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

LONDON.

The company's business for the last year in the metro-
polis has closed with very prosperous results. The 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 toe conviction that the pur.
chase will prove a more profitable investment than even was
beg now to reco
anticipated at the period of the last report.
DIVIDEND 4ND 3iNtys,
3s per share, 4s, togethqr 7s, each free of
edbc el
a bonus o f rumeud that a dividend of
in
cTohmeedtiarxe: tboerasdn

CIIARLtS TURNER, Chairman.

August 4, 1864.
The CriantmaN said—Gentlemen, the business of the past
year forms no exception to the undeviating career of pros-
--'noyal Insurance Company
commencement.tendedo,tarhe nr
--emiums on the Fire branch
p since i
amountedty its whichin IhBa6s3atto
show an increase over
those of 1832 of £40,977.
L341,6e6c8t,
I think that we have every reason
absernal view of the question,
to be satisfied with the progress that we are making. Gen-
ligatbelaetindelaalwoffodritshcuosse-
tlemen, I hope that you will not consider it out of place if I
and
i i
tedyhir ieseontotmentionedros,f
aidedt
helo
losses
yne 8 theti
hn
allude very briefly to a subject
tat4e explosiox of sreiopnordtu,
during
wthheicphashtas
year,giv enuarmiseelytoo,
gun-
powder on board the Lotty Sleigh, and the course pursued
"rile to the conclusion
Having come to that conclusion, we
obuyrtrhedis
thereby.com tany wGitehnrtle 'emereezeytooupr
losses,
ohdeaystie,cse,
althougho f
yet,y otaukr i excellenttnhse a companyfair
amanager,nd wl i
atyo.a'ssume the responsibtililtaityedoifetaeltyinngotiin.
they ought to be paid. We considered, in fact, that we were
determinedmorally
at
tdotnoo pe
that the claims
fiacecdorthdaant cneowqiuthesittio;nanwdotuhide ibnesurrneisdowd,erbeuit
would be at once paid on demand. Your directors are of
opinion that the course they took was not only the prc per
one, but a course calculated to maintain the hi
theb eenbroug t before a legal
shareholders, gh 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
tribunal,c on conduct i
onn thistne mattersuit
o f
onehavingo f
Vice-Chan-
cellor Wood—than whom no judge more able or more emi-
nent sits upon the Chancery bench--not only dismissed the
bill with costs, but expressed a strong opinion that the
course pursued had been a proper one, and Was calculated to
promote the best interests of the company. 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 estimate ; bat, taking it as
an estimate, I am bound to say that as regards cur fire
business ft is not so favourable; for, although our receipts
for premiums have been large, our losses have been serious
in proportion, But, gentlemen, lam afraid if we had un-
deviating prosperity we should have very little business ;
for people would come to the conclusion that fires were
so few that they were not called upon to protect them-
selves by insurance against loss. The business of in-
surance, whether fire or life, depends upon averages,
and if the average results of five or more years be good, we
ought to be prepared for unfavourable years from time to
time. With an income of £350,000 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, alter 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
WM life policies for the first six months of Is6l actually