The Sun.
London, England, 1852-10-01 00:00:00

COMPANY

The first annual meeting of the shareholders in this
company was held yesterday afternoon at the offices,
Chancery-lane; Mr. John Best, the ex.M.P., for Kid-
derminster, occupying the chair.
The Secretary, Mr. FRANCIS HOARE, having read
the advertisement convening the meeting,
The CHAIRMAN said—l have great pleasure, gen-
tlemen, in meeting you at this, the first annual meet.
ing of the Age Assurance Company, because I am
sure that the balance-sheet, which has been prepared
by auditors who are well conversant with such ac-
counts cannot be otherwise than satisfactory to every
shareholder.---(Hear, hear.) We, the directors have
had to contend against numerous difficulties, as is
the case at first with all new companies, but we have
met those difficulties, and though it will appear from
an examination of the balance-sheet that during the
first seven months of the company's existence the
affairs have not progressed as satisfactorily as we could
have wished, yet you will find that that arises from
the compny being young and comparatively unknown,
e certain time being always necessary for the estab-
lishment of a company, during which period,
a very small amount of business is generally trans.
acted. But during the seven months, and since then,
e have established agencies in nearly all the prin-
cipal towns throughout the British empire, and the
result has been that, from last March up till now,
there has been a progressive weekly increase of pre-
miums, and I hope—indeed I may say—that we now
stand almost as well, if not perhaps better, than most
companies that have been for some time in existence.
In the beginning of the company we endeavoured as
much as possible to economise its resources. The chief
blame found with new assurance companies, is that
large sums have been expended in their establishment.
Now I believe that our association may challenge
comparison with any other in regard to the smallness
of the amount expended in its formation.—(Hear.)
I may mention that we differ in some respects from
most assurance companies. We appeal to no parti-
cular class, like the Protestant, the Catholic, the
Freemasons', or the Solicitors' Associations, but we
throw ourselves on the public generally, and there-
fore extend our operations to all classes of the
people. But though we do not come forward, and
cannot expect to meet the wishes of particular parties,
like those companies which single out one class of
society, yet we are happy to find in the result that
we have been patronised by all classes.—(Hear.)
We have a particular advantage in being a proprietary
company. I may observe that the difference between
a proprietary and a mutual company consists in this.
In the one, the shareholders find the capital, out of
which, in the first instance, the expenses of the com-
pany are taken ; and then the premiums, to which in
this company we have scrupulously attended through-
out, are laid by to meet the losses which in the course
of time must happen in all companies—so that in
addition to the paid-up capital, we have these pre-
miums likewise in hand. Now, in mutual companies,
the premiums constitute the whale resources of the
directors ; and the advantage in s company like ours
is, that the shareholders as well as the assured, have
a double guarantee for the sums of money which they
invest.—(Hear, hear.) With your kind assistance,
gentlemen, we shall endeavour to carry on the com-
pany on the same principle on which we have begun
it. Already we have met with great success, and we
hope to continue to do so. We shall rigidly adhere
to our economical system as far as possible, with the
view of rendering the company one of the first in the
kingdom, and I do trust that, in illustration of its
name, it will last for ages yet to come.—(Hear.)
The report was then read. It dated that the di-
rectors had much pleasure in meeting the shareholders
at this their first annual meeting, and in being able
to congratulate them and the policy-holders on the
prosperous state of the company. The accounts
showed that the success of the company bad been far
beyond what could have been anticipated ; and few
companies had done the same amount of business at
so small an outlay. Although the accounts extended
over a period of nineteen months, very little business
was transacted. during the first few months of a com-
pany's career ; and in this respect the Age was no
exception to the general rule ; for, during the first
seven months of its existence, the Premiums received,
independently of loans, amounted to 4911 13s. sd.
only, while, up to the 18th of August, 1852, when
the accounts were made out, the premiums amounted
to 3,4821. 4a. It was most gratifying to the di-
rectors to notice this as evidencing the continual
advance the company was making is public estima-
tion. In order that " a full and fair balance sheet"
might be made out, showing the exact position of
the company—which was evidently the intention of
the Act of Parliament 7 and 8 Vict., c. 110, under
which the Age was registered—the directors had had
a careful valuation made by an actuary of the present
worth of the sums assured by the company, and
the premiums payable for such assurances, and from
the value of such premiums they had deducted a
large per centage to defray the expenses connected
with their receipt, and to allow for the lapse of
those policies which may not be continued. The
deductions made were far more than would be re-
quired if the current year's business progressed as
the directors anticipated, and they urged on the share-
holders and assured, for their own interest, to ex-
tend the business of the company by every means in
their power. After making the deductions alluded
to, and after paying the claims which had arisen
from deaths, amounting to 1,4001., and the expenses
of establishing and working the company, there was
still a balance of profit amounting to 9011. 10s. Bd.,
however this profit was not a realized one, but was
founded on the value of assete over liabilities ; and
therefore, though it was an ascertained profit, it
would become a realized one only by the continued
operations of the company. The participating policy-
holders were equally interested with the shareholders
in extending the business of the company, as the
profits would be divided equally between them. In
conclusion, the directors begged to call the attention
of assurers to the large balance of assets over liabili-
lilies, which was available for their security, and
which amounts to 91,6611. 10s. Bd.

