The Sun.
London, England, 1863-08-08 00:00:00

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able fact is the increase which has ta
of the life funds. (Hear, hear.)
balance was £191,342; for the year 1862, it was £257,022.
There was, therefore, an increase of funds in 1862, as com-
pared with 1861 of £66,580. (Hear.) Now, as the life
premiums for the year are only £105,703, the result shows
an increase of funds, arising from the year's transactions,
equivalent to 62 per cent, of tne premiums received in
the same time. (Hear, hear.) Then, gentlemen, ac to
the general nature of this increase in the tevenwo, it is

satisfactory to remark that it is not confined to
one place, or one country, which would indicate, probably,
too great a concentration of risk, but is spread over the four
Continents, and the Australian Colonies, in somelhing like

a corresponding ratio to the former business of each, This is
verymuch better than a sudden, perhaps temporary advance,
in one place, to be followed by a period of distress and col-

lapse. (Hear, hear.) Where an increase is spread in this

way, over a great number of countries, it is much mare
likely to continue than if it took place in one or two countries
only. Well, gentlemen, the profit of the year shows an in-
creasing average ; and, although we cannot command suc-
cess, I trust you will think that it is evidence, to somi, extent,
ettoooofnrxesuno
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efvwatchfulnesswhich
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y
wtearcfaarrreywtohitchheias,ccuonuhnatpopfitlyhe, investments which
have. been made in that country, in conformity with the
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profit on the other branches of your Fire business amounts
for for the past year, to the sum of £45,107. Out of this fund
the directors recommend a dividend of three shillings per
share, and a bonus of four shillings per.share, making to-
gether seven shillings per share, which will absorb £34,000,
and leave a balance of £11,107. This sum the directors'
propose to place to the credit of profit and loss, which will
then have the credit balance, as on the 31st December, last of
£58,042. The Rsserved Fund amounted on the same day to
£96,262, so that these two items together make an aggregate
of £154,304. One other topic you will probably expect
me to allude to. The directors have long felt the impor-
tance of obtaining offices in. London, more commensurate
with the importance and magnitude of their business than
those they now occupy ; and they have secured, after a long
delay, a plot of land in Lombard-street, which is eminently
to their wants, upon what are considered, by those
well qualified to judge, very favourable terms. After pro-
aiding for your own requirements, there will remain a large

amount of office accommodation, which the directors of the
London Board expect to be able to let, at highly remunera-
tive rents. (Hear.) The land has cost £45,000; and it is
estimated that the erection of the building—with furniture,
interest, and architect's commission—will involve a further
outlay of £25,000. The entire expenditure, therefore, will
be £70,000, for which your directors do not doubt you will
receive a good rate of interest. The building at Montreal
is nearly finished; a large portion of the offices are already

let, and it promisee to be an excellent investment. Nothing

further occurs to me, at this moment, to remark upon; but
I shall be happy to answer any question which may be put
to me, and to give any additional information which any
proprietor may require. I beg to move—

" That the report now read be received and adopted, and
printed for circulation amongst the proprietors,"

Mr. T. Boum seconded the resolution, which was car-
ried unanimously.

It was then resolved—" That this meeting approves of
the declaration by the directors of a dividend of 3s. per share,
and a bonus of 4s. per share, out of the profits of the com-
pany, to the 31st Dec., 1862,—the same to be payable on or
after Moaday, the 17th of August instant, free of income
tax."

The following resolution was also carried with unani-
mity :—" It being stated that during the past year Francis
J. Johnston, Esq., and Henry Royds, Esq., had been
elected directors, and that the following directors retire by
rotation at this meeting, but were eligible for re-election,
viz. :—Geo. Booker, Esq., Jas. Holme, Esq., James Law-
rence, Esq., David Cannon, Esq., T. D. Hornby, Esq.,
John Torr, Esq. Resolved that the retiring directors be
re-elected directors of this company."
The auditors, Messrs. Titherington and Younghusband,
were also re-elected.

It was then unanimously resolved :—" That the thanks
of this meeting be presented to the chairman, deputy chair-
man, and directors of the company; to the directors and
secretary of the London branch ; to the members of the
managing committee, and the company's agents at New
York; and to the members of the respective Boards of
Management in this country, for their valuable services
during the past year."

On the motion of the CHAIRMAN the best thanks of the
shareholders were unanimously accorded to Mr. P.M. Dove,
and the staff generally.

