The Sun.
London, England, 1854-09-01 00:00:00

BRITISH EMPIRE MUTUAL FIRE
ASSUIeA NCE COMPANY.

The ann :al uteeting of tiiie society was held on
-----
Thursday, et 37, New Bridge-street; James Low, Esq.,
in the chair. •
The Secretary, Mr. Francis Cloves, read the follow-
jog report
"• The directors have much plessure in laying their sixth
annual repose before the members; first, because they
have to announce ten increase of receipts approaching
twice the increase of arty preceding year; secondly, be-
cause they have to propose another triennial mean to the
mein berg.
"It s needless to enlarge again upon the excellence of
the
,mutual principle, which this company u as the first to
adopt in a national tire office. It is now folly understood
to be secure assurance at the lowest possible cost. The
growing appreciation of this great principle by the public
is sufficiently shown by the steady increase of its in-
surances with this company--an increase whose testimony
is so much the more satisfactory since it has been obtained
by the ordinary exertions of the directors, members,
and agents, unaided by unusual advertising, and other
expensive modes of seeking notoriety.
"The entire premiums received during each of the two
triennial periods now terminated have been, for the first,
3,951/. 78. 2d. ; fur the second, 12,981/. 18e. ld. For the
year terminating the 30th of June, 1854, the total receipts
re p
were 10,7181. 15s. 3.1., of which 5,59 e/. 55. 6d. wepr
e• and 5,122/. 9s. 9d. duty.
"The result is that the receipts of the last three years have
much more than trebled those of the first three years ; that
the increase of the last year has more than equalled that of
the second and third together, and not fallen much short
of equalling the combined increase of the fifth and sixth
years.
"The number of new policies issued during the past year
was 2,505 for 1,295,6791.
" Such a rate of increase in the receipts and business
justifies the view adopted by the directors in 18 1, of mak-
ing triennial returns from the coremencerneut of the com-
pany, and spreading a portion of the formatory expenses
over a number of years, thereby giving to the early insurers
_
a share in the advantages of the mutual principle. The di-
rectors, therefore, propose for your adoption a return of
12} per cent, on their premiums to such of the policy-hol-
ders as hail been insured with the company for three years
and upwards at midsummer, 1854.
" At the next uivision of profits, in 18)7, all who com-
menced insurance with this com any too late to participate
this year, will have a return on the whole amount of pre-
miums paid by them up to midsummer, 1857.
"One of your imams, Mr. Robert Latter, who has long
enjoyed the confidence of the company, as well as the
esteem of all who knew him, has left this country perma-
ueutly for New Zealand, and his place has therefore to be
tilled up. Your other auditor, Mr. J. W. Pewtress, re-
tires also by rotation, but is eligible for re-election.
Four of the directors, Messrs. Jas. Low, Thos. Miens,
Thos. Olney, and J. Wilinshurst, retire also by rotation,
tint are eligible for re-election.
" The losses during the year, all of which were promptly
and satisfactorily met, amounted to 2,907/. 13s
" On reviewing the past progress, f the company and the
year just concluded, the directors can therefore appeal
with coutitleucu to their numerous members and agents to
exert themselves to the utmost in obtaining business for
the Society. The affairs of the company are conducted
with the strictest regard to economy ; its business is rapidly
increasing ; all claims have been met without delay ; and
this very year exemplifies, even at this early stage, the
advantage of its great distinguishing principle. With such
facts to state, if each insurer would endeavour to bring the
company another, he could hardly fail to succeed, and the
result would be a doubled business next year."
The CHAIRMAN-1 am sure you will agree with me
that it is quite unnecessary for me to go into detail in
submitting the report and balance-sheet for your adop-
tion. lam the more glad of this, because lam but just
recovering from a long illness, and am in such an en-
feebled state, that I should not have been with you had
I not apprehended that my absence might have been mis-
construed. I cannot help feeling considerablegratification
in asking you to adopt the report and balance-sheet,
because it happens that I was one of the first who united
with a body of gentlemen in making a rather bold expe-
riment, with a view, not of aggrandising ourselves, but
of beuefitting the public, by giving them the advantage
of insurance at the lowest possible rate, and that
on a safe and sound principle. When the society
was registered, an old friend of mine, connected with
one of the proprietary companies, said to me, smiling,
" Well, I will give you a twelvemonth." But I have
to congratulate you, gentlemen, that we have now ar-
rived at our sixth anniversary—(hear, hear)----and
think our experience has shown that the principle we
have adopted is a sound one. It was, certainly, a bold
experiment ; for, in carrying out any new undertaking,
difficulties must arise that are not anticipated in the
starting. For ourselves, we soon found out that starting
a society that was likely to grow into considerable mag-
nitude entailed great responsibility on the directors.
We met that responsibility as honourable men. We hap-
pened fortunately to enjoy the good opinion of the pub-
lic ; for although we are not men of great title, we
are all, I believe, known to be men of standing and in-
tegrity. (Hear.) But another difficulty presented itself.
We were asked, " Suppose there are any serious losses,
whdt security have we that they will be met ?" We
felt the force of that question ; and, in order to set
it at rest, and to enable the directors to push the busi-
ness with more confidence, we raised a guarantee fund
of 200,0001. (for we thought the fund should be an
ample one), and made a call of 10 per cent. ; so that
any man might see that, by insuring with us, he would
He as safe as though he insured in the Sun or the
Phcenix, or any of the oldest and richest offices. (Hear,
hear.) At the same time it appeared to us that the
establishment of a guarantee fund was not in any way
innovating on the strict mutuality of our society ; and
for this reason :—the money must come from some
source in the event of losses ; and those wbo advance
the money must, as a matter of business, be paid for
it. But there was this advantage in adopting a gua
rantee fund over a proprietary company. A proprie
tary company remains so for ever ; not so our so-
ciety ' • because, whenever we get rich enough—
which in time I hope we shall do—our position will be
this. We shall come to ycu and say, " Gentlemen, we
have now twenty, or thirty, or fifty thousand pounds as
a reserve fund ; and it is for you to pay off your gua-
rantee fund, if you choose." You will have to decide
that question, not the directors. You may possibly
think that the present arrangement has worked very
well, and that it had better not be disturbed ; or you
may think otherwise, The matter must be looked at
seriously, so as to decide whether we shall pay off the
guarantee fund or throw the advantage Into the hands
of a future generation. You will see by the report that
we have been making a steady progress from year to
year, and that our increase of premiums has during
the twelve months nearly doubled that even of the
preceding year. That, I think, shows that the prin-
ciple is a sound one. You will all see at once that
the more business we do the greater will be our pro-
fits, as the expenses do not increase in proportion to the
business. The rapid success of the society, therefore,
rests with yourselves. You know the effect of adding
members to a society. Each added member may bring
another, and thus there is a continued progress. It is
very gratifying to me that I am surrounded by men in
whom we can have perfect confidence. This is not the
case in all societies, but it is so with us. Our friends
are men of integrity and usefulness, men who live notfor
their own benefit only, but for the benefit of society.
(Rear, hear.) Let me urge you then to contribute as far
as you can to the support of this society. In doing so
you will be, benelitting yourselves. Already we are en-
abled to make a return of 121 per cent. to the insurers.
This, remember, is not, as some might at first suppose,
121 per cent, upon this last year's premium, but upon
the three year's premium, amounting therefore to 371
per cent.—a thing not to be despised. For a long time
I paid 70/. or 80/. a-year for insurances, and I should
say that for 40 years I never had a single sixpence re-
turned ; but consider what I should have received if I
had had the privilege of insuring in a mutual society like
this ! (Hear.) I beg to move the adoption of the report
and cash accounts.
The motion was then put, and unanimously agreed
to

