The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1854-03-28 00:00:00

THE LIVERPOOL STANDARD, AND GENERAL COMMERCIAL ADVERTISER.

ORIGINAL CORRESPONDENCE.

BIRKENHEAD HOSPITAL.

TO THE EDITOR OF THE LIVERPOOL STANDARD.

Sru,—l had hoped that the transactions connected with
the late appointment to the Birkenhead Hospital would
have been permitted to go into oblivion, except so far as
to be a useful warning against similar: proceedings in
future. I shall therefore only reply to Mr. Fry's letter
that--1. The late second meeting was not the result of
medical jealousy, but the unmistakeable voice of public
disapprobation.-2. Notwithstanding- Mr. Fry's letter, I
do not retract any part of my statements,.-3. I have
always protested, and will always protest, against personal
interest and favour being injuriously employed in public
institutions.

I came forward on this painful question only when
called upon by four active officers of the institution, and
am very reluctant to contine a discussion which can only
fester private differences, and which cannot now alter the
late decision.

Regretting very much that I should be compelled again
to express my disapproval of the recent proceedings, and
hoping that the whole matter will be permitted to rest
where it does, I remain, sir, your faithful servant,
St. Aiden's, March 22, 1854. JossPIC BAILEE.

A CURIOSITY IN NEWSPAPER LITERATURE.

TO THE EDITOR OF THE LIVERPOOL STANDARD.

SIR,—In your last publication, a correspondent, who
signs " Common Sense," has made some severe strictures
upon a leading article which appeared in one of your local
contemporaries on the previous Saturday. Now, as I
happen, at present, to be the principal Editor of the paper
referred to, I feel it decidedly due to my reputation as a
public writer entirely to disclaim the authorship of the
article which has called forth your correspondent's critical
castigation; and further, to affirm that I had not even
seen the same until it had made its appearance in print.
I am, Sir, yours, respectfully,
S. PHILLIPS DAY.
Liverpool, March 27th, 1854,

ECONOMIC _LIFE ASSURANCE
SOCIETY.

ON Saturday week an ordinary annual court of the mem-
bers of this society, and also-all-extraordinary and quinquen-
nial court, was held at Radleyls-Hotel. Bridge-street, Bleck-
friars, London, for the following purposes, viz.: The
ordinary annual court to receive the report of the auditors
for 1853, and to re-elect them, and the quinquennial court to
receive the report of the directors, upon the value of the
society's funds, their engagements, and the valuation of
policies prior to the declaration,of a bonus, and to elect four
directors, there being four retirements by rotation.
The Right Hon. it T. Frankland Lewis, Hirt., M.P.,
occupied the chair, and apologised for the unavoidable
absence of the deputy-chairman, H. F. Stephenson, Esq.,
who, he said, had gone to see his son off with the hrave fellows
who were now setting out in the defence of their country.
The SECRETARY having read the advertisement convening
the meeting,
Mr. JAMES JOHN DOWNES. F.R.A.S., actuary, read a
statement of the receipts and expenditure for the year 1853,
as follows : RECEIVED
Balance, Feb. 9, 1853

CURIOSITIES OF NEWSPAPER LITERATURE.

Assurance PreMiums (less commission)
Interest on Investments (less income tax)
Investments paid off

TO TILE EDITOR OP VIE LIVERPOOL STLITDARD.

... 413,038 4 8
150,778 4 1
54,302 2 7
231,113 18 6

Total receipts .'449,232 9 10
PAID.

