The British Press; or, Morning Literary Advertiser. — 1826-06-02 (London, England)

AHLT.9 MOROAN, Ihn. in the Chhir.  As aonn'as the usual routine business of the Court was disposed of Mr. Po'esrDien rose to move, pursuant to a notice given at the last Quarterly General Court, " That in future the claims dust upon policies be paid at the period of three months from the time when the death of the party assured shall have been proved to the satisfaction of the Count <of Directors', lastead of the period of ail months. as at present practised.'' Ile was. he said, perfectly aware that a similar mica of motion had once betore been given ; and that it had been subsequently withdrawn by the Member oho had given it ; but he was not then aware that the Court of Directors had taken the subject into their consideration, and reported that such a measure was inadvisable. Since then he had read that Report. and was not at all prepared to come to the same conclusion as the lion. Mens'• r, or to act as he had done by withdrawing his motion. No person had a greater respect than he had for the Directors, and he could assure them that nothing was further front his thoughts than to create opposition to their opinions merely for oppeahion 'sake. No body of men did their duty with greater credit to themselves, or with greater advantage to these for who.n they acted, and be might add, with worse remuneration, than the Dittman...oldie Equitable Assurance Society. !laving thus. belyed, get himself right with them as to waiters .if feei...g, lie should proceed at once to the moat impurtact part of his argument, in order to save the time of the Court. and, to use a vulgar :triage, to take the bull by the horns at once. The Don. Gentleman then read an eatract from the Report of the Director., which stated, that if the term were ahottened from six months to three. in the manner prope.ed, a loss of at least &WV. per annum must be sustained, inasmuch as larger balances niust be retained in the hands of the Bank, the interest of which would be lost to the Society. The Directors therefore deemed it advisable to persevere in the yresem practice, as the alteration most prove liujurious to the individual members, as well as to the l•haiiety itself,. Ile (Mr. Poytuden did not think it at all unlikely, nor had lie the stighteat difficulty in mg:oising that the prniits reaiized in this way might amount to Zi..0001. per annum. But what he would contend was this, that it was not a fair source from whence an Equitable Society should derive its profits. (Much Cheering.) lie should eland upon that ground, if he thought that the Report of the Directors emit! be supported, but he 'lid not think that it could be supported. The Director. laboured under an impression that there was a separate interest existing between the Society and its in.licidual members, whets in fact duce was 11A suelt distinction in an INititahle Society such ae theirs, the individuals tieing all members of the Society, and alluring in its profits and levies. The Society could gain tioiliing by the longer period, when Its principles were that of mutant mattrance. Thin therefore was a palpable fallacy ; but independent of this, he would enotead that it was an unjust sourceofg till, and ought therefore to be abandoned. It might br said they were warranted in the present practice by the deed of policy, awl that might Le true enotigh t but they were not warranted la it by the deed of corporation. It might Rita be said that they could not altet their bye laws to such an ea tent ; but they bad altered them in cases 'if 'suicide, and of dtath beyoual ace, and would continue to do so, he trusted, whenever such alteration should clearly be for the better. (Hear, heat.) Ile recollected a man (alr. Till, we believe), who used in that room to stand with his back to the wall at the bottom of the room, and always wore a huge cocked hat and buckles, the dress of the preceding century. until he was at last laughed out of them, and appeared ih the improved cot. tome of the motlans. (A laugh.) The Directors stated that there was no inconvenience resulting front the present prattler, and that where money was required in shorter periods than the six months. it was given upon the deduction of a discount. Now Le would ask what could possibly justify the deduction of a discount in eases where the property was the actual vested right of the party claiming against the Society (cheers) ; and in many instaeces those eleimaate were but badly able to air .rd such a lose, and as little able to do without the money. lie would m‘atinn one such ease, lest icelmuld be supposed that he was putting an imitein.try one ; a etre which was so creditable to the gentleman concerned, that  delicacy would have sealed his (Mr. Poylider's) lips upon the subject, but that the gentleman was then absent from the room. This gentleman was lett executor to a person whale life was assured in their Society to the amount of 3'lool. The circumstances of the family were peculiarly distressing; but still not feeling Platifiei is a !eking the loss of the tquanitit, he actually paid ihe 3,0001. out of -his own pocket, and waited the espitation of the six month' to reimburse Aimed!. (Much cheeting.) Ilow was it' possible that the Society should be able to unow witst were oe were not cases of distress? The fact was, that in this 'solid roankind knew but little of each ether's distresses. At all events, the claimants had a vested right to the money, and no Society' way justitled in imposing any further delay than was absolutely necessary. I (Hear, hear.) Three months was ample time to make such M. quiries as truuW preclude the possibility of fraud. Another ergomelt which nad been used in the Report was, that there were but few cases in which people sought to get their money upon the limyclient of the discount. Surely this was taking advantage of their own wrong. They first fixed a distant period fi;ir payment, and because parties did nut ask for it sooner, at the loss of the discount, they assumed that there were few rases 10 which having it at an rally period could be an object. (Hear, hear.) It might be true tlitt the Directors had heard of few compl.kiuts .upon the subject,