The Sun.
London, England, 1844-03-18 00:00:00

THE SUN, LONDON, MONDAY MORNING, MARCH 18, 1844

ECONOMIC LIFE ASSURANCE

ST. PATRICK'S D &Y.
THE SIXTY-FIRST ANNIVERSARY.

LITERATURE.

SOCIETY.

The ordinary Annual Court of the Shareholders
of this Society, and an extraordinary Quinquennial
General Court were held at Rad:ev's Hotel, Black-
friars, on Saturday last. The Chair was taken, at two
o'clock, by the Eight Hon. Thomas Prankland
Lewis.

The sixty-first anniversary dinner, in celebration of
the Benevolent Society of St. Patrick, was held,' on
Saturday, at the Freemasons' Tavern, Great Queen-
street. The dinner took place in the room which is
usually devoted to such purposes. The chair was taken
by Lord Viscount Morpeth. To the right and left of
the Chairman we observed the following noblemen and
gentlemen :—Lord Rossmore, General L'Estrange, Right
Hon. A. R. Blake, Hon. Villiers Stuart, Sir T. B. Len-
nard, D. R. Ross, Esq., M.P.; W. C. Collett, Esq., M.P.;
Tuite, Esq , M.P.; Hon. Mr. Stopford, &c.
After the removal of the cloth, the CHAIRMAN gave
the health of " Her Majesty the Queen"—" The Queen
Doe ager"—" Prince Albert, the Prince of Wales, and
the rest of the Royal Family." These toasts were drunk
with all the usual demonstrations of devotion and loyalty.
The CHAIRMAN, in rising to propose the toast of the
evening, " The Benevolent Society of St. Patrick," said
the subject on which he had to speak, and the statistics
connected with it, were so well known already to all
present, that he could not think of trespassing on their
time by alluding to topics that were so familiar and so
obvious to them all. . The Benevolent Society of St.
Patrick had during the past year clothed and educated
550 poor Irish children ; but the peculiar merits of the
Society rested on this ground—that it was not content
with merely educating the children ; it extended its
`ostering aid and superintending. care to them even long
after they had passed from its immediate guardianship
and protection. Even in the last year no less a sure
than 1121. had been given by them as premiums to those
children who had conducted themselves properly to
the end of their apprenticeship. He had always felt
on these anniversary fetes that the appearance
of the children themselves spoke more forcibly
to the feelings and more touchingly to the
heart than all the eloquence and the logic that could
possibly be paraded before them in support of this most
estimable Institution. If he were rejoiced at the salu-
tary ordinance which forbade the introduction of poli-
tical topics, he should feel more than ever disposed to
applaud that wise and discreet regulation, at a time like
the present, when subjects assumed so heated and inflam-
matory a character that it would be in the power of
any person mischievously disposed to create a disturb-
ance, even in so quiet, orderly, and harmonious an as-
sembly as the present.—(Cheers.) Ho was not sure
whether we could even hear the songs of Moore or Lo-
ver with safety. "Rich -and --rare" might pass quietly
by, but "He who adores thee,". or ".Blame not the
Bard," might be received with very different feelings in-
deed. He did not speak of what might have been sung
in other places, but this much -he would say, that
whatever might be thought of contempory min-
strels, a triimphant proof had lately been
given that the .glow of
..eloquence and
-the lustre of Irish genius in our 'ilays'had not been ex-
tinguished—(Cheers)—nay, that on the contrary, it
was burning with undiminished fire.—(Cheers,) What
he wanted to bring home to the meeting was, that
whenever the storms of party conflicts are at rest, and
the turbulence of political animosity is at an end, a
still small voice will still be heard=the voice of charity.
Its soft cadences will float along, surmounting the
surge, and surviving the battle, and its last notes will be
mingled with the general chorus of the skies. It was
obvious, however, that this period had not yet arrived.
He had now matters of fact to deal with. What and
how great were the claims of Irish destitution he need
not attempt to pourtray in an assembly like the present.
They were not asked to encounter it on its own soil,
beneath its own weeping skies, near the wilds of Con-
nemara, or in the neighbourhood of bleak Innis-
howen. The chilling blasts of penury might heat
With a more killing effect upon the sufferer's heart
in the streets and allys of the metropolis, away from fa-
miliar scenes and beloved companionships. The sons
and daughters of poverty met there with much more
temptation than in their small and humble homesteads.
And for the privations which Were to be encountered,
when they looked upon the children who were to be
ranged before them, when they traced in their appearance
and demeanour the change which it is in their power to
effect between the privations at which he had hinted and
the comfortable means of education afforded by this So-
ciety—what further could he pOssibly adduce to create
their sympathies and to stimulate their bounty. Those
who were present, and who felt the force, the overpower-
ing :force of this appeal, should not limit their ex-
ertions and charitable sympathies to what they had
done before. No words ought to be wanting from strange,
though they might be Saxon lips, to urge them on in the
cause in which they were engaged. He was addressing
men who, like himself, had carried from their own green
isle memories of kindness received, of friendships ri-
vetted; and he would now, without further preface, give
them " The Benevolent Society of St. Patrick."

