The Sun.
London, England, 1842-12-30 00:00:00

THE NATIONAL MERCANTILE
LIFE ASSURANCE SOCIETY,

meeting for the kindness they had displayed towards
him. Whenever they should think it better for the
interests of the Society, that an individual of a higher
station than himself should be placed over it, he would
readily resign • the office into his hands.—(No, no.)
The best exertions of his life, and his most ardent en-
deavours upon all occasions, should be devoted to
their service.—(Cheers.)
Mr. F. STARR proposed the health of the Direc.

The Directors, members, and friends of the Na-
tional Mercantile Life Assurance Society, dined to-
gether last evening, at Lovegrove's London. Coffe-
ehouse, Ludgate-hill. Upwards of one hundred gen-
tlemen sat down to table, that number including gen-
tlemen connected with the most influential mer-

cantile houses of the metropolis and the provinces.
The statements made at the meeting prove that the
Society is in a sound and prosperous condition, and
rapidly taking a high rank among institutions of a
similar kind. From the feeling that pervaded the
gentlemen present, there is also no doubt that the be-
nevolent design entertained of establishing a school
for the education of the orphan children of commercial
travellers will be carried into execution.

tors of the Nation-al Mercantile Association, which
was received with loud cheers. He was obliged to
them for the manner in which they had received the
toast, as it took away from him a little of the difficulty
under which he laboured. He read a list of the Di-
rectors, and stated that none of them would be found
with long handles to their names. There was nothing
about the Society being under the protection of his
Royal Highness or of Dukes, or of Mar-

ROBERT CURRIE, Esq., the Chairman of the So-
ciety, presided ; Mr. Stokes, Mr. M'Culloch, and
Mr. Goodall acted as Vice-Presidents. The dinner
was an excellent one, and the supply of wines both
good and abundant. The evening was enlivened by
songs and glees from the professional singers engaged
for the occasion ; the musical arrangements were un-
der the superintendence of Mr. Field. On the re-
moval of the cloth Non IS obis Domine was sung, and
The CHAIRMAN gave the first toast, " The Queen,"
one requiring,' he said, no comment, when he was
addressing himself to an assembly of Englishmen.
Drank with four times four. Air—" God save the
Queen."
The CHAIRMAN then gave " His Royal Highness
Prince Albert, and his illustrious son the Prince of
Wales." Air—" Long life to the Queen and the
Prince."

guises, the dignities coming down fine by
degrees,, and beautifully less, till they became plain
Esquires.—(Hear.) No, their names presented a
phalanx of sterling industrious mercantile men,
against whom the finger of scorn or doubt had never
been pointed—(Cheers)—against whom the voice of
calumny hid never been raised. These were men
whose successful management of their own con •
cerns furnished a fair inference that they would
attend to those of the Society. In propos-
ing the health of a body like the present
Directors it would be invidious to make anything
like distinctions, but one or two facts had come to his
knoWledge, of which he had not been previously
aware. In addition to policies on their own lives,
,some of the Directors had taken out policies on the
lives of their servants, paying the premiums them-
selves, as the reward of honesty.—(Cheers.) This was

