Its prospectus rivals the mining advertisements of the present day. The society was to be supported by 2 Dukes, 1 Marquis, 6 Earls, 2 Viscounts, 2 Lords, 2 Honourable Gentlemen, and 3 Baronets, as patrons only. It boasted a Viscount as President. There were 4 Vice-presidents, 27 Honorary Directors, 15 Ordinary Directors, and 20 Extraordinary Directors. Its tables were founded on the Northampton observations of Dr. Price, and the presumption of improving money was at 4 per cent. per annum. But though it was ushered in with so brilliant an array of names, it would seem as though they of Scotland were not to be thus tempted. It requires hard work to place a new company on a proper footing, and as dukes, marquises, or peers are not usually hard workers, it took three years before this company could commence its operations; and while the little insignificant-looking prospectus which announced its advent is dated 1812, the society itself, ultimately attended with such brilliant results, was not able to commence its operations till 1815. Its first constitutional meeting was marked by a feature perfectly in keeping with the devotional character of Scottish life; yet it is strange and almost startling to commercial England to read that “the venerable and reverend Dr. Johnston, who presided in a manner beautifully consistent with the exalted piety of his own character and _the benevolent design of the institution_, opened and consecrated the business by the utterance of solemn prayer.” The difficulties incidental to mutual assurance beset the new society. For a time its sole capital was 34_l._ 12_s._ 6_d._ The most imminent danger must have been apprehended by its friends; and until a sufficient fund was accumulated, an accidental death might have precipitated its ruin. Its early records prove that great anxiety existed, that various precautions were proposed, and that a natural alarm overshadowed its progress. This fact is an exposition of the chances which assurance companies on the mutual principle must run, and of the dangers to which they are liable during any abnormal or remarkable period, when with no capital subscribed to back them, a plague in the shape of the cholera, or an epidemic like the small-pox, may prove that figures are not facts, and upset the most elaborate calculations or the most undeniable tables. The difficulties of the first year were surmounted, and insurers came to its support. Year after year it gathered strength, and the following table, giving some idea of its progress for ten years, may not be uninteresting to new companies:-- 1818. 1821. 1824. 1827. 1829. £ £ £ £ £ Annual prems. 2,500 5,100 13,000 22,000 27,000 Capital 3,500 15,000 50,000 95,000 130,000 Policies issued 68,219 140,000 380,000 620,000 770,000