The Sun.
London, England, 1854-01-18 00:00:00

PROVIDENT CLERKS' MUTUAL LIFE

ASSOCIATION.

On Monday the annual general meeting of this asso-
ciation was held at the London Tavern. As usual, the
business of the life assurance department took prece-
dence, and, in the absence of the chairman, Mr. R. H.
Jones, was conducted under the presidency of Mr. J.
W. Welch, the deputy chairman. The report of the
Board of Management, which was read by the Secre-
tary, gave the following details of business done during
the past year :
"The Board of Management, in presenting to the mem-
bers the 13th annual report of the association, refer with
much pleasure to the following details, which exhibit a
considerable increase of business over that of the preceding
year, and prove that in all respects the association is pro-
gressing in a most satisfactory manner :
" The number of policies issued during the past year is
491 for 96,225/. ; 7 annuities, 114/. 6s. Id., which is an
increase of 62 policies for 14,2751. on the business of 1852 ;
18 proposals for 6,250/. have been declined ; 68 proposals
for 24,350/. have been deferred, withdrawn, or are under
consideration—making the total number of proposals 584,
for 116,825/.
" The annual income arising from premiums on policies
in existence, together with dividends and interest on in-
vested capital, amounts to 18,8221. The board have been
enabled to increase the income of the association by chang-
ing investment of a considerable amount of tkeir assets
from the Government funds to mortgages on leasehold and
freehold property, yielding a higher rate of interest, which
cannot but be satisfactory to the members at large.
" The amount of claims arising from 21 deaths is 5,8711.,
including bonuses added to the sums assured, and it is
satisfactory to report that this number is under the average
of mortality.. The amount of claims paid to the repre-
sentatives of deceased members since the formation of the
association is 24,0451. •, and when it is considered that this
sum has been distributed amongst the families of the
assured, the importance of making provision against the
uncertainty of life must be apparent to all.
"Reverting to their last report, the board have now to
announce that the actuaries (Mr. Griffith Davies and Mr.
William Ratray), having rendered their report on the
assets and liabilities of the association to the 31st Decem-
ber, 1852, recommended that an amount (after reserving
a sum sufficient for all liabilities) equivalent to a rever-
sionary bonus of 13,8001, be divided amongst those mem-
bers entitled to participate therein, which the board have
accordingly carried into effect.
"The accounts for the past year have been duly audited,
leaving a balance in favour of the association of 7,5381. 13s.
Rd.—thus, after payment of all claims, increasing the
funds of the association to 53,6951. Bs. 9d.
" The balance sheet has been, aseusual, submitted to the
trustees and approved by them, and will be read after this
report.
" During the last session of Parliament a bill was passed
reducing considerably the stamp duty on life policies of
assurance. The board, being always desirous of offering
every facility and encouragement for persons to ensure
their lives, and deeming it, at the same time, advanta-
geous to the interests of the association, at once determined
to forego the charge for stamps on policies.
" During the past year the association has lost by the
death of Mr. John Clarke one of its earliest and warmest
supporters, and the board a most valuable and highly-
esteemed colleague, in consequence of which, and the re-
signation of Mr. John Dankaerts and Mr. William Mait-
land—both gentlemen having left England—the vacancies
occasioned thereby have been filled up by the following
gentlemen, viz. :—Mr. Edward Coleman, Mr. Henry
Rogers, and Mr. Sancton Wood, who were duly elected at
a special general meeting on the 16th November last.
' Two of the auditors for the past year having disquali-
fied by being elected managers, the vacancies thus created
were filled up by the election of Mr. James Richard Lloyd
and Mr. Francis Frederick Toole, at a special general
meeting on 14th December last.
" The undermentioned managers go out of office by ro-
tation, and, being eligible, offer themselves for re-election,
viz. :—Mr. Richard Henry Jones, Mr. William Jeremiah
Jordan, Mr. Samuel Notley, and Mr. William Stanhope
Sawtell.
" The following gentlemen, duly qualified, have been
nominated as auditors for the year 1854 :—Mr. James
Richard Lloyd, Mr. Francis Frederick Toole, and Mr.
Charles Woolley.
" The board, in conclusion, feel perfect confidence in
drawing the attention of all classes to the sound position
of the association, to the benefits it has already conferred,
and the power it possesses to assist in carrying out one of
the recommendations of the select committee of the House
of Commons with regard to life assurance, ' that it is the
duty of every oue to make provision for his family,' and
they call upon every member to use his greatest exertion
to so desirable an object."
The balance-sheet was then read, and by a separate
statement of the funds and effects of the associations up
to the 31st of December, 1853, it appeared that there
was a balance in favour of this association of 53,6951.
Bs. 9d., being the amount by which the receipts exceed
the expenditure to this date.
The CHAIRMAN said he had no doubt the report and
balance-sheet would be as gratifying to the members as
it was to the Board of Management. The result of the
past year's transactions had at last placed them in that
proud position which they had so long and ardently de-
sired. Having thus progressed so satisfactorily, it would
