The Press. — London, England, 1857-08-22 00:00:00

T E AGLE AND PALLADIU INSURANCE COMPANY. The annuli] general meeting of this company was held at Radley's New London 11.)tel, Bridge•etreet, Blackfriars, on Friday, the 14th instant, Charles Thomas Holoombe, Esq., in the chair. In anticipation of receiving a favourable report from the directors there was a very numerous at tendance of shareholders. . . The notice convening the meeting having been read, The Chairman rose and said,—Gentletnen, your directors are especially happy in meeting you on the present occa sion, inasmuch as they have to make a report of their proceedings for the last five years which they feel confident will be perfectly satisfactory to you. It is not for me now to enter upon the question of the amalgamation with other companies which is about to take place ; that will come before you in a regular form and in due course. But you will remember that having at the last meeting we held sanctioned the amalgamation of the Palladium with the Eagle, that amalgamation has been thoroughly and com pletely carried out, anti the joint board has worked harm°. niously, as they could not fail to do, seeing what have been the previous high character and businesslike habits of the Palladium directors. (Hear.) In short, I may say that the issue has proved most satisfactory. (Hear, hear.) Upon the occasion to which I have alluded your affairs were thoroughly examined and sifted—those of the Eagle for the satisfaction of the proprietors of the Palladium, and those of the Palladium for the satisfaction of the proprietors of the Eagle ; and I am perfectly convinced that if you had employed Messrs. Quilter and Ball, or any other public auditors, they could not have instituted a snore searching scrutiny. The result of the investigation was to show that the affairs of both companies were in a perfectly healthy state, and that they will bear comparison with those of any other office in this great city. To what extent this is true, however, you will be better able to jedge from our report. I will not now detain you further, at call upon tht actuary to read that report, after which, if any gentleman desires further information, we shall be most happy to afford it. (Cheers.) The following report was then read " Gentlemen,—The occasion upon which the directors now meet you is one of more than ordinary interest. " The events of the past year alone are rendered of un usual importance from the circumstance of the junction of the Palladium Company having been completed in the course of it, and that circumstance again enhances the interest with which the results of an investigation into the company's actual financial condition, at the close of the fiftieth year of its existence, can scarcely fail to be re garded. Moreover, the directors will have to submit pro. positions to you having for their object a still further en largement of the company's already extended operations. " The income and outlay of the company during the past year will be seen by the following account, which has been examined and signed by the auditors : SURPLUS FUND ACCOUNT. llneome of the Year ending 30th June, 1857. Balance of Account, 30th June, 1656 £300,017 8 11 Premiums on New Assurances .. 811,808 0 11 Ditto, renewed, ditto 144,633 15 7 £156,589 16 8 Interest from Investments 6U,863 0 0 Froth and Loss. sundry profits 52,066 7 9 .io Palladium Society 914,497 6 7 685,966 10 10 /18,983 :7 9 Charge of the Year. Dividend to Proprietors Claims on Decease of Lives As. cured £120,475 19 0 thereto 13,278 11 4 Policies Surrendered . 3,11+16 0 9 Re-Assurances 1;3,659 14 0 Commission Medical Fees 620 11 0 Income Tax Expenses of Dlauagament luerease in value of Liabilities 263,507 5 435,558 6 4 Balance 1,&3,98.3 17 Examined and found to be correct, (Signed) THOMAS ALLEN, }Auditors. WM. HENRY SM UM, Jun. "The present position of the company renders this ac count of such a different character from those which have preceded it, that little information can be obtained by any comparison of it with them; nevertheless, it may be worth while to mention, that whereas the income from premiums above shown is in a nund sum 167,0001., that for 1860 was 120,0001.; and whereas the whole income w a then 100,5001., that item is now 270,0001. ' It must be observed, however, that the very large amount of profits of more than 52,0001. appearing in the preomt account, and which are for the most part of an extraneous nature, cannot be expected often to recur, or at all events not in proportions of such magnitude. Turning now to the more important business of the meeting, the directors will request your attention to the following report of the actuary, as to the result of the quin quennial invegtigation, and which report, after careful and mature consideration, your directors have had no hesita tion in acting upon : ACTUARY'S REPORT. To the Directors of the Eagle Insurance Company. Gentlemen,—The junctions which have been made with other assurance societies since the last division of surplus have so extended the business of the company, and have lotrodueed so many varieties of contracts into it, that it became necessary to commence some months before the close of the last year the laborious investigation, the results of which have now to be submitted to you, so that the actual financial condition of the cAnpaay on the :10th of June, in the present year, might be ascertained end reported in time' for the usual annual general meeting to be held in August following. This portion of the E R SS, AUGUST 22, work having been oomplated, I have now the honour to submit the following statement: — It appears that the assurances in force in the Eagle Company on the 30th of June, 1652, were -8,914 assuring And naying premiums of The number transferred by the Mentor Company in 1865 was 1,146, assuring 337,6731. and paying premiums of 9,6761. 