The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1866-06-19 00:00:00

004.181 13 7

£661,195 0 0

The Fends at the date of the Valuation amounted to ...
THE INVESTIGATION.

E 3,651,683

No investigation has been made at this time into the affairs of the VICTORIA Company and of the Cotosial
Company, as they were both subjected to special investigations for the Dielsion of Profit. within short period.
before the transfers were completed (the Victoria Company at 314 December, 1863, and the Colonial Conipany at
25th May, 1860, and it waa thought a simpler and more equitable arrangement th.t the Policyholders in Ilex*
Offices alineld merely receive on 'be preset ocierision a proportion of the previous Benue for the periods between
their last dates of Division of Profits and 15th November, 1855.
The investigation now to be reported, therefore, has reference solely to the STANDARD and Ureters
Companies, and the Directors requart particular attention to the ezplanations end results now lobe communicated.
PRINCIPLES OF VALUATION.

The Manager, who is also the Actuary of the Company, has, with his assistants, been engaged with the
calculations necessary to doertain the position of the Company's affairs for more than twelve months, and the
volumes containing the detailed results are now laid on the table for the information of those who my wish to
inspect them. Them Valuations, which have been most ed.-fully made sod ebeekcd, have been submitted to the
Board in. mod distinct manner, and fully explained, arid the Directors are natialled that every care haa been
taken to wave the most complete accuracy.
The tablea and did% used sr* the same as were employed in IAI3O, and at the four previous investigations.
They were adopted by the Company Viirty years ago after much careful study and inimitisation ; and the
Directors art Sided and grated to and that the largest and most rftillnetelli Life Assieranee Institutions in the
country have, one altar another, acknowledged the soundness of the Company's ocoolusions by adopting the
rams basis.

The safety of the mode of procedure in an investigation arises from employing a Table of Morality which
gives a death•rate in excess of the mortality among enured lives Proper care being need in aleetion, stad front the
adoption of • low rate of interest, such ea the Company can confidently salsolate on asinine at all periods, with
the prospect of • margin for safety and profii. Carlisle 3 per oent Tables, which form the chief basis of the Coin.
pany's calculations, &newer all them n-quirements, sni have been, as already remarked, for thirty years their sale
and reliable guide. Of equal importance is the question of what is technically termed "linding"—that is the
percentage added to the premiums above the rate neessary to secure the capital assured at death. Out of this
loading cornea the annual fund for enemas and profit, being in addition to the profit arising on investments and
the 'election of lives. This matter is • point of great importance, not lees so than the question of Mai. or data,
and on it. integrity depend greatly the safe and thorough inroads/Lama of the drain of an Assurance Company.
The rearm 110 mode 11 fortunately DOS AA arbitrary amount, IA the whole leading must be let aide—not thin
portion or that portion of it; and the Directors have pleasure in stating that no leas a sum than f 91,530 per
&anew of this Company's premium income (worth, protuibly, fifteen years' purchase). las ben reserved as an
unvalued saset—that is, no value has been placed upon it, although it is a reliable source of income in future
years This reserve is derived from the premium ineome of the Company from all sources.
Further, if the Company are stabled to realise a profit of only I per nest on their investments, which is now
eseteded, the annual MD derived from that source of income will able the total annual reserve to £126,000 per
annum ; this, too, exclusive of the profits arising from the selection of lives and of the interest on future
aceumnlations of capitaL
INVESTIGATION COMMITTEE AND COMMITTEE ON LNVESTMENT&

When the Manager had emplaned hi, salettlations, the Board appointed a Committee to consider and report
on the results. and another Committee Val intrusted with the examination of the Cotnpaer's Securities.

