The Sun.
London, England, 1865-03-16 00:00:00

British Equitable Assurance Company.

The annual meeting of this company was held this
morning at the offices of the company, 47 and 48, King
William-street. Among the shareholders present were
many distinguished and influential gentlemen connected
with the municipal and benevolent institutions of the
metropolis.
The MANAGING DIRECTOR read the following report:—
" The past year has been the most prosperous of the com-
pany's existence. A larger new business of the best quality
has been effected than in any prior year. The following
table of policies issued exhibits the rapid growth of the
company :

Years. No. Amount.
1855
1856
1857
1858
1859 ......... 972
1860
IR6I
186?,
1863 K.
1864 moo. 1,650
11,713 £1,901,409
The payments for death claims and bonuses are less than
in prior years, when the company had a smaller number
of lives at risk, being £6,950 is. 2d. The actual rate of
mortality has been considerably lower than that provided
for by the company's tables. The prompt settlement of
claims has been facilitated by the offer of the com-
pany to pay at once, without waiting the expiration
of the usual two months, on deduction of discount at
the rate of 5 per cent. per annum. .£20,000 have been
added to the Accumulated Fund, a sum much
larger than required' by the tables of the Company.
The rate of interest realised on the whole funds of the cora-

pany has been upwards of 6 per cent. The funds have
been invested on mortgage and the securities have been
examined by the auditors. By the granting of loans on
policies opportune and valuable help has been afforded to
numerous policy-holders, not only for the maintenance of
their policies, but for other financial emergencies. The
company will in future give persons assuring the option
(to be exercised at the time of proposing for assur-
ance) of applying their profits to the extinction of
the later premiums on their policies, and ren-
dering such policied payable in the life times of the
assured. It is considered that the policy-holder obtains in
this company maximum security and maximum profit.
He enjoys the security of the company's capital in addition
to the fund accumulated from premiums and interest, and
after paying his rateable proportion of expenses, his profits
are received by him triennially. The working classes have
the opportunity of deriving the same benefits as larger
assurers. The policy-holders of the company, numbering
more than 7,800, are recommended to introduce as many
of their friends as possible during the current year.
He then addressed the meeting at some length, giving a
complete synopsis of statistical facts connected with the
company, from which it appeared that the deaths were 33
per cent, under the tabular provision for mortality : that
the total balances of the agents, irrespective of current re-
newals, amounted to less than £BOO. That the com-
pany had laid by 50 per cent. of the gross premiums re-
ceived on all policies in force; that the premiums received
were £5,500 greater than in the prior year, and that the
new annual premiums secured were .£B,BOO. He pointed out
that this success had been secured by the company's unique
principle—" mutual assurance without mutual liability—
by the attention to business of the directors, diligence of the
agents, and care of the medical staff. He did not consider
that the Government Annuity plan would affect such in-
stitutions as the British Equitable, inasmuch as most
working men would prefer profits to no profits ; payment
of the policy in lifetime to payment after lifetime, power to
assign and transfer after one day, instead of after five years,
and power to raise money on the policy by loan rather
than to be without such power; and so on, through a long
comparison of the rival advantages held out by the British
Equitable and the Government. The company has now
8,000 existing members, and an effort should be made
during the year to make up that number to 10,000. For
that purpose it will be necessary for every four policy-holders
to obtain an additional policy-holder. The successes of
the past should be incentives to loftier hopes and more
resolute endeavours for the future." (Cheers.)
The CHAIRMAN then moved the adoption of the report
and balance-sheet. He offered the meeting his hearty con-
gratulations on the facts and figures which had been laid
before them. The progress effected in the past year—a
year peculiarly unfavourable to life assurance offices
generally—had been greater, and the prosperity more pro-
nounced than in any former year. The increase in the
amount of new business was steady, and the improvement
in the quality of the business continuous. It was a
pleasant thing at sea for those on, board a fast steamer
when they passed the becalmed sailing vessels, to reflect
that they had a superior motive power ; in, the same way
this company outstrips many less energetic contemporaries.
Progress is a good thing, but profit is a better. Our
business has been profitable, and the good' interest we
have obtained upon our investments adds to that
profit. I believe, when the next triennial division of
profits is made, it will be found that the year 1864 has
contributed in no small degree to the accumulation of
profits. I have spoken of progress and profit, I now speak
of prepayment of the sum assured. I think it often happens
that when a man has under consideration the subject of
assuring his life, it occurs to him that he may live to be old,
and then his children will be grown up, and perhaps he
himself be in rather poor circumstances, so that in that case
it would be more desirable that a provision should be made
for himself than his survivors. If he should die young,
indeed, it would be desirable, but the best thing would be
to secure both benefits. Now, we propose that where
the party desires it at the time of taking out his policy, the
profits may be applied to the purpose of enabling us to pre-
pay the assurance, so that the man shall have the money
in his lifetime. He will have the advantage in both alter-
natives. If he die young he will not want the provi-
sion for old age, although his family will reap the benefit.
If, on the other hand, he should live to be old, the money
will be receivable according to the amount of profits,
and he will himself receive £5OO or £l,OOO. He may
invest it to make him a settled income for his own life,
which may be also left by will to his surviving friends.
Gentlemen, as every prior year has been more fruitful than
the last, so we hope that the year 1865 will yield a still more
prolific harvest than did 1864, May I not indulge the hope
that this institution will go on to increase, every year
being better than its predecessor—doing more business
—investing its capital in the best securities, every
year making more profits, that as the present generation
one by one go out and receive their money, there will be
an enlarged accession of new assurers to build up this in-
stitntion as one of the first offices of this great city.
(Cheers.)