SlR,—Really the heading under which I write may be
stereotyped for constant use, if certain writers in one of
your contemporaries continue to startle " Common Sense"
with such effusions of an obfuscated intellect as have
lately been presented to the public. I aimed a blow at the
sconce of the scribbler last week, but, to my surprise, he
is as unabashed and as tormenting as ever. He reminds
me of a celebrated character, known by the appellation of
the "talking machine," who is invited to parties of re-
served young gentlemen, for the purpose of preventing a
flag in conversation. This gentleman can talk with most
amazing volubility upon every variety of subject, by the
hour or by the evening, as required. You wind him up
by proposing a theme, and he hurries on with breathless
haste over the worlds of literature, science, and art, with
" satis eloquent* sapientim parum." After he has amused
for a time, he is cast off, and voted a bore. Cannot the
fate of the unfortunate gentleman with the "caccethes
loquendi" be a warning to the gentleman who is troubled
with the "caccethes scribendi ?" It affords some amusement
to hold up folly to derision, once or twice, as a scarecrow
to incompetent scribblers ; but if the fellows present them-
selves too often, our patience is awearied, and we are rather
disposed to administer a kick than bestow a smile. Last
week, we were 'amused with unparalleled specimens of
vapid nonsense, cloudy sentences of big words without
meaning. This week, I have to present to your notice a
few samples of an equally curious article on the " Union
of the four learned societies of Liverpool." We are told that
" The natural genius of England being rather of an
ABSTRACT, or practical character, we do not think dry
and abstruse classical attainments would add much to
the adornment of the country, or to the progress of
society. Those men who plume themselves on their
classical attainments become dogged and consequential,
or pedantic and frivolous ; and while they writhe in' the
agonies of scholastic congestion, they generally contrive
to pawn upon their HEARERS peifect mountains of
criticism, which they would have the world believe was
so much done for society, while they are simply levelling
the reputation of others. A whole classic scholar is sel-
dom more than half educated. He spends his life in
studying the manners, habits, and customs of our race
backwards. Ile knows more of the depravity of Ancient
Greece, and the follies of Latin Nations, than lie does of
the vices or virtues of the age in which he lives. Albeit,
he is the crammed chicken of a University, and what
he lacks in common sense lie can amply supply from
Homer's sonnets or Cicero's eloquence. He may borrow,
where other men are said to steal, an idea, and by adroit
plagiarism, he establishes a character for originality,
which true genius looks upon with scorn."
This writer is assuredly establishing for himself a cha-
racter for originality—but does lie suppose himself the
• " true genius," who has a right to look down with scorn
upon "the crammed chickens of a University," or upon
the students of "Homer's SONNETS or Cicero's eloquence ?"
Is it not ridiculous for men to prate about what they so
little understand ? Because, forsooth, it has been the fashion
of late years to decry the classics, on account of the ex-
tremes to which classical scholars have carried their
admiration and attachment, every illiterate coxcomb thinks
his time of triumph has come—that learning may be as-
sailed with impunity—that a flood of Vandal scribblers
may destroy the wondrous models of greatness of thought,
and beauty of style, which characterise the ages of Pericles
and Augustus. What better arguments against the
detractors of classical attainments beed be given than
these specimens of the fruits of Omit' neglect. This un-
classical writer says :
"If the Literary and Scientific Societies of Liverpool
were likely to increase, this feverishness of classical and
scholastic congestion of the ?wind, and want of manners
of those who resorted to them for recreation, we should
feel far less disposed to give them our humble meed of
approbation and support. * * * * By some extra-
ordinary perversion it appears, however, that those who
profess to know most, really do yeast for the advance-
ment of their fellowmen. •ToOe familiar with classic
authors, is to be but partially accomplished ; and to
presume upon their originality, or to exist by their per-
fections,is simply attempting an arrogant impertinence.
"We are, therefore, rejoiced to find that the learned
societies of Liverpool are turning their attention, together
with that of the public, to the practice of that beautiful
science architecture, and the promotion of useful and in-
genious arts. This is the field in which the mind of a
nation may labour with a prospect of arriving at indi-
vidual greatness, and man's MORAL and SOCIAL amelio-
ration,"

Assurance claims
Annuity claims
Invested in Government securities..
Do. in mortgages, life interests, & reversions 227,722 13 0
Loans on policies
Purchase of policies 5,442 10 0
Fire assurance premium 4BO 17 0
Rent, taxes, insurance, and repairs 530 15 5
Printing,advertisements,stationery, & stamps . 1,026 6 5
Directors, auditors, and medical officers..., 2,135 11 1
Actuary, secretary, and clerks
Agents' charges and medical fees
Solicitor and law expenses 305 10 6
Income tax
Sundries
Balance at bankers

Total £449,233 9 10
STATEMENT OF THE ASSURANCE FUND.

