The Sun.
London, England, 1865-02-02 00:00:00

Provident Clerks' Mutual Life Assurance

Association.

The twenty-fourth annual general meeting of this
association was held last evening at the London
Tavern. Mr. R. H. Jones, chairman of the board
of directors, presided.
The annual report of the directors, which was
read by Mr. T. LINFORD, the secretary, was as
follows :

" The board of directors beg to present to the members
of the association their 24th annual report. It is with
sincere satisfaction that they are able to renew the congra-
tulations of many past years, and to repeat the gratifying
statement that the progress of the year 1864 surpasses that
of all its predecessors. The proposals received in 1864
were-1,336, for £272,050, and the policies actually com-
pleted were 1,136 for £229,000, producing a new annual
income of £6,620. This amount of new business, exceeding
by more than £14,000 that of 1863, cannot but be most
satisfactory to the members, evincing, as it does, the con-
stantly increasing growth of the association in the estima-
tion and confidence of the -public. The total income of
1864 was £60,576 4s. 11d., and after payment of all claims
and expenses, the sum of £28,519 10s. sd. has been added
to the accumulated fund of the association. That fund
amounted, on the 31st of December last,to £250,049 2s. 11d.
The mortality of the country during the past 12 months
having been unusually high, this association has had, in
common with most life offices, to encounter some few ad-
ditional claims by death. Eighty-seven policies,
assuring with bonuses the sum of £18,618 2s. 5d.,
have fallen in, making the total thus paid, from
the commencement of the association, £144,745. It
is satisfactory to know that the mortality of last year,-
though exceeding that of previous years, is still within
that expected and provided for by the association. The
total policies in force on the 31st December last were 8,979,
for £1,723,800. Looking to the rapidly increasing value
of property in the City of London, the board have taken
an opportunity of securing the lease of the premises now
occupied by the association for a term ending March, 1916.
They have effected the purchase on terms which, while
providing for 0.0 gradual liquidation of the cost, will also
considerably reduce, for upwards of 50 years, the rental
hitherto paid by the association. The board have to
report, with much regret, the retirement of their respected
colleagues, Mr. John Studdy Leigh, and Mr. William
Malings, both of whom found it difficult to devote the
requisite amount of time to the discharge of their duties as
directors. To fill the vacancies thus created the board
have, in accordance with Rule 10, nominated Major Wm.
Henry Snell and Mr. George Ramond Birt. These ap-
pointments are subject to confirmation by the members,
and resolutions to that effect will be submitted to the
meeting. Mr. Birt, who is appointed to replace Mr. Ma-
lings, will also, by the same rule, have to retire in the room
of that gentleman, for purposes of re-election. The other
directors retiring by rotation are—Mr. William Stanhope
Sawtell, Mr. Richard Price. The retiring directors, being
eligible, offer themselves for re-election. The following
gentlemen, duly qualified, have been proposed as auditors
for the ensuing year :—Mr. James Richard Lloyd, Mr.
Francis Frederick Toole, Mr. Charles Woolley. The Board
cannot close this report without acknowledging most cor-
dially the support and assistance received during the year
from a portion of the members in furthering the interests
and promoting the extension of this association. To this
support a considerable share of the progress made is justly
due, and the Board trust to receive it still more effectively
during the present and future years. Among so large and
influential a body, numbering, as it does, very nearly 8,000
members, anything approaching a united action on behalf
of the common interest would not only benefit very greatly
the individual assure; but would place the Provident
Clerks' Association at the head of the life assurance insti-
tutions of the country."

