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

LIFE BRANCH.

It will not be forgotten that the report for the year 1861
contained a most satisfactory announcement of the progress
of the Company's Life Branch. It was then stated that
the sum assured on new policies for the year for the first
time exceeded £500,000, equal to the average amount effected
annually by the very first among the many excellent com-
panies of this country, and that this sum exceeded by up-
wards of £70,000 the amount assured in the year imme-
diately preceding.
The very gratifying duty now falls upon the directors to
state that the sum assured on new policies for the year 1862
exceeds even that of the year 1861, which was the subject
of the congratulatory phrase just quoted by £lBO,OOO, and
has arrived at the almost unexampled amount for a single
year of £701,427 on 1498 new policies issued.
Until within the last few years it is believed that such a
sum assured as that which has just been announced as the
result of one year's business was all but unheard of. Such
an incident as this may well be adduced in proof of the
general expansion of life assurance.
Evidence of continued care in the selection of lives is
amply afforded by a statement of the number rejected.
These have amounted to 311 for the year, on which the
aggregate sum proposed for assurance amounts to £143,281.
Various degrees of ineligibility, from disease and other
causes, have led to these lives being declined. The atten-
tion of persons accustomed to look into the reports of
insurance companies will no doubt be immediately arrested
by the fact, that no small number of the assurance com-
panies of the day record their accepted lives annually at a
sum not much, if at all, exceeding thoce which the Royal
has declared as inadmissible in a single year, from deterio-
ration of some kind or another.
FOREIGN AND BRITISH BRANCHES AND AGENCIES.

In the United States, the board of management in New
York, consisting of merchants of the highest standing in the
commercial world, and the agents in the leading cities of the
Northern States, continue their valuable and highly ap-
preciated services. In Canada, where the Royal Insurance
buildings are now reported as nearly completed, and likely
to prove a good investment, much esteemed agents in the
Upper and Lower Provinces are increasing the business
rapidly to one of very large magnitude. Australia, again,
is another field of the Company's operations from which
evidence of a future large success may be gathered from the
results and advances of the past. In India and China and
the West Indies equal activity is displayed, by which the
Company has derived largo success from a rapidly growing
business; and, without entering into further detail, it may
be stated that in other places in Europe, South America,
and elsewhere, the business of the Company progresses so
favourably that few offices are so well known, or are more
confided in abroad than the Royal.
In fact, no insurance company has ever held a higher
position in the various countries it has entered, and none
could possibly obtain greater encouragement from influen-
tial quarters to continue its exertions among them,
If, to complete their review, the Directors now advert
briefly to the United Kingdom, they have to announce that
in fire business its progress has been undoubtedly more
rapid than that of any other Company established either in
London or elsewhere, except when amalgamations have
taken place. The returns of duty have proved this. In life,
the amount of new policies already reported make all other
evidence needless and superfluous. It would almost be in-
vidious to single out any individual agent, or any isolated
place, where all have used their heartiest exertions, and every
place almost without exception has witnessed the expansion
*of the Royal, either in its fire or life business, if not in

both.
It may, however, be observed, generally, that the com-
pany has attained a very high position in Scotland and in
d. It takes its place among their own national insti-
tutions in each of these kingdoms, and has its full share
with them in the favour of their respective inhabitants. The
old branches of the business established in England, with-
out exception, continue mast satisfactorily to expand and
prosper, and new ones recently formed will hereafter, from
their present promising condition, call for special notice.
The branches at Bristol, Birmingham, and Southampton,
upheld by the respected and influential members of their
respective local boards of management, give promise of
taking the highest standing among their contemporaries
in their various districts.
The directors look back at the hopeful anticipations with
respect to the future contained in their reports to the share-
holders throughout the various important crises which have
taken place in this country during the last 18 years, and
are unable to recal one which has not been far more th n
realised by the concurrent event which it attempted to
shadow forth.
They, therefore, with much stronger confidence, nowo,l-
elude their present report with the expression of an opinion
that the prospects of the Royal Insurance CorapannsYs
went
never more encouraging or brighter, and of a cone,
;Jere
that
hope, founded on a grateful remembrance of the
the future may unfold for it a sphere of still
ess to the
greater magni-
tude, combining distinguished commercialo _
.neare
an ,
a pro-
office with a lengthened career of great at 3
tection to the public.
m
DIVIDEND AND nor
eea a dof
The directors beg now to rec.° inmn d th
to t
gether 7sdivide.n free
3s. per share, and a bonus of 48 per share, ,
of income-tax, be declared.
The Directors have the pleasure
The CHAIRMAN said
ell:
whiitghhalyreport of the state of your
of meeting you, gentlenmeide,r
satisfactory ; and they
affairs, which they..wwill be so deemed by you. (Hear, hear.)
do not doubt that it will
eighteen years in existence; and its
The " Royal"
situation now,
compared with what it was nine years ago,
when we had reached
asc ni
hed half our present age, is so rearkbble
that,
although t is alluded to in the report, I hope I may
excusedbe
i
for again calling your attention to the fact that,
whereas the firo premiums of the Royal, in its ninth year,
were about £112,000, they are now, in its eighteenth year,
above £300,000, or nearly three times the former amount ;
and I believe I may state, without fear of contradiction, that
a yearly income of £300,000, derived from fire business
alone, by a single office, after an existence of eighteen years,
is wholly unexampled. (Hear.) Then, gentlemen, taking
the same period for comparison, the life premiums have in-
creased five-fold; and the amount paid to the "Royal,"
for the purchase of annuities, is eight times larger
now than it was at the end of the former period. (Hear.)
As further evidence of the rapid growth of your business, I
may mention that, whereas nine years ago, the sum fissured
on accepted lives amounted only to £182,423, the amount
proposed to be insured on declined lives, during the year
1862, was £143,281. (Hear, hear.) We have thus before
us the striking fact that the lives declined now are nearly
equal to the numbers which, nine years ago, were aeeepted.
ear, hear.) I may also remark, as beating upon this
subject, that whereas the premiums received in the life
branch, in the year 1861, were only £86,751, they amounted,
in the year 1862, to £105,7C3. There was, therefore, an in-
crease of £18,952 ; and I think you will agree with me, gen-
tlemen, that this is an enormous increase in life business,
especially when you take into account the constant waste
going on, by policies cancelled by death, or purchase, or
lapsing from other Qontiagencies. (Hear, hear.) it Is an

