The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1852-05-18 00:00:00

MUTUAL LIFE ASSURANCE.
SCOTTISH PROVIDENT INSTITUTION

HEAD-OFFICE,
14, ST. ANDREW-SQUARE, EDINBURGH.

THE FOURTEENTH ANNUAL GENERAL MEETING of
the Contributors to this Society was held in the waterloo-
rooms, Edinbargh, on Wednesday, the lstb February :
Mr. WILLIANI FRASER, Writer to the Signet, the Senior
Director, in the Chair.
The CHAIRMAN, after thanking the Meeting for placing him
in the chair, adverted in terms of congratulation to the details
of the Society's progress. Alluding to the steady increase of
their business, he said—l need not say that the Directors have
taken no undue means to procure it. They have adhered to
those rules of administration which have always received your
cordial approval, and have steadily resisted every inducement
to purchase favour by conforming tre practices which they
consider objectionable in principle/ At the same time, they
have continued to give the greate attention to the selection
of lives ; and their care in this expect is apparent from the
it
rate of mortality experienced, hick still continues far below
the rate indicated by the tablis, which give the highest estimate
of life. In illustration of r care, I may refer to the Irish
business, which is genera - regarded as one of a rather hazar-
dous description. But ith us—confining ourselves to a few
and selected localities it has been fully as good as in the best
districts of Scotland England : one agency, established ten
years since, which S sent in about £9,000 of Premiums, has
not yet produced a single claim upon the Society.
There is one matter which it remains for me to bring under
your notice, and to which your sanction is to be asked. It has
been always a subject of anxious consideration with the direc
tors to withdraw from the Policies all restrictions and condi
lions of forfeiture which are not essential to safety ; and you
are aware that a great deal was done by this Society, a few
years since, to remove such restrictions. The grounds of for-
feiture in case of death by duelling, by the bands of justice, or
by suicide, if beyond six months from the date of the policy,
were then removed ; and it was further established that no
mere innocent error, or omission to state what, though impor
tant, might not at the time have been within the knowledge of
the contracting party, should be a ground of future challenge
against the Policy. The exception of a mis-statement of the
age was then retained, in order to check carelessness in regard
to a matter on which the amount of premium depended, and
which, with ordinary care, might he sufficiently determined ;
but the Directors were, at the same time, empowered to correct
the consequences of any accidental or unintentional error in
this respect.
A great advance was thus made in giving to the Policies of
the Institution a character of unquestionable security; but
more enlarged experience has satisfied the Directors that they
may, with perfect safety, and without a departure from any
great principle, go further in the same direction ; and they
now feel themselves quite prepared cordially to recommend
the adoption of resolutions to which, in concert with other
Scottish Life Assurance Companies, they signified their assent,
and by which, at a comparatively early period after assurance,
every restriction will, to the great body of the Policyholders,
be removed, and the value of their Policies, as marketable
securities, be placed beyond doubt.
You are aware that, by the existing regulations, a Member
being beyond the limits of Europe, or entering into Naval or
Military service, or dying at sea, except within certain spcci-
Eed limits, forfeits his Policy, unless ne has previously ob-
tained a license from the Directors. It is part of the reso-
lutions to be submitted for your approval, that the Directors
be empowered, in the case of Members whose circumstances
or prospects in life preclude the possibility of any of these
conditions of the Policy being violated, to grant a certificate to
Members applying for it, that. if these are not infringed
within five years, they shall then prescribe, and shall not
thereafter be a ground of forfeiture. With such a certificate,
and the age be sufficiently proved and admitted, which has
never been found an insurmountable difficulty, the Policy will
become a document of debt absolutely unchallengeable upon
any ground whatever save one. viz., that of fraud or inten-
tional falsehood, in retaining which, as a ground of challenge
which cannot be abandoned, the Directors feel confident that
they will carry with them the feelings and judgment of the
contributors.
To those Members whose circumstances-will exclude them
from the benefit of the proposed resolutions, it must be satis-
-factory to know that the fundamental laws of the Institution
(as fixed at your meeting three years ago) secure their Policies
against challtiike on ground' of innocent error; and this is to
ue kept in view as an advantage which your Society still offers
Over every other Scottish Institution.
Copies of the law as it at present stands, with the alterations
proposed, have been placed in your hands. After the reading
of the Report, these will also he read ; and it will then rest
upon you to decide whether they shall be adopted.
Mr. C. W. ANDERSON laid on the table the Report from the
Directors. He referred to the steady and progressive increase
of the Society, which is exhibited in the Tabular view now
subjoined.
REPORT BY THE DIRECTORS.
The new business effected during the past year is again con-
siderably in advance of that of any preceding year.
The proposals accepted have been 677, assuring a sum of
.e. 174,775 ; and on these the premiums payable yearly, for life
or for a term of years, amount to £7,663 Is. A censidernble
sum has also been received for Premiums by single payment.
At the close of the year there had been issued in all 5,236
Policies, assuring nearly £1,300,030. The amount of sub-
sisting assurances was then 1,866,488. The Accumulated
Fund amounted to £207,803, and the yearly income to about
.X 61,504.
The amount of the claims which have emerged last year is
£23,450, by the death of 36 members. This is still a very
small proportion, considering the increased age of the Insti-
tution and the orge number over whom the casualties are
spread.
It will be in the recollection of the Contributors that impor- '
tant Resolutions were adapted by this Institution three years
since, having for their object the removal of many of the
grounds of forfeiture to which the Policies of Members wera
previously subject. Subsequent experience has confirmed the
Directors in their opinion of the soundness of the resolutions
then adopted, and they have now the satisfaction of submitting
to the Contributors suggestions for extending them still fur-
ther. In the course of last year the Directors, in concert with
other Life Insurance Offices, had under consideration how far,
consistently with safety and propriety, additional immunities
could be granted, with the view of increasing the commercial
value of the Policies and the sense of security in the minds of
the Members. They have resolved, with the sanction pre-
scribed by the Constitution, to recommend to the Contributors
that the 7th and Bth Articles of the Laws should be altered in
the terms to be submitted to this Meeting.
By the proposed alterations, the Directors (under certain
necessary precautions) are to be empowered, on application, to
make arrangements by which the great body of the Members
will be secured, after a fixed period, from any charge for addi-
tional premiums, in the event of their going beyond the limits
of Europe, or entering into Military or Naval service; and
generally to exempt their Policies from every ground of forfei-
ture whatever, excepting fraud or intentional falsehood. The
effect of these alterations must be to enhance greatly the value
of the Policies as marketable securities; and the Directors feet
satisfied that they secure the Institution against any appreci-
able risk, by providing that the exemption shall not in any
case take effect until after the lapse of five years from the date
of the Policy.
This Report, with the severalstates appended, and the Report
by the Auditors were read.
Mr. ROBERT MACFARLANE, Advocate, moved—That the
Meeting approve of the Report now read; and further approve
of and adopt the alterations on the 7th and Bth Articles of the
Laws and Regulations sebmitted lay the Directors.
Mr. GEORGE HOPE, Fenton Barns, East Lothian, seconded
the motion, which was unanimously adopted.
On the motion of the Rev. Dr. STEVEN, of Trinity College
Church, seconded by Mr. HUNTER, Publisher, the thanks of
the Meeting were given to the Directors for their services du-
ring the past year.
Thanks were also voted to the Local Boards, to the Auditors
and Trustees, and to the Officebearers ; end the Management
Laving been constituted for the ensuing year, the Meeting
separated after a vote of thanks to their Chairman.

