The Sun.
London, England, 1850-05-11 00:00:00

BANKRUPTCY SUPBRSEDEb.

Evan Rees, hatter, Dudley, Worcestershire.
BANKRUPTS.
Richard Dart and Joseph Brown, coach lace manu-
facturers, Bedford-street, Covent-garden, to surrender
May 17, at eleven, and June 22, at twelve, at the
Court of Bankruptcy.. Pennell, official assignee, Guild-
hall-chambers, Basinghall-street; May and Sweetland,
Queen-square, Bloomsbury..
Edward Parratt, advertising agent, Park-village West,
Regent's-park, May 22, and June `2l, at One, at the
Court of Bankruptcy. Stansfeld, official assignee; Cun-
ningham. Buckingham-street, Strand.
John Thomas Holland, builder, Coventry, May _
23 and
June 20, at twelve, at the Blrininghain District Court.
22Wanildlia Junetn l iaio, h
a Christie, official assignee, Birmingham; Dewes and Son,
Coventry; Motteram, Knight, and Emmett, Birmingham.
District
Court. Bird, official assignee, Liverpool; Dewhurst,
Liverpool.
Margaret Milne, grocer and tf a dealer, Manchester, 3rBt eleven,tieoh p
artoptrhiectoLr, Liverpool, May
iverpool
May 31 and June 14. at eleven, at the Manchester
District Court. Hobson, official assignee, Manchester;
Mackinson, Manchester.
Buckley Royle, dealer and chapman, Manchester,
May 28 and June 12, at twelve, at the Manchester
District Court. Fraser, official assignee, Manchester;
Andrew, Manchester.
Richard Wilson, dealer and chapman, Kingston-upon-
Hull, May 29 and June 19, at half-past twelve, at she
Leeds District Court. Carrick, official assignee, Hull ;
Stamp, HulL

PRICE OF SUGAR.
The average price of Brown or Muscovado Sugar, com-
puted from returns made in the week ending May 7

1850, exclusive of Custom Duties pa'd or payable thereon
on the importatim thereof into Great Britain:—
From the British possessions in America '23s. 5f:41. per cwt.
From the Mauritius 235. lid. ~
From the East Indies ... 235. 44d. „
Average price of the three foregoing de-
scriptions of sugar, jointly, computed as
*bore, and exclusive of duty ... 233. sd.
By authority of Parliament,
HENRY BICKNELL, Clerk of the Grocers' Company.
Grocers'-hall, May 10.

BANK OF ENGLAND.
(From last night's Gazette.)
An Account, pursuant to the Act 7th and Sth of Victoria, cap. 32, fir
the Week ending on Saturday, the 4th day of May, lesO.
I881:11 DEPARTMENT.
X.
Notes i55ued........ 29,924,295

£29,924,295

Government debt •. 11,015,100
Other securities .. • . 2,984,900
Gold coin and bullion 15,714,411
Silver bullion ...... 2U9,877

X 29,924,295
M. MARSHALL, ChierCashier.

METROPOLITAN COUNTIES AND
GENERAL LIFE ASSURANCE SOCIETY.