The CHAIRMAN, in rising to move the adoption
of the report, said in the circular which the direc-
tors issued a short time ago, they congratulated the
assurers and wished them a happy new year, but
he hoped he was not too late on the present occa-
sion to repeat the wish in person, which he did with
the utmost sincerity. He felt he need hardly remind
the meeting that attached to the circular he had al-
luded to was a " proposal" which each was requested
to send back filledup with the name of a new assurer,
and they would agree with him that that request
was but a modest one on the part of the directors,
and one not of a very difficult nature to the members
generally. Such a mode of increasing their numbers
was, he considered, about one of the best that could
be adopted, and one that he trusted would in the
end result in great benefit to the association. The
directors, all must be aware, had now very increased
labours to perform, and in order that they'inight be
saved the labour of holding meetings in different
parts, he most earnestly asked each member present
to attend to the small request of the directors.
—(hear, hear)—the effect of which would be to add
greatly to the flourishing state of affairs that now
existed in their association. He had again the
pleasure for the twenty-fourth time of meeting the
assurers. They had now been in existence close
upon a quarter of a century, and it seemed to him
they could look with satisfaction at their past
labours. The time had passed pleasantly—
they had had pleasant meetings ; and what was
in the highest degree agreeable, their • career
had been one of constant progress. Each
annual report they had issued showed an increase
in their business ; and the gradual addition of busi-
ness was, in his opinion, far better than to go for-
ward one year and then go back another to a state
of affairs not at all equal to that of its predecessor.
Their position was now one of which they might
feel proud ; and as to the report and the balance-
sheet, he thought, they spoke for themselves.
(Cheers.) With respect to the allusion to the secur-
ing a lease of the premises they at present occupied,
he had to inform them that it had been secured on
most advantageous terms, and the result of the
beneficial arrangement would be an annual
reduction of their rent for the next half
century. (Hear, hear.) It w.puld have been
highly impolitic to have allowed the lease to
expire, and then take steps for its renewal ;
such a course would have compelled them to
have paid an additional rent, or else to
seek other premises, which would be attended,
he doubted not, with great difficulty and expense.
Their claims had not been larger during the past
year than they had a right to expect, and thiS fact
also was one worthy of congratulation. He had in
commencing his observations said they had always
had pleasant meetings, but there was one little
drawback on the present occasion on account of the
Chancery suit they had been involved in, the charges
for which formed an item in their balance-sheet.
As to the course the directors took they
believed they had only done that which was right.
They had acted under the advice of their own soli-
citor and two eminent counsel. In bringing the
action the directors were prompted by the conviction
they were only discharging their duty to the as-
surers in endeavouring to obtain that which was
their just due. (Hear, hear.) The directors
lost their cause through a technicality in
the 'omission of giving certain notices which
their opponents considered necessary, and to which
the judges agreed. All imputation of fraud was
withdrawn by their opponents, and the judge de-
clared there was no justification for such an asser-
tion, and his lordship in disposing of the suit said,
no clients ever left the court with cleaner hands.
(Hear, hear.) It was of no use to go further into
detail in the matter—it was an unfortunate thing
to have occurred—but in acting as they
had done they believed, and they were of
the same opinion still, that they were only
doing their duty. With these few observations
he begged formally to move the adoption of the
report, and if any gentleman had any questions to
put he should have the greatest pleasure in giving
him the fullest answer in his power. (Cheers.)

Mr. SPINSS seconded the motion.
The CHAIRMAN then put the resolution to the
meeting, when it was carried unanimously.
Mr. HoßsoN said the task imposed upon him
after the adoption of the report was one of pleasure,
but in making a small addition to it he hoped it
would not be considered travelling out of the road.
One great motive for his attendance that evening
was to express his satisfaction that the directors
persevered with the law-suit. He spoke as, perhaps,
the largest representative assurer in the office, having
policies there for £26,500 on behalf of the society with
which he was connected, and he had a very strong
feeling that the directors had a just claim. (Hear.)
There was but one feeling, he was sure,
in the meeting, and that was, that the
directors were right in the cause they had
adopted. (Hear, hear.) With respect to the
costs, he was only surprised they were not over
£l,OOO instead of £7OO. However, he hoped it
might be another 24 years before they were similarly
involved. (Hear, hear.) The report was highly
satisfactory, because it showed that 50 per cent. of
their income had been put by, and he believed very