What does he mean ? He is evidently suffering from
"feverishness" and some extraordinary affection of the
mind, not brought on by companionship with the classics,
or by burning the midnight oil. The "arrogant imper-
tinence" of such a writer in setting himself above the
classical scholar, verifies the proverb of the fate of pearls
cast among swine. The poor educated man is certainly
an object of commiseration when his lot casts him among
the " profanum vulgus." I shall only trouble you with
one more extract, though you may before now have ex-
claimed " Usque ad nauseum."
" This age is purely and essentially practical. It may
not be so from choice, but it has become so de facto from
necessity.; and what can be more truly beautiful and
edifying than the study of the great phenomena ofhuman
genius at the present day It is not necessary that
Liverpool should be reduced to ashes, or that England
should pass into the shade of a classical oblivion of a
thousand years, to render her literature and science sub-
jects fit for the study of our cloisters or universities. We
therefore view the utilitarian character of our Liverpool
societies with the most earnest solicitude."
It is not worth while to answer so shallow a writer as
this. lam more inclined to laugh at the conceit of the
individual; but, unfortunately, he is merely taking up the
song of abler men, whose judgments on this subject have
been misguided. We are told that it is not necessary
that England should pass into the shade of classical
oblivion to render her literature mid science fit for the
study of our universities ; and with this sentiment I agree.
Why is such the case ? Why but because our English
classical authors have deeply loved, studied, and imitated
those very works which are now to be despised. The sublimity
and fire of the Iliad—the nice and particular painting of
manners in the Odyssey, have been perpetual sources
of poetry, from :which the greatest authors of after
times have drunk, copious draughts of inspiration.
Yet Homer himself acquired his art through Egyptian
channels. Indeed, the history of learning and literature
does not prove that the intellectual powers of man are
progressive from age to age. The writers of the present
day are not equal to those of the Elizabethan era. The
literature of England is superseded by that of ancient
Rome, and that of Rome again by more ancient Greece.
In proportion as the Romans,etudied Greek literature,
they became more excellent." writers and enlightened
philosophers ; and in the proportion ancient classical
literature has been studied in our own country, our
authors have attained an eminence and a glory which
shall cause their writings to be studied thousands of
years after the nation's decline and fall. What is the
utility? asks the the narrow-minded querist. I answer :
every exercise of the mind, like exercise of the body,
tends to call forth and strengthen nature's original vi-
gour. Be the subject immediately lucrative or not, the
nerves of reason are braced by the mere employ. It is
lamentable to see the increase of that contemptible tribe
of utilitarians, who, from a love to the means of life,
wholly forgetting its end, are for that reason truly de,
nominated misers, or miserable. It is time to check the
progress of these soul-debasing, money-grabbing, world
and Mammon idolators, and to infuse into their minds
a little more COALMON SENSE.
March 27, 1854.

Dec. 31, 1853. .._.
Funded property and Government securities 595,106 5 7
Mortgages
Life interests and reversions 130,128 15 10
Cash in hand

PRINCE ALBERT has given a donation of £2OO for the
extension of the electric telegraph to Aberdeen.
MADLLE. RACHEL, it is reported, is about to quit the
stage, and to marry one of the Russian noblesse.