On Wednesday afternoon the second general annual
meeting of the proprietary of the above company
was held at their offices, No. 27, Regent-street.
Amongst the directors present were Captain the Hon.
G. F. Hotham, R.N., Sir T. N. Reeve, E. V. Neale,
S. Driver, J. P. Griffin, W. Studley, W. A. S.
Westoby, H. P. Fuller, E. Lomax, Esqs , &c.
On the motion of Mr. Fuller the chair was taken
by Captain the Hon. G. F. Hotham.
Mr. Camroux (manager) then proceeded to read
the advertisement calling the meeting, and also the
report, of which the following is a copy :
" At the conclusion of the second year from the for-
mation of the Metropolitan Counties and General Life
Assurance Society, the directors have the satisfaction of
again congratulating the shareholders and members upon
its increasing prosperity. The hopes which, on the last
occasion when they had to give an account of their
stewardship, they considered themselves justified by
twelve months' experience in entertaining—namely,
that notwithstanding the formidable array of rival offices
with which the society had to contend, its peculiar ad-
vantages were such as could not fail to secure fer it a
large share of public favour, have been folly realised.
The progress of the society has continued to be as
steady and as rapid as the directors felt justified in anti-
cipating that it would be.
" To establish this proposition, it is necessary only to
compare the number of proposals made and policies is-
sued, the amount of revenue produced and of sums as-
sured at the close of April, 1849, with the same items at
the close of April of this year. On the 30th April, 1849,
the society had issued 212 policies, assuring sums to the
amount of 67,8011., and producing an annual income of
2,2361. 3s. lld.
" On the 30th April, 1850, the society had issued 532
policies, assuring sums to the amount of 176,557/., and
producing an annual income of 5,8031. 12s. sd.
" Thus, it will be observed, that the total amount as-
sured has increased in a greater ratio than the number
of policies, a satisfactory evidence of the increasing con-
fidence felt by the wealthier classes of the community
in the stability of the society.
"To guard against the possibility of heavy claims
being made in the infancy of the society, your directors
have re-assured with other societies all lives upon which
policies exceeding 1,5001. have been effected with the so-
ciety, for the excess above that sum. In addition to the
capital invested as loans, the directors have also taken
measures for the formation of a reserved fund in the Go-
vernment Securities, in conformity with the provisions
of the deed of settlement, as an immediate available in-
vestment to meet any claims which may be made upon
the society.
" The directors, in their last report, were enabled to
congratulate the members on the exemption of the
society from loss up to that period by reason of death.
This congratulation they are happy to be able to
reiterate, not one of the assured having died since the
formation of the society. The directors feel justified,
therefore, in referring with confidence, from past expe-
rience to the skill of the medical officers employed by
the society, and the care with which the life assurance
business has been conducted, and in renewing their
former anticipation of the advantages to be reaped by
those who either as proprietors or assured invest their
capital in the society.
" The directors have much gratification in being able
to speak of the services of the officers of the society,
especially those of the manager, Mr. Camroux, and Mr.
Addison, the provincial superintendent, in terms of ap-
probation, similar to those employed in their former re-
port. The best proof of the zeal and efficiency of all
the officers employed by this society is, however, to be
found in the result of its operations already noticed.
" The balance-sheet of the accounts of the society up
to the 25th of March last, and the report of the auditors,
which are in the hands of the shareholders, contain am-
ple information of the present position of the finances of
the society, and will, as the directors feel certain, bear
out, on inspection, the favourable statement which they
have made.

