The Sun.
London, England, 1850-04-13 00:00:00

SCOTTISH WIDOWS' FUND AND LIFE
ASSURANCE SOCIETY.
REPORT et the PROCEDURE of the THIRTY-SIXTH ANNUAL
GENERAL COURT of this SOCIETY, held en the sth March.

The Hon LORD COCKBURN in the Chair.
The THIRTY-SIXTM ANNUAL GENERAL COURT of this SO-
CIETY Was held in Edinburgh on the sth March, 1856.
The Hon. LORD COCKBURN in the Chair.
The Manager read to the Court vrrious Statements relative to the
Society's affairs, from which it appeared—
let, That during the year 1849, the total number of Policies actu-
ally passed and issued was 600, covering Insurances to the
Potent of 422,0651.115.
34. That the Capital of the Society at 31st December, 1849, was
2,167,5061. Se; ld., having increased during the year to the
extent of 112,9571.165. 2d.
d, That the Annual Revenue of the Society at the same date was
300,5371. 19s. 6d.. being a decrease since last year, arising
from the reduction in the rate of interest during the currency
Ste
4th, That the number of deaths which had occurred during the
• year 1849 was 1l 1, the sums insured under the Policie■
which have emerged in consequence of these deaths, being
117,6211. 10s., or, with Berms additions, 148,8241. 12s. 3d.
4th, That the above sum of 117,6221. 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 Chairman,liLlit4r' addressing the Meeting', said, the Manager has
now rc ad certainpapers, and made certain statements, which con-
tact a faithful ex, osition of the exact state of our affairs. He
I°,,e'rill3 done re, I really am no• aware what I can do to add either
Zlour information or to your consequent confidence in this Institu-
fmn• Youfeonfidence mast der end en the " facts" you'have heard
; and were it not the usage that the person who occupies
Place which I hare the honour to occupy is exnected to make
, tome address I think the most judicious thing I could do would be
to Maintain silence. At the same time, however, it has often oc-
curred to
12 a quiet me, and
and it occurs to me now, that perhaps a recapitulation
and in ordinary language. of the almost technical
te wmente made by the Manager. may sink mote deeply into your
clads, and be] more easily carried away—(Applause)—and there-
ore 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 ore that leads me to consider
the remark I have to make first—is one that I was not aware of
er"eir tin Yery recently, which is the view exhibited of the pro-
egg of this Institution by our mere numbers. I de lot here
;pteas,
or f
speak
of
auras insured, of our investments, o' our seat-
olePT
there not only being no of that sort. Look at our mere numbers. I
no better test of a society like this being well managed,—of
no snspiciou in regard to it. but that public con-
fidence has been always on the increase, than in the increase of the
no interest
at its interested members—of members, I mean, who have
to interest but pure seitishness—who are as anxious as men crn be
Protest themselves from misconduct, in oiler that,
I tenr"eelY detected. it may be timeously corrected. Now
be that in the year 181 b, when the Society was instituted we
lotan
th a man nest-egg of 49 members—(Lrughter)—and it d'd
Well foe tbe'year 1816, that the eggs laid then were enly 17.
the wed laughter.) I also find that during the first six years o 7
Fie 4 zociety 'I existence, 212 were the sum total of oar chickens.—
sseikUet,„hter ) And here I may observe, that the first thing thet
'eke; la the great caution with which the lives must have been
wears d. for of the 49 members who were admitted in 1815, 35
e. ago, eleven still remain upon the books, after deducting many
tendered their policies. and who, for aught we know, may be
stin, Then. of the 1? who joined them in the year 151 8. after
and of b
ant surrenderers, there are still three upon the books ;
its , • 2 Who joined the society during the first six years of
