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:—