The Press. — London, England, 1854-12-16 00:00:00

1198 pROFESSIONAL LIFE ASSURANCE COMPANY, 76, CHEAPSIDE, LONDON. The following letter has been addressed to the Share and Policy I lolders. PROFESSIONAL LIFE ASSURANCE COMPANY. 76, Cheapaide, London, 20th Sept., 1664. Sir.—The Directors having been constrained, by the indisposi tion and subsequent retirement of their late Actuary, Mr. Baylis, to confide to other qualified Actuaries the first periodical inves tigation of their business, in conformity with the tegulstions of the deed of settlement, have, after much anxious consideration, intrusted the execution of this important duty to Peter Hardy, Esq. (Actuary of the " London Assurance Corporation "), Jenkin Jones, Esq. (Actuary of the " National Mercantile Life Assurance Society"), and J. G. Farrance. Esq. (Actuary of the " City of London Life Assurance Society "), assured that the ac knowledged talent, eminent position, great experience, and high character of those gentlemen would be a guarantee for the accu racy of their deduction The result of their jot 161 , comprised in the Rep srt and Balance-sheet delivered to ti., . ,stors (a copy of which I have now the honour to submit), will, i think, be perused by you with satisfaction, as clearly exhibiting the solidity and prosperity of the Institution. The Directors feel, however, that the result of past operations, though affording a fair indication of the future, ought not to be relied on as a law from which there can be uo possible variation to provide against, and consequently they do not hesitate to adopt the recommendation of such com petent authorities, by abstaining at present from intrenching upon the funds of the Institution, and deferring until the next quinquennial period to make any auldition to the investments of its members, convinced that in this they consult not only the security of the Office, but the best interests of every policy and share holder; and that a deviation from this principle of safety to a course, however strongly supported by an apparent expe diency, would but endanger th 3 .security it must be the object of all to maintain. In this view the Director% believe their nume rous proprietary and policy holders will concur ; and, supported by such concurrence, and by the active co-operation of their numerous and influential staff of agents, British and Colonial, they proudly and confidently predict for the Institution a career of prosperity exceeded by no existing Office of a similar age and character. That the expenses incurred by the management in introducing and popularising the comprehensive principles of the Institu tion have been great, the Director* are free to admit, but with what result?— The acquisition of a proprietary exceeding fifteen hundred persons; The appointment of upwards of five hundred agents in this kingdom, and highly important and remunerative representatives in— Australia, the Cape of Good Hope, Bermuda, the United States of America, Nova Scotia, New Brunswick, and the Canades, (be. etc.; The acquisition of upwards of three thousand three hundred policies; The realisation of a rapidly increasing revenue, now exceeding 25,0001. per annum; And a fund available for future profits and expenses of 23,3471. 3s. 6d. This result having been attained, the Directors expect to di minish on many important points the expenses of management, and that without circumscribing or impeding in the remotest degree the steady progress of the Institution. In evidence of this I may remark that, whilst the Premiums upon Policies effected from the Ist of January to the Ist of September, in the year 1c53, were 3,5471. Is. Bd., the amount received in the current year in a corresponding period has been 4,7091. 16s. 4d., exhi biting a steady and highly satisfactory progress, which increasing age and public confidence, a judicious and vigorous manage mart, supported by the hearty co-operation of a phalanx of Assurers, Shareholders, and Agents, can but augment, and at a comparative early day succeed in placing the Institution in a proud and prominent position amongst its compeers. I remain, Sir, your most obedient servant, B. MASSEY, Secretary. TO THE CHAIRMAN AND DIRECTORS OF THE " PRO FESSIONAL LIFE ASSURANCE COMPANY." London, August 28th, 1854. Gentlemen,—ln pursuance of your instructions, conveyed to us in a letter from your Secretary, Mr. Massey, dated the 22nd of June last, of which the following is a copy, we at once com rnenJed a careful and minute investigation into the financial condition of the " Professional Life Assurance Company," on or at the 31st of December, 1853, and a valuation of all its out standing risks and liabilities at that date. "PROFESSIONAL LIFE ASSURANCF, COMPANY. "Offices, 76, Cheapside. London, " 22nd June, 1854. emen,—l have the pleasure to inform you that, in con sequence of the resignation of our Actuary, Mr. Baylis, from indisposition, the Directors conceive it of the highest importance that a prompt and thorough investigation of the Company's po sition and valuation of its existing Policies be made, in order that the conditions of their deed of settlement, respecting the first septennial declaration of bonus may be strictly complied with. For this purpose the Board will be happy to avail them selves of your professional experience, as the Executive in this investigation, convinced that in your hands the interest and integrity of the Institution will be amply protected. Should you feel disposed to accept this reference, I shall be prepared to furnish you with all the necessary data for the commencement of operations. "I remain, Gentlemen, your obedient servant, (Signed) " B. MASSEY, Secretary. " To Peter Hardy, Esq., Actuary of the ' London Assurance Corporation.' "Jenkin Jones, Esq., Actuary to the ' National Mercantile Life Assurance.' "G. J. Farrance, Esq., Actuary of the ' City of London Life Assurance Society." During the progress of our labours we have received very able and courteous assistance from your Secretary, Mr. Massey, and also from Mr. Winter, your Accountant, and the other gentle men connected with your establishmeut, iu getting out the balance chest, and classifying the vita lone and numerous risks; and we have now the honour to report the completion of our complicated and laborious duties, which have been rendered the more so in consequence of the limited time in which we were required to complete the valuation. Having, after mature consideration, resolved on the adoption of what we believe to be a fair and equitable, but, at the same time, liberal plait of valuation, we have rigidly adhered to those principles throughout the entire investigation. The results are given in full detail in the balance-sheet annexed. From the various financial returns which have been made to us from the Office, we find that, after making an ample reserve to meet the future liabilities of the Company, there appears to be a balance in its favour, amounting to 23,3471. Is. 6d., sufficient, in our opinion, to meet all proper expenses of management: and hereafter, together with other sources, and a contemplated reduction in future expenditure, to afford at the next quinquen nial period a fair profit to the Shareholders and a fair bonus to the Assured. It is not to be expected of any Life Assurance Society, in these days of active competition, that a large divisible surplus THE PRESS. could possibly have been created during the first seven years of its existence; and the absence of such divisible surplus should not be looked on as any proof that the Society has been less successful than it ought to have been, more especially when it is also borne in mind that the Company has been affected, within the last few years, by an unusually heavy and accidental mor tality. Tile real index to the success of the Company is to be found in the difficulties it has had to surmount with competing in.ti tutions. Notwithstanding these difficulties, the number of Policies that have been issued, and the sums that have been assured—indeed, generally, the business that has been transacted during the first seven years of its existence—will bear a most favourable com parison with the amount of business transacted, within the same space of time, by the " Equitable," the "Scottish Widows Fund," the " Metropolitan," and other equally successful Societies. It may be admitted that the expenditure, in order to obtain this amount of business, has been larger than usual; but the expenditure of • Life Assurance Society, during the first few years, may be looked on not improperly in a commercial point of view, and regarded as money expended in the purchase of erection of a building, and in the preparation and establishment of a machinery, which will be thenceforward applied to the pro duction of a future profit; and, although the management of the "Professional" has been liberal, perhaps costly, yet, on mature consideration, we see no reason to regret the large expenditure, directed, as it has been, so successfully to the creation of a large and important business, which must hereafter