Northern Times.
Liverpool, Merseyside, England, 1859-08-06 00:00:00

NORTHERN DAILY TIES.

TON MARKET.—AtGiTstr 5

ROY At, INSURANCE COMVANY.

pilot week in Cotton, and although
'better grades of American are not
Thring for sale is so liberal, that The fourteenth annual meeting ..If the Royal: insuia.ncQ
'it concession, bat notsufficient -Company was held yesterday in the- Barra-room of the
',wet- qualities are irregular, , company, Nerth.ffehn-street •; Mr. Charles Mummer occupied
the chair. Among the other gentlemen present theiOvere
"in 4 - lt; and tq effect Mesg-s. Brocklebaak, Samuel liolrne, Italph,•Thomaspgiver,
..er continue of the mail Earle,
must be. sub- Wm. -Titherington, J.. C. Corbally, Alderman:Cooper, Hard-
spinners and Wafter, 3. Yates. Lee, lkiozlay,. Hall; Sze.
-V In The Chairman. called upon the Maaager,• 'Mr. Percy M.
which , = ==
• ,1. Dove, to read the -annual report, statell,thatnotwith=
standing the fire losses of the year 1858,
which- included

r lb., mus

s week 3

ably brie

I in

,
3 yet the rernaininn• losses. fell far belena the•itsual averag

lat both

3A,etlier proclueed a

ess in

I provortion to the premiums rec
11 the company's do*ses during sc

ived, than the average of
Arai preee-ding years; It

drew .attemion to the gratifying fact that fae—ex.'pansion of
Igreat, •
—1 business was so that the increase alone .of the
last three vents exceeded th?. entire buiiness of sonic
of the existing, and of many of the recent defunct, fire insu-

rct q

ranee

mpanies of this: kingdom. There .was shown an
nerease of premiums, for the last three -.years, of
. In the London branch there was, during the
largest advance that had ever been :made in
re rezTnnes, there beim

ecl oar

In increase, alien compared with
2s. lid. The profit for the same

W LSO been vex

satisfactory, netivithstaiidi

s made on the co:npany from thje'extensilfe fires at
St. Katharine and London Docks, as well as =at Fresh
Wharf., In Scotland the company were also successful, the

Three vE

Niarch 1

ion mo.

of the Year immediately

sing, and promis•ad to be of

was a 'matter of gratifieation to
inc3ted with the Anicrikan bran3h
is proceeding most satis4ictorite
tends in the "--1-

ars bit

the Anieriean Coathunt

lest estimation in every city on
lore it has establidhed

as an exceptio;

.a bninch

year, in which. 7other

shahe

were• reminded of the .company's losses in •tiymer
in transatlantic risks. It was to be regretted: that an
injudicious .reduction of the rates of premium had taken
place in. many of the cities of America, and Canada.. It was,
. _
satisfactory to add that tl •

ae six expired months
of the present year, whilst they did not exhibit such a ratio
of profit as in the last year, yet left a full average of result
: on the right side of the account. The two branches together
—the British and Foreign" and the " American"—would
be found to produce a larger amount to the credit of • profit
and loss than in any former year, showing together, includ-
lug interest, a sum of £59,020 175.. 6d. In the life depart-
ment, the amount of nett/ life premiums received last year
was by far the largest received in any similar period since
the eommencement of the business. This unusual influx of
new litsiness to the company clearly showed the increased
confidence of the public in the establishment. The directors,
having given full consideration to the state of the accounts
for the yeArunder review, recommended, on .this occasion,
a, dividend of 3s. • per. share,- and a bonus of 4s. per
hare, tozeth,, •
'ome-tax.. They also resolved
account a sum of £30,000

,
to carry f-;•onz the profit and 1
L_

to the r

\mien would make the amount to .the
_edit of the latter account.Xl4o,Bso. - The report alluded
to•the extensive. fire that oceurred at Valparaiso, destroying
a largeto
part of the city, and by which they had been put
a - considerable loss, the greatest,. indeed, that ever the
company sustained. :The rep-DA concluded by a-reference
to the many testimonies that were volunteered from "eta&
respectable offices, to the fair repute of . the . Royal
Insurance Company, which .with the care that. was taken
in the selection of their llsiness, .gave encouragement to
'
.
- qTlticipations of the pro"
experienceo

