The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1844-03-26 00:00:00

THE LIVERPOOL STANDAIIII

SCOTCH RAILWAYS.

We congratulate all the shareholders in the several Rail-
ways of Scotland on the present feeling that exists, evi-
dently tending to the carrying out, to the advantage of
all parties interested, Lines of communication, so as to
consult the Agricultural and Commercial interests of our
neighbours.
A line of Railway has been proposed called the Cale-
donian--being a continuation of the Lancaster and Car-
lisle, which leaving the latter place proceeds to Lanark,
from thence diverges by two branches to Edinburgh and
Glasgow respectively ; and crossing the Edinburgh and
Glasgow Railway east of Glasgow is continued on to Perth
via" Sterling; which is in fact the approved line as pro-
posed by the Government Commissioners.
The Edinburgh and Glasgow, also proposes a line,
from their Railway at Linlithgow, to Perth and Sterling,
The Edinburgh and Glasgow, in connexion with the
Glasgow, Paisley, Kilmarnock, and Ayr, propose a line
from Carlisle via Dumfries to Kilmarnock, in preference
to the Caledonian Railway, which forms the West Coast
Line, while the North British starting from Edinburgh,
Haddington and' Dunbar to Berwick, forms a portion
of the East Coast line to be in connexion with Newcastle.
But the most important yet in progress, as respects the
Ediburgh, Leith, and Newhaven, is the continuance of
the Railways from Aberdeen xid Forbar to Dundee, and
then by means of powerful Steam-boats, with passengers
and goods will cross the Frith of Tay to Newport, and
then the Railway will be continued in a direct line to
Burntisland Pier. This latter, being also in connexion
with the Grand Pier at Granton, will be the means of
receiving the whole traffic of goods and ' passengers from
the North of Scotland upon the Edinburgh, Leith, and
Granton Railway, which (from the very peculiar and
advantageous situation of this hitherto much calumniated
concern,) will afford facilities greater than we have yet
seen in any connexion of this kind in England. By
means of their Tunnell under the New Town of Edinburgh
which opens on the north of the sea, and on the south at
Princes-street, under the North Bridge. to a Station
which by nature and the assistance of engineering art,
will be made a most important acpuisition to all the coun-
try railways, viz.—the Edinburgh and Glasgow, the
Northern British, and even the new proposed Caledo-
nian.

In addition to these advantages we understand the
Canal proprietors have determined to make a Railway
communication of about SOOxards for their Basin to join
the termini of these Railways at the North Bridge, which
will offer yet greater facilities for the transmission of
heavy goods to the port of Leith and Pier of Granton,
which form exclusively the Branches of the Edinburgh,
Leith, and Granton. All these circumstances form the
great interest now taken in Scotland in promoting railway
communication in that portion of the British empire. We
have had an opportunity of examining carefully all these
plans, and have no hesitation instating that the judicious
arrangements proposed to be made by the Edinburgh.
Leith, and Granton directors are calculated in an eminent
degree to be mutually advantageous to all.
The right hand of friendship has, we believe, ever been
extended by them, and we hope that their good feeling
and anxious desire to accomplish the works placed under
their own immediate charge will ultimately prove bene-
ficial to their shareholders ; and they will receive the
meed of .praise to which they are so justly entitled for
their perseverance and untiring zeal.

DUBLIN AND DROGHEDA RAILWAY.—The first ex-
perimental trip on this railway took place on Monday.
The train containing nearly 600 people, started at half-
past eleven, and accomplished the whole distance to Dro-
gheda in an hour thirty-six minutes,. and returned to
Dublin in an hour and a half.

At the half-yearly meeting of the shareholders of the
Ulster Railway Company, in Belfast, last week, the total
receipts from traffic were declared to be £13,205 ; net
profit for the half gear. f5,754_ Out of this the directors
declared a dividend of 15s. per share, which will leave a
balance of £1,026 to be added to the reserve fund.
MANCHESTER AND LEEDS AND HULL AND SELBY
AMALGAMATION BlLL.—This bill was thrown out in the
standing orders committee of the House of Commons, in
consequence of the required preliminary notices not hav-
ing been given. As each company, however, has the
power of leasing to the other, the arrangement will be
carried out, notwithstanding the rejection, of the bill, the
terms of the lease of the Hull and Selby being 16 per
cent. of net profits, exclusive of any additional capital for
branches, which is to, be shared as original stock..

THE ECONOMIC LIFE ASSURANCE SOCIETY.

