The Sun.
London, England, 1863-02-05 00:00:00

THE SUN, LONDON, THURSDAY EVENING, FEBRUARY 5, 1863.

Provident Clerks' Mutual Life Assurance

Association.

The 22d annual meeting of this association was
held last evening at the London Tavern, Bishops-
gate-street. R. H. Jones, Esq., chairman of the board
of directors, presided.
The advertisement calling the meeting having
been read,
The CHAIRMAN called upon the secretary (Mr.
W. T. Linford) to read the annual report, which
was as follows :
" In presenting to the members of the association their
twenty-seeond annual report, it affords the board sincere
gratification to be able again to repeat the expression
which they have used for several years, that the results
of the past year's operations surpass those of any previous
year since the commencement of the association.'
" The proposals received in 1862 were 972 for £227,400 ;
and the new policies were 916 for X 204,700 ; the new in-
come arising from which is £5,910 14s. Bd. per annum.
" The total annual income of the association has in-
creased to £50,135 2s. ld., and, after providing for all
known claims, the amount added to the invested fund is
£27,713 19s. 7d.

" The accumulated assets of the association are thereby
raised to £197,400 lls. sd.

" The claims by death continue moderate. 65 policies,
assuring, with bonuses, the sum of £14,468 14s, Bd. have
fallen in during the year. This sum has been reduced by
re-assurance to £11,468 14s. gd.

" The total sum paid in claims and bonuses thereon since
the commencement of the association is £113,077 9s. 10d.
The amount of good thus effected can scarcely be estimated ;
but it is within the knowledge of the board, that in many
instances the sums thus secured have been the sole means
of saving families from utter ruin.
" The policies actually in force on the 31st December,
1862, were 7,598, for a total sum of £1,456,254.
" An offer having been made to this association by the
efficial managers of the Consols Insurance Association,
now being wound up in Chancery, to effect a transfer of
the few existing policies to the Provident Clerks' Associa-
tion on equitable terms, the matter was referred to Mr.
Ratray, the consulting actuary of this office; and, having
been approved by him, and sanctioned by the Master of the
Rolls, the same has been carried out by the board.
" The period for the fourth division of profits, to the 31st
1 *member, 1862, has now arrived; and from the exertions
used by the consulting actuary in forwarding the necessary
calculations, the board will be enabled to announce the re-
sult, which is of a most satisfactory character, to the pre-
sent meeting.

" The directors retiring by rotation on the present occa-
sion are—Mr. Edward Coleman, Mr. Henry Rogers, and
Mr. Sancton Wood, all of whom, being eligible, offer them-
selves for re-election.

" The board have to report, with deep regret, the death
of Mr. Wm. J. Jordan, for 17 years a director of this asso-
ciation. Mr. Jordan had devoted a great amount of time
and labour to the interests of the association, and the
board desire to record their sense of his valuable services,
and their regret at his loss. In accordance with Rule 10,
the board have nominated Mr. William Malings, East
India and. China merchant, to fill the vacancy thus occa-
sioned. This nomination is subject to confirmation by the
members, and a resolution to that effect will be submitted
to the meeting.

" The following gentlemen, duly qualified, have been
proposed as auditors during the ensuing year :—Mr. James
Richard Lloyd, Mr. Francis Frederick Toole, and Mr.
Charles Woolley.

" While congratulating the members on the successful
results of the year, it affords the board much pleasure to
acknowledge the assistance and support which have been
afforded to them by several of the assurers. By that sup-
port the hands of the board are of course much strengthened,
and the progress and development of the assciation ren-
dered more rapil and certain. The extent to which the
general public avail themselves of this office for the purposes
of assurance, is a satisfactory proof of the confidence which
has been established in its stability and integrity; while
the careful investment of its funds, and the avoidance of all
undue and speculative risks, have contributed to consolidate
its position, and to render it one of the soundest and most
successful among the life assurance institutions of this
country." _ _

