Towns > Aberdeen > 1848-1854 - Post-office directory > 1851-1852

The Northern Assurance Company.
The balance at the credit of this department would have enabled us to give a
somewhat higher Bonus, but we think it desirable to retain a margin to protect us
against such fluctuations, in the rate of mortality, as Companies of our compara-
tively short standing are still liable to, and to secure that gradual advance in pros-
perity which is so encouraging when realized, and, therefore, so desirable.
On the same grounds, after mature deliberation, your Directors have not
deemed it desirable to draw upon the Non-Participation Life Funds at present for
any additional Dividend to Shareholders, but to allow these funds to accumulate
in the meantime. The Dividend is, therefore, again proposed to be £6 3s. 6d. per
Cent , or £6 free of Income Tax, out of the profits in the Fire Department.
Dr. Cruickshank then referred to proposals in the Report for
declaring the Life Policies indisputable, and for the removal of the
restriction in the Contract, as to the number of Shares to be held
by any one Partner — and proceeded as follows : —
On occasions like the present, I feel called upon to make a few general re-
marks on the subject of Life Assurance, though at the risk of merely repeating in
substance what has often been said already by others, and perhaps by myself.
For sometime after the first formation of Assurance Companies, the principle*
necessary to guide their procedure were ill understood, and the arrangements for
proportioning the contributions to the ages and circumstances of the contributors,
were extremely imperfect. Now, however, those principles have been carefully
investigated by many of the most eminent men of science ; and, although the
schemes of different Companies vary to some extent, they are all fitted to promote,
more or less, the benefit both'of the Shareholders and of the Public. Every indi-
vidual, indeed, who assures his life, cannot hope to secure to his heirs the full
produce of his contributions. It is evident that this cannot happen in the case
of one whose life is prolonged beyond the average span. But for this prolonga-
tion, Buch a one will no doubt be thankful to the great Preserver of men ; —
his enjoyment of it will most likely not be disturbed by great anxiety about the
worldly interests of those near relatives whom he expects to survive him ; and he
will have the satisfaction of knowing that his payments are increasing the com-
forts of many widows and fatherless children of those to whom fewer than the
average number of years have been granted. A man who assures his life, knows
not but that his heirs may be great gainers at the expense of others, and there-
fore it ought to give him pleasure rather than pain to think that the heirs of otberi
may profit by his contributions.
The great increase of business now done by Assurance Companies, is owing to
an increased knowledge of the advantages to be derived from them ; yet much re-
mains to be accomplished to diffuse this knowledge more widely, and to render it