The Sun.
London, England, 1855-09-01 00:00:00

BRITISH EHPIRE MUTUAL FIRE

ASSURANCE COMPANY.

Yesterday the annual meeting of this society was held
at the offices, 37, New Bridge-street ; but the numbers
having greatly increased, and the meeting been formally
opened by the secretary reading the advertisement con-
vening it, an adjournment took place to Radley's Hotel.
The Chairman, JAMES Low, Esq., said—Gentlemen,
the meeting having been already commenced, it only
remains for me to introduce the business to your notice.
I shall then call on the secretary to read the report and
the cash account which will be submitted for your adop-
tion. The other business before us will be to select
directors fur the coming year in the place of the three
retiring by rotation, and likewise to fill up the office of
auditor. It is quite unnecessary for me to remark but
very generally on the objects this society aims to accom-
lish. I take it for granted that every one knows them
as well as Ido myself. It has now existed some seven
years. About that period it was thought desirable that
societies should be constructed on the most economical
principles consistent with safety. The mutual plan com-
mended itself to the judgment of men of experience.
They thought that a safe and permanent fire-office might
be established on the most economical plan to effect
assurances at as low a rate as was possible consistently
with safety, taking it for granted that, if it were carried
out vigorously, the society would rise into a large and
important institution. (Hear.) Every gentleman who
has had any experience in business knows that it is ne-
cessary, to carry on a profitable business, to do so on a very
extensive scale ; for any one commencing business on his
own account it takes a considerable time to establish a
connexion, and to make it profitable he must do a very large
amount, sufficient not only to cover the expenses accruing
in carrying it on, but enough to maintain a very substantial
reserve. The result of our seven years' apprenticeship—for
we have only just finished learning our business—l do
trust will be beneficial, and that we shall now begin to
reap very rapidly the benefits of our experience and hard
labour. The principle, as you have all seen, has proved
a sound one, and there is nothing wanting but co-ope-
ration and perseverance to complete its success. It is
evident to me, that, while the directors feel that a great
deal of responsibility attaches to them—and, for my own
part, it is more than is quite as,,reeat.le—they know that
they are only a portion of yourselves and that in all dif-
ficulties they must fall back on you. It is in your power,
gentlemen, as individuals, to make the next ye%r a more
profitable one than any gone by. Every arrange-
ment is made ; great pains have been t tken to appoint
agents over the country, and the foundation is laid for a
very large business. But the only means we have of
getting business is through the members. They now
amount to between 7,000 and 8,000 ; and if they would
only take the trouble to look at the principle of this so-
ciety, it would recommend itself, not only with increased
force to their own minds, but to that of th-ir friends.
We are all joined together, and it depends solely on you
how long it shall be ere this become a great and impor-
tant company. That it will ultimately do so I have no
doubt ; but its speedy arrival et eminence depends solely
on you. It has become an important company already ;
and it is, in my opinion, a very striking fact, that iu the
Government returns of companies now in existence this
stands fifth. I say it is remarkable that it should stand so
near to the older companies, the Sun, the Globe, and
other large offices. I am sure it will commend itself to all
of your judgments, that you should take seme means of
increasing the business of the society, which might be
done at a very small additional trouble. Now, if every
gentlemen out of that 7,000 was only to bring one
fresh policy in the Michaelmas quarter, it would make
14,000. It would to me, I need hardly say, be a met
delightful thing to find even this done ; but how much
more so if two each were brought, raising our numbers
to 21,000. It concerns us all equally ; and Ido ask you
to put your shoulders to the wheel. Raving thus intro-
duced the proceedings, I beg to conclude my remarks by
calling on the secretary to read the report and the cash
statement for the lost year. (Cheers.)
Mr. FRANCIS CLOWNS then read thefollowing report:—
" The directors have pleasure in reporting that the
business of the company has again made considerable
progress ; indeed, accerding to the Government returns
of fire-duty for the year ending Christmas, 1854, the in-
crease of the business of the British Empire was exceeded
by that of four only out of thirty-seven offices.
" The new policies issued during the year ending the
30th of June were 2,644, insuring property to the
amount of 1,301,5591. Toe total number of policies
issued to 30th of June amount to 13,931, insuring
6,261.920/. 16s. Bd.
" The receipts for the year have amounted to 12,5081.
Os. 6d., of which 6,6821. 10s. Bd. were for premiums,
and 5,8251. 9s. 10d. for duty.
" As with most offices, the company's losses have this
year been above the average, amounting to 5,1151. 103.
2d. In the case of some companies, however, they
have even exceeded the premiums and duty together,
strikingly illustrating the injustice of a tax which can be
extorted even when the losses sustained on the ordinary
rates of insurance equal or surpass the amount of the tax
itself.

"It should be remembered, however, that the sums
paid under claims for fire losses may be regarded as the
index of a company's usefulness. The combination of
insurers in this company has not only guaranteed all, but
saved to some of them the a.nount already mentioned,
and probably saved some even from insolvency.
" Three of the directors—Messrs. J. Blyth, R. Cart-
wright, and J. H. Cuff—have completed their term of
office, of whom Mr. Cartwright offers himself for re-
election.

