The Sun.
London, England, 1865-12-29 00:00:00

Gresham Life Assurance Society.

The following appeared in a late edition of The Sun of
last evening:—

The annual meeting of the. Gresham Life Assur-
ance Society was held this afternoon at the head
office, 37, Old Jewry, for the purpose of receiving
the annual and quinquennial reports of the
directors.

W. TABOR, Esq., chairman of the Board of Di-
rectors, presided.
The routine business having been disposed of,
The CHAIRMAN called upon the actuary and
secretary (F. Allan Curtis, Esq.) to read the an-
nual report of the directors, of the affairs of the
society during the past twelve months, and also the
quinquennial report. * _

The SECRETARY then read the reports as follow :

ANNUAL REPORT.

. The directors have again the pleasure to report the
satisfactory progress of the society. During the year
1864-5, 5,095 proposals, for assuring £1,818,069 Bs. 10d.
were submitted, of which the directors accepted 4,806
assuring £1,709,121 Bs. 10d. The remainder, for assuring
£148,948 were either declined or not completed. The new
premiums received in respect of these assurances amounted
to £42,213 17s. 7d. The amount paid during the year for
assurance and endowment claims, with the bonus additions,
was £84,212 10s. 10d. After payment of claims and charges
for the year, upwards of £95,000 has been added to the
funds invested. , •

The account of receipts and expenditure have been ex-
amined by the auditors month by month. The cash
balance-sheet (of which copies have already been circu-
lated) has been certified by them, and is now submitted
for approval and adoption.
With sincere regret the directors announce the death of
Mr. Beadnell, the late deputy-chairman, one of the
founders, who gave his best energies to promote the in-
terests of this vast society, and whose sound judgment
and practical knowledge of business were much valued by
his co-directors.

The board have elected to the vacant seat, Mr. Henry
Christopher Thomas Beadnell,,of West Green-road, Tot-
tenham, who is a qualified shareholder, and they recom-
mend his election far confirmation.
The directors retiring on the present occasion are Wil-
liam Tabor, George Lowe, and Joseph Williams, Esqrs.,
who, being eligible, are recommended by the board to con-
stitute the list for re-election.
The auditors, Messrs. G. IL Ladbury, William Webb
Venn, and William Whitelock, Esqrs., retire; and again
offer themselves for re-election.

By order of the Board,
F. ALLAN Cl:Timis, Actuary and Secretary.
27th December, 1865. .
QUINQUENNIAL REPORT.

The year ending July 31st, 1865, bring the period for
the quinquennial valuation for the declaration of bonus,
the directorq have caused a searching investigation to be
made into the whole position of the society, and have
directed their actuary to make his valuation on all annuity
and assurance contracts, at a rate of interest of 3 per cent.
per annum. The actual rate of interest made by the society
is about 41 per cent. upon its investments, but the effect
of a valuation at tho lowerrate of interest is to create a large
fund in reserve, for the protection of the society against
any unforeseen events.
For the determination of bonus, the number and amount
of the policies in force on the society's books on July 31st
have been carefully extracted. It was found that 17,091
policies, insuring £6,630,192, existed at that date, and
that the premiums as shown by the statement of receipts
and payments were £203,893 ls. It was also found that
312 policies for annuities were in force, and that the sum
payable under them amounted to £15,319 per annum.
These sums represent a very large amount of business.
Every separate proposal has been considered by the Board
of Directors by itself, and the directors have much plea-
sure in recording that more than half this vast business
has accrued within the last five years, and, therefore, has
but a mean duration of two and a half years.

