The Sun.
London, England, 1850-03-16 00:00:00

THE SUIT

of all taxes the most obnoxious was the tax on marine
insurances. It was a tax which, though not of large
amount, pressed on every It hipownir, and might, he
thought, without nny serious loss to the revenue, have-
been repealed.— (Ikar.) Ile had no wish to yrotraei
the present dicustien. He accepted the admission
made by the Right Hon. Get tleman as to the agricul-
tural distress, but he should regret if the Government
were led to believe that the two remissions of I axatitn
proposed would be acct pted as a satisfactory settlement
of the question which now agitated the country, and
which would continue to agitate the country, till the
policy which he was willing to imagine the Right Hon.
Gentleman was not averse to was adoptcd.—(Hear.)
He thought he might assume that the Right Honourable
Gentleman was not averse to do justice to the agricul-
tural interest, for he had several times IN peated Li

Nov nil benefit could arise to them as long as the
11,,0t' system of conveyancing continued. His Right
tit)QB Friend said that if they voted these large redue-
le 01,81101 as the tsa duty and the window tax, they
sri,;-t rivet the property tax for ever.—(hear, hear.)
that rePerty-tax was rivetted for ever, and be rejoiced
thsti"
"was so. In conclusion, he rep, ated his hope that
"At, rtaxes would not be reflect e 1 to rem ann on the
wn'llook after a peace of ty-five yeare, aid that
Vine e°tl.4l put their system of taxation on some intelli-
k Isla—Meer, hear.)
the orit:TO would not have risen, had it not been for
sesks",aervation male by the lion. Member for War-
terstere, that the free-trade policy of late years had
hie a to the degradation of the working classes. He
Plasm hiss acquaintance with those classes, and had
hest\ the greater part of his life among there.—(Hear,
to ts) He felt that the debt of gratitude which ens due
tto,1": Gevernment for the che 1p supply of food which
II ?tread obtained for the people would be appreciated
it,443:118r0 generations, which at the present mom' nt
hey s, eeaaed to forget. Ile thanked the Government
tocerely for the renaiseion of the brick duty.—(lro-
asi
_cheers and laughter.) There was a time when he
rt interested party in this question, but at the pre-
Ilsor was non—(flean hear.) He could assure Hon.
the, weraell that he telt that remission only as it affected
elsty eh-being of the working classes. Ile knew of no
Pess°,fssrnall amount which could tend so much to im-
ths es,'ee dwellings of the lower orders. He hoped that
slit Government would follow in the same track by sub-
kelt ug a house duty for the window tax—one of the
hiesdtienPoPular taxes through the wnole length and
sista sf the land.
)11.0r. DRUMMOND was Nary thankful to the Right
his tl,raMe Chancellor of the Exchequer for what he
tnoren them. He had no cause to complain of him
%het', and only wished the Right Honourable
he qinast had used the same arguments last year, when
.r. Drummond) brought forward his motion, for
Innh 'Oat Honourable Gentleman had in fact adopted
ok Zone of the recommendations which he made on that
httnal°ll. No doubt his ideas were put in much better
stl',3 age, but still in the speech of the Right Honour-
es, the Chancellor of the Exchequer he saw, as it
Its. ',his own image reflected.—(Hear and laughter.)
Stark'auning once said that nothing was so false as
'reties except faces. Honourable Gentlemen were ever-
s,4,4lgl9 referring to Mr. Ilu,kisson and Adam Smith.
w il
if there was aly one point on which Adam Smith
ths,b
i mole strongly than on another, it was this—
of 01 6 V4lllO of the home market was far beyond that
Ant C foreign market.—(Hear, hear.) This was the
hs hitrae, since he had had a seat in that llouse, that
leeos4heard a recognition of its ealue. It might have
No. 14 pato, but out of the mouth never did it
tliir.(ilear and laughter.) His motion last 3 ear had
,8 object to remove taxes from the poor to the rich.
Or oßight Honourable Friend had deseaoted on the evil
est,itur, system, which tended towards the creation of
1%411 at the expense of the comforts of the labourer.
Yes, Was the very point which he had maintained last
laki, and for maintaining which his Right lion. Friend
hitiell'eld him he was verging on Socialism.—(Hear, and
itte„' ler•) He was told that under the system which he
te.ll/(t)tted they would gradually arrive at a point where
seeile°ll would absorb capital ; and when he urged that
Ilstt'rting should be done t )wards reducing the national
his ,2°Y corning into the market and purchasing up stock,
teiollonesition was treated as too trivial to be enter-
hared " Of what use," it was said, "is it to save a few
likkreds of thousands?" His Bight Hon. Friend had
to t•
he of the income tax as being rather an advantage
labouring classes. Why then did he lay it down
hst temporary tax ?—(Elear, hear.) The Right Hon.
eoet, the Member for Tacuworth, had always been
4teased of a little dishonesty in proposing it as tempo-
, for he knew full well from his inmost soul that it
hareswould be repealed. He knew they would always
ens: to pay it and he (Mr. Drummond) was, so far from
te e,,rding from him, desirous if he could to put an end
iett"te excise on malt and substitute a property tax
;,a1- Oh, ob," from Mr. Brotherton.) It was
de,,e,rY well for the Honourable Member there who he
geed say, hardly knew the taste of it.—(Laus,hter.) Ile
tilt 'et' to shift the tax from the beer-drinker to the
tntaPagne-drinker.—(llear, hear.) Ile wanted to let
tree Which was a necessary of life to the labourer be as
oe as corn. Oh, yes, it was very easy for men to
rle twaddling out of the Committee-roems and talk
ett"rePsrance.—(Loud laughter.) When Major E i-
bdess went down to his own native country his friends
lained how pale and worn he looked. " Oh," said
"some good Shropshire ale will soon set me up
ante" That was the thing to which he trusted, and
stto any temperance society.—(Laughter.) Ask the
theleultural labourers themselves what they thought of
Matter. Ile did not deny that the removal of the
h she matter.
on bricks was important, but still it went a very
ttle
(14, este'. The case of the agriculturist was much more
so 4lvantageous than that, of the manufacturers. He asked
thY Manufacturer of cotton whether he would consider
the he bad true free trade in that article, if there was
s4'e Prohibition of a very heavy duty on it And yet
elsr was the case of the agriculturist, as long as they
Cintained the malt tax.—(Hear.) The farmer was
et
Ilte par with the manufacturer. For instance,