be well to look back to the original formation of the
association. It was established in 1840, when they had
only 67 policies, with an investment amounting to no
more than 4501. ; but since then they had issued 3,958
policies, had paid 24,0451. for 111 claims, made two
divisions of profits, equal to 15,0001., and had now an
invested fund or 53,7001., and an annual income of
19,0001. (Hear, hear.) And it was to be borne
in mind that this was not brought about by resorting
to any undue influence, or by having high sound-
ing names at the head of the management. Their
prosperity
.was entirely owing to the exertions of the
gentlemen elected to the board, and to the assistance
which the members had individually afforded them.
The progress of the society had throughout been sure
and steady, and the business of the past year was
the largest they had done since 1849, when, they
issued 550 policies for 115,0001. In 1850 the number
was reduced to 384, and in the following year' (1851) it
was 386. With regard, however, to 1849 there were
two circumstances which operated powerfully in aug-
menting their business—one, that all persons assuring
previous to the 31st of December would participate in
the second division of profits ; and the other, the visita-
tion of the cholera, which gave rise to reflection, and
induced men while in health to make a provision for
their families in the event of their decease. But it was
necessary to account also for their retrogading in the
two succeeding years. In former reports mention was
made of the agitation created by the large assurance
offices against this and other associations enrolled under
the Friendly Societies Act. It was alleged that they
were not in a sound position, and were, moreover, acting
illegally ; and as these statements were put forward by
powerful and influential offices, they operated, no doubt,
to the detriment of such associations as the Provident
Clerks'. Indeed, the extent of their business proved
that such was the case. They remained some time under
the influence, as it were, of a cloud. He (the chairman)
might mention that, having lately been in Liverpool, he
was told by their agent that the cause of their business
not increasing in that town was to be attributed to the
suspicion generally entertained, in consequence of the
proceedings of the old offices, that they were not altoge-
ther in a very safe position. An investigation, as was
well known, took place on the subject before a select
committee of the House of Commons, and the report
emanating from it was highly satisfactory, placing the
legality of their office, like others enrolled under
the Friendly Societies Act, beyond all doubt and ques-
tion. But the report went further ;it stated that such
offices had been the means of making known the value
of life assurance to a large number of persons who would
not otherwise have been informed upon it, or have had
an opportunity of participating in the advantages
it offered. (Hear, hear.) As soon, therefore, as
the cloud was thus removed, and they had received,
if he might so term it, the certificate of Parliament as to
their legality and their excellent object—that of advancing
the general interests of life assurance—they were again
on the ascending scale, because from the number of 386
policies in 1851, they jumped in 1852 to 426, and during
the past year they had gone from 426 to 487 policies,
representing an amount of 95,4251. (Hear, hear.) It
now only remained for the members to use the same
exertions which they had hitherto done in order to make
the society second to none in the metropolis. It was not
enough for a gentleman to content himself with having
assured his own life, for being a mutual office, it was
to his interest to increase the business as much as pos-
sible, and if every member would, in the course of the
year, endeavour to introduce a single friend, a far better
balance would be presented in 1855 than the one they
had just heard read. (Hear, hear.) With regard to the
claims arising from deaths, the report, he would venture
to say, was extremely satisfactory, the amount being
about three-quarters per cent. on the sums assured,
which was a favourable average. He was happy
to add, also, that they had been enabled to effect
some reduction in the expenses of the establish-
ment. During the past year two circumstances had
given much pain to the managers—the death of Mr.
Clarke, one of the oldest members of the board, and the
retirement of two other gentlemen, whose avocations
called them abroad. The vacancies thus occasioned had
been filled up at a prior meeting by gentlemen whose
services would no doubt be of great benefit to the society.
As regarded tke general support accorded to the associa-
tion, it was pleasing to find that the peculiar class for
whom it was originally founded had, during the last
twelve months, responded to the calls made upon them
to a much greater extent than in the preceding
year. Still it was so important that every one
should make a provision for his family, that at
the risk of being tedious, he would again urge
on all the necessity of assuring their lives. No means
for that purpose which could be devised was equal to
life assurance, especially where a person's income was
limited. A small weekly payment would enable a young
man of twenty-five years of age to insure for 1001., and
the fact of his having obtained a policy for that amount
certainlet it extentbe supposed he had
would be a great satisfaction to him, because if he was
not a married roan, he might change his position, and
when he did so, it would be with the conviction that to
a
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But man.
The salary of a clerk was generally so small as to pre-