The special character of the short average duration of
the existing contracts of the Gresham Life Assurance
Society was particularly pointed out in the last quin-
quennial report in 1860, as materially influencing the
value of the company, but in the present investigation
it stands out in greater magnitude, and the addition,
during the short space of five years, of assurances for
£3,667,600 collected together policy by policy has no
parallel in the annals of kindred institutions. The ave-
rage duration of all the policies in force being still under
four years.
This rapid growth of the Society, and the recent acces-
sion of so great'a bulk of the business, has materially in-
fluenced the general valuation, and the prospective balance
of gross profits amounts, at the low rate of interest of 3 per
cent., to no less than £313,000, which is the present value
of the excess for prospective profits and expenses; as shown
in the actuary's report appended.
Upon consideration of the whole facts, and being de-
sirous to act with due caution on one hand, and justice

to the policy holders on the other, the directors have re-
solved not to divide more than a quarter of this sum, and
they propose to apportion by way of bonus £75,000, which
is rather loss than one quarter of the prospective balance
The growth of the Company will be seen by a compari•
son with former valuations.
Prospective Balance.
1852
1855 105,000
1860 206,000
1865 -313,000

Bonus Divided.

Eighty per cent. of. the bonus belongs to the participat-
ing policy holders, and from the amount which has to be
divided, the sum assured by some of the older policies will
be increased by about eight per cent. in addition to the
former bonus declared in 1855 and 1860, amounting in the
whole to an increase of rathermore than 20 per cent. upon
the original sum assured. The more modern policies will
share no less advantageously, considering the recent ad-
mission of the assured into the society.

All the usual options will be afforded to policy holders,
in selecting the mode in which the bonus will be appor-
tioned to each policy.
The directors, in submitting this their quinquennial re-

port, congratulate the members upon the position to
which the society has already attained. By conducting
its affairs with the same energy, enterprise, and prudence,
as heretofore, ,the directors feel confident that the future
will be no less satisfactory than the past.
GENERAL BAEANCE-SHFFT FOR 31ST JULY, 1865.
ASSETS.

£ s. d.

Investments in funded freehold and
leasehold property 374,192 5 2
Morgages on real and personal estate
Loans on policies and credit premiums,
&c.
Cash, bills, bankers' and agents' balances,
and current premiums 141,161 14 7
Value of policy premiums and re-assur-
ances

Total £4,205,199 13 3

LIABILITIES.

Proprietors' capital -_
21,712 0 0
Sundry claims and charges waiting set-
-37,906 8 11
tlement
Value of sums assured and bonuses
Value of annuities 95,453 0 0

£3,892,266 8 11
ProspectiTe balance 312,933 4 4

Total £4,205,199 13 3
By order of the Board.—F. ALLAN CURTIS, Actuary
and Secretary.— Dec. 27, 1865.
The CHAIRMAN, in rising to move the recep-
tion of the reports, said he had the pleasing
duty of again congratulating the meeting on the
success that continued to attend the progress of
the society. The new premiums showed an in-
crease, as compared with those of last year, of
£6,000, which he felt was a matter of mutual
satisfaction—(hear, hear)—and after paying the
claims and charges for the past year, they had
been enabled to add upwards of £95,000 to their
invested capital. (Hear, hear.) With such a
flourishing state of affairs, he felt it unnecessary
to occupy the time of the meeting, as the facts
spoke most conclusively for themselves. with
respect to the bonus, 80:per cent. went to the policy
holders, and the work of appropriating the proper
amount to each policy would of necessity occupy
some considerable time. No delay, however, would
take place, and immediately the work was completed
due notice would be given of its payment. The
only matter of regret to the board during the last
12 months had been the death of their valued friend
and colleague, Mr. Beadnell, the deputy-chairman,;
but he felt it would be a source of satisfaction to
the meeting to know that the directors had elected
to the vacant seat Mr. Henry Christopher Thomas
Beadnell, who was in every way qualified for such
appointment. (Hear, hear.) He (the Chairman)
had that day verified the whole of their invest-
ments, and the whole of the bonds and securities
had been examined by the auditors, and found
correct ; and, with the hope and desire that the
shareholders would co-operate with the directors in
furthering the prosperity of the society, be begged
to move the adoption of the reports they had just
heard read.
Mr. SMEE said it gave him great pleasure in
seconding, at the 17th annual meeting, the adoption
of the report. They had 17,000 policies in force in
the books of the society at the present time, and
that fact of itself was a guarantee of its permanent
safety, and the completion of nearly 5,000 new policies
within the last year showed most indisputably its
active vitality. (Hear, hear.) The progress of the
society, as shown by the quinquennial report, was
also most satisfactory, because they had not re-