The Sun.
London, England, 1864-02-04 00:00:00

Pro7Lient ale rks' Mutual Life Assurance

Asscciation,

---- 4
ANNUAL MEETING.

The twenty-third annual meeting of tho members
of the Provident Clerks' Mutual Life Assurance
Association was held last night at the London
Tavern, Bishopsgate-street. Henry Richard Jones,
Eiq , chairman of the board of directors, presided.
T&e annual report of the transactions of the last
year was read by the secretary, Mr. H. T. Linford,

ilows

• - •• - -
" The board have much pleasure in presenting to the
members of the association their twenty-third annual re-
port, and are again able to repeat the congratulatory expres
sions happily familiar for many years past. The successful
progress of the association is still further increased, the new
as.Qurasces ls-ing £lO,OOO in excess of those effected in 1862,
which it will be remembered were considerably beyond
thos3 of any previous year. The policies completed during
the past year were 1,005, for £214,785 ; in addition to which
115, for £37,115, were &dined or withdrawn, or now await-
ing completion, making the total proposals received during
the year 1,120, for £251,900 ; the annual income arising
from the completed policies is £6,420. The distribution
of the bonus announced at the last annual meeting has
given the warmest satisfaction to the members, and hav-
ing been made widely known, is doubtless the source from
whence some portion of the new business has been derived.
It is very gratifying to the board to state, on the authority
of their able actuary, that the bonus thus distributed arises
wholly from realised profits, and that the surplus of future
years has not been in the slightest degree anticipated. The
seta 11 cash profit thus realised very closely approached
£30,000, and was equivalent to a reversiorTry, bonus of
£60,000. The income of the past year was £e9,‘ 50 105 9d,
arid alter payment of all claims and expenses, and of
,0,411 13s sd, in cash bonuses, the assets of the asso-
ciation are increased by £24,166 Os 61. The total assets
now amount to £221,576 11s 10d. The claims by death
are still moderate, both in number and amount. 76
policies, assuring with bonuses the sum of £13,048 15s
9d, have fallen in during the year, making the
total thus paid since the commencement of the association
£126,126 5s 7d. It needs but a moment's reflection on the
channels in which this sum has been divided to appreciate
in setae degree the benefits conferred by this association.
The total policies in force on the 31st December last were
8,330, for £1,613,092, The directors retiring by rotation
on the present occasion are Mr. Richard Henry Jones, Mr.
John White Welch, Mr. John Studdy Leigh, all of whom,
being eligible, offer tbemselve for re-election. The fol-
lowing gentlemen, duly qualified, have been pro-
posed as auditors :—Mr. James Richard Lloyd,
31r. Francis Frederick Toole, Mr. Charles Wooley.
The board feel that, in the face of such figures as it is their
pleasing duty to lay before the members, comment is
superfluous. The position which the Provident Clerks'
Association has attained amongst the soundest and most
successful life offices is evident and unquestioned. The
efforts of the board to promote to the utmost the future
prosperity of this important institution will not be wanting,
and they look with confidence to the cordial and energetic
support of the members to second those efforts, and thereby
insure their continued success."

The CHAIRMAN, in moving the adoption of the
report just read to the meeting, said he had to con-
gratulate them for the 231 time upon the increas-
ing prosperity of their association. (Hear, hear.)
When he looked back upon the first occasion of
his meeting them, when their annual income was
something between £4OO or £5OO, and then com-
pared it with the amount they were now receiving
annually, which was somewhere about £60,000,
the reflection on the amount of good they had done
during that period was a source of much satisfaction
and comfort to himself personally; and he felt cer-
tain it would also evoke the same pleasurable feeling
among the whole of the members of the association.
There was an observation in the report, viz., that
comment was superfluous ; yet he thought that a
few observations from him would prove acceptable.

