titys an*
sat airs, front which it appeared—
at during the )ear 1849, the total number of Policies actu-
ally n2ai..
• eatint44'2'2:0651.717. was 600, covering Insurances to the
2d, That the Capital or the Society at 31st December, 1849, was
2,167,5061.9 c Id., having increased during the year to the
_ Meat of 112,9571.165.2 d.
4CI That ttie Alltaliti Revenue of the Society at the same date was
las. 6d.. being a decrease since last year, arcing
ulnwthe reduction in the rate of interest during the currency
Ith .1t1" ,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
•,„ 117,6211. 10s., or, with Bonus additions, 144,8241. 12s. 3d.
gtn, That the above sum of 117.6221. 10s. and the number of
deaths were in the ratio of 63 per cent -of what might bays
been expected, according to the'tables of mortality upon
Tb Which the Society's calculations are based.
tlt a"nraey of the statements read having been confirmed by
Auditor,
noThe Cheirman, addressing the meeting, said, the Manager has
basin
con-
tain • read certain papers, and made certain statement-+, which con-
n f
g a,thful exposition, of the exact state of cur affairs. He
to done se. I really am no': aware what I CAR do to add either
your Information or to your consequent confidence in this Institu-
tion, ~,Your7confidence must defend on the " facts," youThave heard
the Waco and were it not the usage that the person who occupies
Waco which I have the honour to occupy Is expected to make
rgae.address I think the most Judicious thing I could do would be
to Inealtitain silence. At the same time, however, it has often oc-
a7.rra d to
me, and it occurs to me now, that perhaps a recapitulation
quiettate,..,,, Way, and in ordinary language, of the almost technical
minds, Made by,the Manager, may
and hi more easily sink more deeply into your
a„,_allow carried awayL-(Applause)—and there-
foieme te recall to you a few of the loading facts which you
Ilava 110 W heard.—(Renewed applause.)
the One of tbe first of these—at least the one thatleads me to consider
es- rein** have to make first—is one. that I was not aware of
;Elelf till very recently, which is the view exhibited of the pro-
roe'ail. of this Institution by our mere numbers. I do not here
•MI of the sums insured, of our investments, of our secu-
tn ea, Or of
anything of that sort. Look at our mere numbers. I
tb:1,11,:, getter test of a society like this being well managed,—of
,Ild:tio7,‘ only being Ito suspicion in regard to it. but that public con-
nutrib"." has been always on the increase, than in the increase of the
ato number of its interested members—of members. I mean, who have
ntarett but pure selfishness—who are as anxious as men can be
T Protect themselves from misconduct, in order that,
Si
I fltueanalY detected, it may be timeously corrected. Now
arn
that in the year 1815, when the Society was instituted, we
IQ? with a small nest-egg of 49 members—(Laughter)—and it did
00k Well for the year 1816, that the eggs laid then were only 17.
tifanewed laughter.) I also find that during the first six years of
(Leu:cl,...etrs existence, 212 were the sum total of our chickens.—
striCer ) And here I may observe, that the first thing that
selee;lna is the great caution with which the lives must have been
years for Of the 49 members who were admitted in 1815, 35
llhe ago; eleven still remain upon the books, after deducting many
burrendered their policies, and who, for aught we know, may be
471 g still.- Then, of the 17 who Joined them in the year 1816. after
anduling many st4renderers there are still three upon the books ;
ite.lthe el
-.2 who joined the society during the first six years of
~,stenee, nearly 60 surrendered their policies, but 49 still survive.
(IlecP'anae.) These seem to me to have been well selected lives.—
nion^,,_l% hear.) And the result now is that, at the end of 35 years, the