The following director; who retired by rotation, were
then re-elected ; Messrs. James Low, Thomas There,
rn3mas Olney, J. Wilmburst.
Mr. JAMES BLACKETT su,:gested that, in addition to
the statement in the report, a specific resolution should
be moved agreeing to the proposed return of 124 per
cent.

Mr. ISAAC DQXSET thought such a resolution woald
be more likely to attract attention than a mere state-
ment in a report, and it was important that the public
should know that there was a society in which they
could get a liberal proportion of their premiums re-
turned.

The CHAIRM&N said be saw no objection to such a
resolution.
Mr. BLACKETT then moved—
" That this meeting cordially agrees with the recom-
mendation of the directors that 12i per cent, on their
premiums be returned to the incur ers.
Mr. DoxsEY seconded the resolution, which was unani-
mously adopted.
Mr. J. W. Pewtress was re-elected as one of the
auditors for the ensuing year.
Mr. TURNEY proeo,ed Mr. Isaac Doxgey as auditor in
the place of Mr. Robert Latter, who, it was stated, bad
left the country for New Zealand.

Mr. CUTFIBICRTSoN said, that, when Mr. Latter left
the country, the directors felt that they could not too
highly appreciate his character as a than of business
and integrity, and that it would be highly desirable that
some auditor should be chosen in his place who would
perform his duties with equal determination and zeal.
The nomination of Mr. Doxsey by one of the menibers
(not by the Board) gave the directors greatpleagsureraei
He
was a man of good busine‘s habits, possessing
powers of penetration, and likely to prove an active and
valuable officer of the society.
The motion was then agreed to.
Mr. DOISEY tha,iked the meeting for electing him, and
stated that he wculd endeavour to fulfil as earnestly, dili-
gently, and honestly ai he could, the duties devolving
upon l.im.
Mr. DANIEL PRATT said he rejoiced to see the Chair-
man present after his lengthened illness, and hoped that
he would be able to adopt the motto of Lord Palmer-
ston, "To be bent, not. broken." He (Mr. Pratt) had
lately been reading the mottoes of some English noble-
men, and some of them appeared to him to be peculiarly
applicable to the Society. The motto of the Duke of
Devonshire was, " Secure in caution." That was most
valuable for a fire company, and he believed it was one
on which the directors acted. They were exceedingly
anxious to be secure, and were, therefore, cautious. They
had no doubt declined much business, though that was
not stated in the report. Such a circumstance formed
the real security of the members, and was a guarantee
that the business of the society was properly conducted.
(Rear.) The motto of Lord Lyndhurst, who rose
Beyond all
from
the ranks to sit upon the Woolsack, was
" of the
progress :" which might be taken es the
ts
mottob
society, so rapid had been .the increase of
The Earl of Selkirk's motto was " Never
.behmd.u„iness.
The
eoiety bad atm. yet preyed to, be belvdo.fag e Pi'
s