£he lii

ie rea,

future and increasing profit.
The MANAGER, then read th
which
The 1'
of th

as productive of

tomcat of account

;, after

4AIRMAN said it was very_pleasing to the directory
Atoyal Insurance Company to be able to meet their
shareholders with such .a report as they had just heard read,
It would be as gratifying. to them and the shareholderS to
hear it, as it was to the directors to make it. They would
have gathered from their - report the great increase of their
life. business, which had amounted to about fifty per- cent: of
the *hole of. the -business, Aud, which had ex:tended' ip
almost egnal ratio ; for it was a 'matter, he thotight, worthy
of rerahrk,--that the increase of their business did not arise so
Much from large timo,unts having been taken froai one risk, but
principally and almost entirely to an increased number of
moderate riles. Their progress in, London,- Scotland,
'lreland, and !Manchester, had been alluded to,in §omedetail,
in the rbport; and this was 'another proof, not only of the
Wide-spread area of their business, and the elementS of great
safety, but also some proof, he trusted they would think, of
the care with which their business was conducted,' and by
which alone they were able to fix themselves firmly iu these.
new places, and by which it was with advantage the
company 'could eitend , itself. 'The American business he
would. also •allude. to in a very few Words. That business,
they would: recolledt, for many years after the''fermatiOn
of the company,' was attended' with considerable • less.
-Latterly,• it had been remunerative. But he thought the
:improved position of affairs had' been in ' great
degree owing' to the great pains and anxiety with
which 'that hasiness had been conducted.. At the same
time, he unite concurred with the remarks in the repoit,
that it was a husinesS Which "reipiited very vigilant watch-ing, .
particularly when they saw the' new turn of affairs:
which had taken place in that country, by the reduction of,
the rate of premiums, whielrwould'take great care on the
part of their direCtors to watch. • As regarded the fire
business, the figures would at once show that a very great
increase had taken place. • The number of new policies had
increased during the last ten years from 93 to 832. As one
of the best proofs that could. be' given of the increase of
business, he might state, as an agreeable fact, showing the
gigantic and rapid• strides that the company was Makino.,
that the number. of 'policies. rejected in 1853 considerably
'xceeded the whole number of policies which theywere able
'ebapt in,!18,43. This clearly indicated the necessity *of
'icrease to •their reserve fund, to provide for those
—ies .fir' which the business •of • insurance was
.unavoidably liable. Serious fires had occurred in the London
iii Valparaiso, and elseWhere;,which would

some

.now that they were not exempt: from `calatnitieS 'of this
attire, The ..total loss in London was not • very large, but
'ley would bear in mind that these fires might have been
's; considering the amount bf
Ask in those localities. lie was not afraid to
~ne loss in these places might, in the aggregate, have
mounted. to several hundred thousands of pounds sterling.
lie therefore honed they would approve of the step the
directors had taken in adding. £30,000 to the reserve fund.
It was 'very gratifying to the'directors to be able to propose
to the shareholders an increase of ls. to the bonus, Making
a bonus- of 4s. in-addition to the ordinary dividend 0f.35.,.
making a dividend of is. This, the directors reecatmended
with confidence ancl.prudence, thinking it an amount- which
the shareholders might very fairly receive. Considering,
that the, very large .fire at 'Valparaiso had been paid,"alid
having,stili a large margin to carry over to the reserve fiend,
he thought was: a. circumstance which the Shareholders
would be gratified- to hear. He did net know of any other
reTnarksdie had •to make,, but he would be glad to answer
any questions which ails- gentlemen present might choose to
put. lie concluded by moving
that the report just read be
adopted. . :
• Mr. BROCKLEBANK said his duty was a fOrthal one; 'and
after the lucid statement of the. Chairman, in addition to
the .re;or.t... as . to the mode in which that company was
worlcA, in w.iich he cordially concurred, he had not much
no believad there never was any company, whose
stood in a more 'favourable position, than the
L'!3, of theßoyal Insurance Co;npany. It was
'lO to the assured, that, whatever business they
'ititahat.eorapany, 17.011111 be doiie in a satisfactory
these...few.word3,_ he begged to second the
-/?ert .be adopted. r
irliungliusband, the emmii.MAN stated
I laseyear, the reserve fund wag ,£105,000,
loss •was £27,00.0, which Made a
rthr of .£13'4,0130. : The, fundS were, in. effect, 'the same, omy
Aifferene denoininati ens.. Tit ey, were anaWerahle fir the
"ompany. Tlie Profita.n. dloss ;and was first liable
case of. Joss. 'The reserve fund,. he
o call pi;im it; .

property
state that

secueitie3

th • enormous I

-

11 ,4greect with the ehnirruan-eomPletel3
c in. reference to the- inerease of the reserv(
,ecl'

.1 hlrtlic

'°n?I,)PPY, whit

appeaied
• .

Lere would not be a single hesitation
uLt proposed to be carried ov'er.
,ffe
and, judging from the bisinclss. of
ng by such rapid .strides,
!entml that they shouM
Re

_,
cne reserve fund'should I; .-009,000, so as Le ferl:l a. safe-
guard and a proketion to the sliareWtlers, anti so that
they Would be able to meet any of those casualties which
all insurance companies we're liable to. There was another
y
point. Re observed in the
.statement of accounts that
there was £20,000 Rut down for the building- the were
now in, and the one In London, If he recollectkd.nghtly

know w

the -g. aunt coesiikr to be !e..7cperidedliin that and
the Londonl.building was •siniething like £50,1)00. He
begged the '-board to believe ;hot lbc Vas(4ot tiftking any.
,objettiens 'to the - cause- whieli Ihny "thought proper to
pursue, because he went with 'Them to- a largu extent- on
the necessity -ef -reducing" the 'cOritl,of their.; building, and
that something like a fair- and -tangible amount should, be
fixeill•bnthe 'thought 'there -Should be . a
limit placed on
that amount. As the amount had been put rather beyond
what was Considered necessary, the hdped that board would
in fiiture 'leave it at• such a sum as would place them on a
fair footing not .only with
.respect to. that ,but other build-
ings, and have a fair return ,ef rent for :such portions as
could be let.

