The Daily Times.
Liverpool, Merseyside, England, 1860-08-11 00:00:00

rate on uncertified warehouses was 14s. or 15s. (The
Chairman : Fifteen.) And upon goods in the ware-
houses within the dock walls the rate was only 3s. 6d.
It appeared to him that there was a great deal of
disparity between those rates.
The CHAIRMAN said the premium on the goods in
dock warehouses was 3s. 6d. ; the premiums upon pri-
vate certified was 9s ; but, with this explanation that
specific certified warehouses, which were almost ana-
logous to dock warehouses, was only 65., and if the
warehouses were under exclusive management, as was
the case with the dock warehouses, the rate was only
4s. Therefore, under the same conditions, the re was
only a difference between- the private certified ware-
houses and the dock warehouses of 6d. (Hear, hear.)
Mr. MOZLEY said that answer was very satisfactory
as far as it went, and his only object in calling the
attention of the board to the fact was to ascertain
whether some course could not be adopted with other
offices, to put the rates of premium as near as possible to
each other, at all events, to make the disparity less.
(Hear, hear.) His attention hid been called to it
because in looking at the returns which had been made
' it did not appear that the amount of profit which they
had received was equal to the amount of the risk. If
after communication with other offices they were unable
to make any change, the proprietors must be satisfied
that the soundest discretion was used, and that no
change could take place; but it would appear evident to
all, that whilst they congratulated themselves on the
extension of their business, they must never disguise
from themselves that they were acquiring a larger
area of risk, and that therefore the policy adopted by
the board, and recommended by the chairman, was a
sound one; for although he felt that existing proprietors
were fairly entitled to a large proportion of the profit
realised out of their own property, still it would not be
acting prudently to fetter the hands of the board by the
abstraction of a large sum. There was another question
which he should like to ask as regarded the investment
accounts, for it appeared to him that the property put
down was taken at too low a figure. If he recollected
rightly, the property here was put down at £15,000,
and that in London at £s,ooo.—(The Chairman : Quite
right.)—Now, I wish to ask what is the amount
originally put upon it, and at what figure that property
4tands in the books of the company
The CHAIRMAN—The property stands in the books of
the company as it appears on the balance-sheet,
Mr. MOZLEY—I want to know the original cost of
the property.
The CHAIRMAN—The amount written off against the
premises in which we are now, is £15,42.
Mr. MOZLEY—May I inquire if the amount paid for
property was paid out of capital, or out of income ?
The CHAIRMAN—The amount was paid out of capital
and written off against revenue. (Hear, hear.)
Mr. MOZLEY—It would then appear to me that, if that
practice is carried on, we are withdrawing from the
existing proprietors a very large sum of money, which is
not added to the revenue fund, but to the'profit and loss
fund, leaving it fur others to enjoy that advantage which
we ourselves have paid for. Mark me, I don't object in
a given degree to a principle laid down by the board ;
but, if that be carried out to too large an extent, I can
clearly see that a very considerable sum will he witk-
drawn either from the revenue or the capital of the
company,
The CHAramAx—We don't propose to take anything
further at this time for these premises. What has been
written off was by the express approval of the share-
holders.