sph farmer could not mix peas and beans with his
esetat) but the miller could and did.—(Hear, hear.) He
eh'el not mix bone-dust with his flour to make bread,
tit!' the baker did.—(Laughter.) There were a thousand
boat of this sort. He could not mix cotton with wool,
ltd not
stocking-maker and flannel-maker could. He
btti IQ not sell oak hark for jesuits' bark to hospitals, but
e druggist did. He could not sell quassia for hops,
put honey into his tie instead of malt, as the
tawers did in Scotland.—(Renewed laughter.) In no
oe of these instances could the two classes be said to be
h par. He did not mean to say that the agriculturist
thl!" a bit more honest, or that he would not do the same
ins if he could; but he could not, and therefore was
ket
leg 0,11 a par with the rest of the community.—(Loud
songnter.) For this reason he was entitled to more
th asiderations than other persons. The manufacturer,
e Momsnt the raw material came into his hands, had
hettogether in his power. It was not the same with the
tMer• From the moment he put the corn into the
kro
end until he sold it, it was liable to every vicissitude
th.elimate, animals, vermin, birds, and all sorts of
illg9, over which he had no control whatever. He
s!l4 very glad they bad got what they had, and only
I:hed they had got more; but he supposed they must
content.—(Hear and laughter.)
Mr. FRENCHcomplained that Ireland would derive
nbs'lY little benefit from the proposed reductions. He had
e e°P sed to see some of the surplus applied to the promo-
b of emigration in those districts where there was a
se
llgeetion of the population, and checking the emigra-
tion from other places of the bone and sinew—cf the
13:41)ital and industry of the country. Ile should also
that
been gratified to have seen some such measure as
sett proposed by the late lamented Noble Lord the
ember fir Lynn, for the promotion of railways in Ire-
Isnd. A more unfortunate selection could not have been
de, as far as that country was concerned.
Lord J. MANNERS—
"'Tis when we suffer, gentlest thoughts
Within our bosoms spring.
And who shall say that pain is not
A most enlightening thing?"
certainly deeply regretted the cause which had so
55,4 kept the Right Hon. Chancellor of the Exchequer
1,:al them, but he could not help thinking that, had he
h NI present at the debates which had taken place, and
'tern the controversy which had been carried on, they
afield not have bad a speech so remarkable far calm
—jalour as that which they had listened to that
i'Zght, and, as had been already observed, it was
11;(' first speech delivered by any Member of
ir Goverment in which a full and frank admission had
f's, a made of the existence of agricultural distress.—
hy'entr, hear.) Nor was there any attempt, as far as he
ineetembered, on the part of the Right Hon. Gentleman
di Tidily that distress. The only point on which he
'ffered from him was on his unlucky recurrence to that
/italortunete system of prophecy which lie thought the
'gift Hon. Baronet the Member for Ripon had for ever
„
fislPelle I. But the Right Hon. Chancellor of the Exche-
een not having beard the speech of the Right Hon.
Zaronet last night, had endeavoured to cheer the de•
pressed spirits of the agriculturists by telling them, as
sla had often told them before, that the pressure was only
34porary, and though he was obliged to admit that all
ih4 previous prophecies had been falsified, he still invited
Vern to expect bettor prices in time to come. His Hon.
.4tend the Member for Warwickshire had, however,
shown most satisfactorily that the data on which he
rested his conclusions were entirely erroneous. If any
Ittlditional arguments were wanted, they would ;be found
'a the last circular which cane from Egypt. He had seen
ode the other day from Alexandria, dated the Bth of last
"inth, which gave the price of wheat at that moment
ill tho freight to London being es. 5d., and to
tverpool at 73. quarter, and win at might at
''''that time be shipped from Alexandria and be laid down
t a profit in the port of London at 281. a quarter. Look
at American prices in the various ports of the United
'Ames, Within his own knowledge during the last
three months wheat flour had Leon shipped from New
York to Liverpool at a price, not of es. but of 13d. a
?asst. Under these circumstances what re.ison could
the
Right Hon. Gentleman assign for telling the agri-
culturists of this kingdom that they might expect a per-
teenent rise in the price of corn ? Ho believed, how-
ever, that portion of the Right lion. Gentleman's speech
Would not have the least effect upon the minds of the
Pt ople, end he heartily hoped it might not, and that they
Iveuld not be deluded into any extravagant experiments,
er induced to invest their capital on the soil on the faith
of the statement of the Chancellor cf the Exchequer.
The Noble Lord the Member for Middlesex had drawn
la true picture of the result of extravagant import duties
in stimulating the smuggler. But why e as it necessary
to keep up these extras aeant duties on tobacco and tea?
"imply because of the system which depressed the agri-
cultural interest, and would, if permitted, ruin every
Meat industrial interest in the country. The Chan.
(teller of the Exchequer could not reduce the duty
e°ll tea and tobacco, because he declined to accept any
oei American flour aad Holstein heifers. He could
Dot think his Right Hon. Friend east serious when he
Invit,d the agricultural interest to accept his two boons
a 5, a satisfactory settlement of the pending question.—
Itieer.) Ile would remind him of the argument which
'e applied to the greater proposition of his Hon. Friend
the
Member for Bucks—namely, that the proposed re-
auction would benefit the towns in the proportion of
eleven to nine as comoartd with the agricultural interest.
----(Eleer, hear.) Ile hoped, however, when the proposi
llon was submitted to the Howe in a practical form, his
Hon. Friend would submit to them an analysis of
the respective shares of the agricultural and urban po-
tulation in the abolition of the duty.—(llear, hear.)
Vith reference to the statements as to the general pros-
kritr, hie Right Hon. Fr.end expressel no inconsider-
able amount of surprise at the anxie'y manifested on a
recent occasion, on the part of the shipping interest, for
fl reduction of the duty on timber. The fact was, how-
"et* it might be disguised, that the shipping interest was
Inq in so prosperous a condition as had been represeated.
"Mall as that boon was, the shipping interest pressed for
It bad been pretty generally admitted last session that

