The Sun.
London, England, 1854-04-05 00:00:00

NAVAL APPOINTMENTS.

Captain Erasmus Ommanney (1846), Deputy Con.
troller-General of the Coastguard, is appointed to corn•
mand the Eurydice, 26, commissioned this day at Ports
mouth.

Captain G. N. Broke (1845) has commissioned the
Gladiator steam-frigate at Portsmouth.
Lieutenants--Mountford S. L. Peile (1841), from the
Arrogant screw steam-frigate, to the Gladiator steam-
frigate, at Portsmouth ; William H. Hood (1846), from
the Coastguard t 9 the St. George, 120, for service with
the Baltic fleet ; Hon. Thomas A. Pakenham (1844), to
the Algiers, 91, screw steam-ship, now ready for com-
mission at Devonport.
Master C. C. Scott (1854), to the Gladiator steam-
frigate at Portsmouth.

Clerk Edward Faulkner (1847), from the Impregnable
flag-ship at Devonport, to the Gladiator.

DEPOSIT AND GENERAL LIFE ASSUR-

ANCE COMPANY.

The second annual general meeting of the proprietors
of the Deposit and General Life Assurance Company
was held on Monday at the head office of the Company,
18, New Bridge-street, the Right Hon. the Viscount
Drumlanrig, Comptroller of her Majesty's household,
and chairman of the board of directors, in the chair.
The advertisement convening the meeting having been
read by Mr. C. W. Bevan, the manager and secretary
of the company, the directors' annual report was sub-
mitted to the meeting, as follows :

" Your directors have much pleasure in again meeting
the proprietors, and in presenting for their information and
that of the policyholders, the highly gratifying report of the
business transacted during the past year. The directors in
their last report anticipated, from the large amount of
business that had been transacted during the short period
of six months, greater success than had attended most
societies of a similar kind, and they consider that their
expectations are fully borne out by the following compara-
tive statement of the business of the company up to the
present date :

" PROPOSALS RECEIVED.
From Sept. 20th, 1852, to March
25th, 1853, a period of six
months. 342 assuring £151,867
„ Marsh 25th, 1853, to March
25th, 1854, a period of 12
months

Total number of proposals re-
ceived in 18 months 2,469 assuring £452,880
The number of policies issued from September 20, 1852,
to March '25, 1853, a period of six months, averaging more
than 3831. each, were 203, assuring 77,8611., and producing
an annual income of 3,828/.165. sd. ; from March 25, 1853,
to March 25, 1854, a period of 12 months, averaging 2461.
each, 718 policies, assuring 177,4601., and producing an
annual income of 6,1941.135. sd. There had been also 1,010
industrial policies under 501. assuring 20,4121., and pro-
ducing an annual income of 5191., making the total annual
income of the company 10,542%. 10d. It will thus be
seen that there has been a very marked progress in the
business of this company, and your directors confidently
appeal to the early history of other insurance companies to
show that there have been few instances of so favourable
a result. Next to the amount of business done, the nature
of the business itself is of chief importance, and it is there-
fore matter of congratulation that there have besn only
three deaths during the past year, assured for the sum of
6;11. 165., which is very much below the anticipated ave.
rage of mortality, and must clearly prove to the proprie-
tors that great care and attention have been bestowed by
the medical officers in the examination of lives. Your
directors would now advert to two important sources for
increasing the company's business, viz., the loan depart-
ment and the agency department. In reference to the
former, the directors have much pleasure in stating that
not a single loss has been sustained therein from the com-
meacoment of the company, and that its results have been
highly satisfactory, and amply repay the labour and carp
bestowed upon it. The directors, however, in calling the
attention of the psoprietors to this most important and pro-
fitable branch of the company's operations, have to state
that, in the first establishment of the company, no such
business was contemplated, and that the paid-up capital of
10,0001., which was only intended for a life guarantee fund
in the earlier stage of the society's existence, and would
been ample for that purpose, has been found inadequate
for the full development of this branch of the company's
business ; and as they consider it highly desirable to con-
tinue and extend so profitable a part of the business, they
recommend the shareholders to create an additional capital
100,0001. by the issue of new shares, under the provisions
of the company's deed of settlement. As regards the agency
department, your directors have given their attention
during the past year to the formation and consolidation of
good agencies in some of the most important towns, and
have every reason to be satisfied with their present effici-
ency. At Manchester, Oldham, Bristol, Leeds, Birming-
ham, and Northampton, the company's operations have
been eminently successful, and have quite equalled the
most sanguine expectations of your directors ; and they
hope that, with increased exertions on their part, assisted
by the cordial co-operation of both the proprietors and
policy-holders, they will be enabled to lay before you at
the next annual meeting a still more gratifying report.
Your directors advert with pleasure to the increasing at-
tention which is daily bestowed on the subject of life assu-
rance by all classes of the c ,mmunity. The Government
has shown its estimate of its value as a social question, by the
reduction of the duty formerly imposed upon policies to an
amount so low that your directors have for some time past
issued their policies free of stamp duty. Besides the reduc-
tion in the stamp duty, the Government has further shown
its appreciation of the value of life assurance by allowing
au abatement of duty on incomes in respect of annual
premiums paid for insurances. The Government
has also further decided, in proof of its anxiety to support
the principles of life assurance, to appropriate the un-
claimed money accumulated in the post-office, amounting
to 15,00 N., to the effecting policies of insurance on the
lives of the officers of that national establishment. This
company may now be considered fully established, and its
expenses in future will bear a much smaller ratio to the
amount of business transacted. A dividend, at the rate of
five per cent. has been paid upon the capital stock of the
company for the past year, in conformity with the deed of
settlement, and under the authority of Mr. Neison, the
consulting actuary of the company. Your directors, in
conclusion, desire to remind the shareholders that the
success of the company may be greatly increased, and its
operations extended, by the personal exertions of the
shareholders themselves; and they would, therefore, urge
upon them to endeavour to make the company, and the
advantages it affords, known among their friends and con-
nections ; and to show their own confidence in it by them-
selves assuring if not already assured."
The CHAIRMAN moved the adoption of the report,
which he thought clearly showed the position of the
company, and must be satisfactory to every proprietor
and policy holder. From all the reports he had seen he
believed there was no young office which had made more
rapid progress than this. Here, perhaps, he might be
allowed to congratulate them that the young offices had,
by the report of the committee of the House of Commons,
been freed, in a great measure, from the suspicion and
obloquy attached to them before the appointment of that
committee. They now had an income of upwards of 10, 000/.
a-year, and had issued 1,921 policies—a number which
had been much increased since the 25th of March,
The nature and soundness of their business was shown
by the fact that they had only had three deaths on po-
licies assuring 621/. He thought that a matter of con-
gratulation, as it showed how well the medical officers
had done their duty. It was highly important, during
the first two or three years of a company's existence,
that the losses should be as light as possible. He should,
perhaps, also state that, since the 25th March, there had
been another claim fall in of 500/., which was now under
discussion. Next to their medical officers their agents
were of the greatest importance, and though they had
in the first instance had one rather troublesome agent—
notwithstanding all his business had proved good—but
now all their agents worked very satisfactorily with
them. From Oldham alone they had received, in four
months, 150 policies, averaging 2001. each. From Bris-
tol, where they had recently opened an office, they had
now an income of over 8001. a-year ; in Birmingham
nearly 1,0001.; and Leeds over 1,0001.; indeed, a better
agent than the gentleman at Leeds it would be impossi-
ble to obtain. The agents at Northampton and Man-
chester had only been recently appointed, yet they were
already making very satisfactory progress. The last
part of the report to which he would allude was that in
which it proposed to increase the capital, for the pur-
pose of carrying out, to a greater extent, their Io busi-
ness.n When they first commenced business, they did not
propose to enter into that branch of assurance, but they
found it extremely profitable, as persons borrowing
money always assured their lives to two or three times
the extent of the amount of assurance. All their shares
were disposed of, and the deposit of 10,000/. paid up.
He held 500 himself, and if the shareholders sanctioned
the creation of the new capital of 100,0001., of which
10,000 would be called up, he would be glad to double
the number. (Cheers.) In conclusion, he begged to
move the adoption of the report.
Mr. PRINSEP, as one of the directors who had taken
an active part in the management of the company,
seconded the resolution, and warmly advocated the po-
licy of increasing the capital, as tending much to ex-
tend their business and connections.
Mr. KNOX, a director, wished to observe, in refer-
ence to the prospects the company had of increasing its
business, that nearly half their present policies had come
from only four
places, viz., Bristol, Oldham, Birming-
ham, and Leeds, and as soon their agencies in Liverpool,
Manchester, and other large towns, were fully at work,
there could be no doubt their business would be very mate-
rially increased. In looking over the accounts of other
offices, he found that there was only one besides their
t own which made a return of an income of 10,000/. at

