The Sun.
London, England, 1850-05-09 00:00:00

The Hon LORD COCKBURN in the Chair.

The TIIIRTY-SIXTH ANNUAL GENERAL COURT Of this SO-
CIETY was held in Edinburgh on the sth March, 1850.
The Eon. LORD COCKBURN in the Chair.

• The Manager 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-
ally passe and issued was 600, covering Insurances to the
extent of 422,0651.115.
2d, That the Capital of the Society at 31st December, 1849, was
2,167,5061.95; id., having increased daring the year to the
-extent of 112,9571. 16s. 2d.
3d, That the Annual Revenue of the Society at the Same date was
300,8371. 19s. 6d.. being a decrease since last year, arising
from the reduction in the rate of interest during the currency
the year.
. 4th, That the 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, 148,8241. 12s. 3d.
sth, That the above sum of 117,622/. 10s. and the number of
deaths were in the ratio of 63 per cent. of what might have
been expected, according to the tables of mortality upon
• which the-Sodiety's calculations are based.
The accuracy of the statements read having been confirmed by
The Auditor,
The Chairman, Addressing the meeting, said, the Manager has
now read certain papers, and made certain statements, which con-
tain a faithful exeosition of the exact state of our affairs. He
having done so, I really am not aware what I can do to add either
to your information or to your consequent confidence in this Institu-
tion. Ypur confidence must defend on the "facts" youlhave heard
from hirn rand wee It not the usage that the person who occupies
the place which 'have the honour to occupy is expected to make
some address, I'th-ink thermost judicious thing I could do would be
to maintain silence. ACthe same time, 'however, it has Often oc-
curred to me, and it occurs to me now, that perhaps a recapitulation
in a quiet way, and in ordinary language, of the almost technical
statements made by the Minager, may sink more deeply into your
minds, and bet snore easily carried away—(Applause)—and there-
fore allow me to recall to you a few of the leading facts which you
have-now heard.— (Renewed applause.)
One of the first of these—at least the one that leads me to consider
• the remark I have to make first—is one that I was not aware of
myself till very recently, which is the view exhibited of the pro-
aress,of this Institution by our mere numbers. I do net hers
epeak of the gums insured, of our investments, of our secu-
rities; or of anything of that sort. Look at our mere numbers. I
know no better tast of a society like this being well managed,—of
there not only being no suspicion in regard to it, but that public con-
fidenoe has been always on the increase, than in the increase ' of the
number of its interested members—of members, I mean, who have
no interest but pure selfishness—who are as anxious as men can be
to protect themselves from misconduct, in' order that,
if thmeou.sly detected, it may be timeously corrected. Now
I find that in the year 1815, when the Society was instituted, we
began with a small nest-egg of 49 members—(Laughter)—and it did
not look well for the year 1816, that the eggs laid then were only 17.
(Renewed laughter.) I also find that during the first six years of
the SoCiety's existence, 212 were the sum total of our chickens.—
(Laughter) And here I may observe, that the first thing that
strikevane is the great caution with which the lives must have been
selecte4; for of the 49 members who were admitted in 1815, 25
earsos,os , eleven still remalu upon the books, after deducting many
who surrendered their policies, add who, for aught we know, may be
'wing Mill. Then, of the 17 who joined them in the year 1816. after
educting many surrenderers, there Are still three upon the books ;
and of kite 212 who joined the society during the first- six years' of
Its existence, nearly GO surrendered their policies, but 49 still survive.
—(Applause.) These seem to me to have been well selected lives.—
(Hear, hear.) And the result now if that, at the end of 35 years, the
number, of our members amounts, not to one- thousand, nor to two,
nor to three, nor to four, nor to five, nor even to six, but to above
six thciufand.—(Applaase.) 'We have now above six thousand in-
sured lives. From this fact I infer nothing but this—that, since we
haye so many jealous but uncomplaining eyes prying into us, I pre-
sume thist we cannot be an ill-managed body.
The 13usiiiess done during the year 1849, after deduction of several
Policies which were cancelled, amounts to above 422,0001.; that is
to say, 04 last year the Insurances which we effected amounted to
that sum. The number of Policies on these insurances amounts to
‘OO, being.; at the the average, over all—which, I am told, is a high
one—ofaio lees than 7001. on every policy.
The Capital has increased during the year that is now closed by
above 100,000/. ; and the total Capital that we own now amounts to
2,1674061.; that is to say, in round numbers, which will be far more
easily remembered, considerably above Two Millions of money.—
(Applause.)
The statement that we have above Two Millions—that is to say
that we-oriiht to'hate it—would be a very idle one, if our funds
were not well invested; many a mall thinks he has, and he ought to
have it e lint-when he comes-to grasp it it eludes the closing hand ;
and; therefore,. it is of vital and allstmportant consequence to be told
in this place, that of our investments, so far as we have discovered,
we have never yet made a single bad one.—(Applause.) These in-
vestments are, for the most pert, laid out on real security—l mean
within Scotland, the best country, in my belief, for real security, in
Europe ; and, besides this, a large portion of our capital is invested
in loans to tile members, upon the security of their policies. What
better security can there be than that ?—(Hear, hear.) A member
when ho dies is our creditor, say for 1,0001. ; and he asks for a loan
of 5001. ' • if the policy be of equal value, we lend it to him, because
we lend it to him out of his own money. With such a security we
can advance it ; and we are as certain of its return as he is that he
has claims neon us. Part of these two millions is laid out in Bank
Stock—l mean stock of the chartered Banks of Scotland and the
Bank of England, which 1 believe is as secure as can be. There
is not a Denny of it laid out in any Bank Stock of which a single
iiidividual in private life entertains the slightest doubt. A
little of our capital is laid out in redeemable annuities, which,
by 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
railway—mark my next word, for this first one makes many
people tremble—(A laugh)—some of it is laid Out on railway de-
bentures.—(Applause.) Not one single sixpence of it—if there was
a farthing of it, I would tell you honestly—but not one single
farthlng of it is invested in railway shares. One fact which I have
to state is one which, above all others, 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
least cause for fear or doubt. The interests, I understand, are
always paid almost avithhi a day of the time. The result I draw
from all this is, that not only are these investments good. but that
they are so good, that better could not be obtained. ky belief is
that if these investments were all now thrown loose, and the Di-
rectors were required to retrace their steps, and to get good
securities, 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
by above two minions of as well-secured money as can be secured in
this world