conviction of the great importance of raising in our
ow❑ country the bulk of food necessary for the people.—
(Hear.) Ile could, however, assure the Right Hon.
Gentleman that the agricultural interest would never be
satisfied with the propositions he had made.—(lT ar.)
Mr. MUNTZ congratulatel the House and the Chan.
cellor of the Exchequer himself on his re-appearance
among them, but he could not congratulate him
on the subject of his budget. Ile was at a loss to know
the amount of the surplus, and how it was to be ob-
tained. The Right Hon. Baronet had made a comp
rison with one of the very worst years, and he thought
it doubtful whether the Right Hon. Gentleman would
really obtain any surplus from incr eased revenue. In
tact, the surplus seemed to arise almost wholly from the
refusal of that House to grant the supplies asked for in
the first instance by the Government.—(Hear, hear.)
The Right Hon. Baronet would have acted more wisely
—when there was so much doubt about a surplus—if
he had not proposed the remission of any tax.—(Hear.)
He perfectly agreed with the hint thrown out by the
Noble Lord the Member for Middlesex as to the tuxes-
_

city of revising our mode of taxation. If something
were not done in this respect, instead of the boasted
surplus, there would be a lamentable deficiency.—
(ilear.) When the Right Hon. Baronet the Member
for Tau worth proposed the repeal of the corn-laws in
1846, he warned him that if he did so, with the present

!Ilona try system, he would be obliged to impose a pro-
pert)-tax of at least 25 per cent., if he wished the into
rest on the public debt to be paid.—(Hear, ht te.) He
did not object to a bona fide property-tax. At pre-
sent they were casting about for means to make
both ends meet. Some proposed to abandon the colo-
nies. Hon. Members conversant with ancient his-
tory needed not to be reminded that both Greece and
Rome first began to withdraw support from their distant
possessions, when affairs at home were unprosperous,
and their greatness commenced to decline.—(Hear, hear.)
Was this country about to adopt a similar policy?—
(Hear, hear.) Ile admitted that the colonies, under the
present system, were not worth a farthing, and that the
sooner they went perhaps the better; but we could not
well desert them.—(Hear, hear.) Hon. Gentlemen were
fond of talking about unbearable taxation. Now he re-
collected a time when the taxation was double what it is,
yet every man was then able to get a good livelihood,
and looked with horror at the workhouse.—(Hear, hear.)
It seemed to be quite true what was said the other day,
that the rich were getting richer and the poor poorer.—
(Hear, hear.) They had heard talk of a saving of
90,000,0001. All he could say was, that on the present
principle every reduction in prices was an additional
pressure on the industry of the country.—(Hear, hear.)
It had been said that the pressure would be removed by
an alteration cf prices; but if prices were to advance,
of what use would the repeal of the core.-laws be?—
(Hear, hear.) He had voted for the repeal of the corn-
laws in order to reduce prices, and almost with the
knowl, dge that it would do so. His present convic-
tion was, that there could be no improvement in prices,
but, on the contrary, a further reduction.—(Hear, hear.)
The present prices were, indeed, the average prices of 99
years of the last century. It was said by some that
they were only temporary. He bad this week met with
one of the partners of one of the first mercantile houses
in Copenhagen. In conversation this gentleman had in-
formed him that in consequence of the throwing open
the ports of this country, hand in Denmark, which had
been hitherto uncultivated, was now brought into culti-
vation, and that the people were improving their land
with the view if raising grain for the English market.—
(Hear, hear.) His informant further stated that they
could supply 2,000,000 quarters of corn for this country
at the present moment, and in a short time 3,000,000
quarters.—(Hear, hear.) The present price of wheat in
Denmark was 26e. a quarter, and oats 10s. It seemed
265. did not pay them, but they would be satisfied with
280.—( Hear, hear.) This same party had chartered two
vele4els at Leith to bring over corn from Copenhagen at
2s. 6d. a quarter, and suppose other charges amounted
to 6,1. a quarter, 293. a quarter would be the cost of such
corn in this country.—(dear, hear.) Ile told them these
facts exactly as he had heard them. Upon what prin-
ciple was it then that they expected prices to ho higher?
In his opinion, if they wished to be able to carry on the
Government, and to pay the interest of the debt, they
must revise their mode of taxation, and make property,
instead of industry, bear the bur& n.—(Hear )
Mr. SANDARS would not nave troubled the Commit-
tee with any remarks but for what had fallen from the
Hon. Member for North Warwickshire. He thought the
Hon. Gentleman had rather understated than overstated
the cost of freight from Dantzic. With respect to this
subject he was never more surprised than when ho heard
the remarks of the lion. Member for Westbury the other
night. Since then he had received letters from various
parts, expressive of astonishment at the statements made
by the Hon. Gentleman.—(llear.) The Hon. Gentleman
had stated that the price of bringing corn from Dantzie
to this country was 6s. a quarter. He did not dispute that
from
_Dantz;c to London the cost might be 3s. 9d., but

