The Sun.
London, England, 1845-12-16 00:00:00

REPORT

" Encouraging and satisfactory as all former Annual
eports have been, the Directors are much gratified, on
his the Tenth Anniversary of the Institution, to have
to present to the members a statement of the business of
the past year, far surpassing in amount every previous
one, and exhibiting as the Directors confidently believe,
an extent of prosperity which is unexampled in the his-
tory of life assurance societies.
" During the past year, 911 policies have been issued,
making an increase of 189 beyond the former year, and
producing an annual income of 16,3351. 13s. 7d., and
during the same period, the number of proposals de-
clined have amounted to 113, the lives not having been
deemed eligible for assurance.
" This large yearly increase of business of the Insti-
tution has been effected, notwithstanding the competi-
tion it has to contend with from many new as well as old
established offices, a convincing proof, that the more
the benefits of the mutual principle of assurance (on
which this Society is based) is known the more it is ap-
proved,
" The total annual ineomo now amounts to the sum of
70,819/. 14s. sd.
"The accounts of the Institution, made up to the 20th
of November last, have been subjected to the usual
audit, from which it will appear that the capital stock of
the Society on that day amounted to the sum of 241,4601.
13s. 3d., being by far the largest annual increase which
has hitherto been made.
" By the deaths of members since the last report,
claims amounting to the sum of 21,230/. 24., have
become payable to their representatives or nominees,
and which have been duly discharged: this amount paid
to the representatives of deceased members fully demon-
strates the benefit of life assurance, most of the
members whose deaths are referred to, though in
health at the time of effecting the assurance,
did not live long enough to contribute more than a small
proportion of the sum paid to their respective families
who are now deriving the benefit of the provision thus
made.

The death of six annuitants has caused the sum of
687 i. to fall to the credit of class 3.
" The next division of profits will be made in Novem-
ber, 1847, and the Directors have no doubt that the re-
sult will prove perfectly satisfactory to the members.
" In the early part of the year, in consequence of the
large increase that had taken place during the two
former years in the number of proposals, and the great
accumulation of general business consequent there
upon, presented weekly for the consideration of the
Directors, it became obvious that it was impos-
sible longer to get through, in a • satisfactory
manner, all matters pressing upon them at one weekly
meeting ; and to relieve this pressure, and to afford
greater convenience to persons attending to make as•
surances, a second weekly board, to be held every Fri-
day, was adopted. In confirmation of the necessity and
expediency of holding an addional weekly
meeting, the
Directors refer to the extraordinary increase of business
since its adoption.
" In conclusion, the Directors confidently trust that
by a perseverance in the course hitherto pursued to in-
sure the stability of the Institution, and which has led to
the successful results herein detailed, the members may
have the satisfaction to witness a long continuance of
that prosperity which has throughout so signally marked
its progress."
In answer to-a Proprietor,
Mr. CASH, one of the Directors, said that the Direc-
tors had expected that the price of Exchequer-bills
would fall, and that they had accordingly been prepared
to take advantage of the fall, by purchasing those
securities. He assured the meeting that no more funds
than were necessary were left in the hands of the bankers.
The report was then agreed to unanimously.
Mr. GOSDELL then rose to propose the election of
several gentlemen in the room of the present Directors.
He had no fault to find with the present Directors,
who had done all they could for the prosperity of the
Institution, but they had too much power. There were
several of the rules of the Institution which required
altering, and as the power of altering them was lodged
in the Directors _Mono, he, with a view to get those altera-
tions made, proposed his new list.
Mr. LLOYD seconded the nomination solely for the
the rules
purpose of affording an opportunity for discussion.
Mr. TYLER, who represented the great body of those
who were desirous. of seeing the rules altered, bore
testimony to the honour, integrity, attention, and effi.
t
ciency of the present Board of Directors, but it was
to prevent any future Board abusing their power,
to
ohatht
the subscribers
lishedto
asetelathrgeem. altered,The Honourable Proprietor
in an
throughd
more Polve r
given
in the course of a long speech, went
of the Institution, pointing out those which he considered
required amendment, and concluded by moving,
as an amendment, that the meeting do adjourn, in order
to give the Directors an opportunity of more fully con-
sidering the subject.
A long and somewhat acrimonious discussion
followed, in the course of which it appeared hart
the Directors themselves had already taken steps for
the alteration of many of the rules. After this
discussion bad lasted nearly four hours, it was suggested
that the amendment should be withdrawn, as the Di-
rectors had already taken the subject of altering the
rules into their consideration.
After a few words from Mr. G. THOMSON in favour of
altering the rules for the purpose of giving the general
body more power in the direction of affairs,
The CHAIRMAN said that he had consulted those
Directors who were present, and that he thought he
might say, on the part of the Directors generally, that
they would be prepared at the next annnal meeting
to propose certain alterations in the rules, and
that the proposed alterations should be printed and cir-
culated among the Proprietors two or three months be-
fore the meeting.
This announcement was received with loud applause.
The amendment and the original motion were both
withdrawn. The Directors were re-elected, and a vote
cf confidence in the Board of Directors carried by accla-
mation. Thanks were voted to the Chairman and the
officers of the Institution, and the meeting separated.

IVEW COURT.
(Before Mr. Commissioner BULLOCK.)
CRUELTY ON THE HIGH SEAS.—Alexander GOrd'on,
captain of the barque Nathesis, and John Cummins,
mate of the same vessel, were charged with ha sing
cruelly assaulted William Scott, one of the apprec tices
on board that vessel, about the 20th of June last, -while
the ship was near the line.
Mr. PAYNE, the counsel for the prosecution, said the
case was one of a serious character, and if proved would
exhibit a very cruel mind in those who have ben in-
dicted on the charge. The charge was made against the
master and mate of the Nathesis of assaulting
and cruelly treating Scott, the apprentice. One day,
after crossing the line, the boy had been rather tardy in
getting up out of bed. Cummins, the mate, went below
with a rope's end, and flogged hula up on deck. When
the boy came on deck he was sent aloft to tar the. royal
rigging, with nothing on him exeunt a blue shirt. The
mate followed him up, and struck ltlm while aloft, but
the boy, to escape the flogging, leaped t‘o lay hole( of the
stay 3, which he missed, and fell into the water. But the
main part of the charge was—when the boy was brought
upon deck, after falling into the water, the mate
pulled the shirt over the boy's head, and tie master
himself gave him two dozen of strokes with. a cat made
for the purpose. The mate wished to givltim another
dozen, but the master refused to allow Win then; but a
short time after the boy was brought again von deck, and
the mate gave him a dozen more. Theht 'Y was then
taken down into the cabin, and was placedof this knees
on the cabin floor. The master and the mate then said
they would pour vitriol on his back. The m tater re-
luestA the mete to put it on the box's back, 8,1 the was