~...(fuertee. nearly 60 surrendered their policies, but 49 still survive.
(11...-"hiuse-) These seem to me to have been well selected lives.—
nu,Lase. hear.) And the result now is that, at the end of 35 years, the
nor
to of our members amounts, not to one thousand, aer to two,
• t° three, nor to four, nor to five, aor even to six, but to above
r
(Applause.) We have now above six thousand
ed lives. From this fact I infer nothing but this—that, sine "
man jealous but uncomplaining eyes prying into us, I e-
msp-
that we cannot be an 111-managed body.
414 Business done during the year 1649, after deduction of several
elf* Which were -cancelled, amounts to above 422,0001.; that is
ii;:11Y, that last year the Insurances which we effected amounted to
6001 !inn- The number of Policies on these insurances amounts to
"Ont. at the the average, ever all—which, I am told, is a high
• "no less than 7001. on every policy.
iCanital hae increased during tke year tkat is now closed by
2,1671,„'°°„.000/- ; and the total Capital that we own now amounts to
ui• ; that is to say, in roind numbers, which will be far more
, , Y remembered, considerably above Two Millions of money.—
‘4PPlanee,)
~eat wet
statement that we have above Two Millions—that is to say
e,,eat we ought to have it—would be a very idle one, if our funds
• re not well invested; many a man thinks he has, and he ought to
amide it, but when he comes to grasp it it eludes the closing hand ;
thin
therefore, it is of vital and ell-Important consequence to be told
Place, that of our investments, so far as we have discovered,
,e"e have never yet trade a single bad one.—(Applause.) These in-
,wr_hrlentft are, for the most part, laid out on real security—l mean
hin Scotland, the best country, in my belief, for real security, in
, their Pe; and, besides this, a large portion of our capital is invested
.ans to the members, upon the security of policies. What
In
security Can there be than that ?—(Hear, hear.) A member
ee he dies is our creditor, say for 1,11001. ; and he asks for a loan anoool. ; if the policy be of equal value, we lend it to him, because
W. lend it th hint out of his own money. With such a security we
;17oneka
.hate claims is
_i advance it ; and we are as certain of its return as he is that lie
Pon us. Part of these two millions is laid out in Bank
mean stock of the chartered Banks of Scotland and the
Bank of England, which I believe is as secure as can he. There
hart a penny of it laid out in any Bank Stock of which a single
in private life entertains the slightest doubt A
littlepita
tle of our cal is laid out rind g
annuities, which,
ay the law of Scotland, as we all know, fall under the dares
r•!..advaaces secured under real property. Some of it is laid eat on
..!"waY—mark my next word, for this first one makes many
ronle tremble—(A laugh)—some of it is laid out on railway de-
Dentures.—(Applause.) Not one single sixpence of it—if there was
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
t state is one which, above all others, testifies the solidity of these
investments;
whnvieestments; and it is, the regularity and the promptness with
h the interest on the loans is invariably paid. Wherever an in-
Vestment is not met by regular payment of the interest, let the
!Itßoc begin to tremble. Now, with us, we have never found the
least cause for fear or doubt. The interests, I understand, are
aliays paid almost within a day of the time. 11 he result I draw
from all this is, that not only are these investments good, but that
theyta are so good, that better could not be obtained. My belief is,
Meet:rt. these investments were all sow thrown loose, and the Di-
rectors
they
required
andte th retraceeretb retheir y steps.
d. adnod
nt t en'
ggood
t
securities,tw
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 in
this world