then it ought to be recollected that there was also some
expense in carrying corn from the different parts of this
country to the London market.—(Hear.) At the present
moment corn could be brought from Denmark or Ham-
burgh to London for 2s. a quarter; but the cost of car-
riage from Boston and other pot is of this country to
London was of similar amount. The Hon. Gentleman,
when he alluded to the prices of the last ten years
in the foreign markets, ought to have recollected
that during that time protection existed in this
country, and that no conclusion could be drawn there-
from as to the prices for the next ten years.—(Hear.)
The Hon. Gentleman had also stated that the price
of wheat at the present time at Odessa, put on board,
was 325. a quarter. He had letters from Odessa, and it
was quite true that the price was 325.—(. Hear, hear,"
from Mr. Wilson)—but that was regarded as temporary,
and the lion. Gentleman ought to have stated that con-
tracts were entered into for the finest wheat at Odessa
at 265. a quarter.--(Hear, hear.) He had stated over
and over again that, under the system of free trade,
wheat could be grown in this country for 355. a quarter.
He was not surprised at the price of wheat. Only this
week the house to which he belonged had male contracts
for the finest Pomeranian wheat, to be shipped at Ros-
tock and Stettin, and to be laid down in this country at
335. a quarter. He had been assured by all the foreign
merchants he had corresponded with on the subject that
they would be able to supply any quantity of wheat if
prices in this country remained somewhere about 355. a
quarter. The fact was these merchants had no other
market, and whether they could afford it or not, their
supplies would come to this market. He was greatly
surprised to hear so great an authority us the Right Hon.
Baronet the Member for Tamworth allude some time

ago to the increase of corn imported in 1849 to the
extent r. f some 5,000,000 quarters, and expatiate on the
increte e 1 comforts thereby given to the poor. He thought
the Right lion. Baronet mutt have overlooked the very
deficient harvest of 1848. Nut loss than 3,000,000
quarters were required to make good that deficiency.
In that year 700,000 quarters were exported from this
country to Ireland, instead of Ireland sending to Eng-
e: it usually did, about 1,000,000 quarters. S) that
these 4,700,000 quarters must be deducted from the es-
timate made by the Hight Hon. Baronet of the increased
consumption of corn in 1819.—(Hear.) li© regretted
—and he stated his regret in his place in that house--
that they had not imposed a moderate fixed duty on
foreign corn.—(Hear.) The Hon. Member for the West
Riding hail taken hiM to task fir what he had said last
car on the subject. He was not now recommending
a fixed duty of 55., but ho maintained that such a duty,
for the purpose of rer entre, would not enhance the price
of corn to the consumers of this country; and as the

time might come when it would be desirable to impose
such a duty, he had only to say, that he should if ever
proposed, cordially support it.—(Hear, hear.)
Mr. J. WILSON saitt, that he had on a former even-
ing estimated at 16s. a quarter the cost of transporting
corn from the interior of Prussia to the markets of this
country; but he had not said that that would be the
cost of carrying it from the port of I)antzic. The Hoe.
Gentleman who had last addressed the House had said
that the price of corn on the Continent during the last
ten years could not be taken as a criterion of its proba-
ble price during the next ten years, because prices would
be depressed on the Continent in consequence of the re-
peal of the English corn-laws. But it appeared to him
(Mr. Wilson) that the opening of a new and a large mar-
ket must in that case, as in every one of the same cha-
racter, have the efiect of raising instead of diminishing
prices. The lion. Gentleman had also said that the
imposition of a fixed duty on foreign corn would not
have the effect of raising the price in this country. Now,
if that was so, what benefit, he (Mr. Wilson) would
ask, could such a measure confer on the agricultu-
rists?—(Hear, hear.)
Mr. G. BANKES said that the Hon. Member for
Westbury (Mr. Wilson) seemed to forget that the repeal
of the English corn-laws might depress the prices in the
Continent by encouraging the agriculturists there to
grow corn on a greater breadth of land than before.
It appeared that in Denmark lands were being
broken up for the purpose of growing corn for our mar-
kets—(Hear, hear) —and such a fact would naturally
contribute to the diminution of the price in that country.
Tice 1-tight Hon. Gentleman the Secretary-at-War had
told them the other evening that the agriculturists were
at present enabled to obtain their seed and their labour
cheap; but that was the very fact of which they most
complained. The Right Hon. Gentleman bad alluded in
terms of jecularity to the distress in the agricultural
districts. Bat he (Mr. G. Bankes) could assure the
Right Hon. Gentleman that that distress was a serious
matter; and although he and his Hon. Friends had felt
compelled by a sense of duty to grant the sums neces-
sary for the national establishments, it was not without
pain and hesitation th .t they had Leea induced to vote
large sums which should be raised from the people.
They were determined, however, that retrenchment in
some quarter or another should take place, and that be-
fore the end of the session.—(Hear, hear.) They would
no longer continuo to enjoy the confidence of those
whom they represented if they (lid not show that they
were sincerely impressed with the dangerous condition
of the country resulting from the distress of the agticul-
turists.
Mr. MACGREGOR said he was astonished to find
that lion. Gentlemen opposite were not satisfied with
the proposal of the Right lion. Gentleman the Chancel-
lor of the Exchequer, because that proposal had mani-
festly been framed for their especial benefit, lb had