The Ordinary Annual and also an Extraordinay Quin-
quennial General Court of the Shareholders of this Soci-
ety was held at Radley's Hotel, London, on Saturday
last,. the Right Hon-Thos. Frankland Lewis in the chair.
The Secretary presented the annual account from which
it appeared that the: receipts for the last year were
£150,747 7s. 3d.
The auditors' report 'having been adopted, the court
proceeded to re-elect the four retiring directors, and also,
the four retiring auditors.
REPORT.

The Actuary then read tile quinquennial report, of '
which the following is an abstrict :—The directors, after
expressing the pleasure they felt in being able to present
the fourth quinquennial report, proceeded to say that the
assets bad been valued on the principle of making precau- '
tionary allowance for possible fluctuations in the prices of
stock, and the value of the liabilities had been ascertained
by methods calculated to exclude errors, and to afford full
confidence in the results. The value of the assets, con-
sisting of government securities, life interests, mortga-
gees, assurance premiums, and interest due on invest- ,
ments, with the balances at banks and cash in hand,
amounted to £673,631 17s. 4d. The total liabilities, con-
sisting of £70,000, of the shareholders fund, with inter-
est thereof, the value of policies and bonuses thereon,
the claims accrued but unpaid, charges for commission
agents, taxes, &c, amounted to £549,320 ; leaving a bal-
ance of £124,312. It appeared from this statement that,
after making provision for every existing liability:, and a
prudent estimate of the assets, a clear surplus of £124,312
remained for distributution among the shareholders, and
the assured ; and this result was obtained without. in any
way anticipating profits to be hereafter realised. It was
provided in the deed of settlement that as soon as one-
fourth of the profits realised should equal the portion of
the subscribed capital actually paid up, the shareholders
should be paid off £50,000, and £20,000 had been added
to that amount ; so that £30,000 was required to make
up the £50,000 to pay off the shareholders, which would
be sufficient to redeem each share of £250 at £5OO. As
one-fourth of the surplus was fully sufficient to pay the
£30,000 to the shareholders, according to the provisions
of the deed of settlement tbey must be paid off. Although
the directors were alloweq three months for that purpose,
yet they- were willing to Otninence the redemption of the
shares immediately, giving £5OO for each share, with inter-
est thereon at the rate of four and a half per cent. per
annum, up to the date of surrender. Interest would cease
on and after the Ist of July next on such shares as should
not be then surrendered. After deducting £30,000 for
the shareholders from the gross surplus, the sum of
£94,312 would remain as the portion of the policy holders;
but as nineteen shares were held by the society, the bo-
nuses pertaining to them fell into the assurance fund, and
increased its amount by £2,850, thereby making the sur-
plus of the assurance fund £97,162. In dealing with the
Shareholders' fund, the Directors considered that it would
not be prudent to appropriate the entire surplus now in
hand ; for, although the reserved value of the policies
was adequate to the existing liabilities, they thought it
desirable to have a precautionary surplus, in order that
the character and credit which had produced the present
prosperous results might be continued. They therefore
proposed to retain one-third of the surplus. Two-thirds
of the surplus of £97,162, viz., £64,755, would, at the
average age of the participating members, viz., forty-seven,
secure reversionary bonuses to the amount of £109,29,
or thirty-three per cent. on the premiums on which it is
computed—that is, on five premiums from those who par-
ticipated in the last division, and from five to nine on
those who then participated for the first time. The re-
maining third now reserved would accumulate at interest
for the sole benefit of the assured till the next period of
division, and to prevent any loss upon such policies as
might become claims in the interim, the directors proposed
a prospective contingent bonus of £l. per cent. per an-
num on all beneficial policies on winch claims should
accrue before the next division of profits, when a real
adjustment would be made. The contingent and absolute
bonuses, taken together, were equivalent in value to an
absolute bones of 36 per cent. on the amount of premi-
ums with which it was compared. In addition to the
three options given at the last division—that is, of apply-
ing the bonus to increase the sum assured, or to reduce
the premium either for the whole of life, or for five years
only, the Directors now offer a fourth, in the form of a
ready money bonus. By paying off the shareholders, the
constitution Of the Society would undergo an important
change, and the Economic would become a mutual assur-
ance society, under circumstances highly favourable to
the assured ; for, independently of other advantage!, the
whole of the profits would henceforward be divided
amongst those assured, on an equal scale of premiums.
As a Mutual Assurance Society, the Economic will present
advantages surpassed by no other ; the premiums charged
being lower than those of any office which divided profits
with the assured, and much lower than those of any mu-
tual assurance society. The mode of applying bonuses

was strictly equitable, and was adapted to every variety
of circumstance. The number of policies had increased
during the last five years from 4,308 to 6,001; the income
from premiuns had increased from £70,591 to £90,500.
The average receipts for premiums for the five years
amounted to £85,125 per annuli': The claims amounted
to £37,190 per annum, and the bonuses added to such
claims £1,450 per annum. The large number of assuran-
ces now existing afforded a security against such deviations
as might result from such a paucity of numbers. In con-
clusion, the Directors recommended the Society as one
which was as much entitled to public confidence for the
equity of its prideiples, as it was to preference for the
economy of its management and the liberality of its prac-
tice.