. •
" The Queen Dowager and the rest of the Royal an example worthy of imitation, as doing honour,
Family " was the next toast; and having been duly not only to their heads, but showing the
honoured, kindly character of their hearts.—(Cheers.) After
The CHAIRMAN said the next toast he had to pro- eulogising the conduct of the Directors in the caution
pose was one of the greatest importance to all of them, they had showr in the management of their affairs, he
it 'was " The National and Mercantile Life Asau- concluded by proposing the toast.
ranee Association, and success to it."—(Loud Cheers, Mr. J. Srxcsa returned thanks on behalf of his
which continued for several minutes.) He Was de- colleagues. The duty they had to discharge was a
lighted with the unanimity and warmth of feeling Very onerous one, especially when 'they had to decide
which had been displayed by the meeting on the toast on the lives that were to be received or rejected in
he had proposed. It might naturally be expected that the applications for insurances. Many intricate cases
he should state something of the general views enter- were brought before them which required nice discri-
tained by the Society on this occasion, though there urination, entailing no small amount of mental labour;
could hardly be any gentleman present who indeed he did not know but that the• affairs of the
Would wish him to enter into any 'long Society gave him More anxiety than his own. There
, array of figures. In the first place, they' NN'as an impression which lie wished to correct, which
might accept his sincere assurance that their was that the Society was managed expensively ; he
office was both safe and prosperous.—(Loud begged to say that there was no office of its size in
cheers.) The business done during the past year London conducted' at less cost. He took this oppor-
had
very greatly increased—(Cheers)—and at the tunity of stating this, because a contrary impression
present moment they had arrived at a point at which had gone abroad among commercial gentlemen. Their
they could look forward with great hopes, nay, with -exertions had hitherto been attended with great suc-
the almost certainty, of success for the future.— cess, and they only required union on the part of
(Cheers.) The number of policies now actually commercial men to render their success complete.—
opened at the office exceeded one thousand—(Cheers) (Cheers.) He begged to impress on the assembly
—and so cautiously had the business of the office the great importance of 'the principles of Life Assur-
been conducted by those gentlemen, who had brought ance.—(Cheers.)
their friends around them, and by their worthy me- Mr. It. GOODALL proposed the Auditors.—(Cheers.)
dical officers—(Hear, hear)--to whom they were Mr. STOKES returned thanks. Nothing could be
greatly indebted, as they were also io the more gratifying than to have their healths drank in
degree of caution exercised by the body of the Di- the manner in which the toast had been received. In
rectors, that their losses during the past year had performing their duty the Auditors were uninfluenced
hardly been worth mentioning.—(Loud cheers.) or biassed; they had looked neither to the right
There had only been three small claims on them nor the left, but had endeavoured to give
during the last year—(Hear)—and indeed he might satisfaction to all, at the same time per-
safely assure theta that if the business of the office was forming their trust faithfully.--s(Loud cheers.)
as well done—if as much caution and circumspection Many objected to support a Society of this sort, be-
was exercised in the present year as in the last cause they should not themselves receive the benefit of it ;
—their probable losses (luring the same time would but were they not going to establish a school ?And they
be very small indeed. All this, however, de- would then have the satisfaction of benefiting others.
pended on an all-wise Providence ; but under that There were few but who possessed some friend to
Providence if such caution continued to be ex- whom they would have the power 'of doing good.—
ercised he believed their losses would amount " Were man but as friendly to man as his Maker,
to a very small sum. The Proprietary of the office, The whole earth would ring with the songs of the free."
too, had very considerably increased during the past (Cheers.) Let them only consider the sentiment con-
year; the amount of money laid by, and invested in tamed in those two lines, and there was not a man
public annuities and other most valid. and excellent but would endeavour to do an act of justice to his
securities, had placed a considerable sum to the credit family, or himself, or others, by supporting the ob-
of the office; in short, he might say that the office jeers of the Society.—(Cheers.)
was now out of every possible risk.—(Cheers.) They The CHAIRMAN gave, "The Secretary."
only wanted a continuance of the same exertions in Mr. J. JONES returned thanks: Whatever difficul-.
behalf of the Society, and in another twelvemonth they ties the position of Secretary to the Society presented,
should be able to render such a Report as would gratify he could.assure them that lie had found no duty so
them beyond measure. Itwouldill become himtodeliver arduous or so onerous as that of replying to the toast
them a lecture on the necessity of men looking in time that had just been proposed. Ile believed he spoke
to the advantage of life assurance. The truth was so the truth when he said, he was not accustomed to
generally known, so generally acted on, and so uni- flattery at any time, but he endeavoured to speak
versally recognised throughout' the great economic openly what he thought. In as few words
society of England, that he need not' enforce on them as possible, then, he begged to thank them