135. lid.; while the Palladium-office brought in 1856 an accession of 1,488, assuring 1,412,2771. 14s. 5d., and paying premiums of 44,5101. 6s. 841. The number effected with the Eagle since 1852 is 1,408. as suring 1,118,3231. 18s. 841., and paying premiums of 48,2221. 4s. 3d., altogether making a total of 7,954 policies, assuring 5,591,7931. 16s. 4d., and paying premiums of 195,0681. 14s. 3d. Deducting from these the assurances lapsed by decease of the lives assured and other causes, there remained in force ou the 30th of June, 1557, 6.537, assuring 4,656,2771. 38. 3d., and paying premiums of 156,0161. 14s. 3d. There were also in force at the same date reassurances with other companies securing 473,34181. 14s. 11d., and paying pre miums of 13,3941. Os. 10d. [Here followed a schedule, exhibiting the assurances existing in each class on the 30th of June last, distinguishing the par ticipating from the non-participating portion. and front which it appears 1 that there were 4,400 policies of all classes " with profits," assuring an aggregate sum ot 3,32*4,2241., and the annual premium ou which amounted to 103,650/. ; ann 2,137 policies " without profits," assuring an aggregate of 1,530,0321., and the annual premium on which amounted to 62,3641.; making the gross total 6,537 assurances, 4,858,277/. sums assured, and 156,0181. the annual premiums. The re-assurances be1ng473,3081., and the premiums thereon 15,3941., the net total presented 6,537 assurances, 4,384,9881. as the sums assured, and 140,6221. as the annual premiums.] The liability under these various contracts has been ascer tained with the utmost care and precision, and similar pains have been bestowed in determining the value of the variable portion of the company's assets. The general result will be seen in the following statement, which exhibits in a condensed form the value of all the company's assets and liabilities as they existed on the 90th of June last:— BALANCE: SHEET. Interest to the Proprietors unclaimed Claims and Bonus admitted, but unpaid 42,9:0 5 .1 Sundry Accounts 952 19 1 Value (1557) of Sums Assured, &c. Proprietors' Fund 11181,309 0 0 Surplus Fund, u before stated 442,267 u 5 628,595 0 5 £2,&31,780 11 2 Amount invested in Fixed Mortgages and Life Interests Ditto, iu decreasing Mortgages (Drainage Loans, etc.) Ditto, in Reversions Ditto, in Government Annuities and Funded Property 73,731 1 6 Ditto, in other Securities Current Interest on the shove Investments .12,340 11 1 Cash and Bills Advanced ou the Company's Policies 43,962 12 4 Agents' Balances 10,478 15 0 Sundry Accounts Value (1857) of Assurance Premiums I 1,536,980 10 1 .62,881,7e0 11 2 Examined and found to be correct— (Signed) THOMAS ALLEN, Auditors. WILLIAM H. SMITH, Jun. From this statement it appears that after setting aside an ample fund to meet the liabilities, and making provision for every possible contingency, there remains to the credit of the surplus fund the sum of 442,2871. Os. bd., an amount which will justify the division on the present occasion of 136,8681. lbs., leaving 305,4261. 66.5 d. to provide for the like purpose in future, and for other extra contingencies. The allotment of this portion of the surplus will give the proprietors an extra dividend of 15 per cent., or lbs. per share, making,with the dividend now falling due, 21 1 per cent., or 11. per share, which will be payable to the proprietors on and after the first Monday in October next. The participating policy-holders will, on the other hand, be entitled to a payment in cash of 108,6e71., nearly equivalent to an aggre gate reversionary addition of 204,0001. to the sum assured, or about 40 per cent on an average of the premiums paid since the division in 1862. The share of each policy-holder in this aggregate addition will be ascertained with the utmost despatch, but some months must necessarily elapse before the whole calculation can be completed. It may be satisfactory to mention in conclusion that the total assets of the company, after deducting such sums as are imme diately payable, realise interest at present at the rate of 4i per cent. on the average, thus:— .C 931,880 17 6 invested in Fixed Mortgages produces ,C 44,261 16 2 76,483 5 7 invested in Deerea , ing 3,031 7 3 42,7 W 12 9 invested in Reversions 1,711 4 0 79;731 1 e invested in Govern• merit Securities .... 2, 683 6 - - 43,902 12 4 sui;"4 - n - c - eii - 071 - 1 ; u - Ifeie - ti 2',108 4 6 97,000 0 0 inTempory.lnves , nits 4,8150 0 0 28,211 10 16 Unproductive --- The whole 21,206,000 U 0 producing per annum 258,735 18 Or 44 per cent. very nearly. I have the honour to be, Gentlemen, your obedient Servant, CHARLES JELLICOE, " Such, gentlemen, is the present state of your affairs. The directors will not detain you with needless congratu lations upon it; they believe that you will concur with them in thinking that it fully demonstrates the wisdom of the course which has been of late years pursued, and amply j ustifies a perseverance in it. Should you be of that opinion, and should you consider that the experience of the past, as regards the amalgamation with other assurance societies, is entirely satisfactory, it will be unnecessary for the directors to repeat what they