The Sun.
London, England, 1850-04-27 00:00:00

-7COTTISR WIDOWS'
FUND AND LIFE
Epor, ASSURANCE SOCIETY.
sTEITEp
n " the PROCEDURE of the THIRTY-SIXTH ANNUAL
460. COURT of this SOCIETY, held en the sth March,

The TyvEtr:Tuheied:on LORD COCKBURN in the Chair.
Ctlery
__;•_TY-SIXTI.I ANNUAL GENERAL COURT of this SO-
Ediniaurgh on the sth March, 1850.
The g
a The °U. LORD COCKBURN in the Chair.
"c'eletr,
afragirer read to the Court various Statements relative to the
13t. That sass; `tom Which it appeared
ally p .4g the Year 1849, the total number of Policies actu-
-2d.eat,.jusetaosfe4d2V6lsisliteidsavas 600, covering Insurances to the
• That te
2 ie e Citadel of the Society at 31st December, 1849, was
,7,5061. 95: ld., having increased during the year to the
ads Ta 7 t.teut of 112,957/.165. 2d.
mf„ the Annual Revenue of the Society at the same date was
V°,437/. 19s. 6d., being a decrease since last year, ar sing
4th, from the reduction in the rate of interest during the currency
the Year.
That the number of deaths which had occurred during the
Year 1849 was 111, the sums insured under the Policies
'l7'lol have emerged in consequence of these deaths, being
a 7,6211. 10s., or, with Bonne additions, 143,824 i. 12s. 3d.
t the above stun of 117,6221. 10s. and the number of
!_leaths were in the ratio of 63 per cent. of what might have
WiTine_expeeted, according to the tables of mortality upon
The the Society's calculations are based.
t'ttle Auditoracy of the statements read having been confirmed by
s The
• tiew chairman,
re ceMdressing the meeting, said, the Manager has
• h" a faith ramers, and made certain statements, which.
• -eves, don tinXsosition of the exact state of cur affairs. e
„te Your elf: se,, I really am not aware what I can do to add either,
.011. yo,. nna Tid or to your consequent confidence in this Institu-
free, him ar cohtfidenee must del end on the " facts" you have heard
'l4 Arad were it nit the usage that the person who occupies
'setae Itch I have the honour to occupy is expected to snake
to osal. ,ituarcis,. I think the most judicious thing I could do avou'dobce.
esrraho • silence. At the same time, however, it has
.often
la 4. .M roe, and it occurs to me now-, that perhaps a recapitulation
cat, (Mitt
"ne
„s war, and in ordinary' language, of the almost technical
„,s made by the Manager. may sink more deeply into your
lot A I.ll'' be] more easily carried' away—(Applause)—and there-
4;e",',''_'"? Me to recall to you a few of the leading facts which you
has* heard.—(ltenesved applause.)
l• these °t' the tint of these—at lust the one that leads me to consider
alseieXk I have to make first—is one that I was not aware of
;lass Ofufle very recently, -which is the view' exhibited of the pro-
' steak °I the
Institution by our mere numbers. I do not here
tlle:n_
o;
only
at::: insured of our investments, of our sects-
' 'move no ehYthin of tl that sort. Look mere numbers. I
there setter test gf
a sloacte'ty like this being, well managed,—of
ono suspicion in regard to it. but that public con-
latteo ait:,raeatsbbueten always oil the increase, than in the increase of the
iat of Its interested members—of members, I mean, who have
•it , aroteet t Pure selfishness—who are as anxious as men can be
I. erna, , themselves from misconduct, in order that,
g saat's'Y detected, itmay be timeously corrected. Now
ati ad that in the year 911,
wlien the Society was instituted, we
he can with a small nest-egg of 40 members—(Laughter)—and it did
't look well f
- e (Ren e or the year 1816, that the eggs laid then weye y o
laughter.) I also find that during the first sixyears of
° he;!tY'' existence, 212 were the sum total of our chickens.—
• iteZs-ar , And here I may observe, that the first thing that
'Neater is the great caution with which the lives nuist have beei.i
Years for of the 49 members who were 'admitted in 1815, 3a
Wee ,7go, eleven still remalu upon the books, after deducting manyu
B'.Feellalerea their policies, and who, for aught we know, may be
daleetin"ii• Then, of the 17 who
,joined them in the year 1816. after
and eeteg 'many surrenderers, there are still three upon the books
C!.1(1,t:2 212 who joined the society during the first six Survive. o
he(ispai'ace, nearly 60 surrendered their policies, but 49 still
(Ile „`"ihanse.) These s to me to have been well selected lives.—
eklrile'lear.) And the result now is. that, at the end of 35 years, the
' ottr members amounts, not to one thousand, nor to two ,
sit teo`dree, nor to four, nor to five, nor even to six, but to above
a'akdl:4nlpplaase.) We have now above six thourmd
as ~,"M From this fact I infer nothing but this since we
satael"zt the
jealous but uncomplaining, eyes prying into us, I pre-
h We cannot Ice an ill-managed be yes
Rosiness done chitin's the year 1849, after deduction of several
to , "Les which were cancelred amounts to above 422,0011.; that is
,ith atrse'h.that last year the Insurances which we effected amounted to
s,(10, esal• The number of Policies on these insurances amounts to
'oeeehs'ing, at the the average, over all—which, I am told, is a high
th of no less than 700/. on every policy.