Mr. YOUNOHUSBAND—I think the last written off
was two years ago.
Mr. Mozeey--Then the matter is at once set at rest,
and I agree with the chariman in expressing satisfac-
tion at the results of the year under the particular cir-
cumstances in which we have been placed. I cannot
permit the very able document which has been placed
before lei by the actuary relative to the life busi-
ness to pass unnoticed. There is no question that
as far as regards that particular department it is a most
profitable one; and I, in conjunction with the chairman,
cannot see why Liverpool, as the great northern metro-
polis, should not be able to cope with the best offices
elsewhere. The grave question in my mind is the
extent to which you press the business without looking
to the amount of the reserve fund that you keep. I
should certainly urge upon the board steadfastly to look
at that point, keeping their attention to the increase of
the fund which is put aside for life risks. We are
perfectly aware that so long as you Utica those risks
so sure are you that we shall have to pay for
them. It therefore becomes important that although
we receive very large premiums, we should make
a reserve fund equally large in order to meet tha
area over which we have spread our insurances and the
risks we have undertaken. (Hear, hear). Therefore, I
say with the chairman, that it would be politic not to
extend the amount of the bonus to be distributed to the
shareholders out of the amount that has been received.
However, if we do make the amount larger than it has
been put down at, we should be led to distribute a
larger amount to. the assured. That 1 consider would
scarcely have been a prudent or politic course. (Hear,
hear). Mr. Mozley concluded by expressing satisfaction
at the manner to which'the directors had done their
business, and a hope that the same course would be
pursued by them.
Mr. TAUNTON said the amount of the reserve fund
appeared to be large, and asked under what possible
circumstances that sum could be entrenched upon.
The CHAIRMAN replied that he did not contemplate,
that the sum would be entrenched upon, which, in point
of fact, was a reassurarioe fend. He did not know
whether the proprietors were aware that it was the
custom in some offices to. carry out to the credit of
profit and loss the whole of the sum received, leaving
the losses to be borne by future premiums. Therefore,
the reserve fund was a reassurance fund for risks which
they had already carried to the credit of profit and loss.
They ought to have a reserve fund equal to one year's
premiums. The premiums received last year amounted to
something like £230,000, while the reserve fund would
only be £160,000, which was not too large, but in his
opinion not large enough.
Mr. TAUNTON—I gather from your reply, that if in
any one year the losses exceeded the premiums we
should go without a dividend.
The CHAIRMAN—I consider you might entrench upon
the profit'and loss account; but under no circumstances
should I consider it justifiable to entrench upon the
reserve fund.
The resolution was put and carried unanimously.
The CHAIRMAN then moved a resolution approving of
the computations of the actuary in the life department,
and approving thy, bonus recommended in the report.
Mr. 'loan, in seconding the motion, said the report
of their ecellent actuary was worthy of the perusal of
every shareholder and every policy holder connected with
that establishment. He warmly eulogised the actuary,
Mr. Dove, for the manner in which he had drawn up the
report, which he considered was calculated to render
simple a science which had been thought too rloelA to
engage the attention of the world at Large,
The motion was wit, and unanimously agreed to ;
end a reeolutionoriaking the dividend declared payable
on the 20th instant, having been passed,
The CHAIRMAN said that though the assured took
two-thirds of the £66,000 profit on the life branch, and
the proprietors were entitled to £22,ooo—and this, too,
upon the safest calculation which could possibly be
made—they had agreed to take only £10,000; so that
the greatest possible care had been taken of the interests
of the assured,
(la the motion of the Ohairman, seconded by Mr.
Ymu;ghwthal;d, Messrs.
_ Titheriagtcal Ilickeuscut
were re-elected auditors.
Mr. Tarsannewrore, in maponding, said it might be
aatisfaatAl to the shareholders to know that they had
gone about their work in a business-like way, and. that
he was prepared to give not only a satisfactory account,
but a most gratifying account of the position of the
company in regard to its solid substantial property.
They had examined the securities of the eowe.ny,
and had had every document in VI office placed
at their disposal upon heir, aWaAttft' UDR; and he
would jut give thew, What 4e considered to be
real' ppojAcq; of the sectirities, They had pro-
perty to the amount of 408,000 in hand, and the
remaining 478,000 was in floating balances ; and he
believed that if they were to wind up the affairs of
the company they might realise within a week £650,000
of that property and turn it into ready cash. (Hear,
hear.) He could assure them that their property was as
good as if it were in the Bank of England. (Hear, hear.)
A vote of thanks having been weed to, the actuary)
Mr. Dove, and to, trhe. Qbairman, the proceedings
terminate.

CHARGE OE MURDER IN LIVERPOOL.

From time to time since the Bth of June we have
published the details of the charge made against Thos.
Gallagher, a shoemaker, who lived in Summerseat, and
who stands charged with the wilful murder of his wife
Mary on the above day. The facts of the case are. as
follow :—The prisoner and his wife had beca separated
for about three weeks before' the Bth of June, and it
wag said, thi reason was the prisoner's int,RMPqAte
. ,he
habit. • 'On that day went to a house iu Silver-
street where a daughter of his wife's lived. She was
about thirteen years of Age. Whilst he was there the
wife came in, aocl some angry words took place. Re
Tell coolly called the wife into an adjoining room, and
then took out a shoemaker's knife, with which he
stabbed her in several places about the breast, inflicting
terrible wounds. One wound entered the chest from
the shoulder. She lingered in the infirmary uutit
Tuesday, when she died. The Monde; of ;hie medical
gentlemen was that she bad ivied so lent, The step-
daughter of zhe pri,ao46F has died since, and it is said
her cloa'ib WElSbastood in consequence of what she had
seen, 'as 6he assisted to take the knife out of the,
prisoner's hands whilst he was stabbing be; taoiher'.
The prisoner waste rought up
.11,4etamination
yesterday, before . 4' t;
-..1-,0?1.40:4, At the Police=uourt •
and, the evateve haNlng been gone through, he was'
us committed, for . trial. 'He looked pale and much"
depressed, and had to be supported in a chair durilii
ti4o,westigation. •. I •