" It is natural that, with so pleasing a retrospect of
the past, the directors should look forward with confi-
dence to the future. Everything induces them to be-
lieve that the next year will exhibit an increase upon
the present one, as great in proportion as that of the
last year over its predecessor.
"They have recently found favourable opportunities
for introducing the business of the society into several im-
portant places, where hitherto its advantages had not been
made known, and in which they have reason to expect
the formation of a valuable connexion. Experience
shows them that life assurance offers an inexhaustible
field for well-directed efforts, so small is the proportion
in every part of this country of assured lives to the
number of healthy persons possessing the means of
effecting assurances. In conclusion, they will only add
that the shareholders may rely on the directors leaving
no m« ans of extending the business of the office untried.
" Four of the directors, John Palk Griffin, Esq.,
Captain the lion. G. F. Hotham, Edward Legh, Esq.,
and Samuel Miller, Esq., go out of office by rotation,
and John Palk Griffin, Esq., Captain the Hon. G. F.
liotham, and Samuel Miller, Esq., being eligible for re-
election, offer themselves accordingly.
" Thomas Bates, Esq., and Henry Peach Buckler,
Esq., the auditors of the society, also retire from office;
and Henry Peach Buckler, Esq., being eligible for re-
election, offers himself accordingly.
" By order of the Board of Directors,
" F. FERGUSON CAMROUX, Manager.
"27, Regent-street, Wuterloo-place, London,
April 30, 1850."
The CHAIRMAN then rose, and said the report they
had just heard read by their excellent manager would
give the shareholders the best and most accurate ac-
count which could be furnished of the proceedings of
the society for the last twelve months. lie had the
pleasure of telling them on a former occasion that he
anticipated great success, and he could now say, in
the second year of their existence, that not withstanding
the short time their office had been established, and
the number of institutions of a similar kind with
which they had to compete, his anticipations had been
more than realised ; and he considered the cheering
prospect whi,;h ther business presented fully justified
him in the hopes he had expressed, and the improve-
ment in their affairs for the year just past was
only an omen of their greater future prosperity.
They would observe, by the report, that there
was an increase in the sum assured—from 67,8011.
last year, to 176,5571., an increase which had
more than doubled their income ; and even since
the time which that report had been prepared a still
further increase to the amount of about 10,0001. had
taken place ; so that their income then, instead of
being only about 5,0001., was at present about 6,0001.
a year. Now, in increasing these sums assured he
could inform them that a considerable degree of care
and cautiousness had been used. They had not ac-
cepted all the assurances which had been offered, nor
had they taken all that came to them. They consi-
dered that in the beginning of their existence they
ought to be careful in avoiding any large risks ; and
he was happy to say that since their establishment
not a single life had fallen, and that was a matter on
which he felt happy to be able to congratulate the so-
ciety. They had up to the present time not undertaken
any assurance beyond 1,500/., which was he thought the
safer course to adopt. The proprietors would also see
that they had commenced a fund called the reserve fund,
to meet any contingency which might hereafter
arise. Although it was rather early in the day to
expect that that fund could be very large, yet it had
been considered advisable to commence it, and by
adding a little to it every year, it would gradually in-
crease to such an extent as might enable them to meet
any contingencies that might arise without calling on
the proprietors. Their loan business was also increas-
ing day after day, and would increase more with the
increase of their capital. That loan system, he would
observe, was a very valuable adjunct to the business
of the society. He need not say much then with re-
spect to the advantages and assistance which the so-
ciety derived from its most efficient officers. On a
former occasion he had the pleasure of bearing testi-
mony to the efficiency of their medical officers, as
well as their manager and provincial superinten-
dent. The report alluded in complimentary terms
to those officers, and for his
down
.d part
he should reiterate what
hehisba ao
previous occasions, and again beartestimony
to the value of their services.. There was one sub-
ject
aofenwe
of words. It was
their auditors
with onrespect whi which ht
to
e theirw s
auditors.wished to say
had retired, and there was at present only one. They
had been obliged to accept the assistance of a gentle-
man who had very kindly offered his services. But
an auditor was to be appointed, and his experience
in other companies led him to believe that pro-
prietors did not generally look with favour on the
fact of directors nominating auditors. As a general
rule, he thought the election of auditors should be left
to the proprietors. Now, what they thought was, that
if there was a gentleman—a public accountant--who
would take the matter in his hands, it would be advis-
able to appoint such a man ; for though their ac-
counts might be small at present, there was every
prospect that in the course of a few years they
would give the auditors work enough. There were
two ways by which the question might be met. He
believed their deed required that a special meeting,
after 21 days' notice, should be held to elect an
auditor. This was an officer whose appointment
ought to be left in the proprietors' hands. In con-
clusion, he begged to move the adoption of the report
which had been laid before the meeting. He then
read the number of attendances given by each
director during the past year.
Mr. FULLER, in seconding the motion for the
adoption of the report, said he hardly thought that
many people could be aware of the advantages con-
nected with that office. There was not only the amount
of the assurance, but the quality of it to be Co""
dered. There was another thing which
value otf,
known, he believed, and it was the
till in its
the shares in that society, which
p"p'as l
c:tioni, but
infancy. They did not want
they wanted capital. Anyinterest upon it as
their society, not only got the
such, but got also the benefit of the money paid f
was increased, the
in loans connected
personf. 'i
taking s haresouin.
did not always take a
onwh
whole
aont.
thaatndcoui;lrd
with life assurances. In addition to the interest nn
thebke a
nesxptehrei capitale y
d
the loans, they had also the advantage of a life assur-
ance. But in giving -
life assurance. And then there was also the bonus to

