The Sun.
London, England, 1855-10-25 00:00:00

The SECRETARY then read the following report :
" The directors of the Saxon Life Assurance Society
have much pleasure in meeting the shareholders at this the
first annual meeting of this society.
"In accordance with the provisions of the deed of settle-
ment, such meeting is convened for the purpose of receiving
the report of the directors, and the balance sheet as ap-
proved by the auditors, showing the receipts and disburse-
ments of the first financial year; sad in laying which be-
fore the shareholders, the directors have west satisfaction
in stating, that although the society can be said to have
been but little more than eight months in active operation,
yet an amount of business has been done, connections se-
cured, and influence established, far beyond their most
sanguine anticipations.
" Though originated at a period of great depression, and
though the certainty of increased taxation arising out of
the present war brought with it an additional obstacle to
the progress of a new institution in acquirinc, business of
purely a provident character, yet the directors did not
flinch from the task committed to them by the promoters
of the society. Relying upon the intrinsic merits of
the office, and feeling confident that in all titres, and
under all circumstances, the great provident principle of
Life Assurance, when rightly advocated, are capable of
being still better understood and appreciated, and the
sphere of their operations more widely diffused than even
it is at present, they addressed themselves boldly to pub-
lie consideration. Supported by the zealous efforts and
activity of the secretary and the other officers attached,
as well as the very valuable exertions and influence of an
extensive and highly respectable body of agents, the di-
rectors have no hesitation in stating that the Saxon Life
Assurance Society has secured for itself such a position in
public estimation, and excited so general an interest in its
welfare and progress wherever it has extended its opera-
tions, as to fairly eniitle it to take its stand among the
most flourishing offices of the day. To secure this desir-
able result, unremitting energy and perseverance h At been
used, and, at the same time, it has ever been a constant
thought with the directors so to adapt the means to the
end, as to exercise a sound and judicious economy in all
the financial operations of the society.
" It is of course readily understood that in the first year
of a society's progress considerable expenses must neces-
sarily be incurred in preparing the way, effecting arrange-
ments, and laying the foundation for future business. The
directors felt that if the office were to be worked success-
fully and well, it must appeal to the public, and to do that
efficiently a properly-organised staff of agents and other
persons who could be interested in the society must be ap-
pointed throughout the various provincial districts ; and
the only expenditure of large amount in which they have
ventured since the formation of the society has been in-
curred in this respect. It is their satisfaction to report
that the society is represented in nearly every town of
importance in the United Kingdom ; and, in addition,
district branches, with local offices, have been established.
at Manchester, Birmingham, Huddersfield, Hull, New-
port (Moumouthshire), Todmorden, and the Potteries,
under the management of most energetic and persevering
agents. The society's operations have likewise been ex-
tended to Berlin, Frankfort, Hamburgh, and the northern
parts of Germany, at all of which places a very large
measure of the general success has been reaped. It neces-
sarily took soma time to bring the various agencies of the
society, which now amount to nearly 230, into working
order ; and it was not till the last month of the financial
year that the results became apparent, during that period
fifty policies having been completed from the agencies
alone. Any future expense that may arise on this head,
will merely have reference to measures extending the effi-
ciency of the above agency appointments, which have this
year been so advantageously called into operation.
" The directors now proceed to notice the business tran-
sactions of the y ear, of which, to give the shareholders the
fullest information of the society's progress, the following
return has been made up to the 22d inst., viz.:—
,

No. dgg. Amount. Income.
Number of proposals made to
the Society from the 9th
of August, 1854, to 22d of

of October, 1855
Policies complete and issued 251 64,233 2,010 11 3
Proposals declined
Proposalsunder consideration 23 9,400 156 11 9

359 £98,272 £2,791 15 11
" Of the above, 30 are reassurance policies, the remain-
ing portion coming from the general body of the public.
"The directors congratulate the shareholders upon this
statement, as they feel that it must be evident to all in-
terested, that it exhibits a marked amount of vitality and
success, and they trust at the next meeting it may be their
pleasure to report the same amount of public support and
good fortune.

" The directors aro particularly gratified in recording
that no claim on account of death has been made upon the
society, an evidence of the extreme care and discrimina-
tion with which the board, under the advice of their able
and experienced chief medical officer, Dr. Cockle, have
selected the lives submitted to them for assurance.
Though the directors have hitherto confined their
considerations to the acceptance of first-class lives,
yet they feel it would be unjust to limit the opera-
tions of the society entirely within that sphere,
and they have, therefore, determined to give the fullest at-
tention to every proposal involving the contingency of
human existence, and where there may be no evidence of
immediate disease, but on account of hereditary or tem-
porary causes, the lives may be considered more uncertain
than with the generality of individuals, to make an addi-
tion to the usual rate. Such extra premium, however,
may not become a permanent addition, for a re-examina-
tion is always open to the assured, adshould the cause of
the increased charge be removed, the life will eventually
be taken at the tabular rate.
" The directors allude with satisfaction to the establish-
ment of the Saxon Fire and General Assurance Society,
not only from the circumstances that the two societies are
calculated very materially to extend the operations of the
office, and to render it the most complete and popular of
the assurance institutions, but as a means of large saving
in the general expenditure of the establishment, the ex-
penses being borne by the two societies proportionately.
It the same time the directors wish it to be understood
. that the two societies are quite separate and distinct in
their deeds of constitution, working, and proprietary.
" In pursuance of the provisions of the deed of settle-
ment, the two following directors retire, but, being eligi-
ble, present themselves for re-election, viz., Richard H.
Bing, Esq., Rev. James T. Pattison.
The following auditorslikewise retire, viz., John Wilson,
Esq., Thomas Alfred Pott, Esq., Charles Stanbridge, Esq.
" An account of the attendances made by the directors
at the weekly board is likewise open to your inspection;
but, in addition thereto, an almost daily attendance at the
office has been given by some one or more of the directors,
as consistent with that prompt and careful supervision
of the society's affairs which they have from the first
manifested.

" to conclusion, the directors beg to assure the share-
holders, that it shall be their constant endeavo r to exer-
cise the utmost care and economy in the applicltion of the
society's funds, and to promote by every means in their
power the prosperity of the institution committed to their
Management But, At the same time, they beg most ear.