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

The lion LORD COCKBURN in the Chair.
The THIRTY-SIXTH ANNUAL GENERAL COURT of this SO-
CIETY Wa3 held in Edinburgh on the sth March, 1850.
The Hon.I.DItD 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-
Slivn'"'d isaned was 600, covering Insprances to the
extent of 422,065/.lls.
. 74, That the Capital of the Society at 31st December, 1849, was
2,167,506/. 91; Id., hiving increased during the year to the
extent of 112,9571.165. 2d.
3d, That the Annual Revenue of the Society at the same date was
.
200,5371. ins. 6d.. being a decrease since last year, arising
from the reduction in the rate of interest during the currency
OM. year.
4th, That intinber of deaths which had occurred curing the
year 1849 was 111, the sums insured under the Policies
which have emerged in consequence of these deaths, being
117,621/. 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 Society'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
zio w read certain papers, and made certain statements, which con-
tain a faithful ex .osition of the exact state of our affairs. He
having done so, I really am no' aware what I can do to add either
-your information or to your consequent confidence in this institit-
errn; hiYoUr."contidence must der end on the " facts" you'have heard
the plue.m; and *ere it not the usage that the person who occupies
which I have the honour to occupy is expected to make
some
addreas, I think the most judicious thing I could do wou'd be
to maintain silence. At the same time, however, it leas often oc-
rrredcurred it occurs to me now, that perhaps a recapitulation
to me,
a quiet way. and in ordinary language, of the almost technical
tatements made by the Manager. may sink more deeply into your
•
muds, and bel more easily carried away—(Applause)—and there-
' Pre allow 11:111 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
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-
gr,st of this Institution by our mere numbers. I do not here
speak of the sums insured, of our investments, of our secu-
litles, or of
anything of that sort. Look at our mere numbers. I
'`,now no better test of a society like this being well managed,—of
Inere not
only being no suspicion in regard to it but that public con-
deuce has been always on the increase, than in the increase of the
Mather of its interested members—of metnbers, I mean, who have
no interest but pure selfishness—who ars as anxious as mon can he
to protect themselves from misconduct, in order that,
timeously. detected, it may be timeously corrected. Now
end that in the year 1815. when the Society was instituted, we
pagan with a small vest-egg of 49 members—(Laughter)—and it did
not look well for the year 1816, that the eggs laid then were only 17.
,ut(Renewed laughter.) I also find that during the first six years of
e Society's existence, 212 were the sum total of our chickens.—
(Laughter) And here I may observe, that the first thing that
strike++ me is the great caution with which the lives must have been
'elected; for of the 49 members who were admitted in 1315, 35
Zrres ago, eleven still remain upon the books, after deducting many
• surrendered their policies, and who, for aught we know, may be
ing still.. Then, of the IT who joined them in the year 181 ti. after
deducting many surrenderers, there are still three upon the books;
and of the 212 who joined4hduring e society the first six years of
pits existence, nearly 60 surrendered their policies, but 49 still survive.
(Hear, These seem to me to have been well selected lives.—
...s—var, hear.) And the result now is that, at the end of 35 years, the
.1/tuber 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 thousand.—(Applaase.) We have now above six thousand in-
?tired lives. From this fact I infer nothing but this—that, since we
have so many jealous but uncomplaining eyes prying into us, I pre-
sume that we cannot be an ill-managed body.
The Business done during the year 1849, after deduction of several
p
to"eles which were cancelled, amounts to above 422,0001.; that is
say, that last year the Insurances which we effected amounted to
that sum, The number of Policies on these insurances amounts to
!
sitlo, being, at the the average, over all—which, I am told, is a high
one—of no less than 7001. on every policy.
The Capital has increased during the year that is now closed by
above 100,0001. ;
and the total Capital that we own now amounts to
2;167,6061.; that is to say, in nand numbers, which will be far more
°,53113' remembered, considerably above Two Millions of money.—
(Applause.)
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
Were not well invested; many a man thinks he has, and he ought to
eve it ; but when be comes to grasp it it eludes the closing hand ;
and, therefore, it is of vital and all-Important 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 part, laid out on real security—l mean
Europe within Scotland, the best country, in my belief, for real security, in
; and, besides this, a large portion of our capital is invested ,
in loans to the members, upon the security of their policies. What ,
better security can there be than that?—(hear, hear.) A member ,
when he 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
eau advance it ; and we are as certain of its return as he is that he
has claims upon us. Part of these two millions is laid out in Bank
St° is
es—I mean stock of the chartered Banks of Scotland and the 11
balk
of England; which I believe is as secure as can he. There
s not a penny of it laid out in any Bank Stock of which a single ,
individual 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
St 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
farthing 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
irrvestmente ;i- tend 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
alwayes 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 are so good, that better could not be obtained. My belief is,
that it 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 millions of as well-secured money as can be secured is
this world.