above' ieaPital has increased during the year that is now closed by
2,1674'0°,9,A:0/. the total Capital that we own now amounts to
ease, ; that is to say, in roand numbers, which will be far more
(AeArnesine)bereel, considerably above Two Millions of money.—
h
Ta
tau statement that we have above Two Millions—that is to say
ereW',"aht to have it—wold be a very idle one, if our funds
have its well investal ; manyu a man thinks he has, anl he ought to
and
"I,l' emet; but when he comes to grasp it it eludes the closing hand ;
in refore
it is of vital and ell-Important consequence to be told
"ste ea,Pla ce, that of our investments, so far as we have discovered,,
*Teatmae,never yet made a single bad one.—(Applause.). These in-
Ri
are, for the most part, laid out on. real security—l. mean
ssee,ecetiand,•the best country, in my belief, for real security , in
le loan and• besides this, a large portion of our capital invested
bqter t° the members, upon the security of their policies. What
avaen ecnsitY can there be than that?—(Hear, hear.) A member
of6oor, dies is our creditor, say for 1,0001. ; and he asks for a loan
hte le; if the policy be ot equal value, 'we lend it to him, because
es„ an it to him out of his own money. With such a security we
' adv
41 el • anee it ; and we are as certain of its return as he is that be
aStoeit4ini, 'teem 115. Part of these two millions is laid out in Bank
uank—. The stock of the chartered Banks of Scotland and the
la Rot England, which I believe is as secure as can be.. There
an,diviai-,,,"nnYlaid out in any Bank Stock of which a single
'4le in private life entertains the slightest doubt. A
hl ther 01ir capital is laid out in redeemable annuities, which,
rot add. ,
4"r of Scotland, as we all know, fall under the class
"allive,"ces secured under real property. Some of it is laid cut on
toPle b./nark. my next word, for this firt one snakes many
senteee3'`nible—(A. laugh)—some of it is laid out on railway de-
s" krthi,--(APplause.) Not one single sixpence of it—if there. was
'artise, "g of it, I would tell you honestly—but not one single
to sel"tg of it is invested in railway shares. One fact which I have
ssitlveetraeel' else which, above all ethers, testifies the solidity of these
whieehasnts ; and It is, the regularity and the promptness with
• 'iast,,ie interest on the loans is invariably paid. Wherever an in-
Treilitesnts is not met by regular payment of the interest, let the
.‘44, t to tremble. New, with us, we have never found the
!herayS""sse for fear or doubt. The interests, I understand, are
here ail Paid almost within a day of the time. The result I draw
PM, asattstie Is, that not only are these investments good. but. that
that good. that better could not be obtained. Sty belief is.
'eetera these investments were all now thrown loose, and the Di-
Leee,ide.Were required to retrace their steps, and to get good
"e3' could, and therefore they would, do nothing but
saeN4sxactly to the securities that they have already obtained.h-
-,,t M" e•) The six thousand members of this Society have laid
hia w%ripro millions of as well-secured money as can be secured in
a Sr se •
aual revenue has decreased from the recent fall of interest.
*hat we auealut Year, but it is now above 300,500/. The sum total of
Teo " have insured amounts to above Six Miaions and a Ilalf.
