The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1848-03-14 00:00:00

which a great deal of insurance business is done ; and it is very
apparent how greatly such a system must withdraw the profits
from those who alone contribute to their being formed.- Even
in this Institution, low as the premiums for the younger lives
'are, I know that such an ample provision was made by Mr.
Cleghorn for the expenses of management and for contingent
losses, that there must ultimately be very considerable profits
realized; and surely those by whose contributions such profits
are realized ought to draw them. This is the principle on which
the main .improvement made by Mr. Cleghorn hinges. And,
though the prosperity of this Institution has been very remark-
able, I am far from being surprised at it; and I am persuaded
that, the more its principles are known and studied, the more
favour will it receive from the public. I desire to make no in-
vidious comparison with other similar Institutions. I rejoice
iir.the prosperity of all of them, because I see in that prosperity
Much that must conduce to the moral and economical welfare
of. the community. And all I wish is, that, in the details of
their management, they sluruld be guided by sound and scien- '
“fie principles. I observe that? every year since the corn-
nrielicement of this Institution, its business ,has been steadily
and progressively increasing. I see. that, during its first year,
0182 Policies were issued, and that, in each succeeding year,.the
number has been regularly increasing, till, during last year,
they amounted to 472, being 56 above the preceding year. Al-
',low me, then, to congratulate this meeting on the growing
prosperity of 'the Institution, and to propose the following Mo-
tion which has been put into my hands?—" That the Meeting
approve of the Report by the Directors,
_ now read, and confirm
the appointments thereby made ; farther, approve of the Bill
introduced into Parliament by the Directors, entitled A Bill
for Incorporating the Scottish Provident Institution, for con-
firming the Laws and Regulations thereof, for enabling the said
Society to sue and be sued, to take and to hold property, and
for other purposes relating to said Society,' which has now been
road; and of the alterations upon the Deed of Constitution
proposed to be thereby effected ; and authorise the DirectorA
to proceed with the requisite measures for having the Bill
passed into a law, subject to such alterations as may be made
by Parliament, or as may be considered expedient by the
Counsel to whom it shall be remitted by the Directors for
revisal."

• Mr. JOHN 111`CnAw said, before agreeing to adopt at once the
letter part of the motion, although I have every confidence in
the Directors, I would like to be informed what are the precise
alterations which the Bill referred to makes in our Deed of
Constitution ?

'3lr. Joite HUNTER, jun., said,—lt is guile proper that Mr.
',lll‘Craw should be satisfied upon this point. The Bill, in the
very first clause, contains a distinct declaration—" That no-
thing herein contained shall relieve or discharge the Society
from any contract, responsibility, debt, engagement, or obli-
gdtion to which the said Society is now or shall be hereafter
liable, but the same shall continue as if the Society had not
•Ik en in 7orporated- under this Act ; and farther, that nothing
herein contained shall be held to invalidate or affect the Deed
of Constitution, and Laws and Regulations of the Society, or
nay of the powers therein contained, or any of the Bye-Laws or
other alterations of the said. Deed of Constitution, made or to
6e made, in virtue of the powers given by the said Deed, except-
ing always in so far as the seine are expressly altered or varied

all be contrary to the true intent and

1 meaning thereof." I can assure Mr. M.'‘Craw that there are no
.1 alterations whatever on the Dee,il of Constitution, except in one
or two minor matters, rendered necessary by the extension of
the business to England. Indeed, I may say that the only
alteration is that on the arbitration clause. By that clause of
arbitration, as it stands at present in the Deed of Constitution,
every person who may have a disputed claim against the Society
is bound to enter into a reference before the Sheriff of Edin.:

burgh. This clause would of course be very unsuitable in the
ease of Members resident in England. and it was therfore in-
ttispensable that some alteration should be made upon it in the
Act of Parr.-,-- The Bill, accordingly, does not make it
ring claims upon the society to go into

obligatory on

ing to enforce their rights by the ordinary modes ~F is

open to all, or to insist on the Society entering into a reference
to two parties mutually chosen. If the parties are resident in
England, the arbitration may now take place there, instead of
forcing them to go before the Sheriff of Edinburgh. This, it
,wiI)))e observed, is a provision wholly in favour of the Members
,artatthers, who may have claims on the Society_. In all other
rtSpects the Bill confirms the provisions of the Deed of Consti-
tution,, and merely confers on the Society and its Members the
lienetits and privileges usually granted to incorporated
hich carry on business in Scotland, England, and

itLA NE said, I have been unexpectedly called
Lne motion approving of the Report, which' has
•oposed by Professor More. Although I cannot
`nto the question touched upon by the
Is I have had my attention more particu-
:--a very distinguished and flourishing
..:11 I am connected, yet, at the same time,
e Institutions as brethren, having one great
,obteet in view. The business of Life Insurance is only in its
nfancy. Every one of such Institutions just appears to me to
Torn) one of our national defences. We have heard a great deal
about this of late ; but it appears to me that, as Institutions of
this kind spread, every one of them will form a guarantee for
the preservation of good order, and for peace and security pre-
) ailing here and elsewhere. Certainly were they universal, our
pavfil and military establishments might be dispensed with al-
together. (Hear.) In reference to the Bill which the Directors
_omitted, it is well that the question has been put by Air.
raw before the approval of the meeting is given. But, after
`—en put, and distinctly answered, every one of us must
.re is no. invasion of any right which any partner

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