Total Fund £1,340,677 13 6
The report of the auditors was then read. It stated that all
the vouchers had been examined and found correct, and that
the accounts were kept in an excellent manner. It also con-
gratulated the members on the gratifying augmentation of
their capital since the last quinquennial audit..
Mr. DOWNES read a statement, to show the amount of busi-
ness transacted in 1853, from which it appeared that there had
been during that year 638 proposals, of which 81 had been de-
clined, 51 were accepted, but not yet taken up, and 596 were
completed, and the policies issued. Of these, 12 were for
£5,000. 9 were for sums between £3,000 and £5,000, 38 be-
tween 4'1,000 and £3,000, 80 for £l,OOO, and 120 for £5OO,
and the others for smaller amounts. The average amount of
the policies issued was £717. To show the character of the
business, he stated that 464 of the 506 policies issued were
what they called " Table I."—that is on the participating
scale of premium on single lives. The amount of premiums
received in respect of new policies during the year was 413,266
for renewals, £143,551, for commutations £l2; premiums
combined with life interests, 4828. Then they had remitted
one premium which they should have received, £'2,203,
making a total for the year of receipts. in respect of pre-
miums, of 4159,860—a sum which exceeded the income from
this source last year by nearly £lO,OOO. (Hear.) They ex-
pected claims (according to the ordinary law of mortality) to
the amount of £101,000; but the claims which had actually
accrued on 84 policies, assuring 71 lives, were but £37,466,
giving them £43,000 less, than the amount of claims naturally
expected for the year. (Hear.) This state of mortality re-
ferred to was not the " Northampton rate;" it was consi-
derably less than that estimate. The number of premiums
received on policies discontinued by death—the average had
been 14 premiums; the average bonus on each policy which
had become a claim had been 14 per cent. on the sums assured.
During the year 84 policies had been extinguished by death,
32 by purchase, 66 by lapse, and 5 by the expiration of the
term ; so that they had increased the number by 506, and they
were diminished by 187. The "annual statement" was in
respect of sums actually paid as claims ; the amount of claims
accruing for the year on nolicies was 4'57,463. Of the £74,084
paid as claims, 416,796 had been paid in respect of policies
which would be payable during 1854, paid On discount. With
respect to the large amount of balance at the bankers, he had
to state that the average balance during the year was £7,895 ;
this was from week to week the average sum at the bankers.
During the past quinquennial period the average balance was
£3,559; bat of this £1,900 was now in hand for the purpose
of completing some farther investments which were in con-
templation. The amount assured by the new policies was
about 4362,000.
On the motion of the CHAIRMAN, the above report and
statements were read, and ordered to be entered upon the
minutes. The sum of 4140 was awarded to the following
gentlemen as auditors, for their services during the peat year,
and they were unanimously re-elected to that office :—Edward
Charrington, Esq., Francis Dumergue, Esq., Capt. Robert
Gordon, R.N. John Gilliam Stilwell, Esq.
This being done, the annual meeting was closed, and the
members resolved themselves into the Extraordinary Quin-
quennial Meeting, with the same chairman as before.
sir. DOWNES then read the Sixth Quinquennial Report of
the directors, which was as follows :—" It affords much