accrue to the families of the parties after a short time.
Considering the progress which had been already made,
he felt that he was justified in saying their ratio of im-
provement would not be arithmetical hut geometrical,
and must not be calculated by adding, but doubling.
The resolution was then put and carried.
The directors named in the report were then bal-
lotted for and re-elected.
The CHAIRMAN then said he did net think they
could take any other step for the present with respect
to the auditor. If the proprietors could get a gentle-
man, a good public accountant, to qualify for the
office, the directors would be happy to co-operate.
with them.
Mr. KING then proposed, and Mr. LEA seconded,
a proposition that twenty guineas should be paid to
the auditors of last year.
Carried unanimously.
After a few observations from Mr. FULLER, the
CHAIRMAN begged to call on their Provincial Super-
intendent to make any statement he might have to
make to the meeting.
Mr. ADDISON could only state from all he had seen
in recent visits to the provinces, that he was con-
vinced that there was every probability rf the busi-
ness being very considerably increased within a very
short time. Though be believed that it was an extra-
ordinary fact that not more than 150,000 persons
were assured out of a population of 30,000,000, yet
he was convinced that ere long at least 5,000,000
would be assured, as wherever he went he found a
great and growing feeling in favour of life
assurance. He also found that the names
of the directors of that company inspired
universal confidence from their station and
character ; and that throughout the towns of
Kent, Lancashire, and Yorkshire, which he recently
visited, their business was increasing month by month
and day by day.—(Cheers.) He had last year ven-
tured to pledge himself that their business should
be doubled this year. It had more than doubled, and
he would venture again to pledge himself that it
would be again doubled within the ensuing year. He
had only yet visited two or three counties, and had
not half worked them, and therefore what their busi-
ness might be when the whole thirty counties were
canvassed he could hardly venture to imagine.—
(Hear.) What had hitherto been done had been
done in England only, they not having granted a
single policy in Scotland, Ireland, or any other place,
and they had therefore a wide field yet entirely un-
worked.—(Cheers.)
Mr. FULLER said, after what the proprietors had
heard, he was sure they would not be surprised that
he should rise to propose a vote of thanks to their
talented manager (Mr. Camroux) and the other
officers of the company—(Cheers)—and that it would
be carried by acclamation. When Mr. Addison last
year told him (Mr. Fuller) that their business would
be double this year, he hardly expected that his
prediction would be so amply verified ; and he there-
fore thought that the officers were fully entitled to
their thanks.—(Cheers.)
Mr. NEALE seconded the resolution. lie was
fully convinced that it was through the zealous ex-
ertions of Mr. Camroux, and the circumstance of his
name being known all over the kingdom, as long
connected with life assurance, that the society had
obtained a standing within two years which no new
society had ever before obtained, and that, too,
notwithstanding the number of new societies which
had started about the same time, or just before them.
—(Cheers.) He had every reason to believe that
their business would go on increasing, and that their
income, which had arisen from 2,0001. to 6,0001.
during the past year, would be upwards of 12,0001.
when they again met.---(Cheers.)
The resolution having been unanimously carried,
Mr. CAmaoux returned thanks, assuring the pro-
prietors that nothing could give them greater pleasure
than such an acknowledgment of their services, and
pledging himself that no exertion should be wanted
on their parts to increase the business of the com-
pany.—(Cheers.)
A vote of thanks was then given to the medical
officers, which was briefly acknowledged by Dr. H.
W. FULLER.
Mr. LEA proposed a vote of thanks to the chair-
man and directors for their services during the past
year, and in doing so called attention to the fact that
that society had granted one more policy in two
years than the Scottish Widows' Fund Society, which
was now one of the first in the kingdom, granted in
six years.—(Hear, hear.) In the first year of the
existence of the Scottish Widows' Company, 1815,
they only granted forty-nine policies, and in the
second year seventeen, making sixty-six in two
years—while in the first two years of their
existence that (the Metropolitan Counties) com-
pany had granted about 600 policies, or
nearly ten times as many as were granted in
the same period by the former company ; and, looking
at the progress they were now making, he had no
doubt that they would hare nearer 5,000 policies at
the end of six years than 3,000, which would be the
comparative ratio with the company be had alluded
to, according to what they had yet done. In conclu-
sion, he had great pleasure in proposing a vote of
thanks to the directors for their services.—(Cheers.)
Mr..l3LyTu seconded the resolution, which was
carried unanimously, and duly acknowledged.
Thanks were then given to the Chairman, and the
meeting separated.