Our annual revenue has decreased from the recent fall of interest
during the last year, but it is now above 300,5061. 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 *Mount to ill—a great number, and to be accounted for only
1171, the prevalent pestilence. But yet though they amount to
1 they are only sixty-three cet. of u calculae probabilities that Is to say, that r n
our system o
isr td
founded on
the calculation that there would he 100 deaths, while instead of
'lO4
, there have been oily sixty-three, leasing thirty-seven per
Iheent over and above for the security of the soctety.—(Applause.) Of
e 111 who have d;ed—let the upper ranks think of this fact-24
title efallen by cholera. It Is commonly thought that this is a vial-
which afflicts only the poor and the destitute. I dare say it
dMitts them first, and worst, but, it is by no means confined to them ;
eare heard it to-day stated, that of those who died from it last
atc,rnected with this society, one Individual was insured tor
lAt• elle for 4,0001.. one for 3.0001., two for 2,0001., and one for
like ' and that the whole twenty-four were insured for something
p
eriod
.therefore. you will observe that these, apparently
IDlada visitations, ought to strike a lesson of prudeace on the
°f men in all classes.
The
1,164 nuts paid by us since we began in 1815,
struck.
abovelve
00s lev and this is a fact with which I was much
e distributed above eleven hundred thousand pounds. We trust,lted
and to that extent the families of those members who trusted
a.,
the example that was given by the manager so technically,.
_with such proper brevity, of the benefits of this Institution,
th-m.„.° a treat impression unon me, as I have no doubt it did upon
die-4-44thig. The ease I refer to was that of an old member who
talabroad last year, aid who had insured three times, each time
:01:41. Well, be dies, and he has claims upon us for Loon cer-
abo tut besides that, his representatives will receive considerably
2•°°o/. as a Bonus. Thus, upwards of 5,0001. is secured to his
"n• (APp
; and, even after paying that, the Seciety was plus nearly
luse.)
The next
matter which I have to state is, one for wh!eh I am very
(Lauitrateful; and it is, that we have had up to this day, no litigation.—
ghteand applause.)
Le Xow
iticznhattolyohua.ve stated are the material facts ; and what else
eatief "Y ? is not my business, and lam sirs it would be no
if I were to boast of the excellence of our system,
'Re greatneif ss of our successstill less would it give any sails-
4etion t von
einty
were te do that .rom which every respectable So-
(sent for ever abstain—that of attemating to raise ourseles.by a
---(Appiao.c°,e3Parisait, or even by an allusion to kindred Institut, ins.
more. it • e') I have stated the :acts ; and having done so, I can do no
to
can. le
with o judge how your affairs have been managed. and
taiir merelyh "..
tYw.ou.
ataterden7:aY you those resolutions or judgments which the
hirseeehmeeartdo
me,are calculated to produce. My inferences
in the first place. thr t this is a Society
s•-knowehi ihaY have perfect confidence.—(Hear, bear.) My belief
ks many nt at I
otb do sos.ething about it, althougt not so touch certainly
we ers-14, that our co iffelence in it may go to this extent,
We Were to begia our career again, with the experience which
411, ti ‘,Yb„,,(llfired, I know many ways in which we might act differ-
-atoYab.",-. know no way in which we could do better.--(Applause,)
ta """ have often amused themselves by speculating about what
rionan Would manhood, he was again to become a boy, with all the
.expe-
aucle: lals lf this Society were to do so, I seriously
the "21.41 Y believe that if we were to begin our career in 1815, with
yeerTerience which we have pined ,fei awen that time and the
ace
81ii, we should walk in the very paths, ntly in the. very
meeeY which we have reached our present state. My other inter-
trek. ,Itifolfgh it is something very like repeating the same sermon
tt
ps,p; it, that it is the daiy of all of us to do all in our power to
rgeasteatseryaaktinoowledge of this Institution, and still more to propa-
w-va knowledge of the great duty, in this precarious life, oi
nby insurance. Some people talk as if there were
foal mk. ariiY societies of this kind. Ido not agree with them ; a
in it.
I
Isea._ectly certain that, if the pub"c, and every individual t.
11,4474quittely imPhessed with the importance of insuring their
that there would not only not be too many, but it would be found
.litest-th`Fe wag Perhaps a great deal too few.—(Hear, hear.) The
`hfre ring is to get the community steeped in the conviction that
de4te a no way
as in which they can practisem the gr
nea duty of pru-
de/le, :I° well by iiie insurance. All en are cos aced that pru-
foN Ile a virtue, but all men are not convinced that there is no
aitesitiWnich that virtue can he prrctised with so small a present
aYou ny ,;e. contrasted with so great an ultimate reward. If you want
eraleil of this, I can tell you where you are to find them.
oho not to seek for them here. You must go among the families
altheae ;
dwihe have been bereaved, and amongst whom the s,ciety has
renZthilted gteatly beyond a million 'of money. Go into
”litteltyo„es,• abet ask them what they think of life insurance. They
their that instead of thinking it unreasonable and useless,
hot
blessinia‘ n,3 ,re even at the moment when they
.are experiencing
'Pt tare `'.‘ " Insurance, is, that the head of their house had
efoe
thgewhatit 'ent tt a reater extent. The, you have to
yeety ,ILen, i
• n }our Tatum., spheres, to rue this duty upon
"'nevoid '0 urge it simply upon thew two grounds, that no man
atmen,, , death, and that no man can its period ; but that in-
laws 01. is science which, out of individual irregularities, extracts
nese f ,eneeal uniformity ; and thus converts the verrecarious-
thel its 'ue into a method of corresting its uncertainty. y p
These are
`s(Legesa!ens made upon me ; what yours are, I leave you to ray.
Cockburn then resumed his seat anorl loud applause.)
biChipmilfie motion of Sir James Russell, K.C.8., of Ashiesteel, seconded
tette, easer II•ilei, a veto of thanks was given to the Courts of Dl-
the
e,
Past sen. he Trustees and Office Bearers, for their services ditrlng
Oni
by tkhe motion of Alexander Shank Cook, Esq., Advocate, seconded
Ce„,Te Rey. James It. Campbell, of Albany-street Chapel, the
101148, :of Directors for the following year were appointed as