pleasure to the directors of the Economic Life Assurance
Society to be enabled to report to its members the result of
the investigation made of its affairs at the close of the quin-
quennial period which terminated 31st December, 1853. The
experience of the society during this period (the second which
has elapsed since paying off the shareholders) has fully
realised the expectations of the directors, and they feel
assured that the members will share their satisfaction. Since
the last division, 2,606 policies, assuring £1,381,000, have
been issued, giving an average of 321 policies per annum.
This result, compared with those at previous investigations,
show a large and steady increase of the business. The sum
of £65,463 has been received during the five years in new -
premiums, being at the rate of 413,093 a-year. The total
income from premiums, which in 1849 was 4124,321, now
amounts to £159,861, indicating an average annual increase
of £7,108, after allowing for loss of income from discontinued
policies; while the gross income has increased at the rate) f
£lO,OOO per annum. Claims have arisen during the five years
on 477 policies, assuring 4'340,943, and carrying, bonuses to
ins to me uuouhea trai
policies ur on which claims have arisen, the sum of £54,771
has been paid as bonus in other ways, making a total of
£97,019, of which the sum of £85,500 has been paid in
respect of the bonus declared in 1849. This reduction of the
liability, combined with the increase or £449,675 15s. 7d. of
the assurance fund, shows that the financial condition of the
society has improved at the rate of £107,000 per annum.
Notwithstanding the great havoc the cholera has made during
the last five years, the mortality experienced by the society is
less than might have been expected under ordinary circum-
stances. In addition to this, the claims accrued have fallen
upon a class of policies, each assuring £95 less than the
general average. These causes have contributed considerably
to augment the present surplus. In the valuation of the
assets, an ample margin has been allowed for possible fluc-
tuation of the funds; and in the value of liabilities, the risk
premiums only have been taken into account. The remain-
ing portion of the premium income, after defraying the
expense of management, commission, &c., will be found in
the surplus. By this arrangement, old and new assurers will
contribute rateably to the expenses of management, and no
profit will be declared by anticipation. The assets, consisting
of funded property, mortgages, life interests, and reversions,
premiums due on 31st December (since paid), interest accrued
on investments, balance at bankers and hand, amount to
£1,357,736 3s. 4d. The liabilities, consisting of £1,034,380
17s. 10d., the values of policies and the bonuses already
declared, and 437,685 for claims accrued but unpaid, com-
mission, taxes, and sundry small accounts, amount to
4'1,072,065 175.10 d. There is, therefore, after making pro-
vision for every known liability, a surplus of £285,670 ss. 6d.
The directors recommend that £255,850 of this surplus be
distributed as bonuses; and that the remaining sum of
.429,820 ss. 6d. be retained for the payment of annual con-
tingent, and conditional bonuses, and for contingencies. It
is further recommended that an annual contingent bonus of
£1 per cent. per annum be added to the absolute bonus on
such policies, now entitled to participate, as shall become
claims during the current quinquennial period, viz.,
On policies which become claims in 1854, el per cent. on sum
1855, £2 „ (assured.
1856, 43 ~
1857, 44 ~
1858,_e5