The CHAIRMAN, on rising to more the acceptance
and adoption of the report, said he experienced
great pleasure in again meeting the members, for
the 22d time, and under circumstances so encourag.
ing, showing, as they most unquestionably did, the
great progress that was being made, year by year,
in the business of the association. He saw around
him a great many persons who were amongst
the earliest members of the society; and when
they reverted to the past and compared it
with the present they must feel the greatest asto-
nishment and delight at the progress they had made,
considering they had commenced with nothing.
(Cheers.) While the past success must be a pleasure
to the older members, it must, at the same time, be
an encouragement to those who had recently be-
come assurers ; but he hoped they would not rest
content with having insured their own lives, but
that they would do all in their pewer to induce
their friends to follow so good an example. (Cheers.)
Their renewal premiums, he was happy to say,
kept up well (cheers)—and their average interest
on invested capital amounted to £4lle. per cent.
—(hear, hear)—which he thought ail present would
agree with him was highly satisfactory. There
were some small additional expenses in the
balance sheet, but they principally arose out
of the increase of business ; the £2OO which
was actually forced upon the directors at
the last annual meeting as an increase of remu-
neration, and a small sum for law charges; on the
other hand there were some reductions, and the
members must feel great satisfaction in noticing

that they had got rid of that plague spot in the
account, viz., the house 42, Moorgate-street.
(Cheers.) The sum due from agents had all
been received since the balance-sheet was
made up, and with respect to the statement of
the actuary (Mr. Ratray) of his examination of
their affairs, he did not know that he could do
better than read his report. It was as follows:

"TO THE DIRECTORS OF THE PROVIDENT CLERKS'

MUTUAL LIFE ASSURANCE.

" Gentlemen—l have the honour to submit the result of
my investigation into the liabilities of the Society up to
the 31st December last with reference to a fourth division
of profits. The principles of valuation agreed to and adopted
on former occasions have been adhered to in the present in-
vestigation; the surplus available now for division has
been realised during the last five years and the profits of

future years have been in no way anticipated.
" It is very satisfactory to notice the large increase in the
business of the society since the period of the last valuation,
on that occasion 4,825 policies were under examination, as-
suring £887,756, with an income of £28,910 per annum.
At the present time you have 7,598 policies in force assur-
ing nearly a million and a half, with an income of £50,135.
.6A comparison with the statement given in my report
of April, 1858, will show that this increase has arisen
mainly in policies effected under the " Whole Life Table."
"The following table shows the number of policies in
force on 31st December, 1862, and the amount assured
arranged under the heads of the tables to which they re-
spectively belong :
No. of Amount
Table. Class. Policiss. assured.
A 1 Whole life assurances 7,268 £1,400,195
A. 1 Endowment assurances
B & 2 Deferred annuities
B Premium returnable and not re-
turnable
C Endowment premium
C Returnable and not returnable 3B £4,204
•I 1 Immediate annuities
E Survivorship assurances . 14 £13,725
F Joint lives 33 £6,230
Term assurances
Longest of two lives .. 1 £2OO
Reversionary annuity

7,598 £1,456,254

" The amount of immediate annuity granted is £l,BOB I
per annum, and the amount of deferred and contingent re-
versionary
annuity contracted for is £979 per annum. The
average of each life assurance policy appears to be nearly
£200."
He did not think that document required a word
of observation from him. He had on .several oc-
casions had the pleasure of informing the mem-
bers that the hoard of directors was a united one,
and that nothing could effect one without effect-
ing all. (Hear, heed..) Since they had last met
t 1 ey had had the misfortune to lose by death the
would
services of Mr. W. J. Jordan, who for many years
tine; Whilst the
had beid a seat in t'oe direction, and he felt he
s,,hdovualndtabgeeillofdistchhearogpipnogrhtuisnidtuytywifhhicehdindonwot take
pre-
sentedscioustihtsttilfut: express the regret the directors as a
body felt at his loss. Those present, he was sure,
otwifohan: gheandt
fidelity,lhez na ntahnmedda
°being
rain the
ywhhiarn.del
which had
cybteoferons7doenpartnihydeeipdrlepoafasrittn:ewcesoreuernvetioecnnes--
ininthheis
(Cheers IrdThis
during their business excursions phcreoomv shouldipnacne ye,
felt certain,
(Cheers.) Those
syig'mhropesaaetthocynonlo;
pleasure GrgY .
could tell how well he discharged
g meeting their mweoeutlidn,ghs
e. duty in ma-
e
naging
to his widow and children, and
aas
nthaegin
have felt he had ill fulfilled the office
chairman
of that association had he Rot taken that brief no-

