The Sun.
London, England, 1853-06-15 00:00:00

nretannTbelairewellcpiel nionil received,
.8
statement showing a highly satisfactory progress in
the bind/less of the company. The balance-shet, and
also a ..... : flea of the receipts and expenditure
(118,52,
liabilitiesand ofa tshteatecommepnatoyanasdotv3aliusattpit
tte,sa'aUltlited and certified, are presented to the meet-
ing,
of every policy and every outstanding debt, including
which it appears that, after providing for the pay-
?any, the establishment of agencies, and eves y other es,g,c ~.,
penditure, there was at that period a balance 0f:39,3982. 0i7," 4
fociponferringtehlbitfeme:ra:inislasYry expenses attending the formation , A the coin-
Id. in favour of the company. The difference between the
value of current premiums and future claims iis,::Of course,
not yet realised ; but a low rate of interest—only 3 per cent.
having been assumed as thebasis of the calculat ion, and as
the rate of mortality adopted has bee n found to bohigher th an
the company has experienced, and no part of tl se profit to
arise from discontinued and surrendered polici es -has been
included in the valuation, the estimate must be; regarded as
sufficiently low. The first declaration of profit s (which be-
long exclusively to the assuredl is by your deed. of constitu-
tion appointed to be made at the annual general' meeting of
five annual premiums, thereafter the profits will be f
saitlnuicBogensnos4,uo,
annualni
assuredt 1 npps rcrlnomexceeduwl williiour
L presented,nbi2,ses
ttalphopueepbr. l
seilucc
e is. 6d.;
declaredbns6
dl
t7oe bft.
proposals
ari,o2nftapl6ittot:orhsyls
ea. those
deducting l
Iyuswoerhhga
i:orl.
le:exesamht.battit l have paid
appor-
tioned annually, and the board expect that, the first reduc-
fporrectehdeinagssyueraarn,ce of 177,6281. 25., of which 430 have been
accepted and completed, being rather more than that of the
up to the
e5,,,21
aOilnl.
11,2354.76 d. policies,a ntel
xy ip e,
jyrl di
ei
igd
ing
ber of policies issued since the establishment of the com-
pany,has been 1,831; and tile total
those that have ,,d and
thosethat
discontinued,
an annual income of 15,2621. 14s. 2d. The ct aims of
last year amounted only to 2,5501., making tli e total
amount of the claims from the commencement of t!ae com-
pany 6,4911. 145., beingmuch smaller in expectance P; tending
to show that due caution has been used in the Fa.,le.ction of
lives. The premiums received upon expired a sad lapsed
policies, which no longer continue obligations o a the com-
pany, have amounted to 3,260/. 16s. 4d. In a aprecisting
the satisfactory progress of the company and its f xesent con-
dition, two important facts will be kept iu mind ; in the first
place, that there is no proprietary body whose 1 rinds might
have been applied in loan transactions, and by that means
}Live increased the business of the company, but whose an-
nual dividends must be paid to some extent ou t of the pre-
miums of the assured, thereby diminishing their profits; and
in the second place, that the board have declined, sometimes
at the hazard of displeasing active agents, to enter into any
annuity transactions which, although. they would have added
to the available funds, and might have been used to in-
crease the assurance business, woul d have more than pro-
portionately increased the liabilities . of the company, and
the recent reduction in the rate of interest has shown that
the resokition to decline that kind of business has been
salutary a.nd advantageous. Since, your last meeting great
exertions have been made by interested parties todepre-
ciate the value of the principle of indisputability, as applied
to the practice of life assurance. The steady and success-
ful progress of this company, who introduced that valua-
ble principle, without which no life policy can be a
onbetamalist:::ntilhstutteigainrnelst:
real assurance or a complete security, and a general de-
mand on the part of the public for its adoption, have
stimulated the exertions of those who refuse to grant in-
disputable policies, and the fact of this company having
refused to recognise a demand whicbwas in fact already satis-
fied, has been seized noon as art argument against the
principle of indisputability, although the circumstances do
not warrant any such conclusion. A father, having a
pecuniary interest in his son's attaining a certain age,
applied for an ordinary assurance on his life, payable
whenever he should happen to die, which was declined
by the company, as being a speculative or gambling as-
surance. The father thereupon made a statement as to
the amount and endurance of his interests in his son's
life, and a special assurance was granted for two years,
for which a corresponding small premium was paid.
The son attained the age to which the contingency ap-
plied, and the father received the full amount of the sum
assured against. The policy, having been applied for
and granted merely for a definite and special purpose,
and paid for as such, necessarily terminated with the
risk. In the present slate of the question, the board are
precluded from entering more fully into the circumstances
of the case; but it is manifest that the demand is alike
untenable and unjust, and that the doctrine of indispu-
tability is not in the slightest degree affected by it. The
directors and members cannot but feel highly gratified at
seeing the position the company has attained, and the
members are again reminded that the profits which belong
exclusively to themselves may be much increased by their
own individual exertion.

RECEIPTS.
From the Ist January to the 31st December, 1852.
Balance at bankers, 31st December, 1851 £4431 6 10
„ in the hands of secretary . . 16 1 5
agents . . 2,354 11 8
PP
Premiums on life policies . £4,263 12 5
Renewal premiums . £9,807 19 1

Interest on loans to policy-holders .
Purchase of policies • • .

14,071 11 6
318 16 5
153 17 4

.. ....~_

EXPRNDITURE.

£254 10. 9

Rent and taxes • • •
Printing and stationery, and advertising at
head otsce, and for branches and agencies 723 11 10
Directors and auditors for previous years,
as stated in liabilities for 1851, and in-
eluding £520 for year 1852 . . 1,026 11 2
Management—salaries . • . . 1,080 6
Solicitors for this year and previous years,
as stated in liabilities for 1851 . • 274 1 8
Messenger, postages, gratuities, and other
incidental charges . . • • .
Agency charges, including inspector's sa-
lary,-travelling expenses, and charges of
West-end branches . . . . 658 8 8
Interest on advances from guarantee fund 118 10 9
Furniture and ropairs in office . . . 33 lii 0
Stamps on hand. . . . . . 22 11 0
Re-assurance . . . . . . 1,357 6 3
Commission . . . . . . 728 1 0

350 11 5

Claims . . . . . .
Medical fees . . . . . .
Guaran:ee fund—repayment . . .
Loans to policy holders, bearing interest at
5 per cent. . . . . . .
Exchequer-bills. . . . . .
Balance in the hands of agents . . .

2,550 0 0
403 1 0
1,500 0 0

2,474 5 5
1,017 2
2,697 0 3
1,037 7 3
8 18 9

bankers .
secretary .

18,346 5 2

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