HISTORY OF TEN" YEARS. Part 11.
Chapman and Hall, London, 1844.
The first part of this work, commencing with the
restoration of the Bourbons in France, and terminating
with their expulsion in 1830, was noticed some months
since in The Sun. The present part carries on the
history from the July Revolution, when Louis Phi-
lippe was called to the throne, down to the death of
Casimir Perier, and though leaning somewhat to the
anti-monarchial side of the question, is, on the whole,
penned in a singularly moderate and dispassionate
spirit. The author, M. Louis Blanc, is evidently one
who has been let behind the scenes of political in-
trigue, and we do not wonder, therefore, at the in-
terest which his history has excited in Paris. His
details respecting the trial of the Polignac Ministry
for treason against the country, and of the curious,
underhand shifts had recourse to by the King—not
so much from motives of humanity as of
self-interest—to save the lives of the criminals,
are full of interest; and not less entertaining
are his graphic descriptions of the rage and
desperation of the Parisian populace during the
progress of these important trials, and of
their abortive attempts at getting up an in-
surrection when the decision of the Chamber of
Peers was made known to them. Our author, it is
clear, has no great affection for Louis Philippe, and
the statements he makes respecting his treatment of
that well-meaning but vain, silly old man, Lafayette,
and his friend Laffitte, impress us with no very exalted
idea of the manliness and plain-dealing of the King
of the Barricades, whose policy has always had much
of Macchiavellanism in its character. There is much
truth and shrewdness in this remark, with which M.
Blanc closes his account of the Court intrigues by
which Lafayette, who had raised the Duke of Or-
leans to the throne, was deprived of the command of
the National Guard of France Lafayette's ser-
vices were too well-known to be forgiven. Such is
the vice of monarchies, that if one serves them in a
strikingly conspicuous manner, one menaces them.
The reproach of ingratitude is idle when addressed
personally to kings, and it is to the principle of
Royalty itself it should be addressed. Any king who
should prove himself grateful to a subject, an illus-
trious citizen, would thereby place the throne in a
subaltern position." The particulars respecting the
Polish insurrection, and the spirit in which the Intel •
ligence was received in Paris, forms a striking
episode in our author's history ; but we prefer quoting
his able character of Casimer Perier, the first Premier
after the Revolution of July:—
"Such was the end of Casimir Ptier. He had viewed
in society, not men to direct, but enemies to destroy ;
for he was a Minister of strong hatreds and narrow
views ; of a vigorous and yet morbid soul. A man in
business, a banker, he desired peace ; but the powers
desired it also, and the more eagerly, that they saw the
genius of revolutions all ready to follow the march of
armies. This, however, Casimir P&ier did not under-
stand : his own fears prevented him from profiting by
the fears of others, and he compell9d France to submit
to the conditions imposed by European repose, at a time
when he might have dictated instead of receiving condi-
tions, as was thoroughly proved by the affair of An-
cona, which went off with such impunity, an affair in
which he engaged with an energy of will, that was not
to be subdued by the decided opinion of M. Sebas-
tiani and do Rigny, nor even by that of the King him-
self. Unfortunately, the expedition of Ancona infringed
upon the principles of policy which had been hitherto
acted upon, in an abrupt way, and upon an inadequate
occasion. The results of this policy had been the occu-
pation of Warsaw by the Russians, the first entry of
the Austrians into Bologna, the annihilation of our in-
fluence in Belgium, the abasement of France, weakness
throughout the civilised world. The living strength
that had been awakened by the Revolution of 1830 began
audibly to murmur at all this, to manifest impatience
for a change. It would have been easy to appease and
satisfy them by at once setting about the vast social re-
forms required by a State, the prey to all the disorders
of irregular competition ; but Casimir Wrier was pow-
erful, was rich, and the necessity for change did not
present itself to him. Besides, even had he posses.ed
the disinterestedness of a true reformer, he had not the
peculiar knowledge and boldness which the task de-
mands ; his was not the genius of reform ; it was his
destiny to crush under foot the power which he was in-
capable of disciplining, and directing onwards to a great
aim. This, at least, was what he essayed to do, amidst
the applausive shouts of the bourgeoisie; and certainly
no man was better fitted than he for this work of hate.
Strife suited his temperament, and superseded the ne-
cessity of his having ideas. For the rest, his policy
which in the first instance was entirely a matter of
egotism, became in the end sincere, in becoming fanati-
cal, and he applied to its defence an ardour which
sometimes really assumed the appearance of heroism.
But the civilisation of manners refused his violent spirit
its weapons ; the scaffolding was wanting. Casimir
Perier rendered himself the object of much hatred and
very little fear."

