The Sun.
London, England, 1863-06-02 00:00:00

THE SUN, LONDO.N, TUESDAY EVENING, JUNE 2. 1863.

British Nation Life Assurance Association.

ANNUAL MEETING (THIS DAY.)

The ordinary annual meeting of share and policyholders
in this society was held this day at the chief offices, 316,
Regent-street.

GEORGE BERMINGHAM, Esq., chairman of the Board of
Directors, presided.

The manager (H, Lake, EN,) read the directors' report,
as follows :

The directors have peculiar pleasure in presenting their
report, as they have not only to congratulate the proprie-
tors on the general progress and prosperity of the associa-
tion, but they have also the gratificati n of showing that
the results of they ear have considerably exceeded the ex-
pectations of the last general meeting.
During the year ending the 31st March last the directors
received 3,027 proposals for the assurance of £758,500; of
which

121 were declined, assuring
113 were not carried out, assuring
208 were in course of completion, assuring 67,350
And 2,585 policies were completed and issued, assuring
£620,400; giving a new annual premium income of
£21,697 14s. 3d.

The annual revenue from policies now in force amounts
to £159,821.

The claims by death during the year were upon 229
policies, assuring £69,202.

Nine annuitants have died during the year, by which
the association benefits to the amount of £2,300 in present
value.

From the revenue account it will be seen that the surplus
on the year's transaction is £35,654 3s. Bd. in favour of the
association, being the excess of income over claims by death
and expenses.

The directors recommend that a dividend at the rate of
£6 per cent, per annum, be paid on the paid-up capital to
the 31st March last, the close of the financial year ; and
that the same be payable on and after the Ist of July next.
The directors who retire by rotation are Dr. Norton, Mr,
Deffell, Mr. Geary, and Mt. Thompson; who, being eli-
gible, are recommended by the board for re-election.
The auditors also retire, but are eligible for re-election.
In accordance with the announcement made at the last
general meeting, an actuarial investigation of the affairs of
the company has been made, and the result has justified
the declaration of a reversionary bonus to the policy-
holders, averaging 30 per cent. of the premiums paid dur-
ing the period comprised in the valuation, on policies en-
titled to participate; and a bonus of three shillings per
share to the shareholders.

The:proprietors are aware that the share list was in effect
closed when one-third of the capital authorised by the deed
of constitution had been subscribed ; as, in consequence of
the determination to confine the business of the company
to life assurance, that amount was considered amply suffi-
cient guarantee to the assured. The necessity of supply-
ing shares to the shareholders of other companies, whose
business had been transferred to this association, made it
necessary to re-open the share list. The directors, how-
ever, feel that it would not be just to the existing share-
holders to issue the remaining shares, unless at a premium.
After mature deliberation, therefore, the directors, bearing
in mind the present position and prospects of the company,
recommend to the shareholders to pass a resolution that the
remaining shares shall be issued at not less than 30s. per
share, being at a premium of 7s. per share.
The directors refer with pleasure to the following extract
from the actuary's report:—
" In concluding my report on the first valuation of the
affairs of your association, I cannot refrain from drawing
attention to its successful issue. The British Nation differs
essentially from other companies. Instead of its first valua-
tion being made on policies issued from its own office only
(the oldest of which must have been effected within seven
years), the policies under valuation range over a period of
40 years ; the oldest on the register dating January, 1822,
and the youngest 1862. The valuation extends over between
12,0(0 and 13,000 policies. Yet, notwithstanding that the
range is over so many years, and over so many policies, the
average age of the assured is 40 years only; a most satis-
factory average, and showing a very healthy condition of
business.

" The public estimation of your company may be inferred,
not only from the large new business effected during the
last few years, but especially from the greatly increased rate
of new business since the 31st March, 1802, the date to
which the foregoing valuation has been made. This new
business I perceive will show upwards of £20,000 in new
premiums over the whole year. But for the last few months
this large new business has been still further increasing,
being now at the rate of £30,000 per annum.
" There appears to be in the connections of the British
nation a very large producing power, which increases
rapidly as these several connections become developed. It
is not for your actuary to prognosticate as to the future ;
but the conclusion is unavoidable, that with the untiring
energy and ability manifested in every department and de-
tail of the business, the company will not only maintain its
present rate of progress, but must greatly increase its pre.
sent flourishing condition."

