The Sun.
London, England, 1863-10-23 00:00:00

ANNUAL MEETING.

On Wednesday, at noon, pursuant to the deed of settle-
ment of the company, the ordinary annual general meeting
of shareholders was held at the chief office, Queen Insur-
ance-buildings, Dale-street, Mr. Bernard Hall, chairman of
the board of directors, presiding. There was a large at-
tendance of proprietors.
The notice convening the meeting was read.

Mr. J. MONCRIEFF WILSON, the manager and actuary,
read the statement of accounts. The directors' report was
taken as read. We subjoin an abstract of it :

REPORT FOR THE YEAR ENDING 31ST AUG. 1863

The directors present their report to the proprietors, in
accordance with the provisions of the deed of settlement of
the company. The details to be submitted will show a large
increase in both departments of the business, and a larger
profit realised than in any former year of the company's
existence. The year under review having been the "Queen's"
lifebonus year renders it desirable that the life branch should
occupy a prominent position in this report. There are, in
addition to the life and fire branches, several important
topics to be referred to, but the directors will be as concise
as possible, while endeavouring to convey to the proprietary
a clear view of the actual position of the company.
BRANCH.

Great care has been exercised by the board in the selec•
tion of lives, the directors being of opinion that the interests
of the participating policy holders and of the proprietors will
thus be subserved, and that a large number of the best de-
scription of lives will continue to be attracted to the com-
pany even in an increasing ratio, when it becomes more
widely known that careful selection is held by the manage-
ment to be an important element of future profit. During.
the year, from various causes, proposals to the extent ?I
about £55,000 have been declined, but notwithstanding this
policies have been completed and issued for a much larger
amount than during the preceding year, the excess in this
respect being upwards of £53,000. The premium income of
the year was £16,352 5s id, and during the six years of the
working of this branch the premium receipts have been as
follow :—During the first three years, X15,24818s 7d—during
the last three years, £43,556 13s 10d—thus showing an in-
crease in the latter triennial period over the former of up-
wards of 180 per cent. This, as showing the progress of
the life branch, is in itself sufficiently satisfactory, but a
still mere gratifying feature has yet to be referred to. The
actuary of the company, Mr. J. Moncrieff Wilson, has just
completed his first quinquennial investigation, and upon
this topic the directors wish to convey to the proprietary
that full information which the importance of the subject
demands. The bonus to be declared is good, owing to
various causes, among which may be mentioned a smaller
mortality than that expected,a larger rate of interest than that
calculated upon, a careful watching of the important item of
charges or expenditure, and the division among participating
policy holders, according to the deed, of a share in the profits
arising not only out of the participating policies, but out of
non-participating also. The actuary reports—" As will be
apparent, it has been my special desire to be careful for the
future stability of the company,guarding against every con-
tingency likely to present itself to the mind of a prudent
actuary. No doubt by assuming four or even three and a half
per cent. as the rate of interest,or by including a small por-
tion of the premium loadings in the calculations, an enor-
mously larger apparent profit might have been shown—but
such a proceeding would have been, in my estimation, in the
highest degree dangerous to the future of the company, and,
in addition, would have been for the Queen' most uncalled
for, seeing that notwithstanding the wholesome checks
adopted, such gratifying results as those already indicated
have been arrived at—results which cannot fail to prove
most acceptable to the policy holders and proprietors of the
company." Before passing from the life branch the directors
have only to add that in accordance with their recently in-
troduced, and as they believe entirely original scheme, they
are prepared to grant separate free policies for the amount
of the reversionary bonus when required. It is desirable
that the proprietors and participating policy holders should
point out to their friends that the " Queen" bonus policy is
free from any condition whatever, and payable absolutely at
the death of the assured, without any reference to the ori-
ginal policy which may either lapse from non-payment of
premium or become void from the assured passing the
limits of residence; and. further, that in a "Queen" bonus
policy the holder possesses an absolute reversion of a defined
market value, capable of being at any time converted into
cash,

II --FIRE BRANCH.
The premium income of the year was £70,300 2s lid,
being an increase over that of the previous year of nearly
£23,000. The amount paid for re-insurances, commissions,
policy stamps, &o. was X 17,766 19s Id ; and the fire losses
paid and outstanding were £20,909 Is Ild. This branch has
only been in existence for five complete years, but its growth
during that period has been extraordinary, as will best be
illustrated by the following comparative statement :—Gross
premiums for 1859, £12,569 3s scl; 1860, £24,996 14s 8d ;
1861, £38,479 15s 4d; 1862, £47,420 8s; 1863, £70,300
2s 11d.
The increase in the Home business has been much greater
than in any former year, and the efforts which have been
made in this direction by the opening of new branches and
otherwise, will, it is expected, tell in a marked manner here-
after. The directors consider that the surest test of the
amount of business transacted within the United Kingdom,
by the fire offices, is contained in the Government return of
fire insurance duty, and judging by this standard the
" Queen" holds a high place in public estimation. Taking
the offices which had been in operation for two full years at
the date to which the return is made up, the" Queen" shows
a larger increase over the preceding year than that of any
London, Scotch, or Irish company, or than any insurance
company established in the provinces, excepting only—and
this is a somewhat remarkable circumstance—the other two
great Liverpool offices, both of which, as the proprietors
are aware, transacted business for many years before the
" Queen" was founded.
lII.—CAPITAL.