Secretary Mr. C. I. DOWNER, after reading the
notice calling the meeting, proceeded to present the
statement of accounts. From this it appeared that
the receipts for the year had been 150,7471. 7s. 3d. ;
and that, after investing 81,2651., and discharging all
claims, there was a balance on hand of 4,2041. 14s. 3d.
The assets of the Society are detailed in the quin-
quennial Report.
The Auditors stated, in their report, that though
it Wa3 impossible for them to enter into the minute
calculations of the Actuary as to the assets and lia-
bilities of the .Societ, they were satisfied of the
correctness of the principle on which those calcula-
tions were based, and they considered that great
praise was due to him for the zeal and attention which
he had, manifested in discharging the duties of his
office.

The CHAIRMAN moved that the statement and re-
ports be received and entered on the minutes. After
a short conversation, the motion was carried unani-
mously.
The CHAIRMAN then moved, and it was carried
unanimously, that 1401. be awarded to the auditors
for their services during the past year.
The retiring auditors were re-elected by the
meeting.

ThebIAIRMAN said, that having now disposed of
the ordinary business of the annual court, it would
be thcir pleasing duty to proceed to what was in-
finitely more important. They had now arrived at
an exceedingly important period in the history of
this Society.—(Hear, hear.) He would not antici-
pate what they were about to hear from the Actuary's
report ; he would only remind them, that this was
probably the mast important meeting which had
ever taken place in connection with the affairs of that
Institution. Before the Actuary read the quinquen-
nial Report, he begged to-propose that the four retiring
Directors, Lancelot Baugh Allen, Esq., Henry
Barnet, Esq.,'Archibald Hastie, Esq., M.P., and John
Mendham, Esq., should be re-elected.
The motion was carried unanimously.