LONDON, SATURDAY EVENING-, MARCH 16, 1850

THE UNITED GUARANTEE AND
LIFE ASSURANCE COMPANY.
The first minuet general meeting of the Shareholders
in the United Guarantee and Life Assurance Company
was held yesterday at the offices in the Old Jewry; the
Right Hoe. Lord Erskine, chairman of the board of
directors, in the chair. There was a very full a tend•
ante of proprietors.
The advertisement convening the meeting having been
read by the Secretary, JAMES KNIGHT, Esq., the com-
mon seal of the company was affixed to the register of
shareholders.
The CHAIRMAN then addressed the meeting t o the
following effect:—Gentlemen, the duty devolves upon
me of offering to you a few Ten:miles upon the pro-
gress and the actual position of the affiiirs of this exce'-
lent company. The report which will be shortly sub-
mitted to you gees so fully into the position of the com-
pany, that it is almost superfluous for me to detain you
with any observations of my own; but I have not
myself had any share in the preparation of that
document, and I can, therefore, the more readily bear
my testimony to the care and ability with which it has
been drawn up.—(Hear, hear.) It is short, clear,
.and
succinct; but still I am bound to confess that, clear and
short as it is, it only gives you a glimpse of the very pros-
perous condition of the company.—(Hear, hear.) Gen-
tlemen, there is, then, only one remark that I feel called
upon to address to you, and that is with respect to the
state cf our policy bueiness.—(Bear, hear.) All who
have applied have not been accepted, but it was not to
be expected that they should, for, considering the very
short time that our society has been in operation, it is
really remarkable that we have had se many effets
made to us.—(Hear, hear.) The policies applied
for have amounted in money value to no less than
171,6191., of which we have accepted 105,0471.—
(Hear, hear.) It may be said that the business of the
company has been conducted with extreme caution, but
I certainly think that too much caution cannot be
practised.—(Hear, hear.) It is difficult some-
times to estimate where safety exists, and
I make that remark without being at all invidious, or
in the least questioning the credit of the parties who
have been rejected. It was not on account of their re-
putations that their offers were refused, but because
we felt that they were entering upon employments which
were more or less of a dangerous and tempting character,
and we therefore did not choose to run the risk of deal-
ing with them.—(Hear, hear.) There was a time when
I might have been sanguine enough to consider
this extreme caution quite unnecessary, but I have now
arrived at an age when I feel and belies e that in the
management of a society like this the utmost caution
ought always to be exercised.—(Hear, limn) I have
attended every board meeting but one, and 1 can bear
testimony t ) the zeal and attention which the directors
have paid to your affairs.—(Hear, hear.) The result of
that attention is seen in the report, and although
at first our business was net very extensive, yet in the
last month the offers and acceptances have nearly
doubled what they were before.—(Hear, hear.) We
have, therefore, every right to congratulate ourselves
upon the prosperity of our youthful society.—(Hear.)
I do not know that it is necessary for me to detain
you with one single observation more, but I
cannot allow this opportunity to pass without directing
your attention to the zsal and ability which my ex-
csllent friend, and our most highly useful secretary, has
employed in your behalf.— (Lie ir.) lie it was who
prepared our report—he it was who drew up our pro-
spectus, and, above all, he it was who wrote a pamphlet
in support of our institution ; and, notwithstanding that,
he sits next to me, and is present here to-day. 1 feel 1
should be wanting in my duty to you if I allowed
any false delicacy to prevent me from paying him that
tribute of respect and esteem which his industry, zeal,
and talents entitle him to at my hands.—(Cheers.) Nor
can I permit this meeting to pass by without saying oue
word in behalf of the medical gentlemen who have assisted
the board in the discharge of its functions.—(Hear, hear.)
Those gentlemen require little or no commendations
from me—their ability and reputations are too
well known to need it, and it is nothing more
than an act of courtesy for me now to acknowledge the
zeal and ability which they I ave exercised in cur ser-
vice.—(Hear, hear.) Congratulating you, again, upon
the prosperous state of your affairs, and hoping that this
prosperity will go on increasing, I beg I: ace to coneludo
by calling upon the secretary to read to you the report
which the directors have prepared for this,occasion.
Mr. KNIGHT here read the following repot t :
" The directors have much pleasure in meeting the
shareholders on the first occasion prescribed by the deed
f settlement, and beg to submit the balance-sheet of the
affairs of the company, made up in accorditace with the
deed to the 31st of December, 1849.
" The company was completely registered under the
Act 7th and Bth Victoria (cap. 110), on the 17th of
April, 1849, and the operatious of the company can
therefore only he exhibited in the balance-sheet from
that period to the end of the year. At the same time
the directors think it right to communicate to the share-
holders the progress of the company to the most recent
date, viz., the end of the past month.
" The attention of the directors has necessarily been
hitherto chiefly engaged in completing the establishment
of the company, but, notwithstanding this, it will be
observed that the business has largely and progressively
increased, as the following statement will show :
Amelia of
Policies Policies Premiums
applied for. Issued. Received.
May, 1849 £14,024 £2,950 £46 2 6
