The Sun.
London, England, 1850-01-22 00:00:00

egree with him that the managers of the association were
entitled to their warmest thanks for the very efficient
manner in which they had conducted its affairs, espe-
cially when it was considered that they were engaged
in business during the day, and had to devote their
evenings to the association, in order properly to dis-
charge the duties of their office. He congratulated
the members upon the very favourable report which
had been presented to the meeting,' and said he felt
quite confident that a better board of management they
could not have. The sum of 5001., he thought, was
not at all equivalent remuneration for the time and
labour which the board had devoted to the society ;
but then he knew that they were actuated by other
motives than those of emolument. . Comparing the
expenses with the receipts, they were certainly great,
but this might be easily accounted for—the expense of
making the association known, and placing its object
and advantages before the public being very consi-
derable, and indeed such was the benefit of publicity
to a young society, that he thought a much larger
sum might be expendtd in advertisements and in
deputations to the country.
Mr. Sreew brisfly seconded the resolution.
The CHAIRMAN said the proposition had been made
without his or the directors' knowledge, and certainly
without knowing what their feelings were on the
subject. They were very much indebted to the mover
and seconder for the kindness which actuated them in
proposing that they should have increased remunera-
tion, but they felt that the sum should remain as it
did last year ; and he would respectfully suggest
that 4001. should be substituted for 5001.—(Hear.)
Mr. DEARE thought, as the business had so much
increased during the past year, it would be hardly
worth while altering the sum proposed by him.
Mr. R. BELL said that 4001. appeared to him to be
almost a ridiculous sum to present to the directors,
considering their great exertions on behalf of the as-
sociation. He thought they were rather too sparing
in the expense!, and the mover and seconder seemed
to entertain the same opinion. It was impossible for
any office; however little the business, to be conducted,
at less expense, and they were much indebted to the
managers for having such a ridiculously small sum
as 6501. set down in the accounts for office expenses.
They all remembered a trite but very excellent ob-
servation of their old friend Lindley Murray, that the
well ordering of their affairs, and not mean saving,
was the means by which great fortunes were made.
This, he thought, might be applied to the associa-
tion, and he hoped that instead of limiting their ex-
penses, as they had done, they would considerably in-
crease them, for he was assured that the result would be
a great increase in the amount of business. By being
a little more daring, and launching at a little more in
regard to their expenses, he was assured that great
benefit would result to the institution. He had great
pleasure in recording hi's vote for 5001.
Mr. WELCH said he fully concurred in the obser-
vations made by the Chairman, and though he felt
much indebted to those members who supported the
resolution, he thought it would be advisable to allow
the amount to stand as it did last year. Let them
go on further and increase in prosperity, and then
they would, perhaps, accede to the offer which, on the
present occasion, appeared to have been made with so
much unanimity.—(Cheers.)
The sum was then altered to 4001., and the resolu-
tion was unanimously carried.
The CHAIRMAN said he believed they would seldom
find instances in which parties refused to accept what
was given to them, but he spoke sincerely when he
said, on behalf of himself and his colleagues, that they
had no desire on the present occasion to exceed the
amount which had previously been awarded to them.
Remuneration had never been their object, but, at the
same time, they thought _ that it was desirable and
right that they should, on principle, receive some-
thing for their services. He begged to thank them
sincerely for the vote of thanks which had been so
kindly awarded to them.—(Cheers.)
The retiring directors were then re-elected.
The election of auditors, three innumber, then took
place by show of hands, the successful candidates
being Messrs. Bell, Coleman, and Hooper.
Air. JENNING3 said he had been of opinion that
fresh blood ought to be infused into the board, al-
though he meant not to cast any reflection upon the
members who composed it ; but; they had shown so
much interest in the association, and displayed so
much good sense ,and spirit,, that he had altered his
opinion with respect to them, and now thought they
could not have a better board of management. He
thought it well to take that opportunity of stating
that he had been made the dupe of the late secretary,
and had come to the meeting, held some time ago,
much prejudiced against the directors, but from what
he heard he was so satisfied that the directors de-
served the confidence of the members, that he sup-
ported them on that occasion, and he subsequently
stated to the Chairman that he had been de -
ceived as to the conduct of the directors.—(Hear.)
