The Northern Daily Times.
Liverpool, Merseyside, England, 1856-09-27 00:00:00

LANCASHIRE INSURANCE COMPANY

ANNUAL MEETING,
The annual meeting of the Lancashire Insurance Company
was held on Thursday, in the board -room, at the company's office,
St. Ann's-square, Manchester. There was a large attendance of
proprietors, and of the directory ; N. Heald, Esq., chairman ,pre-
siding. Mr. Kennedy, the general manager, read the adver-
tisement calling the meeting, and submitted the list of proprie.
tore, to which the company's seal was affixed. He then read
the report for the past year, in which the directors congratulate
the shareholders on a continued steady increase of business in
both departments, without such heavy fire losses as had occur, ed
in the previous year, and with less than the average losses to
be expected in the life department. In the fire department the
premiums during the past year amounted to £36,453 ; the
government duty, £20,110 ; being an increase of £4,139 of
premium and £1,828 of duty over the previous year. The
year's business showed a profit of £4,677.111The income from
the life department during last year was £19,266, against
£15,215 in the previous year. Tho favourable character of
the business lin this department had enabled the directors to
add £10,901 to the reserve and bonus fund, which now
amounted to £30,567. The total income of th., company front
every source amounted to £83,856, an increase of £10,265
over the previous year ; and the result of the year's business
showed a surplus of £15,578, after paying all losses, interest,
and every expense. The total invested funds, and cash in hand
now amounted to X 170,108. The report then referred to the
agitation for a repeal of the fire insurance duty, in which the
Lancashire Insurance Company had, from the first, taken a
leading part, and stated that something was now likely to be
done, as the Chancellor of the Exchequer had applied to their
manager, among other managers, for his opinion as to the
abolitio❑ or reduction of the duty. The report having been
read,

The Chairman stated that the shareholders had been railed
together this year about a month earlier than usual, in conse-
quence of certain articles which hail appeared in the Times
newspaper, which he felt anxious the directors should have the
opportunity of refuting. The directors had nothing to conceal.
Us knew the history of some of those insurance companies
which were got up in London, which was their head quarters,
and which swarmed with needy adventurers, who were at once
clever and unscrupulous. That class of persons seemed of late
to have confined their attention to banking and ,nsurance
and they could always find plenty of men—it migh, be men of
title, who had scarcely one guinea to rub against another—
who would act as directors. And so the banking of insurance
c an
il
ooimumusieptplaanatnittyyitnennsvvvtaiai
tosssn fftoolfirite:ectidlidi ,zabacfytloeurniinotitrlyitaei.,:vnetToniht3ti,
:eel
11:
ek::,fsa.anstvclaiTpiscrhiel:iesretellpii etrrovne:xilustcairioattl
housesnce
C
nal
directors n wmearennmh
Manchester,
rsled from
,emeentn accustomedthe heads
tnbw,oifn differentiuen w who
knew the difference between the credit and debt side of an
account, which he was afraid was what some of the directors
of the London companies to which he referred did not
know. When their company commenced operations. it
excited a great deal of alarm among forty or fifty gen-
tlemen who were agents for other companies, and who were
not long in manifesting their animosity, which had continued
from that moment to the present time ; and that not only on
the part of the agents, but on the part of the masts them
selves. Their first year was one of prosperity ; and they were
recognised, as they were now, by the other companies. Their
second year was not quite so good. Their third year was moat
disastrous, not only to them, but to other companies. Ho be-
lieved some of the old companies had lost as much as £lOO,OOO
by fires in that year, while their loss was £37,000. That placed
them in a very unfavourable position ; but that was the time
selected to rank the Lancashire Insurapee Company amongst
those London companies to which ho alluded. The parties
who supplied the information to the Times did not wait to sec
their present balance sheet; they knew what would be the
effect of that ; but they took the one which was presented at
the end of that disastrous year, and then they grossly
misrepresented their position, They understated the income
by £6,879 ; they overstated the expenses by £6,315 ; and
thus represented their company in a most unfavourable light.
Now he cha'lenged any existing company, in their fourth
year, to show a balance sheet like that which had been
presented to the shareholders to-day. With regard to the fire
business, the public had nothing to do with the losses
the company had ausiained, 'Whey had been carrying
on business for four years, widi great labour, great
anxiety of mind ; and they had found money to tie amount
of £86,000 to meet the losses by Are i but there was nothing
very alarming in that, for the present sheet allowed
that on last year's business there had been a profit of
£4,677: To show the caution and care exercised by the
directors in accepting risks, he had to mention that they had
rejected fire proposals amounting to £171,000; and as far as
they had been able to trace thorn, £27,000 would have been
lost to them had they been accepted, in the life department,
out of 1,200 proposals, they had rejected ten per cent, and as far
as they had been able to trace these, although it was more
difficult to trace life than fire proposals, they would have lost
£7,000 by accepting them. A great deal had been said about
the expenses of the company, but these he thought could not be
reduced with a due regard to efficiency in the managerslePt ;
and by a reference to the history of a 6.,re plicy, front the time
the first notice was given till the assurance was completed, ho
showed the great number of books and the immense quantity
of stationery which were necessarily requited. Ho also stated
that their own experience, coupled with that of older officers,
respectver-
was t h that
ot
the
companys seetlar oku, i
if tenthsmo)e,r Isti.iisc:taonnmbßdiepieegak.dfiloieitlytp,
he,ut
elcbeaoenclnf,tiodc:rlieitt
that they rrman Mr, idkiethey had, been ( all
uly
he
ding his
director
liaiis.rsfi
epencegitenoti
ref
td(thinti wouldyryc.elwt ha ve a steadily
Ifrieettps business;luirleieholtivgiectriihd.ielifesaesnbltitinpyneigtsuait:4eeoxyvapsi
ineengt
ses 00Wafw,d
eati2ipt
the
e..),
e
he
laveals
he
et M • m re] ate d
cat
ntr)tLatolinieiii
laoanaiedei:ednllienpiiec.n.e.staisitdfnaisat
epahytppo especially
apcfcrei
longnoi
tatiaiia:pr
csolhei
osnneevrpi
gtast
act
nearlhueir on
di
company
added
lt necyweot
Before
oeui
complaint
settler ecai
paoetheil
company
a,
etecot
motion
atafnfid,
no r
ne
Ainsworth
expensese
of. management,
er
new et irr'ecators andin which trio
thanks to the London, Liver'pool and
reduced his claim 28 per cent., and Yl
f • t One of his own. The motion was at length
ie refused to t,pisn.in
were
auditors, giving
sHvaeooet
iot com-
plainedf
had appointed; who had
putes
and carriedgiing,
hoards, the general manager, the directors' (:o whom 41,500
was voted in consideration of their iienerouslY refitting to
accept any remuneration last years and £l,lOO was agreed to
be paid to them annually in future), and the proceedings
terminated with a vote of thanks to the chait man