her t'er of our members amounts, not to one thousand, nor to two,
hey lives.
tho three, nor to four, nor to five, nor even to six, but to above
sutedeuaand•—(Applaase.) *We have now above six thousand in-
Erom tkis fact I infer nothing but this—tbat, since we
an many Jealous but uncomplaining eyes prying into us, I pre-
-7▪ 1 that We cannot be an ill-managed body.
p0V1? Business done during the year 1849, after deduction of several
t,,,,_e'es which were cancelled, amounts to above 422,0001.; that is
say, that last year the Insurances which we effected amounted to
Sei), lir, The number of Policies on these insurances amounts to
0.. ing. at the the average, ever all—which, lam told, is a high
"..a—ef no less than 7001. on every policy.
oLhe Capital has increased during the year that is now closed by
2,16,7e,1,,,.°601. and the total Capital that we own now amounts to
eue:'"..; that is to Ray, in round numbers, which will- be far more
" reMenThered, considerably above Two Milliens of money.—
Pplauee4
e statement that we have above Two Millions—that is to say
.eat we
were ought to have it—would be a very idle one, if our funds
fete hot well invested; many a man thinks he has, and he ought to
It; but when he comes to grasp it it eludes the closing hand ;
in..t.._pierefore, it is of vital and all-Important consequence to be told
veer Place, that of our investments, so far as we have discovered,
never yet made a single bad one.—(Applause.) These In-
*l7e,• nents are, for the most part, laid out ox real security—l mean
kirm Scotland, the best country, in my belief, for real security, in
Int°,!?l, and. beeldes this, a large portion of our capital is invested
M the' members, upon the security of their policies. What
better sactirity. can there be than that ?—(Hear, hear.) A member
0,4• I,lnhe dies is our creditor, say for 1,0001. ; and he asks for a loan
; if the policy be of equal value, we lend it to him, because
Ae tend It to him out of his' ow'n money. With such a security we
advance it ; and we are as certain of its return as he is that he
htie
liteeZletina upon us. Part of these two millions is laid out in Bank
moan steel of the chartered Banks of Scotland and the
of England, which I believe is as secure as can be. There
hid.• ;t a Penny of it laid out in any Bank Stock of which a single
dual
in
private
life entertains the slightest doubt. A
by 8,21' nur capital is laid out in redeemable annuities, which,
eite`,...ue law of Scotland, as we all know. -fall under the class
aftes secured under real property. Some of it is laid eat on
rail„....".:Y—mark my next word, for this first one makes many
7ln tremble—(A laugh)—some of it is laid out on railway de-
zezures.—
~, (Applause.) Not one single sixpence of It—lf there was
farthing of it, I would 'tell you honestly-but not one single
ng of it is invested in railway shares. One fact which I have
171vtate is one which, above all ethers, testifies the solidity of these
whilitMents; and it is, the regularity and the promptness with
the interest on the loans is Invariably paid. Wherever an in-
rtyaeent is not met by,..regtilar payment of the interest, let the
rg_iterahegin to trembhK''Now, with us, we have never found the
.714 t use` for fear or doubt. The interests, I understand, are
27ity$ paid almost within a day of the time. The result I draw
'air All this is, that not only are these investments good. but that
ae so good, that better could not be obtained. My belief is.
rector• s
these investments were all now thrown loose, and the Di-
seetritieswererequired to retrace their steps, and to get good
, they could, and therefore they would, do nothing but
recur ,exa
(Applause.)
the ,securities that they have already obtained.—
we Tmuheli six thousand members' of this Society have laid
bY boye t
this world. °US of as well-secured money as can be secured in