have on more than one occasion addressed to you in reference to the advantages arising from these operations ; they will, therefore, at once enter upon the remaining business of the meeting, and state that it is proposed that three assurance societies, one proprietary, the others mutal, shall merge forthwith into the Eagle. The names of these several companies the directors do nut feel that they would be as yet justified in mentioning, but it may suffice to say that they are highly respectable in their business) and connections, and that they will bring to the Eagle, in the aggregate, an annual income of about 110,0001., a corresponding amount of assets, and the services of a very considerable body of I active and intelligent agents. " To obtain this great accession of business the directors believe that you have only to confirm the following resoln. tions, in accordance with which preliminaries have already been conditionally arranged : " 1. That on the completion of the transfer to the Eagle of the business of a company having an income of not less that 50,0001. per annum, the directors of the Eagle shall have power to nominate as their co-directors any four of the present directors of such company, and that such four directors shall hold their offices for life, without qualifiza tion either u shareholders or policy holders, but subject to all the other disqualifications named in the Eagle Com pany's deed. '"2. That the additional sum of 5521. be thenceforth applicable annually for the remuneration of the board, to be diminished by one-fourth part at the successive seces- sion or decrease of members of the board, until the num bers are again reduced to 18, when the regulations pre scribed on this head at the special general meeting in July, 1856, shall again come into operation. " 3. That in order to meet the wishes of proprietors who may be desirous of retaining shares in the amalgamated company the directors of the Eagle be empowered to in crease its existing nominal capital to any amount not exceeding 3,000,0001. " 4. That the directors of the Eagle shall have full power to make out of the funds of the amalgamated company such allowances to the retiring directors and officers of the three companies referred to as they may deem reasonable and as may be required or stipulated for by the present directors thereof. "These, gentlemen, are the conditions to which you are now asked to accede, and on your compliance with which your directors have reason to believe arrangements may be completed which will greatly conduce to the permanent welfare and prosperity of the Eagle Company." (The reading of this report was followed by general cheering.) Several questions having been put by proprietors and been satisfactorily answered by the Chairman and other directors, Mr. ROBERT CHEERE, an ex-director of the Palladium, said: The lion proprietor who first spoke (Mr. Oakes) has stated that the proposition to have 18 directors is a startling one, but he ought to remember that this company is an amalgamated company; that it consists, in fact, of three or four joined together; and surely he must be well aware that you cannot amalgamate companies without the transference of a part of their liabilities in the shape of directors and officers. ( Hear, hear.) Having, through my incapacity to attend to business, been excluded from the direction of one of the companies which have been amalgamated with yours, I may be permitted, perhaps, to observe that your company took very good care to set off against the assets of the Palladium the amount which the Palladium assets were required to pay to the directors. (Hear, hear.) It is not desirable that we should separate with the notion that we are saddling the company with an undue burden, and I can assure you that when the amal gamation was effected your secretary and actuary—now our secretary and actuary—took care that there should be a good per contra for the amonnt which we had to pay our directors who were elected for life. The bargain was that you should take six of us and turn six of us off; and though it was painful to me to be included in the latter number, yet I felt satisfied, as a trustee of the Palladium, that the bargain was a fair one; that the increased num ber of directors would be of nolinconsiderable advantage to the Eagle Company; and that the management of the amalgamated company wr tad be, as it has turned out to be, as judicious, careful and circumspect as the fondest admirer of the old Palielium could possibly desire. (Cheers.) The motion for approving and adopting the report of the directors was then put from the chair, and carried unanimously. The Chairman next moved a series of seven resolutions, as the foundation upon which the contemplated amalga mations were to be effected, all of which were carried without a dissentient voice. Votes of thanks were then very cordially given to the directors and officers, and the meeting separated. The direction of the company is now constituted as follows RICHARD HARMAN LLOYD, Esq., Chairman. RALPH CHAS. PRICE, Esq., Deputy-Chairman. Charles Bischoff. Esq. Sir W. G. Ouseley, R.C.8., Thomas Boddington, Esq. D.C.1... Thomas Devas, Esq. W. Anderson Peacock, Esq. Sir Jas. Buller East, Bart.M.P. Philip Rose, Esq. ,Nathaniel Gould, Esq. Thomas Godfrey Sambrooke, Robert A. Gray. Esq. Esq. William Augustus Guy, M.D. Charles Evan Thomasi, Esq. Chas. Thomas Holcombe, Esq. Right Hoc. Sir John Young, Joshua Lockwood, Esq. I Dart. James Murray, Esq. 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