On the last occasion the directors were enabled—
as, indeed, they had done on all former occasions—
to congratulate the members on the great increase
of new business, and on the present occasion he had
to repeat the same information, but in much
stronger term. (Hear, hear.) To show the gra-
dual and successful progress the best means
would be to refer to figures having reference to
past years. In 1859 their annual income was
£34,361 ; in 1860, £41,221 ; in 1861, £45,657;
in 1862, £50,135; and in 1863, £59,750.
That he considered was the best proof he could give
them of the stability of their affairs. (Hear, hear.)
The Provident Clerks' Mutual Life Association was
now one of the most firmly-established institutions
in the country, and one of the circumstances that
had placed it in that proud position was, that every
person engaged in promoting its interests was
animated with the most hearty desire of doing so.
(Hear, hear.) That they might have no fear for
the future, he would put another set of figures
before them. Their invested fend in 1859 amounted
to £124,078 ; in 1860, £146,000 ; in 1861, £169,686 ;
in 1862, £197,400 ; and in 1863, £22l,s9s—(hear,
hear)--showing an increase in five years of £07,517,
besides £lO,OOO paid in cash bonus. (Hear, hear.)
As regards the balance-sheet, he thought that also
would cecasion great satisfaction. Their new pre-
miums had increased, and, although 1862 had been
considered an extraordinarily successful year, yet
during the past twelve months they had exceeded
the business done that year by £lO,OOO.

(Hear.) There was, in fact, nothing but mutua
congratulation, and therefore ho felt certain the
members would feel perfectly satisfied with what
had been done. Their percentage of expenses had
been reduced from 12 to 91, and that circumstance
also proved they were going in the right direction.
There was one item in the balance sheet which had
been put down as an asset on Dee. 31 of £l,OOO.
No doubt many gentlemen present had read the
result of a trial before the Vice-Chancellor, in which
this company was immediately concerned. Of course
the; directors had no wish to be driven into law,
but they believed their claim to be perfectly just,
and under the strong advice of counsel they had
determined to carry the cause before a higher Court,
He hoped, under these circumstances that
gentlemen would refrain from making ary
observations on this matter as the sub-
ject was sub judice. But in the course of
the precredings two ugly expressions were used
which he did not like—namely, the terms fraud
and concealment. Now he hoped that no one
present would think that such terms applied to
him. He felt that throughout his life he had
maintained a character on which he would defy
any.-one to find a blot. (Loud cheers.) Indivi-
deafly or collectively the board were incapable of
frau lor concealment. An unintentional error
;ht have been committed, but they had
b2lief that the justice and bona fides
of their conduct would be established. (Load
cheers.) It was true, however, that the counsel for
the Reliance Company disavowed any intention to
imply e fraud, and the Vice Chancellor stated it was
only the legal phraseology of the court. He could
not but regret the terms had ever been used. It
was monstrous tnsuppose that so large a business
as theirs could be carried on in any other but the
most fair and open manner. (Hear, hear.) He would
pass over all further allusion to the matter, but on
a future occasion full particulars would be given
to the members, if requisite (Hear.) Before he
rose tned his seat he thought it would
)rd some additional satisfaction if he announced
since the Ist of January they had completed
148 policies for sums amounting in the whole to
£31,900, so they would see they had begun the
new ye:ar well. He would conclude his observa-
tions by formally moving the adoption of the re-
port, but before it wee carried he should have
great pleasure in answering any questions that
might be put to him.
Mr. TOMKINS remarked that the balance sheet, on the
whole, was extremely satisfactory. (Hear, hear,) He saw
one item, viz., "Law charges, £l2 ls. 6d." He presumed
that did not refer to the matter alluded to by the chairman.
The SECRETARY said certainly not. They had not paid
any, neither did they know they would have to pay any, so
they could not put it into the balance sheet then before the
meeting.
Mr. Tomxixs asked if any idea could be given of the
probable coat of tile affair.
„The SEcuzrAlti replied that would be an impossibility.
Mr. TotsiuNs—Then, as soon as the matter is decided
eve: y thing will be communicated to the members ?
The CHAIRMAN—yes, certainly. The motion for the
adoption of tho report was then
Mr. REYNOLDS said it Was his privilege, as
on several occasions, to move a vote ftlfea as it
thanks to
thheaddibreeoen.
tors for the able manner in which they hadconducted
Thethe
affairs of the association during the
past
"happiest moment of my life',
was astock
ypeharra's e with
many speakers, but, as far as their respected chairman was
concerned, the happiest moments of his life were the first
Wednesday in every new month of February. (Laughter
and cheers). He would not attempt to heighten the grati-
cation they all experienced at their annual meeting by an
ill-timed and absurd flattery, but he rather preferred
leaving his resolution in the hands of the members,
in the firm conviction that it would give the utmost
gratification to all present to acknoWledge the able services
of their directors. (Cheers.)
Mr. FRY had very much pleasure in seconding
the r.eso-
lotion, and at the same time he must say, cordially
adopted the sentiments expressed by Mr. Reynolds. They
were all pleased with the report, and rationed with their

every