during
annual revenue has decreased from the recent fall of interest
._a the last year, but it Is now above 300,509/. The sum total of
t we have Insured amounts to above Six Millions and a Half.
The deaths in 1849 are peculiarly instructive. In the first place,
they V... :mount to 111—a great number, and to be accounted for only
tn prevalent pestilence. But yet though they amount to
• I, they are only sixty-three per cent. of our calculated
Drobabi
rise liti es; —that is to say, that ,our system is founded on
calculation that there would be 100 deaths, while instead of
4—i. there have been emly sixty-three; leaving thirty-seven per
t . e
over and above for the security of the Society.—(Applause.) Of
,a I I who have died—let the upper ranks think of this feet-24
have fallen by cholera. It is commonly thought that this is a vial-
:re'l which Millets only the poor and the destitute. I dare say it
foucts them first, and worst, but it is by no means confined to them ;
>es'we heard it to-day stated, that of those who died from it last
IThected with this society, on individual was insured tor
l'""le one for 4,0001:. one for 3.0001., two for 2,000/., and one for
1"1 and that the whole twenty-four were insured for something
b„.,41,0001. ; and therefore you observe that these, apparently
"es:T. eal visitations, ought to strike a lesson of prudence on the
minds of men in all classes.
sums pall by us since we began in 1815, arc above
• b.' "4,°00/-; and this is a fact with which I was much struck. We
relieved
distributed above eleven hundred thousand .pounds. We have
ledeved to that extent the families of those members who trusted
; and the exatriple that was given b,y. tko manager so technically,
anA wilthgreseutchproper -brevity, of the benefits of this Institution,
nfade i
impression upon me, s I have no doubt it did Open
the meeting. The case I refer to was that of an old member who
ilt abroad last year, and who had insured three times, each time
fara; ,000/. Well, be dies, and he has claims upon us for 3,0001. cer•
1.1 i. But besides that, his representatives will receive considerably
a.tv._e 2,000/• as a Bonus. Thus, upwards of b,OOOl. is secured to his
; and, even after paying that, the Seciety was plus nearly
4,oool.—(Applause.)
...The next matter which I have to state is, one for which I am very
114.1,Leit ; and it is, that we have had up to this day, no litigation.—
, waughter and applause.) .
telCo°what I have stated are the material facts ; and what else
ani`_l I esY ? It is not my business, and I am sure it would be no
ifactlon to you. if I were to boast of the excellence of our system,
er the greatness of our success ; and still less would it give any setts-
°n t° You if I were to do that from which every respectable So-
elet_ Y will for ever abstain—that of attempting to raise ourselves by a
rtoreP.Pil
;
contrast or comparison, or even by an allusion to kindred Institutions.
more..
I have stated the facts and having done so, I can do no
It is for you to judge how your affairs have been managed, and
carry a
Staten,. way with, you• those resolutions or judgments which the
akT. ,--`no You have heard are calculated to produce. My inferences
merely two. It seems to me, in the first place, that this is a Society
e w
...4rhieti
; - may have perfect confidence-,(llear, hear.) My belief
he —"dig as Ido soil.ething about it, although not so much certainly
thantlrY
begin our confidence in it may go to this extent,
Ise rwe were to our career again, with the experience which
have acquired. I know many ways In which we might act differ-
ont, • but I know no way in which we_coulti do better.—(Applause,)
▪ to lists have often amused themselves by speculating about what
eis„" would do, if he was again to become a boy, with all the expe-
sucicse of his manhood. If this Society were to de so, I seriously
truhire.rrewlyo,bweliceve that if we were to begin our career in 1815, with
year
exPerience which we have gained between_ that time and the
should walk in the very paths, nay in the very
eri,ny which we have reached our present state. My other infer-
iwit'-_--altkough it is something very like-repeating the same sermon
pr. "—is, that it is the duty of all of us to do all in our power to
iatagate knowledge of this Institution, and still more to props-
so,' a knowledge of the great duty, in this precarious life, of
,preservation by insurance. Some people talk as if there were
tan perfectly many societies Of this kind. Ido not agree with them ; and I
iierfectly certain that, if the public, and every individual in it,
ss adequately impressed with the importance of Insuring their
thse.tilere .would net only not be too many, but it would be found
ts.ektutere was perhaps a great deal too few.—(llear, hear.) The
ter.slinng is to get the community steeped in the conviction that
derrel.'s no Way in which they can practise the great duty of p
ru-
dence ell as by life insurance. All men are convinced that pru-
fer.,,,'' a virtue, but all wen are not convinced that there is no
ak',,,,newhich that virtue can be practised with so small a present
err-un , contrasted with so great an ultimate reward. If you want
• 10,"alliples of this, I can_tell you where you are to find them.
of ere not to seek'for them here. Yon must go among the families
ee who have been bereaved, and amongst whom the society has
-"
sine
distributed greatly beyond a million of money. Go into
sine 'anlll4es and- ask them what they think of life insurance. They
their 411 You that instead of thinking it unreasonable and useless,
thr,,"AsinglY pang even at the moment when they are experiencing
bei."tes inshranc, is, that the , head of their house
have to
had
4,„earried it to a greater extent. Therefore, what you
gentlemen, is. in your various spheres, to urge this duty upon
Boar friends—to urge it simply upon these two grounds, that no man
skr—g avoid
aceh, and,that.ric Man ealt fix ira period ; but that in-
les,"l„ ea is cience which, out of individual irregularities, extracts
general uniformity ; and thus cmiverts the very precarious-
ab,`of life into a method ,of porteeting its. uncertainty. These are
me ; what yours are, I leave you to say.
kx,ord Cockburn tint) reamed his seat amid loud applause.)
pier
ue niotion of Sir James Russell, 5.C.8., of Ashiesteel, seconded
reessor Miller, a vote of thanks was given to the Courts of Di-
%Ctn. to.the Trustees and Office Bearers, for their services during
Past year. • , •
°ll the motion of Alexander Shank Cook, Esq., Advocate, seconded
Copts
,
Rev. James R. Campbell, of Albany-street Chapel, the
i of Directors for the following year were appointed as
-?news