Zhe Chairman said the remarkable clearness and accu-
racy of the report, rendered it unnecessary for him to
make any addition to its statements. He could not, how-
ever, refrain from congratulating them on the state of
their affairs. It was certainly remarkable, that a society
started on the principle of low premiums rather than large
bonuses, should in the twentieth year of its existence, have
attained such prosperity, as to be able to disencumber it-
self of the weight arising from having shareholders, and
to give a handsome bonus to the parties whose interests
were concerned. The directors were determined to con-
tinue to watch over the interests of the society. Though
there might be societies which had larger connections, if
any one would show him an office which was conducted
on more honourable principles, he would not continue any
longer to occupy the chair. (Cheers.)
Thanks having been voted to the officers of the institu-
tion and to the chairman, the meeting separated highly
gratified with the day's proceedings.

WirrrE's DERBY SWEEP.—The allotting of the horses in this
racy affair came off on Wednesday last. Tne favourites were
pretty equally divided Mr. Hamer, of the York Hotel, was
saddled with " Ugly Buck." " Rattan" and the " Orlanda
colt" were drawn by parties to whom, if successful, the prize
would be of service. The geatest satisfaction was evinced by
all present. The amounts are for the first horse, Lico, for the
second, £2O, the third, .810, the fourth, £5, and all starters
each.

ROYAL AZIMITIIEATRE.—The equestrian and other perfor-
mances at this popular place of amusement continue to be varied
and entertaining, and gave the greatest satisfaction during the past
week to crowded audiences. The feats of agility displayed by the
vaulters were much admired; and Van Hamburg's trained lions,
tigers, &c., have lost nothing of their attraction. We regret that
a press of other matter prevents us from saying more than that
the American Company, who now principally appear in the arena,
are well worth seeing, and that the reduction in the prices of ad-
mission is such as to render -a nights' enjoyment easily accessi-
ble.

THE E tirnoN I C oN—Altogether we have seen nothing so Ingenious.
?0 elegant, and so excellent in the constrction of any musical
instrument as in this ; and as it has stood the test for several years-
befOre it has been brought forward to the public, we cannot do better
than recommend our readers to inspect it, and judge for themselves
of our (inadequate) account. We are sure they will feel with us,
that for durability, meliorating instead of deteriorating with age,
and remaining in tune, there has been nothing yet brought before
the musical world at all to be compared with The Eophonicon."
—Literary Gazette.—One of these instruments was unpacked at
Mr. Smiths, 47, Bold-street, on Friday last.—See ado.
THEATRE-ROYAL.—The engagement of Madame Ves-
tris and Mr. Charles Mathews has introduced to the
playgoing portion of the community several metropolitan
novelties. One of the best is the drama of " Used Up,"
in which Mr. Charles Mathews represents Sir Charles
Coldstream, a man of fortune and fashion, who has seen
everything, done everything, been everywhere, who has
gone from Dan to Beersheba, and " found all barren,"
or, as he says, discovered " nothing in it." In the se-
cond act he appears disguised as a ploughman, having
committed, as he supposes, a murder upon a man named
Ironbrace (Mr. Perkins). The metamorphose is so com-
plete, the change is so capital, both in manner and appear-
ance, that it is with difficulty the spectator can believe
that the same actor represents the two characters. Mr.
Mathews keeps the business on the move, and affords
much amusement throughout. Mrs. Clarke's Lady
Clutterbuck is rich and racy. Her scene with Sir
Charles is very entertaining. Miss Coveney plays the
little part of Mary very neatly, and imparts much inte-
rest to it. The rough blacksmith is also very well done
by Mr. Perkins. In fact, " Used Up " is a well-got-up,
well-played, and amusing drawia. " The Queensberry
Fete" has also been produced in first-rate style, and goes
off very well. The Risleys have appeared in anew ballet,
called " LP Monstre Enchante et le Petit Jean," in
which they exhibit their extraordinary abilities. Many
novelties are in preparation, so that the attraction here is
not likely to flag. The house continues well and fashion-
ably attended, and, under Mr. Clarke's spirited and able
management, prosperity shines upon this establishment.