WAKEFIELD PRISON seems to be a model, and unique,
if it be true, as stated, that last year it not only cleared
expenses, but made a profit of between £5,000 and £6,000.
EXECUTION 01? MOSES HA.TTO.—This criminal was
hanged in front of the county gaol at Aylesbury, on Fri-
day. Immediately, after his conviction, Hatto expressed a
desire to relieve his mind by making a full confession of
his crime ; and a long statement, dictated by Hatto, was
taken down by the Rev. G. A. Cuxson, chaplain of the
gaol, in the presence of Mr. Sheriff, governor of the prison.

To these policies which are not entitled to Pirticipiie in
the
.present bonus, by reason of five annual premiums not
having been paid upon them, but on which claims may arise
after the payment of the fifth anneal premium and before the
next quinquennial investigation, a bonus will be added of like
amount as if five annual premiums had been paid prior to the
present division. The sum of £255,850 will produce rever-
sionary bonuses amounting to .397,000, which, by comparison
with the sum assured by participating policies, will give from
8 to 35 per cent., or 101 ,per cent. on the average. By com-
parison with the amount of premiums received since the last
division, on policies which then participated, and with the
whole amount of premiums received on policies which now
participate for the first time, the reversionary bonus varies
from 30 to 111 per cent., or 67 per cent. on the average. This
is exclusive of the annual contingent bonus. The same op-
tions are offered as at the last division, and so the present
bonus may be taken either—lit. In ready money ;-2nd. In
addition to the sum assured ;-3rd. Ina reduction of the
premiums for the next five years only ;—or 4th. In a reduc-
tion of the premiums for the remainder of life ; as the assured
may select. The society now assures, by 6,572 policies, the
sum of £5,336,000, and is in receipt of an annual income of
220,000. Considering the nature and extent of the society's
transactions, with regard to the number of lives assured, the
sums at risk, and the magnitude of the invested capital and
of the annual income, the condition of the society affords as-
surance that its future progress will be steady, and not liable
to the fluctuations consequent upon small numbers and
limited means. In its present state, the society offers every
real advantage afforded by life assurance : for, in addition to
a low rate of premium, the expenses of management are now
spread over so large a surface as to reduce the per tentage to
an inconsiderable amount • thus leaving a larger portion of
premium income to swell the profit fund, the whole of which,
by the mutual principle, becomes divisible among the assured.
The CHAIRMAN then said that the declaration of the
amount of bonus must be made by themselves; it must be
their own act and deed. The directors merely proposed to
them the amount which in their opinion it would be advisa-
ble to grant, namely, 42255,855. This sounded a large sum,
but members might be assured that the rule of the directors
was to keep on the safe side. (Hear, hear.) The turn of the
scale was greatly in favour of the establishment. (Hear.)
lie then put the question to the vote, and the bonus pro-
posed was unanimously agreed to.
In reply to a question from the body of the meeting, the
ACTI'ARY stated that the bonus was 12i per cent. beyond
the average.
Mr. BATEMAN said he had been assured in that office for
nine years, and when he entered he took it for granted that
he would participate in five years. He complained also that
he bad not been summoned so early as the rule directed. He
said he had perfect conndence in the board, and believed that
this could only result from an oversight; lie only asked his
other question for general information, to make it clear to the
innocent public—(laughter)—to some of whom it might be
of importance, to pay for nine years, whereas four or five
years would, in many cases, make all the difference. As to
himself, he now understood thelnatter ; and he fully believed,
of course, that he would have the full benefit when he did get
it, by receiving a bonus for his 9 years larger in the proper pro-
portion than those who came in only for a period of 5 years.
Mr. DOWNES replied that of course he would. As to the
summons, he believed that every one was summoned regu-
larly who was entitled to attend their meetings. The profits
were divided every five years, and as Mr. Bateman had paid
nine premiums, he would of course receive nearly double the
amount to those who had only paid five premiums.
Mr. BATEMAN said it would be well that people should
know at first, in such cases,what period they would have to wait.
A IdEmsca said he had joined at the same period as Mr.
Bateman, and had always been summoned in due form after
his fifth payment. Of course Mr. Bateman could not be en-
titled to a bonus in 1849, because at that time he had not
paid the five premiums, which was a necessary preliminaryto
the reception of it. (dear.)
The quinquennial report was then adopted, and the CHAIR-
MAN proposed the re-election of the following gentlemen as
directors, stating that they retired by rotation, and were cor-
dially recommended by the board for re-election :—Alfred
Kingsford Barber, Esq., Arthur Kett Barclay, Esq., Robert
Biddulpb, Esq., and Charles Morris, Esq. In recommending
for re-election his four experienced colleagues, he said that
the management of the affairs of such a society was a matter
of very gregt responsibility. The care of £1,300,000 was no
trifle. (Hear.) For they had to do the best they could to get
good interest and good security, which were matters often of
very great difficulty. But he believed they had done their
duty, and they would try to do so for the future. (Cheers.)
The above gentlemen were then unanimously re-elected as
directors, being eligible for immediate re-election by the 153rd
article of the deed of settlement.
A vote of thanks was unanimously voted to the Chairman,
who announced that these proceedings would require to be
confirmed by the extraordinary general court to be holden on
s-thoUtla of March, at two o'clocicswhen he hoped that as sufn.

THE NEW COPPER COINAGE.—The demands' at the
Royal Mint for supplies of the new copper coinage during
the last fortnight have been so great that the quantity they
had received from Birmingham (60 tons), as the first portion
of the contract with the Master of the Mint, is now nearly
exhausted, and much difficulty is experinced in obtaining
to the amount of one thousand pounds worth, or even a
few hundreds.

JENNY LIND.—The indecision of the Swedish canta-
trio', it may perhaps be remembered, was always remarked
as a prominent characteristic trait ; since her marriage it
seems, however, to have increased. The last report stated
that Madame Lind Goldschmidt had positively refused to
visit Euglaud ;. but the German papers now announce that
she will eventually wend her way to London, and that
negotiations between Mr; Mitchell and the prima donna
are likely to be brought to an affirmative conclusion:—
Musical Transcript.