PRESIDENT.
The Right Hon. the Earl of ROSEBERY, K.T.
The 17 VICE-PRESIDENTS.
41 —on. Lord MONCREIFF.
„, s Grace the Duke of BUCCLEITCH, K.G.

t'"ILLI.I oe Most Bon. the Marquis of TWEEDALE
.14 CIBSON-CRAIG, Esq., Youhrr, of Ricearton, M.P.
The IXTRAORDINART DIRF's:TORS.
kpl, litrYlteT. Princl. M`Farlane rolio Ravenbill, Esq., banker,
~,rt G. Baillie, Essi of Culler- . 'Warminster.
-.e ~
James •
CrhOlnai Beveridge, Esq., D.C.S.
3VGrewor Esq. Chairlr an'Charles Baillie, Esq., advocate.
!Ili! SeUth-
t_.. t
1:1111.1:11. RlChLtratoll of
Joh, Ea stern 11;ilway. - Archd. Davidson, Esq., Sheriff of
Pitt
I;unarcl !Lorne
Ths Our, Bart. William James Duncan, Esq.,
Aberdeenshire.
Manager of National Bank.
bert'arl of Lincoln.
atilt' r, —sq., London. ' Sir William Hamilton, of Pres-
_ Watne-i, Esq Wands. top. Bart.
hew,y, Lososon. "
IsPilliur• ho",ert Macnair, Paisley. -0
lTalnied.Selicitor—Beneral for Scot-
ty:l: htittleworth, Esq., * Archibald Alison, Esq., Sheriff
4,,ith -clerk, Liverpool. of Lanarkshire.
l'fillik°43.3.llirraY of Dollerle, W.S. * George Dundas, Esq., Sheriff of
1, ,li Mitchell Innes E of Selkirkshire.
' k'sous Green. ' sq.'

Christ° ORDINARY
,r
Ater Wood, Jun., Esq.,
tZ chant, Leith.
Italfour, Esq. of Pilrig, W. S.
Guti~llliyT Smith, Esq., of Corinth
/84ac n
tow! 'YleY,of Manuel.
htnot 4,1. ex. \Valli:co Esq., archt.
44,7 aitYlne, Esq., W.s.
;lider Pringle Esq., of y t-
i es t,: •
t ,
of WoodhouWhse-

DIRECTORS.
'George Gibson, Esq., merchant.
Leith.
William Wilson, Esq„ W.S.
Sir Adam Hay, tart., of Hays-
toun.
John Cockburn, Esq., merchant.
Henry Cheyne, Esq., W.S.
* Robert Scott Moncrieff, Esq.,
advocate.
* Alexander Thomson, Esq„ W.S.
* Thomas G. Mackay, Esq., W.S.

On the Those marked * are New Appointments.
zgank , a vlllotton of Hobert Paul, Esq., manager of the Commercial
ote ras ee.t. of than was proposed to the Hon. Chairman, wich
Jeurum"Yed with mks
uch applause, and the Court thereafterh ad-

JOHN MACKENZIE, Manager.
I.Rclinb WILLIAM GEOR.GE,
urfill' 5, St. Andrew Square, Bth March, 1850 Chief Clerk.
141)°11 OFFICE, 4, ROYAL EXCHANGE BUILDINGS.
HUGH AVILEAN, Agent.