kely to continue than if it took placf in one or two countries

only. Well, gentlemen, the profit of the year shows an in-
creasing average ; and, although we cannot 6ommand sue-

CCSF, I trust you will think that it is evidence, to some extent,

o watchfulness and care on the part of the Board of Diecc-
tore, and of the excellent; einiler:3 of the Compaay. (Hear,

hear.) The profit on the North American business 2-tmouute

,o £11,(:57, which your directors propcm=e, as inentioued in

consequence
sreeqpucernt ,c tc :oetatrhr
the effect
etfro
etc
qe udi
irreemc
teonrtss
recommend of t e law, anda d7v
have been made in that country,hi. in conformitywith the
profit on the other branches of ocedwtuti.ucdne_cdthOfo the investments which
mhoilflyinwolusriciFh,eirreshbaursein, business deplorable warfare Whicilthiars e n
unhappily,dn haveotfh ebt
stillhEe xenceghosishillingsnnggExchanges
nb. depreciated
yap,
thehie nre
amounts
gitnts
share, and a bonus of four
for the past year, to the sum requirements
45,107. Out of this fund
to-
gether seven shillings per share, will absorb £34,000,
sum
and leave a balance of £11,107. Thisthe directors
propose to place to the credit of profit and loss,
l which will
then have the credit balance, as on the 31st oDecember, last of
£58,042. The Reserved Fund amounted on thsa
£96,262, so that these two items together make an l"
day
agate
y to
of £154,304. One other topic -em will
_l2LobablYggexrepect
me to-allude- to. The directtpr'fittfe long fell the impor-
tance of obtaining offices in London, more commensur:
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
suitable to their wants, upon what are considered, by those
well qualified to judge, very favourable terms. After pro-
viding 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 farther
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 promises 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 Monday, 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. liornby, Esq.,
John Torr, Esq. Resolved tbat 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 emelusively to dwell in acknowledg-
ing the kind mention of my name. Yet the growing pros-
-1 perity and still gathering strength of the "Royal" muy be
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 ef 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. N.Ve
have had competition in this country to struggle
th,
new of its kind and somewhat unwise, as will perhapslt mills
ulti-
mately be shown in its action. Besides this,
and a paucity of cotton telling more or less on all compa-
nies, tell more on the " Royal" than on many others, front
its local habitation. Yet we havo thankfully to say that
we have overcome both these obstacles most successfully.
As respects the Fire Branch our returns of duty clearly
show this. No evidence can be more conclusive than the
one afforded by this test which has been used long before
this company was in existence by the oldest office in the
country, and since then referred to by others with ex-
pressions of pride whenits revelations have been favour-
able
to them. (Hear,
i hear.) But our progress
this year, I may add, s more flattering and encou•
raging to the company, as it indicates a rapid increase still
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 teat 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-flowing 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 tho posi-
tion that he was au "old soldier." Nobody doubted it.—
Punch.
CATTAIN SMALES.—The following is the official
letter communicating to Captain Smales the fact
of a pardon having been extended to him :—" Horse-Guards,
July 2S, 1863.—5ir,--I am directed by the Field-Marshal
Commanding-in -Chief to inform you that the Judge Advo-
cate.-General has represented to his Royal Highness that in
consequence of further information having been obtained
concerning- the manner in which )'our trial by court-mar-
tial had been conducted, the proceedings are in his opinion
vitiated. His Royal Highness, therefore, felt himself called
upon to recommend to the Queen, in accordance with the
suggestion of the Judge Advocate-General, that her
Majesty would bo pleased to extend to you her most gracious
pardon, to take effect from the date thereof (21st inst.), but
not operate in any manner to reinstate you as Paymaster
of
th to
6th Dragoons,
and her /Majesty has been graciously
pleased recommendation, approve of this and to grant
you her pardon accordingly.
e (Signed) W. F. FOSTER.--.
To Thomas Smales,
Esq , late Paymaster, 6th Dragoons."