lice of departed worth. The directors had thus
been compelled to seek for a gentleman to supply
the vacancy thus occasioned at the board, and they
had availed themselves of the services of Mr. Wm.
Malings, but as thiit subject would come before
them by special resolution, he would not allude at
that moment further to the subject. The members
would observe that the association had taken
the small remaining business of the Consols Assur-
ance,which was then being wound up by the Court
of Chancery, and it would be as well that the mem-
bers should know that such a step had the concur-
rence of their talented consulting actuary (Mr.
Ratray) and solicitor, and also the approval of the
Master of the Rolls. He thought the business thus
taken would extend their influence, as it had already
been the means of the directors receiving a number
of testimonials, all of which spoke in the highest
terms of the association. (Cheers.) Ho did not
know any other point calling for observation from
him, but, before he resumed his seat, he would once
more urge all existing members to do all in their
power to increase the number of assurers. Some of
the old members had already done so, and if the re-
maining ones were each to secure one additional
member in the ensuing year, they could not
imagine how much they strengthened the hands of
the directors by so doing. (Cheers.) In conclusion
he begged to move the usual resolution for the
adoption of the report, at the same time saying
he should feel a pleasure in answering any ques-
tions that might be put to him.

The motion having been seconded,
A.MEMBER said he was glad to hear so satisfac-
tory a report of their proceedings, and he also
felt pleasure that their old premises had been got
rid or. However, he hoped the directors would not
be lavish in their expenditure on the premises they
at present occupied, and that they would keep
down their outgoings for furniture, repairs, &c.
Mr. LINFORD said the association, by the cove-
nants in their lease, was compelled to keep the
premises in substantial repair, and nothing more
than that had been done.

A MEMBER wished to know the per centage of
expenses compared with income. It appeared to
him to be about one•seventh.

Mr. LINFoRD replied their expenses were just
10 per cent. on their income, and he did not know
of an office of the same extent as theirs that was
carried on for a less sum than that.

Mr. LLOYD, one of the auditors, said that nothing
could be more satisfactory than the manner in which
the affairs of the ( ffice were transacted. Their busi-
ness with the clerks in the Post-office and the
Electric Telegraph-office, the lending small sums
to clerks on the security of their policies, and the
fact that the association was always ready to pur-
chase them, entailed a great amount of business on
their staff. He could say that, as a fact, the busi-
ness of the office was exceedingly heavy, and also
that it was very well performed. (Cheers.)
The adoption of the report was then put to the
meeting, and carried unanimously.
Mr. JENKYN JONES moved the following resolu-
tion That the best thanks of the members be
given to the directors for their exertions during the
past year, and that a sum of 1,000 pounds be pre-
sented to them." (Jheers.) It might appear, he
said, presumptuous in him, considering this was his
first appearance amongst them, in moving this re-
solution, but he had long and steadfastly watched
the progress of their institution, which was one
that the office with which he was connected
(the National Mercantile) had the greatest pleasure
of interchanging assurances. (Loud cheers.) As
he had already said, he had narrowly watched the
gradual progress of the operations, and he, for one,
was quite satisfied that they did a very large busi-
ness at a very small cost. (Cheers.) They did not
spend too much in repairs, and other unnecessary
expenses, but, on the contrary, well considered every
item of outlay before it was incurred. One thing
appeared to be very remarkable, and that was the
small value the board of directors put upon their own
own services, and he was led to this remark by an
observation that the chairman had made—vizathat
the members had actually forced upon them last
year an addition of £2OO to the sum usually voted
them as remuneration. (Cheers.) Another source
of congratulation was the report Mr. Ratray had
made, after a minute examination of their affairs.
He had the pleasure of knowing that gentleman for
more than 20 years, and if he (Mr. Ratray) told
the members they had £29,000 and odd pounds to
distribute amongst them, they might rest as-
sured that it had been honestly earned. (Cheers.)
He considered the amount given to the directors
was not more than they were justly entitled to. The
labour was great, and the remuneration ought to be
liberal, and the sum proposed was not, in his opinion,
too much for such satisfactory results. (Cheers.)
He felt sincere pleasure in seconding the resolution.
Mr. REYNOLDS said it might not be out of place
it' the proposition was seconded by one who had
attended 22 annual meetings. (Cheers.) It was
now 23 years since he met some of the gentlemen
present in a room 12 feet square, to promote the
interest of the Provident Clerk's Association. He
was glad to see some of the original members of the
board, with whom time had dealt very kindly. lie
had much satisfaction in seconding the motion.
The resolution was put to the meeting by Mr,
JENKYN JONES, and carried amidst loud cheers.
The CHAIRMAN, in acknowledging the compli-
ment on the part of his colleagues, said he was very
much obliged to the meeting. They had been
highly complimented by Mr. Jones, a gentleman
whose testimony was very valuable, who came for-
ward and testified to what he believed to be the
society's worth.