aLleatilii en 1849 n are peculiarly instructive. In the first place,
tO 111—a • teat number, and to he accounted for only
,ss 'I, l'revalent pestience. But yet though they amount to
Tekheseie3", are only sixtv-three per cent. of our calculated
thatesines that that our system is founded on
'Qat -t''aiation that.. theore''N'VOuld be 100 deaths, while instead of
(tsat• nasrts have een oaly sixty-three, leaving thirty-seven per
11%ind, at,..n:e for the security of the Society.—(Applause.) Of
`° ua•ae died—let the upper ranks think of this fitet-h214
s..hari ass, t'Y cholera. It is commonly thought that this is a sias.-
s"licts 171:74 afflicts o* n*ly the poor and the destitute. I dare say it
'r we a e.n first, and worst. but it rosily no means confined to them
oWeard it to-dey stated that of thse individual died from it las
,0% `lhne'sted with* this society, one was insured tor
1;0017 for 4,000, , one for 3,0001., two for 2.0001., and one
.for
e.ae2ahsemd that the *C•vhol twenty-four were insured for something
.'"u°l. ; and thereforee you will observe that these, apparently
.415.4 T visitations, ught to strike a lesson of prudence on the
214° nien in all classes.
id 64 noting paid by us since we began in 1815, are above
' and ads is .I:fact with which I was much struck. W e
teeehedistributed a 'aove e*leven hundred thousand pounds. We have
; a itt'ethat ...tient the families of those members who trusted
b,'"d Wle`"e example that was given by the manager so technically,
shee a proper brevity, of the benefits of this Institution,
sia'net:f.," ImPreasion upon,have no doubt it did upon
, Masi-as' The ease I refer to was that of an old member who
I,oooi''ehlast year, aid who had insured three times, each time
Rut w ell, be dies, and he has claims upon us for 3,0001. err-
rah,'"Ye 2eihe'esides that, his representatives will receive considerably
j•-`t,l3, :vi• as a Bonus. Thee, upwards of 5,000/. is secured to his
even after paying that, the Society was plus nearly
7'h, PPlause.)
wit eV' e; I..haatter which I have to state is, one for which I am very
Nhter "11 it fe, that we have had up to this day, no litigation.—
and apnlaitse.)
'Zhat I have stated arc the material facts ; and what else
the It 15 tmy business, and lam sere it would. be no
ti
too
w boasl of the excellence of our system,
'a great
to ~,ne.sa af our success ; and still less would it give any satis-
e-; will if I were to do that fro-n which every respectable So-
t°s-itast 0,-a*" "er abstain—that of attempting to raise ourselvesihy a
.1:;-0;`PlIlai,''),nlearison, or even by an allusion to kindred Institut ms.
tc,-„e• It •,„e;) I have stated the facts ; and having done so, I can do no
carry as for you to judge how your affairs have been managed, and
e••"-el ;set"; fns with you' those -resolutions
toor judgments which the
17" have heard are calculated produce. My. inferences
rely two It seems to m* e, in the first place, that this is a Society
saes s may have perfect confidence.—(Bear, hear.) Sty belief
1144PitcY o'teli,h.clo,so,nethina about it, although not so much certainly
,s, that coafidence in it may to ths extent,
e Whre to begin ourcareer again, wills the experience which
tl ace
, bet istlired, know many ways in which we might act differ-
eZttasto knovr no way in which we could do better...—(Applau,e,)
7," v,);,i4t:e Often amused themselves by speculating about what
Iltaa44-ek Or ri do, if he was again to become a boy, with all the expe-
tCl4,,, -as manhood. If this Society. were to do so, I seriously
believe that if were to beam our career in 1815, 'with
Year st'alen • " •
tuts ce which we have gained between that time and the
te `re should walk in the very paths, nay in the . cry
t eta 'enich we hay retched our present state. My other infer-
\v althaea, , e reac
,pre It something very like repeating the same sermon
al;ate chat it is the duty of all of us to do all in our power to
a khowiedge of this Institution, and still more to propa-
aa.• lino
great duty, In this precarious life, of
t4no
rz7eryationgey of the
Some eople talk as if there were
,a,r4l Derd'!ecietles this kind. Ido not acne with them ; and. I
!ll as al, sIY certain that, if the public, and every individual in it,
quetely
at' there
d with the importance of insuring their
th,re 'Maid not only not be too many, but it would be found
,480;
Coot
ltaraYas
%tat thin Vfa, Perhaps a great deal too few.—(flear, hear.) The
ace
4e,ere ig : tO get the community steeped in tho conviction that
sibtnywhich they can practise the great duty of pru-
life insurance.. All men are convinced that pru-
la', asal:',lrtoe, but all men are not convinced that there is no
nns"'net that virtue cahs he practised with so small a present
Yon ed with so great an ultimate reward. If you want
area mess of this, I can ten you where you are to find them.
area to seek th'e h You must go among the families
Niue
WAN' have been bermeaveed,*and amongst. whom the society has
aaase, ;
'aria attleeas nteal greatly beyond a million of money. Go into
stlaah y.,-ha:e and ask them what they think of life insurance. They
jtk."‘t eat, that instead of thlnkine it unreasonable and useless,.