a truth of which they were so well convinced. lie cordially and sincerely for the manner in which
was sure they would all go forth among their friends, they had proposed his health. Having said thus much
and convince them also of a truth that had entered so with respect to the toast, they Would perhaps expect
deeply into their own minds.—(Cheers.) He should him to say something on the subject of Life Assur-
now request them to do justice to the toast 'he had ante ; and on this subject, too, he should endeavour
given—" The National and Mercantile Life AssUranCe to'inake his observations as short as possible. The
Association, and success to it." principle of Life Assurance was based on combina-
The toast was.drank with loud cheers. tion; that principle was not at all anew.one, although
The CHAIRMAN next 'gave the Shareholders and theprinciple of life assurance was so., They were all
Policy-holders of the Society. He trusted -all who aware that the principle of combination was found ne-
were not now Shareholders would soon become so ; cessary even in the earliest ages. In the infancy ofsociety
and as to the Policy-holders, it was their
.interest to they fi and mankind obliged to unite together for
wish them all a life reaching to the antediluvian age. common protection against the beasts of the forest,
They 'could not live 'Mr over, Nit they might wish and to defend merchants from robbers, of tribes border-
them the age of Methusitleh.—(Laughter and Cheers.) • ing on civilization. The principles of corn-
Mr. GILES REDMAYNE acknowledged the tsiast.--- bination_ were then advanced to the protection
As a Proprietor of shares in the Society, he felt gra- from , shipwreck at sea and fires on
,shore,
titled at the results which had just been stated to them and' Mast to the grand and noble subject of
by the Chairman ; he rejoiced at the
°prospects of life assurance. At the outset of these undertakings,
success which now hung round the Society, which as might be expected, a great number of visionary
were most cheering to them all. He felt even more schemes were set on foot, which were productive of
interested in the Policy-holders than ins the Share- great evils and sufferings. -Of 200 of those
holders.—(Hear, hear.) He felt more for those who, undertakings, he believed, only four existed
as widows and orphans, might live to enjoy the benefits at the present day ; of the life offices at
of the Society ; and though it might be painful to present existing, he was bound to say they were
contemplate the fact that they might require such aid, founded on sound principles, and, generally speaking,
yet it was also a pleasing thing to reflect that by the conducted by honourable men. The only question
means of the Society, they might be able- to soothe existing between the offices engaged in such active
the sorrows, calm the fears, and check the sobs of many competition was as to the extent of benefit they could
a heart.—(Cheers.) He mentioned a case in which give the assured, charging a sufficient premium to
a widow had received 2,0001. from an insurance made cover every risk. The question was, whether it was
by the husband only two years before. He rejoiced better to have a proprietary company, giving the
to see around him men of such standing, wealth, and Shareholders a large dividend, or to have capital suffi-
worth of character, united in the same object, and he ciently large to cover all responsibility, and
amongst the rest should re'oice that he had contri- give the Shareholders a share of the prO-
buted to the same good end, in promoting the objects fits, ,or . whether they should endeavour to
of the Society.--(Cheers.) • walk alone without protection and depend on the
Mr. J. R. CUFFLEY rose to propose the next toast, mutual contributions of each other. The plan they
regretting that it. had not fallen into abler hands. had adopted was formed of the two principles. On
Last year he had proposed the same toast, and they proper principles life offices were the most safe of
then had to thank their friend, the Chairman, for the modern institutions, and they were a living instance
kind manner in which he had presided over them; of the advantages of them.—(Cheers.) He should
this year they had a double duty to perform in drink- endeavour to summarize his observations on this
ing his ,health, as their Chairman, and as the Chair- subject as much as possible. Life Assurance
man of the Association also.—(Loud cheers.) Some was available to every , class of society, the
Societies boasted of having an Alderman, or some affluent and the needy, the high and the low, the
titled person at their head, but they boasted of having person in trade and engaged in professions, the army
at their head a sterling citizen.—(Cheers.) A gen- and navy, in short, every class of society that could
tleman who had conducted his own affairs so well. that be mentioned. He felt it to be a great and glorious
he had realised a large fortune, gave no bad omen, thing to be engaged in such an undertaking; he spoke
now he was made Chairman of the Society, that he most sincerely, when he stated that he felt proud of
would conduct their affairs in a similar able manner. the situation he held. He had been appointed with-
When he (Mr. Cuffley) first joined the Society, he out favour or affection on the part of the D;rectors,
called on Mr. Currie, who immediately came forward for until he appeared before them he was personally
saying that if he could assist the views of the commer- unacquainted with one of them.. After quoting a
cial travellers, be would do so. 'With great liberality strong. instance of the benefits of life assurance from
he guaranteed the first portion of the guarantee fund. Chambers' Journal, he proceeded to notice some of
—(Hear, hear.) He could bear witness to the the objections brought against insuring. Some parties
