A comparison was made between the English Equitable and the Scottish Widows’ Fund during the first eleven years of each. In the English Equitable the assurances were only 230,000_l._; in the Scottish they amounted to 493,000_l._ The annual income of the former was but 9500_l._, of the latter 17,500_l._ The English Society, at the end of eleven years, possessed an accumulated capital of only 29,000_l._, while the Scottish boasted one of 72,000_l._ Such was the success of an institution which could not even commence business for three years after its advent, which began with a capital of 34_l._ 12_s._ 6_d._, and which, by the evidence of its own manager, was doubtful of its continuance for the first year or two of its existence. That the Scottish Widows’ Fund has been serviceable to thousands, and that it has stimulated other companies, is undeniable; but it is equally undeniable that it is a mere trading institution founded on mercantile principles; and though its managers may boast that “it is benevolent in its objects, that it originated in no selfish views, and that it has been the happy medium of diffusing comfort and security,” it must still be borne in mind that such benevolence is scarcely compatible with its interests; and when it is remembered that its meetings were solemnised by prayer, the thought naturally occurs whether revenue or religion prompted the exercises, and whether the quackery of trade was not mixed with the fervour of worship. It is a financial company, governed by its tables, guided by its physician, and ruled by regulations which are and ought to be severely enforced. Such was the first mutual institution of Scotland. The first proprietary was in 1823, when the North British Fire Company added life assurance to its ordinary business. A company with a capital is often of much service to the cause of life assurance in any place where it is newly introduced. Where a mutual society fears to expend its money, a proprietary company will send its proposals to every journal in the place; and by spreading its doctrines among a remote but intelligent agricultural population--by giving an absolute safety to the insured, by virtue of its capital,--it is often productive of inestimable good. And at this period the notion of insurance was vague and indefinite. In agricultural districts especially, even among the most thoughtful, it was rarely heard of. One story will illustrate this more than a hundred assertions. The agent of the Rock Proprietary Company met in the north of Scotland with an intelligent man who farmed some thousand acres. This estate he delighted to cultivate; and though the period was long before that when science was employed by the agriculturist, he invested all his profits in the estate he rented. With great and proper pride he took the life assurance agent over his land, pointed to his improvements, and boasted his gains.