Mr. PERCY M. DovE, in returning thanks, said—The
contents of the report and the speeches of the chairman

and other gentlemen leave me little to add to that subject
on which I would wish exclusively to dwell in acknowledg-
ing the kind mention of my name. Yet the growing pros.
peritj and still gathering strength of the " ROYal' froky-ber"
shown in so many ways, that all have not even now been
exhausted. (Hear, hear.) For instance, nothing could be
more satisfying to our life policy holders, or indeed to our
fire insurers, than to be told such facts as the following
showing the increase of our resources—that 16 years since,
our accumulated funds were something under a quarter of
a million sterling—that eight years from that time they
were double that sum ; and now that another eight years
have witnessed the latter amount doubled, or, in other
words, that we have four times the available and accessible
funds that we had 16 years since. (Hear, hear.) These are
the points with which the insurers, either in fire or life
transactions, are the most interested, and such are the ad-
vantages derivable from these public statements of your
accounts made year by year, after undergoing severe ordeal
at the hands of our auditors, such as has been described.
(Hear, hear.) We have, then, not to rest our claim for con-
fidence solely on our prestige,which in other branches of com-
mercial transactions have within the last few years, though
ancient, sometimes only concealed gradual decay, and long
existing decrepitude. We show you annually the statement
of our accounts, and of your resources, so that you would not
meet with any reasonable insurer, who would doubt the
capacity of this company in common with other respectable
companies to meet all its engagements, however great their
magnitude. (Hear, hear.) It may therefore be safely
asserted that if you select two insurers, one for fifty
pounds and one for five thousand, each will have a moral
certainty, and one not in the least degree more than the
other, that assurance in the " Royal" indicates safety to
himself. (Hear, hear.) Other methods of laying this
matter prominently before you might be used if time per-
mitted, or if it were at all needed. (Hear, hear.) Every-
thing makes us in fact thankful for the past and hopeful
for the future. (Hear, hear.) The progress of last year
has been made under more than usual difficulties. We
have had competition in this country to struggle with,
new
new of its kind and somewhat unwise, as will perhaps ulti-
mately be shown in its action. Besides this, silent millp
Ison aliler7,m frompa"
and a paucity of cotton,
Rteolyiiy, mthoanre or less
manyes others, nies, tell more on the ,
its local habitation. Yet we have thankfully to say that
oobstarcleteusrnsmosotf successfully.
clu ty
we haveoverthcoessFeirb
tt thesranche
ur
by this test which has been used long before
one
ew this. No evidence can be more conclusive than the
this
company was in existence by the oldest office in the
country,
and since then referred to by others with ex.
nreions of pride when its revelations have been favour-
to them. (Hear, hear.) But our progress
this year, I may add, is more flattering and encou-
raging to the company, as it indicates a rapid increase still
able'
further of the confidence of the public. This, notwithstand-
ing a constant like experience for many years, has
astonished the entire establishment by its results in the
flow of business which has come in, and which has taxed
our utmost strength to meet. (Hear, hear.) Again, the
duty paid within the last six months, the test of our home
fire business, is larger than ever. The new life business,
both in number and in the aggregate sum proposed for as-
surance, the test of the other branch, fully equals the ex-
traordinary results of last year, (Hear, hear.) We trust,
therefore, that, great as has been the revenue of the Royal
Insurance Company in the last year, it will be exceeded by
the results of the present year ; and, if it be as successful,
lam sure we need all be well satisfied. (Hear, hear.)
The meeting then broke up.

A MAIDEN BY MOONLIGHT.—But that the fol-
lowing is a fragment from Richter's "Titan," one would be
disposed to call it slightly rhapsodical ;—" Young, open,
still Madonna-brow, upon which no vexation and no effort
had as yet cast a wave ; and the thin, tender, scarcely-
arched line of the eyebrows; and the face like a perfect
pearl, oval and white; and the loosely-lowing ringlets
lying on the May-flowers over her heart ; and the large
blue eyes which, while the head sank a little, opened up-
ward with such inexpressible beauty, and seemed to lose
themselves in dreams and in distant plains, reflecting the
evening twilight's glow,"

A VETERAN,—CoIoneI Waugh, at his late exami-
nation in the Bankruptcy Court, insisted much on the posi-
tion that he was an "old soldier." Nobody doubted it.—
_Punch.

CAFTAIN SMALES.—The following is the official
letter communicating to Captain Smales the fact
of a pardon having been extended to him :—" Horse-Guards,
July 28, 1863.—5ir,--I am directed by the Field-Marshal
Commanding-in .Chief to inform you that the Juage Advo-
cate-General has represented to his Royal Highness that in
consequence of further information having been obtained
concerning the manner in which your trial by court-mar-
there felt himself called
i
tial had been conducted, the proceedings are in his opinion
vitiated. His Royal Highness, fore,
upon to recommend to the Queen, n accordance with the
suggestion of the Judge Advocate-General, that her
Majesty would be pleased to extend to
You her most gracious
pardon, to take effect from the date thereof (21st inst.), but
not to operate in any manner to reinstate you as Paymaster
of the 6th Dragoons, and her Majesty has been graciously
pleased to approve of this recommendation, and to grant
you her pardon accordingly. (Signed) W. F. FOSTER.--
To Thomas Smales,late Paymaster, 6th Dragoons.''