June l7 800 8,425 140 9 8
July
August 24,450 20,850 120 9 9
September
October 6,050 3,950 58 17 7
November
December 14,670 8,539 115 6 7
January, 1850 24,050 19,345 313 4 10
February .. 26,160 16,314 183 9 11
Total
from May 1849 £171,619 £105,047 £1,200 7 1
to Feb. 1850 --- .-...--.
"The policies hitherto issued have been accepted by
several of the leading private and joint-stock banks,
railway companies, and other large establishments; and
it is confidently anticipated from negotiations now in
progress with other influential banking, railway, and im-
portant mercantile interests in the kingdom, that, at the
termination of the current year, results still more de-
monstrative of the success of the company will be sub-
mitted to the proprietors.
" With respect to the agency department, the directors
IYand character, to give to the engaged in the selection of parties
havecapabblee,enfroaiu
position
mnxos
pe-
culiar and valuable objects contemplated by this com-
pany that prominence which is required for their full
development. When the arrangements now in progress
are complete, a proportionate increase in the business
and profits of the company must ensue.
" The directors beg to suggest to the proprietors and
policy holders the great importance) of exerting their
personal influence to promote the prosperity of this com-
pany, which embraces so many philanthropic and eco-
nomical advantages, affecting as well the interests of the
employers as the employed. These have been generally
recognized by the public press, and only need the zealous
co-operation now urged to make them more extensively
known and appreciated.
"Since 31st December the share list has been
strengthened by the accession of several valuable share-
holders; and the directors have the satisfaction to re-
port, that there are now above 4,000 shares taken up oat
of the 5,000 of which the capital is composed.
" Under the deed the proprietors are entitled to inte-
rest upon the share capital to the end of the year, at the
rate of 4 per cent. per annum, which it is proposed to
pay after the 21st Afarch iustant.
" Under the deed of settlement Mr. Podmore, Mr.
Shears, and Mr. Winksvotth, directors elected by the
Court to fill three vacancies since the complete registra-
tion of the company, go out of office, but are eligible for
re-election, and the Coutt of Directors recommend the
re-election of those gentlemen."
The general balance-sheet made up to the 31st De-
cember, 1849, represented the receipts to amount to
4,125/. 19s. 11d., of which 3,420/. 10s. was for the de-
posit and first call upon the shares issued in December,
1849, and 703/ 12s. 3d. for premiums received in new
policies, and the expenditure for preliminary expenses to
1,773!. 19s. 5d., and for current expenses to 1,1171. 17s. 2d.
The cash at the bankers and in hand amounted to
6981. 13s. 4d. Calls remaining due from sundry share-
holders amounted to 266/. 10s. ; the cancelled shares to
69/., and the amount on loan to 2001.
Mr. CAUSTON said he had much pleasure in seconding
the resolution. He could not but look on the society
with great respect and admiration, because it was cal-
culated to do a vast deal of good to the rising genera-
tion. It would afford protection and assistance to the
orphan. This was to be seen in the fact that many men
were rising into life who would be unable to command
the support or patronage e f relations or friende, and
thus, though they might have opportunities of getting
suitable and profitable situations, would be rendered in-
capable of taking them, becate e no one would undertake
to give security for their good behaviour and honesty.
The guarantee and assurance principle were waited in
this society, and enabled it to give much greater advan-
taees than any other institution of the kind. Ho would,
therefore, strongly recommend it to his friends, and
trusted that every other proprietor would co-operate
with him in bringing as much business as possible to the
office. In other guarantee societies the person paid his
money without the slightest prospect of getting any of it
back, or of obtaining any ulterior advantages; but
here a widow of a member would receive the
benefit of a life policy. The society was gradually
progressing, and he hoped next year the income would
be 4,000/. or 5,0001, instead of, as at present, 1,200/.
It was gratifying to find that it had been patronised
by railway companies, joint-stock banks, and other large
establishments. When the different agencies were
formed, they might anticipate a very handsome income
from the provinces; and he thought this was a subject
to :which the attention of the directors should be
called, for if they only got one policy from each large
town, the business would be very considerable. The
1 company's deed was most influentially and respectably
signed, which fact showed that the undertaking was no
bubble, but was legitimately got up for the general weal;
and it also gave a guarantee to the persons with whom
they O:l'el business that they were in a position to meet
their engagements.—(Cheers.) He concluded by se-
conding the motion of the Noble Chairman.
Mr. CORNELIUS NICHOLSON—My Lord, before that
resolut'oa is put I wish to address to you one or two
observations upon the principles and objects. as well as
the origin and paternity e f this company.—(llcar, hear.)
The last speaker has alluded very nicely to the advan-
tages of this company, advantages which secure to the
policy holder as well as to the public far greater bene-
fits than that of other guarantee societies.—(Hear,
hear.) Notwithstanding that, one or two observations
may not be out of place to illustrate still further the
principles of the company, which are essentially new
and essentially peculiar, and I believe they require only
to be well known in order to be fully and thoroughly