The recent distribution of shares among existing proprie-
tors at a premium of one hundred per cent, yielded in pre-
mium profit the sum of £15,259, and this, as is shown in
the supplemental statement of accounts, has been carried to
the credit of the fire reserve fund, in the terms of the deed
of settlement. Tne capital is now fully subsciibed, except
in respect of a small number of shares which are held by the
board, to be dealt with in the future, as the interests of the
company may require.
IV.—BRANCHES AND AGENCIES.
All the branches, at home and abroad, have contributed
towards the increase of business which the directors have
had the gratification to report, and several new branches
have been opened in important commercial and manufac-
turing centres, while existing branches have been strength-
ened, and about 200 new agents appointed.
V.—RETIRING DIRECTORS.
The following directors retire by rotation, and, being eli-
gible, offer themselves for re-election, viz. : —Messrs. Stitt,
Kitchen, Tutnicliffe, C. R. Hall, Bennett, Dowie, B. Hall,
Hastie, Hind, and Picton. In terms of the recommendation
of the proprietors at the last annual meeting, the directors
have, during the year, increased the number of the board
by the addition of the following gentlemen who now retire
and offer themselves for re-election by the proprietors, viz, :
—Messrs. John Stewart, Aberdeen ; Peter M'Lagan, Edin-
burgh ; G. B. Kerferd, merchant, Liverpool ; J. R. Leish-
man (Leishman Brothers and Co.), London ; R. B. Rey-
nolds (Reynolds, Mann, and Co.), London • T. R. Bridson
(T. R. Bridson and Sons), Bolton ; George May (G. May and
Co.), London ; Archibald Robertson (Martin,Robertson, and
Co.), London; John Bateson (James Bateson, Sons, and
Co.), Liverpool; Christopher J. Thomas (Broad Plain Soap
Works), Bristol ; Rogers Waterhouse (Nicholas Water-
house and Sons), Liverpool
D; aAIaNdyNFVumN.D.
DSalglish (James
Dalglish and Co.), Liverpool.
.v
The directors recommend that a dividend for the past year,
at the rate of 8 per cent, free of income tax, be paid to the
proprietors on and after the 2d proximo, after providing for
which, and for all outstanding claims and accounts, the
sum of £13,742 13s 8d is carried to the credit of the Life
oi
Fund, and the balance to the credit of the Fire Reserve
Fund, which now amounts to £23,4272s 7d, all accumulated
since the last annual meeting. During the past five years
the large sum of £lO6,
om
p an y
are
satisfac-
tion of claims, and it must be gratifying to the shareholders
that, tshli4B If4asct7thheasfubuedesn pfad the in
sound
position shown in the audited accounts and
i nth e notwithstanding
actuary's report. The marked success of both branches of
the business is, no doubt, partly owing to that liberalit) and
promptness in the settlement of claims which have _ever
been distinguishing features in the administration of the
affairs of the company.
- - -

The Chairman, in moving the adoption of the report, said
—Gentlemen, the time has again arrived when it again be-
comes the duty of the directors of this young, vigorous, and
flourishing company to lay before you a statement of its
affairs and transactions for the past year, and to inform you
what are its present position and prospects, and I am ex-
tremely happy to be able to lay before you accounts so satis-
factory as those which have just been read to the meeting,
and I now, gentlemen, beg to move—" That the report,
balance sheet, and supplemental statement of accounts now
read be received and adopted, and that the dividend for the
past year, recommended by the directors, at the rate of 8
per cent, per annum, free of income tax, be paid to the pro-
prietors on and after the 2d November." (Applause.)
Mr. KITCHEN seconded the resolution.

The motion was then put, and carried unanimously.
Mr. J. J. STITT proposed, "That Messrs. S. Stitt, Kit-
chen, Tunnicliffe, C. K. Hall, Bennett, Dowie, B. Hall,
Hastie, Hind, Picton, Stewart, ivi'Lagan, Kerferd, Leish-
man, Reynolds, Bridson, May, Robertson, Bateson, Thomas,
Waterhouse, and Dalglish, be re-elected directors of the
company."

Mr. PAGAN, of Rochdale, seconded the motion.
Mr. CowiE moved that, in lieu of the names submitted,
only six be selected.

Mr. BIGHAM agreed with the motives which had actuated
Mr. Cowie, but he could not second the proposition, be-
cause it involved the difficult point of naming the three to
be taken off.

Mr. BANNER, in reply to Mr. Cowie, said it was quite
true that the expenses of establishing agencies did appear
large; but upon the whole balance there was a good profit
to the con- pant.
Mr. lIUNTEU epoke of the onerous duties of the directors.
The resolution was carriedr unanimously.
Mr. C. RoWE moved—" That the thanks of this meeting
be presented to the chairman,. deputy-chairman, and other
directors of the company for their services daring the past

year."
Mr. RICHARD BRYANS seconded the resolution.
The resolution was then put and carried unanimously.
The CHAIRMAN said it afforded him the greatest possible
pleasure to move—" That the thanks of this meeting be pre-
sented to the auditors for their services during the past
year." (Applause.)
Mr. W. HIND seconded the resolution, which was car-
ried unanimously.
Mr. BANNER, in acknowledging the resolution, said the
audit had been a continuous and a very close audit; every_
thing had been investigated, and be could answer for the