The ACTUARY then read the quinquennial Report, of
which the following is an abstract :—The Directors,
after expressing the pleasure they felt in being able
to present the fourth quinquennial Report, proceeded
to say that the assets hid been valued on the principle
of making precautionary allowance for possi-
ble fluctuations in the prices of stock, anal the
value of the liabilities had been ascertained by
methods calculated to exclude errors, and to afford
full confidence in the results. The value of the assets,
consisting of Government securities, life interests,
mortgages, assurance premiums, and interest due on
investments, with the balances at banks and cash in
hand, amounted to 673,6311. 17s. 4d. The total lia-
bilities, consisting of 70,0001., of the shareholders'
fund, with interest thereof, the value of polices and
bonuses thereon, the claims accrued but unpaid,
charges for commission agents, taxes, &c., amounted
to 549,3201.; leaving a balance of 124,3121. It ap-
peared from this statement that, after making provision
for every existing liability, and a prudent esti-
mate of -the assets, a clear suplus of 124,3121.
remained for distribution among the shareholders.
and the assured; and this result was obtained with-
out, in any way, anticipating profits to be hereafter
realised. It was provided in the deed of settlement
that as soon as one-fourth of the profits realised should
equal the portion of the subscribed capital actually
paid up, the Shareholders should be paid off 50,0001.,
and 20,0001. had been added to that amount; so that
30,0001. was required to make up the 50,0001. to pay
off the Shareholders, which would he suffi-
cient to redeem each share of 2501. at
500/. As one-fourth of the surplus was fully suffi-
cient to pay the 30,0001. to the Shareholders,
according to the provisions of the deed of settlement
they must be paid ofi. Although the Directors were
allowed three months for that purpose, yet they were
willing to commence the redemption of the shares
immediately, giving 5001. for each share, with in-
terest thereon at the rate of four and a half per cent.
per annum, up to the date of surrender. Interest
would cease on and after the Ist of July next on
such shares as should not be then surrendered. After
deducting 30,0001. for the Shareholders from the gross
surplus, the sum of 94,3121. would remain as the
portion of the policy-holders ; but as nineteen shares
were held by the Society, the bonusses pertaining to
them fell into the assurance fund, and increased its
amount by 2,8501., thereby making the surplus of the
assurance fund 97,1621. In dealing with the Share-
holders' fund, the Directors considered that it would
not he prudent to appropriate the entire surplus now
in hand ; for, although the reserved value of the policies
was adequate to the existing liabilities, they thought
it desirable to have a precautionary surplus, in order
that the character and credit which had produced the
present prosperous results might be continued. They
therefore proposed to retain one-third of the surplus.
Two-thirds of the surplus of 97,162/., viz., 64,755/.,
would, at the average age of the participating mem-
bers, viz., forty-seven, secure reversionary bonuses
to the amount of 109,2931., or thirty-three per cent.
on the premiums on which it is computed—that is,
on five premiums from those who participated in the
last division, and from five to nine on those
who then participated for the first time. The
remaining third now reserved would accumulate
at interest for the sole benefit of the assured till the
next period of division, and to prevent any loss upon
such policies as might become claims in the interim,
the Directors proposed a prospective contingent bonus
of 1/. per cent. per annum on all beneficial policies on
which claims should accrue before the next division
of profits, when a real adjustment would be made.
The contingent and absolute bonuses, taken toge-
ther, were equivalent in value to an absolute
bonus of 36 per cent. on the amount of premiums
with which it was compared. In addition
to the three options given at the last division—that is,
of applying the bonus to increase the sum assured, or
to reduce the premiums either for the whole of life,
or for five years only—the Directors now offer a
fourth, in the form of a ready money bonus. By pay-
ing off the Shareholders, the constitution of the So-
ciety would undergo an important change, and the
Economic would become a mutual assurance society,
under circumstances highly favourable to the accused;
for, independently of other advantages, the whole of the
profits would henceforward be divided amongst those
assured, on the equal scale of premiums. As a Mutual
Assurance Society, the Economic will present advan-
tages surpassed by no other; the premiums charged
being lower than those of any office whioli divided pro-
fits with the assured, and much lower than those of any
mutual assurance society. The mode of applying
bonuses was. strictly equitable, anti was adapted to
every variety of circumstance. The number of poli-
cies had increased during the last five years from
4,308 to 6,001 ; the income from premiums had in-
creased from 70,5911. to 90,500/. The average receipts
for premiums for the five years amounted to
85,1251. per annum. The claims amounted to
37,1901. per annum. and the bonuses added to such
claims 1,4501. per annum. The large number of
assurances now existing afforded a security against
such deviations as might result from such a paucity
of numbers. In conclusion, the Directors recom-
mended the Society as one which was as much enti-
tled to public confidence for the equity of its princi-
ples, as it was to preference for the economy of its
management and the liberality of its practice.
The CHAIRMAN said the remarkable clearness and
accuracy of the Report, rendered it unnecessary for
him to make any addition to its statements. He
could not, however, refrain from congratulating them
on the state of their affairs. It was certainly re-
markable, that a Sbciety started on the principle of
low premiums rather than large bonuses, should in
the twentieth year of its existence, have attained
such prosperity, as to be able to disencumber itself
of the weight arising from having Shareholders, and
to give a handsome bonus to the parties whose in-
terests were concerned. The Directors were deter-
mined to continue to watch over the interests of the
Society. Though there might be societies which had
larger connexions, if any one would show him an
office which was conducted on more honourable prin-
ciples, he would not continue any longer to occupy
the chair.—(Cheers.)
In reply to a question from a Shareholder,
The CHAIRMAN said, that every Shareholder
would receive double the amount which he had in-
vested, with interest of 4f per cent. up to the Ist of
July, and if any person wished to receive the money
immediately, he might obtain it with interest, calcu-
lated up to the day of payment.
Mr. SIBLEY suggested the propriety of presenting
a gratuity to the Actuary, as an acknowledgement of
the deep sense which they entertained of the value
and importance of his services ; but, at the request of
the Chairman, the matter was left in the hands of the
Directors, who, it was stated, had already taken the
subject into their consideration.
Mr. G. BARTLEY proposed a vote of thanks to the
Directors for the zeal and ability which they had dis-
played in managing the affairs of the Institution.
The motion having been seconded, the Chairman
and H. F. Stephenson, Esq., the Deputy-Chairman
of the Board, returned thanks on behalf of the Di-
rectors. The meeting then separated.