appreciate I.—(Hear, My Lord, the institution

of assurance companies ,is of many, many 3,ars
standing, and I believe that no joint-stock companies
whatever Lava b:en so successful iu a pecuniary point

of view as 1 f, assurance companies, nor have any been
mere beneficial in a political, moral, or economical point
of view, to the community at large. Life aisurz.nce compa-
nies have tended, perhaps, more than any other joint-stock
companies to soften and alleviate the sufferings and sor•
rows of that most important and influential class of the
community, the middle clasP, who are the real palladium
of British society and the British constitution.—(Hear.)
Life assurance is no longer a science, but sn art; the
actuary, taking the bills of mortality, is Enabled by these
hills of mortality to form a basis for his rules and regu-
lations as certain as anything can be certain that is or
is not.—(" 'bar, hear," and a laugh.) It requires
only a proper scale of rates, and the exercise of pru-
dence in the management, to ensure the successful result
of any life assurance company.— (Hear, hear.) So much,
then, for life assurance companies simply. Now gua-
rantee societies are of more recent date. They cannot
boast of longer than ten years' standing, and although
they can hardly give place to the others in point of
utility, I think they stand almost upon as high ground
as life assurance companies in the advantages they afford
to the community.—(llear, hear.) But yet the success-
ful results and the successful working of guarantee so-

cieties is somewhat more problematic—al than life a3sur-
ance companies, inasmuch as you have not the data to
go upon in the one case as in the other. A guarantee sc-

ciety is still a science; it is an experiment without rules ar.d
regu'atior.s to govern them founded upon actual expe-
rience—there are no bills of morality that you can
take up for your guidance like bills of mortality, and
found a basis to work upon.—(llear, hear.) It is no
reflection, however, upon a simple guarantee society to
say that they have less certainty in their profits
than life assurance companies.—(Hear, hear.) You
may have been told, my Lord, that simple guarantee
societies have been in the habit of charging somewhat
too little for their premiums, but that should be for-