TRADE REPORT.-FRIDAY.
LAVERPout..
of
which Brazil
COTTON.—The market has shown considerable activity du ing the
past week, the demand has been large, specu'atore and exporters hay.
Ing, as well as the trade, operated freely ; had it not been for the uneer.
tai ty respecting the course of the money mar.et, a good advance
would have been the result; in the meantime, holders c.trir ample
28:, id 4 oE;re
sufficient for all requirements, and the improvement In prices cannot
be:quoted more than 1.16 d per lb for the current qualities of Amer!.
per
2 751 tO' higher.
bales,
can. The ordinary kinds of American are ii good request, and id
pPr lb dearer. Surat a shade higher. The sales fur the week are
Pot ina ns
speculation, lat firm,io, aanndd
export.
T 1151,asr2aon
ateha m
for

is week.
Import.i Sales. Description

15
6/
61,; 4g4010
74:

635650

Atttp -,,:reßtro arl:l4.

Stuitrafa.
---
c _
NOTICE.
UNARD, BRETT, & AUSTEN, hane madetbhye
af,otyllosvihiipngoprassstea
agmeserquiniektie;
(Late Cunard, Munn, & Co.)
.1,1 ', -23 k SHIP VALUERS AND BROKERS,
AUCrfIONEERS FOR THE SALE OF The Ships of this Line
twhoarnlah,ave ever beers accomplished
SHIPS, WRECKS, &C., MELBOURNE- 00i, to MELBOURNE and BACK to LIVERPOOL, not includ-
-4:5', YORK BUILDINGS, LIVERPOOL ; AND 150, LEADEN- . Liiizrp°Lt°toMLElLvßEZoßNogr. v:
iz
:
ng detention abroad;
HILL STREET, LONDON. 1 LIVERPOOL to MELBOURNE and BACK to LIVERPOOL, Including
detention abroad.
Oa Ilia & Co. (LATE TONGE, CURRY & CO.), " BLACK BALL" LINE
LiROKL; 1.1. FOR THE SALE oF SHIP 2. OP
,4:
'O-:\ AND SHIP VALUERS, ; BRITISH & AUSTRALIAN ROYAL MAIL PACKETS.
•••.#.
ir 413,1-74", andaPP°lnted Broker. to the High Court of Admiralty , Under Contract with her Majesty's Government to carry the Royal
Mas to Australia, under penalty.
'-'--- - WALM ER-BUILDINGS, WATER -STREET ,Malls
SAILING ON THE FIFTH OF EVERY MONTH.
;;., sate—Vessels from 50 to 2000 tons ; Steamers. tge.
PACKET OF THE FIFTH OF OCTOBER,
1 Taking Goods up to the 30th Sep., if not previously full,
.t, • , The magnificent clipper Ship
/, DONALD M‘KAY,
.....14Etfater HENRY WARNER, Commander;
2,526 tons register. Built by Donald M`Kay, builder of the Light-
ning, James Baines, Champion of the Seas, &c. ; is the largest and
finest merchant ship in the world. Her cabin accommodations
rival in splendour any ship or steamer ado t.—Apply to the owners,
JAMES BAINES & CO.