TRUSTFES.
Sir William Johnstyn, of Kirkhill.
Charles Cowan, Esq., M.P.
John Masterman, jun., Esq., Banker, London.
William Campbell, Esq., of Tillechewan.
James Peddie, Esq., W.S.
DI RECTORS.
Robert Hunter, Esq., Advocate, Sheriff of Buteshire.
Francis Richardson. Esq.. Merchant.
James Cathcart, Esq., Merchant.
John Auld, Esq. W.-.
David Hector, Esq., Advocate.
C. W. Anderson, Esq., Merchant, Leith.
Charles Morton, Esq., W.S.
Donald Smith Peddie, Esq., Accountant.
Hugh Rtdpath, Esq.. Merchant.
John Sinclair, Esq., City-clerk.
James Stirling. Esq., Civil-engineer.
William Nelson, Esq„ Publisher.
John Hunter, Esq., Auditor of the Court of Session.
John Parker, Esq., Inland Revenue-office.
Charles Lawson, jun., Esq., Seedsman.
AUDITORS.

James Crawford, jun., Esq., W. S.
Alex. Bryson, Esq., Watchmaker.
William Brand, Esq., A .S., Secretary to the
,—T Union 13"1"
BANKERShe National Bank of Scotland.
MEDICAL OFFICERS.
Sir George Ball ingall, Professor of 111ilit
James Dinichn, Esq., M.D., 12, Hei
MANAGER—James Watson. l SECRETARY

tary Surgery.
mot-row.
—John Watson.

BIENNIAL PROGRESS OF THE BUS
LAST TEN YEARS.

[NESS IN THE

Amount of New
Assurances.

Annual Premiums
on these.