givers, because they have no data to go upon.—(Hear,
hear.) That may or may not be so; it is not our busi-
ness to inquire, it is enough, my Lord, for us to know
that the necessity had long been felt, and it had long
been desired that some one should discover a method by
which the principle of life assurance and the principle
of guarantee assurance should be happily combined, in
order to give protection to the policy holder and a suc-
cessful permanency to the company itself.—(Hear, hear.)
Now, my Lord, you yourself have said that the merit
is due to Mr. Knight of having discovered this blend-
ing of guarantee with. life assurance.—(Bear,
hear.) Mr. Knight has established the prac-
ticability of a union between the two,
and to him, and to him alone, belongs the merit of the
discovery.—(Hear, hear.) Future ages, my Lord, will
acknowledge that it is a great discovery.—(Hear, hear.)
The mutual defence and protection which this unity of
principle gives to both parties is greater than any person
would imagine who had not had his attention called to
it. Mr. Knight, therefore, published the principle of the
system, and explained the basis of the system in a pam-
phlet which your Lordship has referred to, and which as
your Lordship knows was complimented by the Times
newspaper, and by almost all the daily and respectable
weekly papers of the metropolis, and it now only re-
qaires a little time, and some still further efforts on the
part of the policy holders and the proprietors themselves
in promulgating those principles, to insure their being
fully known and their advantages fully appreciated.—
Elear.) The principle of the union is the salient point of
this company. Atmospheric air, which supports all life,
is composed of two gases, and I believe the union of
those for life is not less essential than the two princi-
ples of guarantee and life assurance are, not only to the
well-being, but the stability of this society iuelf.—
(Hear, hear.) I will give you an illustration of the
advantages of the union. I take a person who is thirty
years cf age, and who wants a life and guarantee policy
for 1,0001.; he goes toy simple guarantee society any'
he pays 20s. per cent., or 101. fur his guarantee policy;
he then goes to a life office, and he pays somewhere
about 251. per annum for his life. policy, and thus to
these two companies, whom he has to deal with sepa-
rately, he has to pay 351.—(Hear, hear.) Now, by the
union of the two principles we can do his business
for 301., thus saving him 51. per annum.—(Hear, hear.)
Nuw, how is it that we can of erd to abate 51,
since you have to depend upon the same contlngcncies of
life and honesty as the other two companies? I will
tell you, if the man assuring commits a fraud or
malversation in his lifetime, his life policy, as well as
his guarantee policy, is forfeited ; thus, if the man
commits an act ef fraud in his 1 fetime we pocket his
He premium ; while, if he dies without committing any
such act, we have had the benefit of his guarantee
premiums, and it is uron that principle that we can do
the business of the policy holder with more advantage
to himself and with equal safety to ourselves. Now
my Lord, I will make one single observation with re-
ference to the statements in the report. Potters it may
appear to some that we have not done quite so much
business during the ten months of our existence as we
ought; but it must be remembered that no extraordi-
nary efforts were made to produce effect. No exer-
tions were made t 3 induce parties to come forward and
take up policies, in order that we might come before you
with a highly-coloured statement, and make an unusual
impression.—(Hear, hear.) lam aware, my Lord, that
there are some people who consider that if they work
well to produce a good beginning, the thing it more than
half Ilene, and 1 know that many young companies
make spasmodic efforts—(A laugh)—for the purpose of
producing a grand demonstration at their first meeting.
—(Wear, hear.) I, however, do not consider that bust-
nees well done which is done in that way.—(Beer.) I
prefer doing a quiet business which can be conducted in
a careful manner, and will secure a lasting interest in
prererence to making an impression at this meeting.—
(Hear, hear.) But we have not even yet appointed local
agents, and, therefore, the business of the company can
hardly be said to be initiated. (Hear, hear.)
Stijl there is no reason to complain, for whilst
the premiums for the past year are only 7031.,
I find that those of January and February in the present
year amount to 5001., so that the two put together would
make 1,200/. instead of 700/.—(Hear, hear.) Then,
again, on the other side of the account, the shareholders
will see that the cash in the hands of the bankers
amounts to only 691/.; but if we had taken the cash in
hand at the end of February, it would have been 1,2001.
instead of 6911.—(ilear, hear.) These, my Lord, ate
results which will induce the shareholders to juin
with U 3 in congratulations on the general result of our
operations, and the present position and future prospects
of the company.—(Cheers.)
Mr. FIELD, in suggesting that the accounts should be
received and adopted as well as the report, observed that
it was originally expected that the shareholders would
have to pay up a call of 21.; but the directors found that
this sum would not be required for the business of the
company, and consequently they only gale notice for the
payment of a 11. call. It might have beea supposed
that something had occurred in their affairs, such as lack
of business, which rendered a smaller sum necessary, but
that was not the case. The calculation of their able
actuary was I errectly correct. The object of the directors
Was to have ample resources at their command, in order
that the public might know they were ready to meet any
claims which might be male upon them. From the expe-
rience they had derived from the working of other assu-
rance offices, they thought the society would be self-
eupporting, and that no outlay beyond that required for
preliminary expenses, would be necessary, and during
the short period the society had been in existence this
had turned out to be correct.—(Cheers.)
Oa the motion of Mr. R. POUNSETT, seconded by
Mr. PARKER, it was declared that a dividend at the rate
f 41. per cent. should be payable on and after the 21st
of March next.
The retiring directors, Messrs. Podmore, Shears, and
Winkworth were re-elected. Messrs. Reynolds, Withers,
and Parker were re-elected auditors cf the company.
Oa the motion of Mr. GIBBONS, seconded by Mr.
WILLOUGHBY, a vote of thanks was passed to the direc-
tors, for the seal and caution exercised by them in the
administration of the company's affairs.
The CHAIRMAN, in returning thanks, said be had at-
tended all the board meetings except one, and could,
therefore, bear testimony not only to the zeal of the di-
rectors but also to the caution and care which they had
exercised in the discharge of their duties:
Mr. WINKWORTII said he had to discharge the very
agreeable duty of proposing a vote of thanks to the Noble
Lord for his able and courteous conduct in the chair.
His Lordship bore a name which occupied an important
place in the historic annals of our country, and was held
as sacred to the cause of constitutional liberty.— (Cheers.)
It was well known to all those who Lad read—and it was
impossible to suppose that there were any who bad not
—the history of the close of the last half century, at
which time efforts were made of a character not at all
calculated to promote the welfare of society, which the
celebrated Lord Erskine, by his eloqueece at the bar
and in the senate, and by the wielding of his elegant pen,
did much to thwart and successfully oppose. His imme-
diate successor had done them the honour of presiding
on that interesting occasion. He had been selected by
different sovereigns for the honourable and distinguished
duty of carrying on diplomatic relations in one or
two countries. He appeared as minister and um-
bassador in the -United States and at the Court
of Bavaria. Ile was now devoting the eeeaing
of a well spent life to the service, he might say, of
humanity.—(Cheers.) And when a gentleman occupying
his Lordship's eminent position was pleased to assist
them in promoting those moral and social benefits, which
bad been so eloquently dilated upon by Mr. Nicholson,
he thought they owed him a deep debt of gratitude, es-
pecially when his services had been given so assiduously,
and with so much effect.—(Cheers.)
The vote was unanimously passed.
The CHAIRMAN returned thanks. Without recurring
to the observations which Mr. Winkworth had been
pleased to make, he would simply assure them that he had
great pleasure in following, at a very humble distance,
the example of his ancestor. Having seen the pamphlet
of Mr. Knight, ho was so satisfied of the truths of hich
it contained, that he deemed it of the highest import-
ance to give his encouragement to the society, the ad-
vantage of which was made apparent by a circumstance
which very nearly concerned himself. A young man
had the offer of a post in Chancery, at 8001. a year ; a
l.irge guarantee was required, but he was t )(3 modest and
diffident to apply to powerful relations on the subject,
and the cons«iaence was that he nearly lost the appoint-
ment. His relation;, however, t eying heard of the cir-
cumstance, took the matter up and gave the necessary
security. There were cases without end, although, per-
haps, much less prominent than that, in which
the most worthy and able men were unable to
take situations owing to their being unable to
give security. This society then came to their assistance,
and independently of the service it would afford to the
party guaranteed, private friends and relations would be
relieved of a responsibility at all times alarming and
serious.—(Hear.) He was delighted in seeing a chance
of the society being still farther extended, because of its
usefulness, and he hoped his expectations would not be
disappointed.--(Cheers.)