The CHAIRMAN next gave ."
the Health of the Lord-
Lieutenant of Ireland." It was, a charter toast of the
Society, and the present Lord-Lieutenant had proved
his attachment to it by forwarding a subscription of 50
guineas.
The next toast was, " The Duchess of Kent, Duchess
of Northumberland, Lady Kinnaird, and the other pa-
tronesses."

The CHAIRMAN then gave them "The Duke of Wel-
lington, the deliverer of Europe, and the hero of the
world."

The CHAIRMAN then read the following list of sub-
scriptions :

Her Majesty the Queen £los 0 0
Queen Dowager 25 0 0
Viscount Morpeth
Lord De Grey 5O 0 0
Duke of Northumberland .... 30 0 0
Bishop of Derry lO 0 0
Marquis of Lansdowne 2l 0 0
Marquis of Downshire
Marquis of Thomond 2O 0 0
Marquis of Anglesey 25 0 0
Marquis of Normanby
The Earl of Portarlington
Earl of Desborough
Earl of Mayo 2O 0 0
Viscount Templeton
The Lord Sandes
Lord Rossmore
Lord Stanley
Lord Eliot
Dowager Lady Kinnaird
Lord Bloomfield 5 5 0
Lord Kentnare
Lord Lurgan
Baron Rugby lO 0 0
Lord G. Hill
H. W. Bligh, Esq.
Right Hon. A. R. Blake
Sir H. 'Toward
Emerson Tennent • lO 10 0
Admiral Sir R. H. Ritchie
Colonel W. H. S. Blake
E. H. Lynch - 5 0 0
Right Hon. Villiers Stuart - • 50 0
Lieut. G. O'Neill
Tuite, Esq. 5 0 0
'
1). O'Connell 5 0 0
,
W. B. Collett
Charles Green, Esq.
Isaac Walker
Dr. Pugh
The Right Hon. A. R. BLAKE then gave " The health
of the Chairman."
His LORDSHIP returned thanks.
The " Healths of the Stewards" were then given,
"The Members of the House of Commons," &c. The
musical department, under the superintendence of Mr.
Hobbs, was conducted in the iiao i t creditable manner.
The Misses Williams sang in such a manner as to elicit
frequent plaudits from the company. About a quarter
past eleven Lord Morpeth left the chair, and the meeting
separated.