The facts and figures presented to the meeting were re-
ceived with the warmest approbation, and the report and
balance-sheet were unanimously adopted. The retiring
officers were unanimously re-elected, and after cordial
votes of thanks to the Managing Director, the Board of
Directors, the solicitor, &c., the proceedings terminated.
Few companies have attained so favourable a position as
the British Equitable Assurance Company by such a com-
paratively early period as the end of their tenth year.

Negro Soldiers.

The Richmond Sentinel, of the 23d ult., contains

the following letter from the Confederate Com-
mander-in-Chief, embodying his views on the ques-
tion of negro soldiers :
Head-quarters C. B. Armies, Feb. 18, 1865.
_

Hon. E. Barksdale, House of Representatives, Richmond,
—Sir,—l have the honour to acknowledge the receipt of
your letter of the 12th inst., with reference -to the employ-
ment of negroes as soldiers. I think the measure not
only expedient but necessary. The enemy will cer-
tainly use them against us if he can get possession
of them, and as his present numerical superiority will
enable him to penetrate many parts of the country, I
cannot see the wisdom of the policy of holding them
to await his arrival, when we may by timely action and
judicious management use them to arrest his progress. I
do not think that our white population can supply the ne-
cessities of a long war without overtaxing its capacity and
imposing great suffering upon our people, and I believe we
should provide resources for a protracted struggle, Dot
merely for a battle or a campaign.

In answer to your second question, I can only SO'y that,
in my opinion, the negroes, under proper circvlinstancei
will make efficient soldiers. I think we could, .at least, do
as well with them as the enemy, and he attacb es great im-
portance to their assistance. Under good. offiriers and good
instruction I do not see why they should notba come soldiers.
They possess all the physical qualificatirms, and their habits
of obedience constitute a good foundation for discipline
They furnish a more promising material than many armies
of which we read in history, which owed their efficiency
to discipline alone. I think those who are employed should
be freed. It would be neither just nor wise, iin my opinion,
to require them to serve as slaves. The 11;st course to
pursue, it seems to me, would be to call. for such as aro
- _ • -

filling to come with the consent of their owneirs. An im-
pressment or draft would not be likely to bring, out the best
class, and the use of coercion would make the. measu.Ve dis-
tasteful to them and to their owners.
I have no doubt that if Congress would. authorise Oar
reception into service, and empower the president to
call upon individuals or states for such as they are willing
to contribute, with the condition of emancipation to all
enrolled, a sufficient number would be forthcoming to
enable us to try the experiment. If it prove successful,
mostindividualsf the
still
remained objections t o the measureunwilling
to send their negroes would disappear, and
if
to the army, the force of public opinion in the States would
soon bring about such legislation as would remove all ob-
stacles. I think the matter should be left as far as possible
to the people and to the States, which alone can legislate as
the necessities of this particular service may require. As
to the mode of organising them, it should be loft as tree
from restraint as possible. Experience will suggest the
best course, and it would be inexpedient to trammel the
subject with provisions that might, in the end, prevent the
adoption of reforms suggested by actual trial.--With great
respect, your obedient servant, _

E. E. LEE, General.