- Gluck.

- Spontinl.

Our annual revenue has decreased from the recent fall of interest
daring the last year, but it is now above 300,500/. 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,
tkey amount to 111—a great number, and to be accounted for only
by the prevalent pestilence. But yet though they amount to
111, they are only sixty-three • per cent. •of our calculated.
probabilities ;—that is to say, that our system is founded on
the cal:illation that there would be 100 deaths, while instead of
that, there have been only sixty-three, leaving thirty-seven per
gent, over and above for the security of the Soclety.—(Applause.)
the 111 who have died—let the upper ranks think of this fact-24
have fallen by cholera. It Is commonly thought that this is a visi-
tation which afflicts only the poor and the destitute. I dare say it
afflicts them first. and worst, but it is by no means confined to them ;
for we heard it to-day stated, that of those who died from it last
year connected with this society,- one Individual was insured for
5,0001., one for 4,0001., one for 3,0001., two for 2,0081., and one for
1,500/., and that the whole twenty-four were insured for something
like 27,0001. ; and therefore you will observe that these, apparently
periodical visitations, ought to strike a lesson of prudence on the
minds of men in all classes.

The sums paid by us since we began in 1815, are above
1,164,000/. ; and this is a fact with which I was much struck. We
have distributed above eleven hundred thousand pounds. We have
relieved to that extent the families of those members who trusted
us ; and the example that was given by ale manager so technically,
and with such proper brevity, of the benefits of this Institution,
Made a great impression upon me, as I have no doubt it did upon
the meeting. The case I refer to was that of an old member who
died abroad last year, and who had insured three times, each time
for 1,0001. Well, be dies, and he bas claims upon us for 3,0001. cer.
tale. But besides that, his representatives will receive considerably
above 2,000/. as a Bonus. Thus, upward of 5,0001. is secured to his
family ; and, even after paying that, the Seelety was plus nearly
I,sool.—(Applause.)