Our annual revenue has decreased from the recent fall of interest
during the last year, but it is now above 300,5001. 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
by the pre'?alent 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 calculation that there would be 100 deaths, while instead of
that, there have been only sixty-three, leaving thirty-seven per
cent. over and above far the security ofihe Society.—(Applause.) Of
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 vlst-
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
8,0001, one for 4,0001.. one for 3,0001., two for 2,0001., and one for
1.5001., 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 prudeace on the
minds of men in all classes.
I.lTh47sealm;s pail by us since we began in 1815, are above
600
and tjiis 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 e those members who trusted
Its.; and the example that was given by tke 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
or 1,0001. Well, he dies, and he has claims upon us for 3,0001. cer-
tain. But besides that, his representatives will receive considerably
above 2,000/. as a Bonus. Thus, upwards of 5,0001. is secured to his
ramilY ; and, even after paying that, the Society was plus nearly
I,solll.—(Applause.)
The next matter which I have to state is, one for withal I am very
grateful ; and it is, that we have had up to this day, no litigation.—
(Laughter and applause.)
NOW, what I have stated are the material facts ; and what else
need I say? It is not my business, and I am sure it would be no
satisfaction 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 from which every respectable So-
ciety will for ever abstain—that of attempting to raise ourselves by a
contrast or comparison, or even by an allusion to kindred Institutions.
--(Applause.) I have stated thefacts ; and having done so, I can do no
/sore. It is for you to judge how your affairs have been managed, and
to earrY 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
ba which we may have perfect confidence.—(Hear, hear.) My belief
-.-knowing as I do something about it, although not so much certainly
45 'dada' 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 rave often amused themselves by speculating about what
a Mall *mid do, if he was 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 bete: -en that time and the
Year 1850, We should walk in the very paths, nay in the very
tuts 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 more to propa-
late a knowledge of the great duty, in this precarious life, of
s']f-preservation by insurance. Some people talk as if there were
too many societies of this kind. Ido not agree with them ; and I
am perfectly certain thatt, if the public, and every individual in it,
was adequately impressed with the importance of insuring their
lives; there would net only not be too many, but it would be found
that there was perhaps a great deal too few.—(Hear, hear.) The
treat thing is to get the community steeped in the conviction that
there is no way in which they can practise the great duty of pru-
dence so w ell as by life insurance. All men are -convinced that pru-
dence is a virtue, but all men are not convinced that there is no
form in which that virtue can be practised with so small a present
Sacrifice, contrasted with so great an ultimate reward. If you want
any examples of this, I can tell you where you are to find them.
You are not to seek for them here. You must go among the families
.. 01 those who have been bereaved, and amongst whom the scciety has
already distributed greatly beyond a million of money. Go into
these families, and ask them what they think of life insurance. They
will tell you that instead of thinking it unreasonable and useless,
their only pang, even at the moment when they are experiencing
the blessings of life insurance, is, that the head of their house had
hot -carried it to a greater extent. Therefore, what you have to
do, Gentlemen, is, in your various spheres, to urge this duty upon
your friends —to urge it simply upon these two grounds, that no man
can avoid death, and that no man can AK its period ; but that in-
surance is a science which, out of individual irregularities, extracts
‘ll(wsiof general uniformity ; and thus converts the very precarious.
ness of life into a method of correcting its uncertainty. These are
the impressions made upon me ; what yours are, I leave you to say.
—(Lord .Cockhurn then resumed his seat amid loud applause.)
On the motion of Sir James Russell, K.C.8., of Ashiesteel, seconded
by Professor Miller, a vote of thanks was given to the Courts of Di-
rectors, to the Trustees and Of Bearers, for their services during
the past year.
On the motion of Alexander shank Cook, Esq., Advocate, seconded
by the Rev. James It. Campbell. of Albany-street Chapel, the
Courts of Directors • for the following year were appointed as
follows :