Such is the report of the actuary ; and although the as-
sociation is now doing an almost unprecedented new busi-
ness, it cannot be doubted that the result of the valuation
wilt give a still greater impulse to all the connections of the
company, and induce them to redouble their efforts to in-
crease the business, and add to its present success.
The CHAIRMAN, in moving the adoption of the docu
ment, said he was sure the gentlemen present would partici-
pate in the pleasure he then felt in moving the formal re-
solution for the adoption of the very gratifying report which
had just been read to them by their talented manager.
(Hear, hear.) The document was, in his opinion, every..
thing that a yearly report should be; it was terse and dis-
tinct in every particular ; while it gave the most essential
and satisfactory information, it did it in a lucid and un-
mistakable manner. It was usual, he knew, on accaslons
like the present for a chairman to enter into the particu-
lars connected with the past year's operations, yet the
report gave such copious information as to the suc-
cess that had attended their endeavours during that
period that he felt it quite unnecessary to do
more than just direct attention to the heads of the
different subjects comprised in the document. Their new
business for the past year had been very great, and while
such a satisfactory result had attended their exertions he
assured the meeting that it was of the best and soundest
description. The accession of income occasioned by such a
circumstance was of course another matter of congratula-
tion; but they had been particularly fortunate in that
respect, for during the last four years their progress had been
one increasing success. (Cheers.) It had been a matter of sur-
prise to some how suck gratifying results had been obtained
but he would tell them it tv,ss entirely owing to the perfec-
tion of their organisation and the extraordinary activity of
their general manager. (Cheers.) It was a source of in-
expressible pleasure to him when he reflected for a moment
on the present proud and substantial position occupied by
the British Nation Assurance Association. (Cheers.)
Years of labour had not diminished the interest which
every one connected with the association felt in its pros-
perity, and now they were fully entitled to congratulate
themselves en the result. The chairman resumed his seat
bymoving a resolution for the adoption of the report.
Mr. ANDERSON had great pleasure in seconding the
resolution.

The Cmunmarr put the motion from the chair, and it
was agreed to unanimously. _

The retiring directors were re-elected, and awarded a very
flattering vote of thanks for their exertions during the past

year.
The same compliment was awarded to the Chairman,
and to Mr. Lake, the Manager.
After a few remarks from both gentlemen in acknow-
ledging the vote, the proceedings terminated.

MARKETS—This Day.

HAY MARKETS.

SMITHFIELD.—Meadow hay, £2 Os to £4 5s Od ; clover
Tdor.a,dLe3filrOms.to £5 15s; and straw, £1 lOs to £1 18s per load.

...,.... ....- -
CumßEßLArrn.—Mes‘loW hay, £2 2s to £4 ss; clover
_
Ado.s,teXa3dylOtsratode£.s 153; and straw, £1 108 to £1 18s per load.

WHITECHAPEL —Meadow hay, £2 2d to £4 N ; clover
do , £3 Ids to £5 15s; and straw, £1 10s to £1 18s per load.
A good demand.

COLONIAL.

TEA.—Business has been very dull, operations having
been suspended until the public sales, a large quantity being
announced for competition this day.
SUGAR.—There has been a fair demand for West India,
chiefly f r home consumption, and prices remain steady.
In the refined market full rates are current for dried goods.
COPIEE. Colonial qualities had been in moderate re-
quest, at fully previous quotations.
RICE.—The demand has been exceedingly limited, and
there is little or no alteration to record in values.

TALLOW.—The market has continued flat, and the gene-
ral tendency of quotations has been downwards. P.Y.C.
on the spot is marked 435, and last three months' delivery,
46s per cwt.

In the Court of Queen's Bench yesterday Mr.
Hawkins, Q.C., appeared on the part of Mr. Willes,
"Argue" of the Morning Post, for a rule calling upon the
Earl of Winehelsea to show cause why a criminal informa-
tion should not home against him for certain libels upon
the applicant. The libels were contained in certain articles
contributed to the Sporting Gazette by the noble earl.
The court was of opinion that it was not such a matter
as
would justify their interference, and that Mr. Wales
proper remedy would be by action or by indictment.