The next natter which I have to state is, one for which I am ♦ery
grateful ; and it is, that we have had up to this day, no litigation._
(Laughter and applans3.)

Now, what I have stated are the material facts ; and what else
need I say? It is not my business, and I am sere it would be no
SatiSfadtion to you. if I were to boast of the excellence of our system,
or the greatness of our success ; and still less would it give any satis-
faction to you if I were to do that froi-i which every respectable So-
ciety will for ever abstain—that of attenOsting to raise ourselves by a
contrast or comparison, or even by an allusion to kindred Institutions.
—(Applause.) I have stated thefactst ; and having done so, I can do no
more. It is for you to judge how your affairs have been managed, and
to carry away with you those resolutions or judgments which the
statements you have heard are calculated to produce. My inferences
are merely two. It seems to me, in the first place, that this is a Society
n which we may have perfect confidence.—(Hear, hear.) My belief
—knowing as I do so t ething about it, although not so much certainly
as many others—is, that our confidence in it may go to this extent,
that if we were to begin our career again, with the experience which
we have acquired, I know many ways in which we might act differ-
ently, but I know no way in which we could do better.—(Applause,)
Moralists have often amused themselves by speculating about what
a man would do, if he wat again to become a boy, with all the expe-
rience of his manhood. If this Society were to do so, I seriously
and firmly believe that if we were to begin our career in 1815, with
the experience which we have gained between that time and the
year 1850, we should walk in the very paths, nay in the very
ruts by which we have reached our present state. My other infer-
ence—although it is something very like repeating the same sermon
twice—is, that it is the duty of all of ,us to do all in our power to
propagate a knowledge of this Institution, and still mere to propa-
gate a knowledge of the great duty, in this precarious life,
.of
setr-preservation by insurance. Some people talk as if there were
too many societies of this kind. Ido not azree with them ; ar.d I
am perfectly certain, that, if the public, and every individual eft it,
• Ives adequately impressed with the Imifortance of insuring their
lives, there would not only not be too many, but it would be, found
that there was perhaps a great deal too few.—(hear, hear.) The
greate thing is to get the community steeped in the conviction that
theree
is
no
way
in which they can-practise the great duty of pru-
o well as by life insurance. All men are convinced that pru-
dence is a virtue, but all re en are not convinced that there is no
form in which that virtue can be practised with so small a present
sacrifice; contrasted withmsao greattel an ultimate reward. If you want
any examples of this, I . you where you are to find thent.
You are not to seek for them here.la pin must go among the remit] ea
amongst whom the society laas
of those who have been bereaved
already distributed greatly beyordn a million of money. Go i.nto
these families, and ask them what.thethink of life insurance. 'fey.
their tell you that instead of thinking it,
iunreasonable and useless,y
e experlenei
their only pane, even at the
Is, that
tt.Thhiecernhfea oft heir house hall
tire blessings of life inurance,
not carried it to a greater extent. '
do, Gentlemen, ie. in your various spheres,etore, what Yell have to
your friends-to urge it simply upon these two urge this duty upon
can zooid' death, and that no man can fix itsgrounds. that no Man
is a science which, out of individual •
Period ; but that
surancenal it period
in-
laws of eeneral uniformity; and thus converts the ' es, extracts:
ness of life into a method of correcting its eacertainYterY precarious_
the made upon me ; what yours are, I Y. Th
care
the impressions leave youtov
—(Lord Cockburn then resumed his seat amid loud applause.) -
,be motion of SirJamei Russell, K.C.B.
On , of Ashieste 1
Milder, a vote of thanks was given to e , seconded
by Professor Mil the Courts of Id-
rectors, Office
Trustees and Bearers, for
rectors, to thetheir services during
the past year.
On the ino .ti,l cf Alexander Shank Cook, Esq., Advocate, seconded
James R. Campbell, of Albany-street Chapel, the
by the Rev.
the following year wereetaChapel, a
Courts of Directors for ppointed as

follows :

