The Sun.
London, England, 1864-08-10 00:00:00

NORTH AMERICAN BRAITCII.

The fluctuations in the exchange bemeen this country
and America, referred to in the last report, having recently
become still more violent, sudden, and excessive than at
that time, the directors feel assured thet the shareholders
will concur in the propriety of laying aside the profit of this
branch for the year, to be dealt with it the same way as
the amount of its profit for the preceding year. •

LIFE BRANCH.

The progress of the life branch, as shown by the new
business trausacted in the last year, is most promising as
respects its future prospects of development. The advances
made year by year in the amount of new insurances
effected show clearly the estimation in which the com-
pany is held. The following is a statement for the last five
years

Net Sum Assured on Ne w Foibles
after deducting Guarantees. Net Premiums.
1859 .... £134,470 11 10 ..., £13,086 0 5
1860 .... 449,241 16 2 ..., 15,079 17 10
1861 .... 521,101 17 0 .... 16,627 18 0
1862 .... 701,427 15 3 .... 22,333 13 2
1863 .... 752,546 18 10 ..., 24,069 12 8

This rapid growth, amounting to 73 per cent. on the sum
assured, and upwards of 80 per cent, en the premiums re-
ceived in the course of five years, may justly be considered
as larger than any which could have been reasonably
expected. The half-year of 1864, however, far outstrips the
ratio of increase indicated by the figures just quoted, as the
sum assured for that period of six months only actually
exceeds half-a-million sterling.
The rate of mortality, likewise, still presents highly fa-
vourable features, and augurs well for the result to be shown
by the quinquennial investigation, which is to take place
when the present year is concluded.
The Life Assurance accounts further exhibit a sum of
£80,025 17s. 6d. added to the Life' Funds in the year 1863,
being an amount equal to 64 per cent. on the net premiums
received during that time. To this sum must be added the
increases made in the balances to the credit of the Annuity
making further amount of
and Annuity Funds aro, therefore,
g6ibyd.thl,eh l
e Funds,
Lifea
r
g
esum
of
£lO3,
052 4s. 3d. in the limit
iaao
augmented
nos
Endowment
single gt oes. l
e 7
year.

LONDON.
Tho company's business for the last year in the metro-
polis has closed with very prosperous results. Tho exten-
sive buildings of the company in Lombard-street progress
towards completion, and it is supposed will be ready for
occupation in a few months. The rents already agreed upon
for a portion of the offices lead to a conviction that the plan
chase will prove a more profitable invoi,tment than even was
anticipated at the period of the last report.
DIVIDEND AND 110 NUS•
The directors beg now to recommend that a dividend of
income tax, be declared.
3s per share, and a bonus of 4s, togethor is, each free of

eirAULES TURNER, Chairman.

August 4, 1864.
The Cliammaar said—Gentlemen, the business of the past
year forms no exception to the undeviating career of pros-
perity has attended
commencement. Our
theßoyal Insurance company
since rityi
premiums on the Fire branch
amounted in 1863 to £341,663, and show an increase over
those of 1862 of L'40,977. I think that we have every reason
pet:
to be satisfied with the progress that we are making. Gen-
tlemen, I hope that you will not consider it oat of place ifT
allude very briefly to a subject which is mentioned in the
report, and which has given rise to a meat deal of discus-
sion during the past year, namely, the explosiom of gun-
powder on board the Lotty Sleigh, and the coarse pursued
by this company with re,erence to payment of the losses in-
curred thereby. Gentlemen, Your direotors, aided by the
advice of your excellent manager, came to the conclusion
that, although the company was not liable in law for those
losses, yet, taking a fair and liberal view of the question,
they ought to be paid. We considered, in fact, that we were
morally bound to pay. Having come to that conclusion, we
determined at once to assume the responsibility of acting in
accordance with it ; and the insured were immediately noti-
fied that no question would be raised, but that the claims
would be at once paid on demand. your directors are of
opinion that the course they took was not only the proper
one, but a course calculated to maintain the high character
for justice and liberality which
has always distinguished the
Royal Insurance Company in its dealings with the public,
and therefore conducive to your best interests. The directors
are moreover glad to have it placed on record that, their
conduct in-,this matter having been brought before a legal
tribunal, on the suit of one of the shareholders, Vice-Chan-
cellor Wood—than whom no judge r
7 able or more emi-
nent sits upon the Chancery bench—sat only dismissed the
bill with costs, but expressed a aa ona opinion that the
course pursued land been a proper one, and was calculated to
promote the best interests of tile comPtulY. Gentlemen, our
accounts, as you are aware, are made up only to the end of
last year, and the business since that period, for the last six
months, is merely a matter of. qailata.e ; hut, taking it as
an estimate, I am bound to say that as regards cur fire
business it is not so favourable ; 4
situougb our receipts
for premiums have been large, Our iosaas have been serious
in proportion. But, gentlemen, lam afraid if we had un-
deviating prosperity we should have very little business ;
for people would como to the conclusion that fires were
so few that they were not called upon to protect them-
selves by insurance against loco. business of in•
surance, whether fire or life, upea averages,
and if the average results of five or me..;, years be good, we
ought to be prepared for unfavourable yeas yea ia'oal time to
time. With an income of £30,000 per annum, we must
expect occasional large losses, but with a large reserve
judiciously built up, such occasional casualties are compa-
ratively unimportant. As regards our life business, I must
call your particular attention to the details in the report,
which exhibit a rapidity of progress probably unexampled,
and I cannot forbear recapitulating the astounding fact,
that the net sum insured on new Policies, atter deducting
guarantees, was, in 1863, £752,546, upon which the net in-
come was £24,o69—whilst I beg you to note the still more
astounding fact that the amount insured in the Royal upon
new life policies for the first six months of 1861 actually