The CRAIRMAN said the amount that 'had beef expended
on that building was £30,000, which had been reduced to
£1.5.000. With regard to London, the amount - for their
building in that place was £34,000, which ,was reduced to
£5,000: The building in London, they were not able to
let any portion of it.

Mr: Mon,-ny asked if it was intended-to leave the amount
as it then stooil, or to make any reduction hereafter.
The emmamAN-could only-say that they had no present
intention- of reducing. it. Looking, at what had been . taken
off then, mid considering that the building stood at a fair
and reasonable ainonnt, he coniideied it was not called for

to propose anything further

Mr:Coornu said, on a former occasion; ho drew attention
to their American business, -and urged the great necessity of
caution with reference ..,to it. Last year had 'proved that
necessity. „ They had had a .considerable Joss at Vali
and it would be highly satisfaCtory to know t
that loss. He could see no Objection to the directors giving
the information. i_The amount- of the loss had been stated
- • out of . doors, and the 5h.,,0, -

was the act

aal loss sustained

lime. had arrived when they ou
partiellai-s of it.
The C

.e amount of

iflAUtsiarr said there MS no objection whatever in
answerinz the queition .of Aiderman'Cooper. The amount
was X 22,00- . -

Mr. Cnourt said it ha.d been stated out of doors as much

from the chair

The CITAITt:IA

in too many (1,

questions of that nature there, was no cliff
The motion for the adoption of the

and carries

•epprt was t.

. .
. . . ..
.
The CHAI MAN then moved tte next resolution, declar-
ing the dividend as mentiohedin the report
Mr. JonirsTo-gu said he had much plcek-are in seconding
the resolution, which had just ,been proposed. Looking at
the amount that was carried to the credit, side of the account,
he had no doubt some of his co-shareholders thought the

threctors . had been very cautious in carrying dyer So ,small f
a shin to the reserve fluid. When they looked at the large and
extending operations of the company, extending as they
were to every quarter of the world, they would agree with
'4in in saying that the -,(!tors hay' -

Tile motion wa

.ction to tt

ferred to by

in all

wouldlose oue farthing" y, and he c
no 4n +1

impression tl

very sew

caret shown a wise discre- occasions divided
tion in diiriding so small an amount on this occasion. The holders as was 'comp,_
amount they had derived last, year from the ".British and and they were always
foreign" brtsiness was a' little more than £B,OOO ;of course, met with the approval
irrespective of the amount derived from the United States, shareholders. He must re,
which was the .largest amount of their. profits.., But on all occasions what they coi.
they must alsa bear in mind that they had had losses of the company,.and ghat prssperity
in that nart of the wnrld Tn 1,;.*

le approval of Mr. Mozh
',mark that thi

only to consider last year's profits .fi.em America-as been carried out by the managti ... a sort of a loan. When their. accounts Were made up as the able andjadicions manner in wh
they would have a larop.rinaniint .nf ..;,,t: - ...,, A , .a. a— .1 • ,

the manner

Emu utuscancting been carried out by
accounts, and,:it was nothing but:. common -prudence that `concluded by moving
they, should have a large reserve.fund;„and, as Mr. Moiley Mr. COOPER secon
had observed, as their business went on increasing, the _unanimously:
reserve fund should also go on increasing in the same ratio.
When they had .put their foot forward, they ought, ai a bdsin
rule, never to draw it back again. When they-increased He thought
their dividend one year they: ought to:be able to ,increase-it had none of t}
the next, unless that some nufortunate, circumstance might instil,—
occur to prevent it. He thought they ought never to
their shareholders an.' increased dividend•-
•mvinced tl '

fir. DoyE returned thanks ar

but a reward

.ations ant

here w

-would

he favour of the peon:

amount :I
xi to the .;

The meeting,theii broke up

-4.---

COURT OF PASSAGE

(BEFORE

,The quart(

Yesterday, in the
there was one spe

CLAIM ON A

arguni

/Mini

Henry Walsn, is

RA.DCLIFFM

S BALA.

*ought .t

neared' foi the plaintiff

fencian

ho statedthat, in January, 1858, he saw tl
told him that he had just been made a

would be required by the
went to the official assig
rupt's_hooks, which. were in a 1;

derendant that if 1
those

.owed by it

agreed betwdenthe ilaint
Olney to post up thuboot
then to make out • the bal

attendanc

complete the work for X5O
pay him then; but, as a' cle

£lO on account "of

irregular ;

id after