" One of the Auditors, Mr. Isaac Doxsey, retires by
rotation, but is eligible for re election.
" The members of the Company have been already
informed, by circular, of the alteration and augmenta-
tion of the Guarantee Fund. The Fund will now con-
sist of 300,0001., in 60,000 shares of 51. each. instead of
the present Guarantee Fund of 200,0001. in 2,000 shares
of 1001. each,—an alteration by which it is hoped to in-
terest a large number of persons in the prosperity of the
Company.
" From the same Circular they have also learned that
the increased business of the Fire and Life Companies
has rendered it necessary to obtain separate premises for
each Company."
The cash account showed, in receipts, 21,2061. 13e. 6d.,
which, after paying all expenses, left a balance to the
credit of the company of 5,3121 Gs. 9d.
On the motion of the Chairman, the report was unani-
mously adopted.
The CHAIRMAN then, in detail, explained the reason
why the guarantee fund had been altered, as stated in
the report, which was, that the property might be taken
out of the hands of a few wealthy individuals, and dis-
tributed more among the lower and middle classes, who,
thus having an interest in the company, would naturally
seek to benefit it in every possible way.
A few queries having been replied to,
The CHAIRMAN stated that the next business was the
ret'rement of Mr. J. Biyth, Mr. R. Cartwright, and Mr.
J. H. Cuff. by rotation, from the Board of Directors.
Mr. Cuff had beet, a warm friend to the company since
its formation, and retired from the Board on the ground
that increasing difficulty cf hearing prevented his parti.
cipating in the business in a manner satisfactory to him-
self. The Chairman ,complimented Mr. Biyth in very
high terms for his zeal, energy, and activity, stating that
he retired solely from a wish not to come into competi-
tion with two other gentlemen who had announced them-
selves as candidates for seats at the Board. Mr. Cart-
wright, of whose services the Chairman spoke in the
highest terms, offered himself for re-election.
The names of Mr. Cartwright, and those of the two
candidates, Mr. Isaac Doxsey and Mr. Mark Lindsey,
were then put seriatim, when each was unanimously
elected.
Mr. CARTWRIGHT briefly returned thanks for his re-
election, promising still to devote his best energies to
the interest of the company.
Mr. DOXSEY, in returning thanks for his election, ex-
plained the motives which had actuated him in the
course he had pursued. He disclaimed any feeling of
personal opposition to the retiring directors. When he
had determined on his course, he did not even know
which of the directors were about to retire. He did not
deny that there was a great deal of satisfaction to be
derived from the progress of the society ; but still it was
not what it might have been. The British Empire
Mutual bad not done all that it might have done, nor
did it occupy the place it should. He had said, in his
address :
"I am particularly anxious to see a vigorous effort
made to create a public opinion against the absurd, un-
just, and injurious tax upon fire insurances, amounting
in many cases, as you well know, to 200 per cent. on
the prernium3; and I think that this may be easily at-
tempted. as a means of extending the business of the
society."
If he wanted to insure 1,0001., he would have to pay
15s. to the office, and actually 30s. more to the Govern-
ment, Now, it was this last-named tax he sought to
remove ; and he thought—and now that he had a seat
at the board he should strongly urge—that, if this so.
ciety took the matter up, and well agitated the question,
they would not only confer a benefit on other assurers,
but gain a lasting fame to their own institution. They
could not rationally expect that such large institutions
as the Sun would take it up, when it made a profit out
of the tax given to the Government of some 8,000/. or
9,0001. With these very few remarks, be begged very
cordially to thank them for having bestowed on him a
seat at the board. He promise 1 that he would have
always the best interests of the association at heart, an
.d,
never to lose an opportunity of doing it a lasting and, it
possible, a material good. (Cheers.)
elec-
Mr. MARK LINDSEY then returned thank.; for the
honour conferred upon him by the manner
toefsh hiswer, oul
the
d be
tion, engaging that no labour on his
wanting to further, to the utmost of his p
prosperity of the company.
CHAIRMAN
vacant,The
elected a director ; but the deed
geeaoufcliateord,itleiarywinage,bneoewn,
He would, therefore, simply
till tnepnext annual meeting.
require that they should fill up the vacancy immediately.
The point at issue was
go on with one auditor n
meetingt for the
en,ued, in which the chair-
A lengthened discossio
man, together. wdbi
et
fthool Moore, at-
Geyer, Millar,
son, and Hower
power call
special meeting
.Many opinions
re the
election of an
whether or not the directorsexbtaadnannuyal
were urged pro
d con., but ultimately
an DANIEL PRATT moved :
~Thot the directors be requested to call an early spe-
cial meeting of the members, to make such alterations in
the deed of settlement, if ncees,sarY, as shall enable the
society to fill up vacancies which
may cu
of directors and auditors betweentohcerin holdingthe offices
of ffie
the
c s
ma gam; mooting.,
-- - -- - - 3 Clad ago to coneidor the pro.