PRESIDENT.
The Right lion. the'Earl of ROSEBERY, K.T.
VICE-PRESIDENTS.
I he Hon. Lord ifrIONCREIFF.
His Grace the Duke of BUCCLETICII, K.G.
The Most Hon. the Marquis of TWEEDALE, K.T. and C.B.
*WILLIAM GIBSON-CRAIG, Esq., YoungeT of Riccarton, M.P.

Emil sq., banktr,
.. BRTRAORDINARDIE.
The Very Rev. Princl. :41`Fallane John
Warminster.
Robert G. Baiiite,. Esq., of Culler-renaTveßns. ,
idlers. • •
James M`Gregor, Esq.., Chairman Charles Baillie,
Esq., sheriff of
Thomas Beve ri dEff
Esq.,
.E, s fl • ,
advocate.p .C . .
of South-Eastern Railway. Archd. Davidson,
Sir John Stuart Richardson of Aberdeenshire.
Pitfour., Bart
Wam .Tames
The Right ilon. theEati ofLincoln. Manager of National Bank.r s - Leonard llorner„ E.lq., London. Duncan,
a sir Will= Hamilton, of re
Daniel Watley, Xsq.,, Wands. ton, Bart.
worth, London.
Rev. Dr. Robert Macnair, pai,do7. * The Solicitor--6eneral for Scot— )
William Shuttlewortn land.
, E.,...,
town-clerk, fA,ferpOol. Ti I. Archibald Alison, Esq., Sheriir
Anthony Murray ofDollerie, W.S 4. of Lanarkshire. Gooudas, Esc, , sheriff of
William Mitchell Innes, Esq., o,
SelkirmekshD nire. .
Parsons Gl'ec.ll.

ORDINAiT DIRECTORS
lwood, jun., Esq.,George Gibson,
.
Christopher
merchant, •Leith. • - Leith. Esq., Merchant.
James Baikal:, Esq. of it:,William Wilsou, isr.g.
William Smith; 'Esq., of Carbetli Sir Adam Hay, tart, of H .
Guthrie. , ' town. aya• Isa lc ikiyley.Rsq., of Manuel. John Cockburn P
, —s q.; mercha t
Lewis Alex. Wallace, Esq,, archt. Cheyne, Esq., W.S. n
James Mylnir, Esq., W.,4. Henry* Hobert Scott lionc ri
riot Esq 4;
Alexander Pringle, Esq., of Whyt-, adrocate.
bank.
ofWoodhoase-i•
Alexander Thomson, Esq„ w.m_
James Tytleri,E,Sq, of Woodhottie- • Thomas G. Mackay, Esq., w. 5...
I lee, W.S.

Those marked *are New Appointments.
On the motion of Robert Paul, Esq., manager of the Conamereir d
sank, a vote of thanks was proposed to the Hon. Chairman,
was received much applause, and the Court thereafter ad-
ourned.

JOHN' MACKENZIE, Manager.
wittrA3t GEORGE, Chief Clerk.
Edinburgh, 3, St. Andrew Square, Bth March, 1850.
LONDON oincE, , ROYAL EXCHANGE BUILDINGS.
HUGE 2I'KEAN, Agent.,

Cl` C.JTTISII WIDOWS' FUND AND LIFE NOTICE.
k _ ASSURANCE SOCIETY. SECOND EDITION of MR. WARBURTON'S
IiErORT of the PROCEDURE of the THIRTY-SIXTH ANIMAL " REGINAT.D HASTINGS ;"
GF,NERAL COURT of this SOCIETY, held en the sth March, Now ready at all the Booksellers.
Henry Colburn, Publisher, 13, Great Marlborough-street
1950.