TUNGE
to., (LATE TONGE, CURRY and C 0.,)
BROKERS FOR TICE SALE OP SHIPS,
-ia\k, AND SHIP VALUERS,
to
/1.4 *.,
DERRY-BUILDINGS, FENIVICK-STREET,
Who hays always on sale Ships, Steamers, &C., of from
60 to 1,800 tons register.

ROBERT A. MUNN & CO.,
(Late Cunard, Munn,.& C 0.,)
. y BRONERS FOR THE SALE OF SHIPS,
&C., AND SHIP VALUERS,
ON, STEAMERS,
3, YORK-BUILDINGS, DALE-BTREET,
LIVERPOOL.

THE. NORTHERN TIMES.--LIVERPOOL, SATURDAY.

Unite?: flotatess.

Cargo for the PHILADELPHIA will be received until Tuesday,
the 30th instant.
-4
--, • ' BLACK DIAMOND"
-*,,,-7...
';'-.,'',' LINE OF PHILADELPHIA APACKETS
Sailing from Liverpool on the lst,land from Pbila.
v.
delphia on the lath of each month.
PHILADELPHIA Poor. .12Atons..October 1.
STALWART Lucas...—. 1100 tons.. November 1.
WESTERN OCEAN Taylor .... _l2OO tons.. December 1.
NONPAREIL. FAULK ....1500tons.. January 1.
. _ .

The Ships of this Line are built of the very best materials, have
superior accommodation for pasceugers, and are commanded by men
of esperienee and ability. These ships will take steam up the Dela-
7arc . Apply to

RICHARDSON SPENCE & CO.,
Corn Exchange, Brunswick-street.

nfttb Otatt6.
Will be despatched on the 28th instant.
Loading in Bramley•Moore Dock.
- FOR NEW ORLEANS,
The b:;autifol New American Ship
44s-ego RIVERSMITH,
Captain HORATIO MOODY;
900 tons register.—Apply to
PILKINGTON BROTHERS.
To sail on the ltt October.
FOR NEW ORLEANS,
The magnificent new American Ship
BADEN,
Captain HEALY;
1,300 tons register, now on her second voyage.—For particulars of
freight apply to

Ll El-
PILKINGTON BROTHERS.
Succeeds the BADEN.—Loading in Bramley-Moore Dock.
FOR NEW ORLEANS,
12,1 The favourite first-class American Ship
OLD ENGLAND,
Captain DELANO ;
1,150 tons register, coppered and copper fastened.—For pArtienlars
of freight apply to

PILKINGTON BROTHERS.

PASSAGE TO AMERICA.
1 FOR NEW YORK.
.4.6\
xiate rd,., SAILING ON THEIR APPOINT ED DAYS.
The magn'ficent Clipper Ships
Tons. To Sail.
MIDDLESEX

A. GA LLATIN
FRANKLIN KING
FOR NEW ORLEANS.
CORINTE-lIAN
JAMES NE ',IIS [TH.

R NELON, NEW ZEAL ND

Rf)SE r.fP SHARON 150) .... 25th Sopt
The 'eo 11 ships have ansurpasse scco..•mcciations for ail
clisr,es cf passetters, and on 4 require to be s.,en t, command a
thcided preterence —Por terms, arid to i.ecure berths, apily to
WILLIAM FRECKLECON,
AMERICAN AND AUSTRALIAN PASSAGE OFFICE,
121, NV ATER 1.00- ROA D.