ritzennra.
The Right lion.the Earl of ROSEBERY, K.T.

•• • .
The IMori ViCE4RESIDENTS.
Ale Lerd MONCREIFF.
GrO,e the Mike of BUCCLRIJCII,.K.G.
',Ls Most Hon. the M-Carpiis o TWEDALE K.T. and C.ll.
ILLIAM GIBSONRAIG,f n., EE Younger, of Riccarton, H.P.
Ttle • • zzoranoanutniv DIRECTORS.
k0.1,°1-72tay.rrinch}t'Farlane John Ravenhill, Esq., banker,
Esq., of Culler- Warminster.
vallere
an • Thomas Beveridge, Req., D.C.S.
," WOreger, Chairman Charles Baillie, Esq. advocate.
fii,,,John Soutli-Eastern Archd-Davidson, Esq.,
Sheriff of
inhards__ on of Aberdeenshire.
William James Duncan, Esq.,
138taltrt'
Leo theEad of Littcoln. Manager of National Bank.
Da nard lionier,.E*(l . LondOn. ' * Sir William Hamilton, of Pres-
Wel Watney. Eeq., Wands- nt.
_worth, London. • * The Solicitor--ncneral for Scot-
William Dr. Roliert •Macnair, Paisley. land.
Shuttieworth, En., * Archibald Alison, Esq., Sheriff
fin-clerk, Liverpool. of Lanarkshire.
Dry ;°,17 Murray of Dellerie, W.S. * George Dundee, Esq., Sheriff of
44m Mitchell Innes, Esq. of Selkirkshire.
Arsoni Green.

ORDINARY
elyiStopher Wood, Juii., • Esq.,
WMerchant, Leith.
Ralfour, E. ofrilrig. W. S.
*Willi" sq
Esq , of Carbeth
, Guthrie.
szley, Esq., of Manuel'.
ewis Alex. Wallace. Esq„ archt.
James Mylne, Esq., w.s.
Alexander Pringle, Esq., of WhYt.
ank.
J ames TNyytier, lag., ofWoodhouse.
lee,
.s.

DIRECTORS.
,IGeorge Gibson, Esq., merchant

Leith.
William Wilson, Esq„ W.S.
Sir Adam Hay, Bart., of Hays-
toua.
John Cockburn, Esq., merchant.
Henry Cheyne, Esq., W.S.
* Robert Scott ➢feacrieff. Esq.,
advocate.
* Alexander Thomson, Esq„ W.S.
.1* Thomas G. Mackay, Esq., W.S.

On the Those marked are New Appointments.
Bank, Motion of Robert rhui, Esq., manager of the Commercial
was reacere of thanks was proposed to the Hon. Chairman, whiel
burned. with much applause, and the Court thereafter ad.

JOAN MACKENZIE, Manager.
WILLIAM GEORGE, Chief Clerk.
Edinburgh, 5, St, Andrew Square, Bth March, 1850.
, LONDON OFFICE, 4, Row, EXCIIANGE BUILDINGS.
MUGS WELAZI, Agent.