Mr. MAITLAND proposed a vote of thanks to the
Press, for its continued support and advocacy of
the association during the past year, and pointed out
the great advantages which had,resulted from obtain-
ing publicity in the different newspaper columns by
advertisements and the publication of reports. Their
office had not appeared in the Parliamentary return,
which was copied into the City article of the Times,
of all the assurance offices recently established, and
though it, strictly speaking, did not come within
the scope of that return, the di? ectors felt the import-
ance of publicity,/ and made a statement of their re-
ceipts and liabilities, and thus enabled the public to
judge of its security and advantages..—(Cheers.)
Mr. PRICE seconded the motion, which was
carried.
Mr. SCOTT said—Mr. Chairman and gentlemen,
as a very humble member of the press, but more
especially as a member of this institution—(Cheers)
—I cannot allow the motion, which has been so cor-
dially adopted, to be recorded without expressing my
acknowledgments, on behalf of the press, for so
flattering a mention of the services which they have
rendered to this institution. Indeed, I may say, that
the press discharges no more than its simple duty
when it employs the vast influence at
its command in promoting provident and benevolent
institutions of this kind, which are so creditable to
promote habits of forethought,
our country, since they
self-reliance, and independence, and relieve those who
have the prudence to become members of 'them from
a world of anxiety as to the condition of those near
laid when
them thei r energieslow
i n failthe
grave.—
r their,ay e .
—o r
awnhde
nd e
deathar t o t hhe
ems
directors,promsuggestion,ote h the
Nev hmi cohs
prosperitytl
acceptable thinko f
(Cries of "Hear, hear.") But, Sir,
.1 rose
for another purpose—namely, to offer a
twheil
l
institution.
toe
te
Atm
members,
the
hr hes y, the
and
pre-
sent moment if a member wishes to obtain the loan of
a sum of money fur a temporary purpose, though
possessed of ample means not immediately available,
he must come under the guise of distress to
the benevolent fund for a loan, and even then,
notwithstanding he may be able to offer excel-
lent - security, he can obtain no more than
five-and-twenty pounds.—(Hear, hear.) lam per-
fectly aware that the Act of Parliament under which
this society is enrolled requires that loans must be
made upon mortgages of real property. Supposing,
then, a man who, through the aid of those excellent
institutions known as building and investment so,
cieties, has been enabled to become the owner of a
house of the value of 2001. or 300/., why should you
not advance him a fair sum upon the
mortgage of his property ? (Hear, hear.)
It' a member has paid 100/. or 2001. upon his policy,
and could give good leasehold or freehold security
besides, I see no reason why he should not receive
a loan to that amount out of the funds of the society.
Whilst we have increased the amount of our policies,
the qualification of our directors, and so much in
prosperity, that I cannot conceive any amount of
success which this society may not attain, we have
done little or nothing to afford pecuniary assistance
to the members commensurate with their
requirements, and with the greatness of the society.
It cannot be said that you have not sufficiently ample
means wherewith to accomplish this, for your in-
vested capital amounts to upwards of 20,0001, which
realises only three and a quarter per cent., whereas
by adopting my suggestion a considerable portion
might be made the means of producing Si. per cent.,
besides materially increasing your business. Why,
1 could name several assurance offices half
of whose business is obtained by this
means, and I assure you they find it
very profitable, for not only do they get five
per cent. for the money which they lend, but one
or more policies, as collateral security, two or three
times the amount of the sum lent, besides security
of the most unquestionable kind.—(Hear.) See how
the institution suffers from not acting,on the system
adopted:most beneficially by almost all assurance com-
panies. As the editor of the Reporter—. a periodical
which is devoted to societies of this kind—
many questions are frequently asked me as to the
stability of assurance offices, and as to those most
fitted to the particular requirements of the querists ;
and, the other day, a gentleman, le ho occupies an offi-
cial situation in a seaport town, where the society has
no agent, and where, I believe, a good deal of business
might be done by an intelligent agent, applied to
me to recommend him an office which would
lend him 2001. upon valuable leasehold premises.
He off gyred to take out a policy of 5001, and to be-
come the agent of the society. I should recommend
him, and being an active and intelligent mart, will,
doubtless bring any office, with which he may be con-
nected a considerable amount of business. I never
felt more disposed to do this office a service than in
this particular case ; but I was reluctantly compelled
to give the business to another office. There-
fore the society has lost a policy of 500/.,
a secure and profitable investment of its money, and
an able and indefatigable
,agent. The present mode
in which the society. lends money is very offensive to
those who are not in distressed circumstances, but
who, occasionally, require pecuniary assistance, upon