Chairman's careful discharge of his duty. He at- objected on the ground of impiety; with those who held
tended the meetings of the Society throughout several those opinions it was ofcourse uselessto attempt to argue.
years; and, when difficulties made it doubtful whether Other persons object on . the grounds that they have
they should be able to go on or not, he was the first always been in good health, and they say why
.should
to propose to double what he held on the guarantee they invest capital in an insurance office, giving the
fund.—(Hear, hear.) When he looked at his inte- benefit to the Company ? But they should recollect
grity and his moral worth, he thought they might well that to amass 1,0001. it would be necessary to lay by
feel proud of such a Chairman.—(Cheers.) It was a 301. annually for 22 years ; but by insuring, the same
pleasing thing to him to see assembled here this even- sum became available to the family on the payment of
ing gentlemen who, on the first outset of the Society, the same amount of premium—not in 22 years, but
were their opponents. Many doubted whether it within five minutes after the execution of the policy,
would succeed, saying the Travellers would never be if it should so happen. There were rather more than
able to get up a Society, they were not united. 100 persons present in the room at that mo-
He asked them, what did they say now ?—(Cheers.) inent, and, according to the calculations of the
He could tell them them that they had got up a Carlisle tables, of that 100, thirty-three individuals
Society, and that a sound one. The Chairman had could not calculate on being in existence at the end of
told them they had issued a thousand policies; there twenty-tWo years. Many of themselves must have
were more ; they had issued 1,008, and they had re- met with some of the difficulties that were urged in
ceived.l3 extra this day, and as there were 16 before defence of not insuring, such as the pressure of taxa-
the Board before, he was secure in saying the policies tion. There could be no doubt, that at the present
were 1,030 in all.—(Hear, hear.) Since the present moment many persons felt that difficulty from the
Secretary was appointed, they had never had a blank pressure of the Income-tax.—(Hear, • hear.) The
day. It was evident from the quarters from which policy, or impolicy, of the tax itself was not at
they came, that the Society was rapidly gaining con- all involved in the • question; still many persons
nection. Ile was now going to make a little appeal of large means declined to avail themselves
to his brother travellers. In the first days of the of the advantages of life assurance'; but
Society very few came forward to assist it. Himself every man, immediately he embarked in business,
and Mr. G. Redmayne were opposed in every corn- ought.to lay by a sum to provide against every pos
mercial-room where they mentioned it. They were sible emergency. With respect to the advantages of
frequently two against ten, yet they persevered, and the National Mercantile Assurance in particular, they
fifteen of them procured policies to be taken to the were very great, in having men of business for its
amount of 100,000/. If this could be done by so few, agents and directors, men who devoted themselves
what could not the friends. he saw around him sedulously to its concerns. In addition to this was
do now ? They ought to double their income during an advantage that no other office possessed—that of
the next year. .He mentioned that the gentleman their own united and individual exertions in its be-
who was now their Actuary had left a permanent half; and those exertions had been mainly instru-
Government situation to come to thern, and as that mental in placing the Society in the position it at
gentleman's name was attached to different mathe- present occupied. So safe were they, that if not one
matical publications, and knowing that his advice was . more policy should be brought in, they were
asked professionally by the Poor-law Commissioners in a condition to go on for years without
at the present time, he would ask if such a man as becoming bankrupt. Since he had been appointed
Mr. Jones would have come to them if he had not Secretary, as had been truly observed, he had not had
thought them safe? He could assure them that the one blank day; every day had brought in proposals
Scotch offices thought highly of that gentleman, and ' for assurance to the Board. This very day there had
if anything would induce in him a good opinion of the been laid before the Board fourteen proposals,
Society-, it was that appointment. On behalf of him- ! amounting to 6,0001. He recommended the Society
self and his brother travellers, he thanked Mr. Currie ; to go on as it had begun, and after stating his convic-
for having on all occasions advocated their inter- ; tion, that the high character of the Chairman was a
ests ; and he trusted he would live to see the links ! sufficient guarantee against anything improper in the
that bound the traveller to the present Society management, he concluded an able speech by saying
fully carried out. He concluded by expressing his ' that in this, as in all other cases, honesty would be
determination, in conjunction with his fellow travel- ' found to be.the best policy.
lers, and with the assistance of the wealth and influ- I Mr. Wmcoxoia gave " The Medical Officers of
ence of the Directors and Chairman, to establish a the Society," pronouncing a high eulogium on their
school for the education of the orphan children of ' skill and attention to their duties.

_ ........._ _
commercial travellers. Mr. G. CURSIIAM, M.D., acknowledged the honour.
The health of the Chairman was then drank with In -what they had done they had merely acted
nine times nine. strictly up •to their duty. With respect to
The Cue.uut4N, in a feeling manner, thariked the what had been said about no life which had