PRESIDENT.
Tho Right llon.the Earl of ROSEBERY, K.T.

VICE-PRESIDENTS.
The lion. Lerd MONCREIFF.
Die Grace the Duke of BUCCLRECH, K.G.
The. Moat Zion. the Marquis of T\ )DALE, K.T. and C.B.
•WILLIAM GIBSON-CRAIG, Ese,Youager of Ricearten, M.P.

TXTRAODDIZIARY DIRECTORS..
• The Very Rev. Princl. M•Farlane Jan Ravenhill, Esq., banker,
. Robert G. Baillie, Esq., of Culter- Warminster.
idlers. Thomas Beveridge, Esq., D.C.S.
Jimes.M`Gregor, Esq.. Chairman Charles Baillie, Esq., advocate.
' af. South-Eastern Rahway. Archd. Davidson, Esq., Sheriff of
Sir John Stuart Richardson of Aberdeenshire.
. Pitfour., Bart. William James Duncan, Esq.,
• Tile Rl:ht Hon. the Earl of Lincoln. Manager of National Bank.
Leonard Horner, Esq., London. * Fir William Hamilton, of Pres-
Daniel Watney. Esq., Wands- ton, Bart.
Worth, London. * The Solicitor—deneral for Scot-
Rey. Dr. Robert. Macnalr, Paisley. land.
William Shuttleworth, Esq., * Archibald Alison, Esq., Sheriff
town-clerk, Liverpool. of Lanarkshire.
Anthony Murray of Dollerie, W.S. * George Dundas, Esq., Sheriff of
William Mitchell Innes, Esq., of Selkirkshiro.
Parsons Green.

ORDINARY
ehrtatopher Wood, Jun., Esq,l

DIRECTORS.
George Gibson, Esq., merchant

merchant,
lames Balfour, Esq, of Pilri7„ W. S.
William Smith, Esq., of Carbeth
Guthrie.
Isaac Bayley, Esq., of Manuel.
Lewis Alex. Wallace, Esq., archt.
James Mylne, Esq., W.S.
Alexander Pringle, Esq., of Whyt-
bank,
James ofWoodhouse-
lee, W.S.

Leith.
William Wilson, Esq„ W.S.
Sir Adam Hay, Bart., of Hays.

Um.
John Cockburn, Esq., merchant.
Henry Cheyne, Esq., W.S.
* Robert Scott lioncrieff, Esq.,
advocate.
* Alexander Thomson, Esq„ W.S.
* Thomas G. Mackay, Req., W.S.

Those marked * arc New Appointments.
BAO
the motion of ltobert Paul, Esq., manager of the Commercial
auk, a vote of thanks was proposed to the Hon. Chairman, which
W" received with much applause, and the Court thereafter ad-
burned.

JOIIN MACKENZIE, Manager.
Edinburgh, WILLIAM GEORGE, Chief Clerk.
5, St. Andrew Square, Bth March, 1850.
LONDON OFFICE, 4, ItOYAL EXCHANGE BUILDINGS.
HUGH M'KEA.N, Agent.