The retiring directors, Messrs. Coleman, Rogers,
and Wood, having been re-elected,
Mr. COLEMAN thanked the members for having
again elected him a member of the board, and urged
every member to co-operate with the directors in
furthering the prosperty of the institution. He
stated that he had attended 21 of these meetings,
and gave some interesting details of the progress of
the association,

Mr. ROGERS and Mr. WOOD also acknowledged
the honour of re-election.
The CHAIRMAN said the nest business was to pro-
pose that the nomination of Mr. Malings be hereby
confirmed, in accordance with rule 10. He bestowed
a high eulogium on Mr. Malings for his business
qualities.

Mr. PURDAY Seconded the motion, and expressed
hie sense of the admirable and independent selec-
tion made by the board.

The resoluzion was carried nem. Con.
Mr. MALINGS thanked thew all most sincerely and
heartily for the high honour they had done him.
He could assure them he had only one tear, that was
1, Nt he should not be able to compete in intelligence,
zeal, and assiduity with his predecessors, but he
meant to try.

The retiring auditors, Messrs. Lloyd, Toole, and
Woolley having been propoed and seconded in the
usual way, were re-elected.

Mr. Kis TREA stated that a great deal of the pros-
perity of the institution was due to the audi-
tors, and as they only received 30 pounds per
annum, he begged to propose that 100 guineas be
given them for their services. (Hear, hear, and
laughter.)

The proposition having been seconded,
Mr. MINTON moved as an amendment, that the
remuneration be £5O.
Mr. REYNOLDS seconded the amendment.
After some conversation the original motion was
withdrawn, and the auditors having severally ex-
pressed their satisfaction with their present amount
of remuneration, Mr. Minton pressed his motion
which was carried.
A vote of thanks was then passed to Mr. Ratray,
the actuary, the secretary, Mr. Linford, and the
staff, for their exertions during the past year.
A motion was made to present Mr. Linford with
a purse of fifty guineas in recognition of his valu-
able services; and though the proposal seemed to
meet with general approval, Mr. Linford declined
accepting the gift, being of opinion that the board
alone should fix the amount of remuneration due to
the staff,
Mr. S. WELCH, deputy-chairman, said no one
knew how they prized Mr. Linford's services at the
hoard, for they often saw his g eat zeal and desire
e interests of the society, and how he
to promote the
occupied upon the subject of
was constantly their

business. He was at all times alive for the promo-
tion of their interests, and was ably assisted by the
staff of officers. He did not think the members
were aware of the increase in the business; but
he might tell them that nine hundred extra
policies had been taken out this year. He paid a
high compliment to the late Mr. Jordon, who was a
personal friend of his, and who was greatly esteemed
for his abilities and his agreeable and pleasant
manners. He congratulated them sincerely upon
the result of last year's operations, and informed
them that it would be a few months before the
bonus was made payable.

A vote of thanks having been accorded to the
Chairman, he acknowledged the same, and stated
as a proof of the progress still being made, that 149
policies insuring £38,250, had been issued since the
Ist of January, 1863.
The proceedings then terminated.