The directors who retired by rotation, were John
Best, ES q., Frederic Kelly, Eq., and William Mon-
tresor, Esq., who, being eligible, were proposed for
re-election ; and F. T. New, Esq., and W. F. Bu-
chanan, Esq., having been elected by the directors,
under the provisions of the deed of settlement, now
offered themselves for election by the shareholders.
Mr. G. M. ELDERTON moved that the report just
read be received and entered upon the minutes, a pro-
position which he thought would be unanimously
adopted; but before the chairman put the question,
he was sure he would only give utterance to the
sentiments of every gentleman in the room when he
expressed his thanks for the lucid statement of the
chairman in relation to the history and proceedings
of the company, and also for the very satisfac-
tory report which had emanated from the direc-
tors. (Hear, hear.) The shareholders were
probably aware that all new companies were estab-
lished under the clauses of a very stringent Act of
Parliament, which was passed five years ago, for the
regulation of all companies in the nation, the object
being the protection of the assured. One of the re-
quirements of the Act was that the balance-sheet
should be carefully made up by the auditors, after
having been submitted to them, a short time before
the general meeting, the auditors having full access
to the books of the company, and being prepared to
vouch for every receipt and payment. It
was further provided; that in the event of anything
occurring of more than ordinary importance, they
would be justified in making a special report respect.
ing the accounts of the meeting. Again, after the ac-
counts were audited, it became the duty of the direc-
tors to send a copy of the balance-sheet to every
shareholder previously to the general meeting taking
place, enabling him, thus, to carefully examine it, and
express his opinion upon it at the meeting. Every
one must agree with him in thinking that such
regulations were most wholesome, most beneficial to
the interests of the shareholders, and a protection to
that portion of the public who might assure in the
office; and he rejoiced to find that the directors had
found it convenient at the first annual meeting to
conform to the provisions of the Act, unlike some
young companies, who, though highly respectable,
either did not get their accounts ready in time
to have them printed, or objected to send
a copy of them to the shareholders. For-
tunately the difficulties that existed elsewhere
were not found to exist in this company, for the
accounts had been ;made up in due time, and no
doubt they had undergone the very strictest investi-
gation by the auditors. He might say for himself
that he had had some experience in the accounts of
assurance offices, and he rejoiced that the affairs of
the company had been conducted with so much care,
prudence, and economy.—(Hear.) With regard to
this company, he might be permitted to make one
passing remark, that at the present period a great
struggle was going on between the old and the new
companies, and the press had been deluged with cor-
respondence, tending to run down many of the young
companies. It was not his intention to enter into
discussion upon the subject, because that would be
out of place, but he might observe that be believed
this was one of the excepted among the young com-
panies which had been so abused. There could be
no doubt, however, that young companies, if pro-
perly conducted, must become very good investments.
Some of the old companies were overloaded with
surplus capital, upon which they were compelled to
pay a larger dividend than their net prc fits would
allow. Now, in the "Age," there was only
a paid-up capital of lOs., but they had amply
sufficient to meet all their wants ; and they
were in this advantageous position, that while the
profits of the old companies were diminished by the
formidable dividends which they had to pay, theirs
was proportionately increased. With regard to the
balance-sheet, he observed that the receipts and expen-