stet
eYea at the moment when they are experiencing
sae earn of life insurance, is, that the head of their house had
9s;iantlern2t tO a greater extent. Therefore, what you have to
Tete oderefe_e_'"; is. Tii your various spheres, to urge this duty upon
•Itaasearold d„,--L'en,, urge it simply upon these two grounds, that no man
.114-aulice ,h4t,o, and that no man can fix its period ; but that in-
tip:2 net;!etenee which, out of indiVidual irregularities, extracts
°titre i 'al uniformity • and thus ooirverts the very precarious-
`
ebnPreseinoteinn method of correcting its uncertainty. These are
Ott 'surd cv'hha Made upon me • what yours are, I leave you to ray.
t "anurn then resumed' his sea-t
amid loud applause.)
rr;:oses al'sa he
zetoeststiller ,Tames Russell, K.C.8., of Ashiesteel, seconded
a vete of thanks was given to the Courts of Di-
e Past ine year. Trustees and Office Bearers, for their services during
,
th s"
e .31 of Alexander Shank Cook, Esq., Advocate, seconded
tea rte Of Directors for the following year were appointed as

T4C Right paEsT
'llon. the Earl oAf
ROAEBEBY, K.T.

Ti.O Lord mcmcitlCE-PRESIDENTS.
~,;Urnee the Duke EIFF.
Moq e of nuccr,Euen,
IttLut on. the MarquisAlG, of TWEEDALE K.T. and C.E.
GIRSON-CR Esq., Younger, of Ricearton, M.P.

'Ale Ar
EXTRAOADINARY DIRECTORS.
koh erY Bay I,
_ I I John Ravenhill.
en 0
~,, rnc. M'Farlane .
alter . "ue, Esq., of Culter- Warminster.
~.., D.C.S.
Esq., banker,
dat„ S.
Thomas BeveAdire, ... (1.,
f" ItTire
0. So „. s°r, Esq., Chairman Charles Ba,:iiie,
tir 1. '- Eastern Railway. Archd. Davidson, Esq*, °"'''''
.., 01111 vitran. Stuart„ Richardson of Aberr:Leenshire. ,„,..,
Esq., adv2uca.,..,teir.
of
+gilt! ' , next.
Willi,,m James D eau _ .0q
/,,,, Rhtlion thea 1 fLmilnocno.ln.. /4-
ranxilraomf National Bank.
Ziatlef4 ner, qr Hamilton, of Pres-
Worth " atneY. Es. Wands- vi,l4iiiili_r:klZir°tnifacnagiri, Pa'filey. *
Sheriff
—"‘. Shuttleworth Xq : * Archibald Alison, Esq., -
44thz elerl,
~ -"Liverpool.' 8 . ofr Lanarkshire.
Itihnned' Solicitor--General for Scot-
Itillian; Z,urraY of Dellftie, W.S. *
t..4,0ns
„,it_elaQ4ll Irina% E-sq., of Selki
GeorgeDundas, Esq.,
rkshire.
.r
IlrigtoPher ow:usual' Drar.croas. Sheriff of
'Wood
44" chant. Leith ' Jan., Esq.,lo,,orge Gibson, Esq., merchant.
Vflii'llalfotir • • • 1 Leith.
lart, sn„.l sq. orPilriv,W.S. William Wilson, Escb, W.S.
Ilitutline:"`., Esq., of Carbeth Sir Adam Hay, Bart., of Hays-
L, RAYiey
tow/.
41: Ale,. i,47, of Wrangel. John Cockburn, Esq., merchant.
Ale ' IlYlne E 'tee, Esq., archt. Henry Cheyne, Esq., W.S.
, X4llder p,.; sq., W.s.
*Robert Scott lloncrieff, Esq.,
4.oatik. uzgle, Eng., of
Whyt- advocate.
*tries I.
v Ytler, XS * Alexander Thomson, Esq„ W.S.
te. W.s. 4.3 OfWoodbonse.,* Thomas G.,Mackay, Esq., W.S.
1
N 1.1 Those marked
* -
11,,,k,
41,e rnotn
of
il. are New Appointments.
iwass 1.,,e1°i0 or thank°,bv Paul, Esq., manager of thei Commercial UN. NI Kith IntiohmapPprlrussee,datnod the Court thereafter ad-
. - ,76u* mlckErTziE, mgar.
taitib„
, ..,,ro,, 5 WILLIAM GEORGE, Chief Clerk.
4'0111)04 OFFICE drew Square, Bth March, .
, 4, ROTAI. EXCHANGES
BUILDINGS. =GA IC I HEAN, Agent.