be worked to a considerable profit, more particularly since the necessity for so large an expenditure has been surmounted. It is our opinion, founded on many years' experience, that although, on the present occasion, it would be highly inexpe dient to make any addition to the Policies of the members, or any declaration of a Bonus, the Company has, nevertheless. un questionable elements of strength within itself, and is now so firmly established that, if it be worked with prudence and energy during the next ensuing five years, and with the same degree of skill with which it has hitherto been conducted, the Directors will have no cause to regret adopting the advice we now give them, to abstain from entrenching on the present funds, and thus avoid weakening the security of the shareholders and members. _ _ _ The magnitude of the business which has been transacted, the numerous Agencies which have been established, and the large and influential Proprietary, which, almost unexampled in the history of Life Assurance, has been collected together. are sound and solid evidences of the vigour with which the office has been conducted, and fully justify us in recording our belief that both the shareholders and members ought to be perfectly satisfied with results which so obviously indicate that the Company, with judicious modifications, which, upor, due examination, may be found advisable, together w►th the intended economy in future expenditure, has before it a future of prosperity, or, indeed, of brilliant success.—We have the honour to be, Gentlemen, your obedient servants, PETER HARDY, Actuary to the London Assurance. JENKIN JONES, Actuary to the National Mercantile Life. G. J. FARRANCE, Actuary to the City of London Life. BTLTIXENT OF THE LIABILITIES AND PROPERTY OF THE "PROFESSIONAL LIFE ♦SSURANCE COMPANY." OR. To present value of 618,639/. 10e. Od., sums as sured for the whole term of Life, Immediate, Deferred, Casualty, and other Annuities, En dowments, and Short•Perioa Assurances 1219,304 2 3 To paid•up Capital and amount received on deposit 86,462 1 2 Life Claims allowed, but not due, on alst Decem ber, 1853 Sundry Accounts for Printing, Stationery, Adver tising, Law Costs, &c., due, but not paid, on 91st December, 1859 1,922 17 8 By balance, being the Fund available for future profits and expenses, on existing Policies 23,347 3 6 4362,116 4 7 By present value of Annual Premiums, payable under the existing Assurances 1275,424 19 5 Office Premises and Furniture Investments on Mortgage and Bonds Value of Stock in the Three per Cent. Console, at cost price s,i'oo 0 0 Deposit at Commercial Bank 5.000 0 0 Interest on Consols and Loans due on 31st De cember, 1853 949 4 4 Renewal Premiums due, but unpaid, in 1853 3,366 0 0 Half-yearly and Quarterly Premiums due on December 31st, 1853 2,289 0 6 Agents' Accounts due 3,457 13 11 Cash at Bankers' 2,461 0 10 4362,116 4 7 (Signed) PETER HARDY, Actuary. JERKIN JONES, Actuary. August 28th, 1954. O. J. FARRAACE, Actuary. THE HOUSEHOLDERS' LIFE ASSURANCE COMPANY. The HALF-YEARLY INTEREST on DEPOSITS, at Five per cent per annum, is now payable at the Offices, between the hours of ten and four.—See Prospectus . R. HODSON, Secretary. Adam•steeet, Adelphi. DIVISION OF PROFITS. - All Persons assuring their Lives (on the participating scale) in the PROVIDENT CLERKS' MUTUAL LIFE ASSURANCE ASSOCIATION, before the end of the present year, will be EN TITLED to SHARE in the next Quinquennial Division of Protita to Dec. 31, 1857. Bonuses paid in Cash, or added to the Policy, or applied to Reduce the Annual Premium. The steady increase of business, and the extremely favourable rate of mortality among the Com pany's assurers, fully justify the Board in anticipating a still further improvement on the liberal amounts already declared by way of bonus. Residence abroad and foreign travel permitted on extremely moderate terms. A liberal sum given for surrendered Policies. For prospectuses showing the peculiar advantages of the Association, and for all further information, apply to the local Agents, or at the Chief Odice,ls, Moorgate-street, London. WM. THOS. LINFORD, Secretary. 15, Moorgate-street, December 4, 1854. DEAFNESS. —The only medal awarded at the Great Exhibition of 1851 (for Acoustic Instruments; was to F. C. REIN, for his new ACOUSTIC INSTRUMENTS for the DEAF. They are made of different power, to suit ex treme and every degree of Deafness. To be procured only of the sole inventor and maker, F. C. 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