The Sun.
London, England, 1864-03-19 00:00:00

British Equitable Assurance Company.

ANNUAL MEETING.
The ordinary annual general meeting of the share and
policy holders in this company was held yesterday afternoon
at the offices of the company, 47 and 48, King William'
street, London-bridge. William Gover, Esq., chairman of
the company, presided.
The minuteB of the last meeting hava been read and
confirmed.

The MANAGING DIRECTOR read the following report
The new business of last year has been considerabli
larger in amount than in any preceding year. It has been
taken with the greatest caution, and consists of a very high
selection of lives.
The care exercised in former years in the selection of lives
has again been manifested by a much lower rate of mortality
than that provided for by the Company's tables.
1,583 new policies have been issued during Cue past year,
for assurances representing £252,015. The new annual
premium income thereon amounting to over £B,OOO.
The new iris proposals received during the last year were
2,334 for £357,025; 75, per cent, of which have becotea
policies, and a large number of proposals are under coil'
sideration by the board at the present time.
The progress of the new business of the coopany during..
the triennial period just ended is shewn J)37 the 01
lowing :

Policies issued.
No. Amount.
1861 .. 1,091 £177,075
1832 .. 1,267 .. 2 0,257
1863 .. 1,583 252,015
The regular increase of each year's new business will be
noted.
£8,769 16s. 7d. have been paid in the year for death
claims and bonuses assured under policies.
From the foundation of the company till the present time
the total sum paid for death claims and bonuses has beet
£31,451 6s. 3d., distributed over 216 policies.
A comparison of the three triennial periods termina.tll34
with each division of profits made by the company, poi'
most satisfactory results.

Years.

New Policies issued.
No Amount.
First 3 years 3,196 .. £507,060
Second 3 years
Third 3 years

Total 9 years
The periodical valuation has been made by the actasti;
and it appears that after setting aside an ample reserve':
meet future expenses, as well as providing for every baby',
lity of the company under its policies and otherwise, an;
making a full allowance for bad debts, &c., there remain
surplus as follows :
From the non-participating business divisible by the
shareholders, £1,836 2s ld, and from the mutual business,
£12,108 9s 81, available for the policyholders.
It is recommended that a reversionary bonus of 11 Peeir
cent, per annum up to the 31st day of December last frr;
c
the 'date of the last division of profits as to Policies wilie
participated in any previous division, and to as any rn`ei
ties which did not so he respective
from the Ist daY
January next following the respective dates of such POlit
ties, be declared on all Policies in the Mutual Deparraut
effected for the whole term of life, dated on or before tPtI
31st day of December, 1861, which shall be in force oa
the Ist day of April next, and on other business entitle,
to participate in a due proportion, to be settled by the PI,
tuary, and that the remainder be carried to the next divas
of profits. This will lay the foundation for an inereaos
dividend at future triennial periods. Also, that the sua?"o.
£1,836 2s. ld., being the profits on the non-pierticipainl
business, be capitalised, making altogether to the credit
the shareholders' profits account £5,540 6s. ld., and Oa'
l
3s. 6d. per share per annum be paid, in addition to the c
ginal interest, on each share on which the first call has be
fully paid up.
Considerable att, ntion has been devoted to the i tnproc.ey;
ment of the internal working of the company, and 0411„t
the body of agents has been largely increased, the eauan,":o
of balances due by agents is smaller in proportion to
business done than at any fora
body of highly respectBy
men, distinguisbed by great personal energy and of &II
increasing influence. thy
While the directors have to thank a great numi ter f
shareholders and policyholders for valuable co-ope.ratioao
extending the company's business, they think the .t tailed
more should be accomplished in that direction, con. rider ti'
the vast number of pc lice holders, it being most ee2plll;,i.
caller true that every additional policy decreases the r 05'41
amount of expense, yields a broader basis for a true a 'ier'see
of mortality, and increases the profits participated in by
policyholders. r'S
The directors have made an alteration of the mans 4 4,1
remuneration. which they think will meet the approvael
the shareholders.
It may be observed that the profits from the non-P—ea.
pating business, without taking one penny from the LOSII
policyholders' profits, have increased the sharehol.oo
prefirs thus early in the history of the company to an en 11%i•
revenue of 8a per cent, on the amount paid up on the -
ginal shares. • et
The CHAIRMAN said it was with more than an orclio,o
feeling of pleasure he met the share and policy holders 'llO
day, because the success that had attended the opera.ti°oo,
of the society during the past year had been greater tl)cis
any of the preceding ones. The report entered BO Wild
into detail that he would not occupy their time at any roe
length, but he could not help referring to the great incl roe
that had taken place iu their new business. It shoWedioe
mistakably the high estimation in which the company
held by the public, and also spoke most lavour6c,v
for the activity that had been displayed by alledeep
corned in the extension of its operations. (r-I"
hear). The periodical valuations had resulted folt
another very pleasing fact, viz., that after making d 0
and ample allowance for bad debts, &c., there roulisoft
handsome surplus to divide amongst the members. (
hear.) The Government Annuities Bill had creatod 0000
interest in life assurance companies, and although thooli
of Mr. Gladstone was looked upon as a great display tot
quence, to him (the chairman) it seemed quite clear ,„ot
the Chancellor of the Exchequer knew but very little olio
life assurance matters. (Hear, hear.) He did not 001
upon the measure with any alarm, because the f3rooll
Equitable was in a position to hold its own ; and We,
offices that would feel the effects of the measure weve „foto
whose foundations were not of a solid description. (; of
hear.) He had great pleasure in moving the adovti°
re
the report jt ad to them. a 110
The motion having* been seconded, was carried 11
mously.
Resolutions were unanimously agreed to, re .e.leet':
retiring divectors, with thanks for their past exert
a special vote of thanks was awarded to the mai:1304,4100
tor for the ability and prudence with which he tor'
the business of the office. Vet/
Mr. W. S. GOVER, in acknowledging the con 3 .0
said he felt extremely tf;ratiled in receiving the tilt
the meeting. He had ln', one of jest in view, and oti
to enlarge the operations dad extend the benefits heldfior ).
by the British Equitable Life Assurance Society.
.
The proceedings terminated pith a cordial vote et """
to the chairman. Air
Some of our newspapers seeml to be n'llovweri;
puzzled by the connexion of M. Blavzim with M. freoc,
f the eta'
correspondent terrible in the imagimaiojl 0 00 t
police. A little knowledge of street Italie 11--E'"_eouid
hear daily on, the Lung' Arno or in the Chiteiae—% 008;
their doubts at rest. " Flower" is a sort of idtpraa" e. idiood
lisb for " Mezzini ;" " Mazza di fiori "—in the etrs' ; oo'
cut down to " Mazza," meaning a bunch of flownor_e, I‘/,
gay; and " Mazzini," a little nosegay or single fa,_weci
alazeini is unquestionably the personage address
Flower.—,elthenceunt
el 0
be
THE ALEXAN M
DRI CASE._ ;16 Lord Cjot
announced yesterday that judgment would be.g.i'ecilgo,
Manche, case on en early dey after the