e--w;s--tiesigna—t-s-ii the Investigatioe Committee, and the other ths C,onamittee on Investment..
These Committees performed the duties intrusted to them with mash labour and patient inquiry.
Th. Investigation Committee kept full minutes of their proceedings. which were reported to the Baird in
detail eking with HA Manager's statements, so that ovary Member of the Board was fully advised as to every
part of the moodier.
The Committee cm Investment. mad* • searching Investigation into all the Company's Securities; each deed
was exhibited and marked, and the amounts shown to agree with the Ledger Acooonts. But the beet evidenos of
ths rare bestowed on the inquiry is afforded by the Report of the Committee itself, which is as follows
REPORT by TRONA' GuLtlehi Romer, Writer to the Signet; HARRY MAXWELL INGLIS, PrineignClerk
Sessions ; Arreowl TRAIL. Writer to the Signet; end Jain Flora Jun., Writer to tile et—a
Committee appointed by the Diredore of the STANDARD T4ll AIItORANOR COMPANY AO ALM NI and
Report on the Ehroarities held by the Company as .115th November, 1885.
Exansinatioos entailer is priasiple to that now mad* by your Committee have been made at the two previous
investigations in 1858 end llea The Committee have followed Out in maim the same rule. then adopted.
Whit the ashimance of the Reneger and Lew Agent they proceeded to examine the whole Bonds, 11
and other Deeds and Documents constitating or certifying the Securities bald by the Company. sad th",:ligtirs:
deed' of the Landed and other Heritable Properties belonging to the Company. Th•Aill they examined seperately
and in detail, with the exception of • few English Securities, whisk, for asks of convenience, are at present
retained In Loudon, end which, by direction of the Committee, went examirsed there by the Law Agent, Mr.
Rowell, and by him certified in writing to the Committee. The Committee thus satisfied themselves that the
Roods, Mortgages, and Title-deeds in the poessanion of the Company rspreeent d and vouched the Invested Food*
of the Company as 'Anted in the 'mortified lialanerfihtest of the Company. of date 151 h November, 1888, and they
now report ascardingly.
The Committee have mush plasm» in reporting that the Panda thus rsovemnted ars iovested In the most
satisfactory way. As stated in former reports, the inveetmeuts OMANI of Lead and other
_Heritable Property,
bonds and disposition. in security, Redwusehte Annuities
Loma upon the nearly of Lend reinstituted by
beritahly secured, Bonds of Annual rent and Morten**. Ounrolneni Securities, Leans upon policy,s with the
Company to an amount within the emend,' vales, and other investments.
The Canzolties have also mush pleasure in adding, in repetition of the statement in the last Report, that they
found the whole papers of the Securities in excellent order, and easily esoessible for examination--• matter of no
slight importence when dealing with securities representing so large an ARICAUIt
L. MURRAY.
AX W F.LL INGLIS,
ANT HON Y TR A IL.
PoinBtruoll. 26th April, 111841. JAMBS HOPE, Jon.
THR DECLARATION of the BONTTS followed, and lb. A DDMONS to ths POLICIES of the OTANDARD
COMP ANY are ext,ibited la the following TABU: :
TABLE SHOWING THE BONUS ADDITIONS TO POLICIES
Derl•red from the Profit& of ths Company realised during tho Five Years ended 15th November, 1885.
Dais of

IS C. "

hes la
Policy.

11011 US ADDMOIIIII DIM MUD.

Previously to 1885.
SI 000
Iwo
1.00
111
1111
1000 -
1000
1000
1000
1000
110
1000 515
1000 462 1
1000 422 1
1000 3521
100 D 342 1
1000 302 1
1000 *2l
1000 235
1000 107 1
1000 180
1000 1221
1000 125
1000 108
1000 01
1000 74
1000 67
11.100 40
1000 32
1000 SI
1000 18
1008
1000
1000
1000
1000
1000

1826
1828
1827
1626
18211

81440 0
13t1;
0
1 0
1245 0
1180 0
1115 0
1

In 1061

11S 8 3

273 a a
286 0 0
250 0 0
252 0 0

ist g g

gg

Total Sam in Policy, with
Boast Additions, 1 Bonus Additions.
I

265 0
no 0
725 0
6T2 10
pig 0
257 10

ii i a o
224 0 0
217 0 0
210 0 0

° 0
1563 0
1511 0
1190 0
1367 0

11)

515
4621
422 1
3521
242 1
302 1
*2l
235
1071
180
152 1
125
106
91
74
67
40
32
SI
18
8

ITO
192
176
168
161
184
147
140
133
116
119
112
106
as
91
84
77
70
63
56
49
42
35
28
21
14
7

Q

US'
1079
1007
1815
875 1
1351
897
WI
590 1
5431
498 1
449 1
412 l
388
333 1
299
264 1
230
308
182
158
131
110
95
80
05
50
35
28
21
14
7

Boons additions do Rot vest until the Pallas* hays been in azietAmce for are years from the date of the risk
eornmenaing.
A Hosea was also &dared in connedien with the POliliff of the Minerva Life Assurance Company.
WILL TIIOB. THOMSON, Munger.
H. JONES WILLIAMS, °moral Sioretery for England.

Duicrw.
66 uPess skurru,

GLAJdOW.
we k 58, et. varemmentin.

LONDON.
SDI wsuaaa. I 82, KING WILLI6ICBTREET. KC.
3 k 6, 4311011064118ENT.
(21866 °mos)

Wed Esd Moo:
3, PALL MALL EAST.