ER MAJESTY'S THEATRE.
A GRAND CLASSICAL MUSICAL ENTERTAINMENT
Will take place on MONDAY MORNING, May 18,
Selected rom the following authors :
MOzart, Weber, Spohr, Cherubini, Spontini, Gluck, Cimarosa, Beeth-
oven, Zingarelli, Parcel], and Mendelssohn,
And kabracing many highly interesting novelties.
On this occasion will appear :
Madame Sontag,
Miss therine Hayes, Mdlle. Giuliani. Mdlle. Ida Bertrand, and
Mdlle. Parodi ;
Signori Calzolari, Sims Reeves, and Baucarde,
Coletti, Belletti, Lorenzo, F. Lablache, M. Muller, and
S guor Lablache ;
Supported by all the Instrumental :and Choral resources ofd the
Theatre.
Li the whole under the direction of Mr. Baife.
Amont other novelties Madame Sontag will have the honour to
sing the " Swiss Airs," by Eckert
(Composed expressly for her, and sung with the most enthusiastic
success at the concerts of the Grand Conservatoire of Paris) ;
The " Grand Scena" from Oberon ; the Ballad of " Home sweet
Home ;" and, by general desire, the,hymn, "Hear my prayer" (with
full chorus), by Mendellshon.
Miss Hayes
Will sing the :admired Irish Ballad, "Kathleen Mavourneen," and
in other favourite pieces.
Mdlle. Parodi
The admired " Ombra adorata," from Romeo e Giulietta.
Mr. Sims Reeves
•
The celebrated " War Song," from Purcell's King Arthur.
Favourite pieces by Signori Baucarde and Calzolari.
The admired Dco, by Signori Lablache and F. Lablache, from I Due
Barone of Cimarosa.
There will also be presented—
Grand selection from the celebrated Mass in C,
" Gloria," " Qui tollis," " Quoniam" Mesdames
Sontag, Parodi, Giuliani, C. Hayes, and Ida Bertrand ;
Signori Baucarde, Calzolari, tsims Reeves, Benet%
Coletti, F. Lablache, Lablache, and full chorus . . reethoVen,
" Sestetto con Coro," with the incidental Dance Music
(celebrated Polonaise) Mesdames Parodi and
Giuliani ; Signori Calzelari, Belletti, Coletti, and
Lablache, and Chorus, " Ala! godan for felicitade "
(Faust) ...... - - - Spohr,
Scene from Armida, assisted by Mdlles, Parodi, Giuliani,
C. Hayes, Ida Bertrand, Grimaldi, Malpasuta ; Sig-
nori Baucarde, Calzolari, Sims Reeves, Coletti, Bel-
lett!, F. Lablache, Lablache, and Chorus
The whole to conclude with the celebrated
Finale to the first act of La Veetale—Mesdames Giu-
liani, Hayes, Bertrand, and Parodi ; Signori Calzo-
lari, Sims Reeves, Baucarde, Coletti, Belletti, Lo-
renzo, F. Lablache, Muller, Lablache, and full
Chorus - - -

A Trio for Three Basses,
By Signori Coletti, Belletti, and Lablache.
A Trio for Three Sopranos,
By Madame Sontag, Miss C. Hayes, and Mdlle. Parodi ; and
A Trio for Three Terors,
By Signori Baucarde, Cainler', and Sims Reeves.
Full programmes may be obtained at the Boa-office of the theatre
and all the principal Libraries and Alusicscliers.

- PRICES OF ADMISSION.
Boxes ........ • • •••• • • Two Guineas.
Pitt Stalls .. •... -- • • 19s. 6d. I Gallery Stalls— •• •.• • • • as. 6d.
Pitt ...... •• • • ...... ss. 6d. Gallery
Applications for Boxes, Stalls, and Tickets to be made at the
Box-office of the Theatre.

HER MAJESTY'S THEATRE.
GRAND EXTRA NIGHT.
The Nobility, Patrons of the Opera, and the Public are respectfully
informed that a Grand Extra Night will take place
THIS EVENING
When will be presented (for the first time these two years) BeMae
celebrated Opera,