THE PRINCETON STEAM-ENGINE
AND GUN.

The " Genevese Traveller," the New York cor-
respondent of the Times, in his last communication,
says—" A great object of interest to our citizens at
this time is the United States war steamer Princeton,
just built under the superintendence of Captain Stock-
ton, which now lies in this ,harbour, and is daily
visited by crowds of interested spectators. This
steamer is constructed with Ericsson s propellor. Its
steam machinery is placed entirely below the water
line, out of the reach of shot. Its engine is ex-
tremely light and simple of construction, occupying
only about one-eighth of, the bulk required by the
ordinary British marine engine of the same power.
It gives a direct motion to the axis of the
propeller without the" Aid of Cog-wheels or
auxiliary gearing of any, description. It is
styled the semi-cylindrical steam-engine, and is
the invention of Captain Ericsson. For the vast
power which it includes in so small a compass, and
for the exquisite symmetry and proportion of all its
working parts, this engine is the theme of general
admiration. The armament of the Princeton in-
cludes two large wrought-iron guns (introduced by
Capfain Stockton), placed one-at each end of the ship,
the largest weighing ten tons, and with a bore of 12
inches, carrying a ball 2131b5. This gun is placed on
a wrought-iron carriage, contrived by Captain Erics-
son, and which, without the . use of the ordinary
breaching, checks the immense recoil, and the vessel
suffers but a very slight shock from the discharge.
By means of this carriage, this huge gun is managed
by half a dozen hands with perfect facility. The
sreadhvantages over all of h
peculiarity of the steam machinery of the
shot,ePrincetaorne,
saunpdpiotssed beitnog
giveplac heredout of the ac
other steamers now afloat intended for naval warfare."

Ruff's Guide to the .turf h.as just made its
appearance, and in the character and variety of its
contents is d.cidedly the most useful._ "pocket Pocket Com-
panion" that has yet is-sued from the press. We perceive
that, besides greatly enlarging the list of " lengths of
course's, colours of the riders," and giving the fixtures of all
the principal meetings in 1844 and 1845, it holds out an
additional claim on the patronage of the racing community,
in the shape of a "catalogue raisonne" of the English jockeys,
showing, not only their residences and lowest riding weights,
but the names and order of precedence of their masters. A
table of this kind has long been wanted, and will be found
generally serviceable. In all other respects the " Guide"
merits the name, and cannot fail to connnand an extensive
sale.
FATAL ACCIDENT.--TWO MEN KILLED AT WOOL-
wicu.—Several men of the Royal Artillery were yesterday (Fri-
day) afternoon employed in digging and carting gravel from the
gravel-pit between the battery and Repository.grounds to the
Royal Arsenal, and two of the men, gunner and driver Norwood,
-and gunner and driver Cochrane, belonging to Captain Dyson's
company, 7th battalion, having in the progress of digging gone
under the bank, their operations and the state of the ground and
gravel above them caused the whole to give way, anti, falling upon
them, they were killed almost instantaneously. Their comrades,
who were present at the time, soon got out the bodies, and medical
men were promptly on' the spot, but life was totally extinct in the
ono ma, and attic two or throe pophlgs, the other ceased to alit.

MAD. DE FAVANTI.—The first appearance of this
already distinguished artiste is fixed for Saturday next. Her
debut excites intense interest, for it is a novelty to find a
young and beautiful Englishwoman departing for• a foreign
country, to seek for that fame which prejudices might de-
prive her of here. Italy, however, has " pronounced" in
her favour, and it remains for this country to confirm the
judgment of the Neapolitan critics and amateurs, who were
(mite taken by surprise at the extraordinary cortipass of a
beautiful organ, combined with a fervour of style that the
Italians had never given English artists credit for.—Observer.