[PRICE SD,

the close of the second year. Indeed, they had been
only 18 months at work, during the first three of which
their business was merely nominal, so that they really
obtained the large income they possessed in about 15
months, and they had every reason to expect that next
year it would be very considerably increased. He be-
lieved that they were now fairly established, and that
their expenditure, which had hitherto been large, would
not only be reduced relatively in accordance with the
amount of their business, but actually in amount. One
disadvantage of a proprietary office was, that they had
comparatively thin meetings of shareholders, but he
haped some arrangement would be come to in the course
of the summer by which they might have a meeting of
policy-holders to hear the progress making by the com-
pany. In conclusion, as he saw Mr. Neison present,
he should be happy to hear his opinion on the position
and prospects of the company.
Mr. NEISON said that the report laid before them that
day sufficienetly evinced that a large business had been
done. There were few instances of a new office making
such rapid progress, and he could not look upon their
prospects as other than of a most encouraging descrip-
tion. Mr. Knox having alluded to their large expendi-
ture, he might b. e allowed to repeat what he had said
elsewhere, that it was better to spend 10,000/. at once
to obtain a large business than drag it over four or five
years to obtain an equal amount of business--all experi-
ence proving that the "slo isand sure offices," as they
were called, could not obtain a business under that
amount. Of course, when he spoke of a large expendi-
ture, he meant that it should be also judicious, and that
it was so in this case was shown by the large fruits it
had borne. With regard to the extension of their loan
business, he believed they could not do a better thing,
as it was both commercially profitable and beneficial to
the community generally.
The report was then adopted, the dividend approved,
and the retiring directors re-elected. - -
The same remuneration as last year was voted to the
directors, while 151. 15s. each were voted to the audi-
tors.

Mr. BEVAN remarked that the auditors had well earned
the money, inasmuch as for several days they had been
engaged in the office up to twelve o'clock at night
investigating the accounts, and taking care every item
in the balance-sheet was checked and proved.
Mr. PRINSEP proposed a vote of thanks to the medi-
cal officers for the great care bestowed by them in se-
lecting healthy and sound lives. The success of their
selections was shown in the few casualties which had
attended the operations of the society.
Mr. R. A. RIDDELL seconded the motion, and bore
his personal testimony to the attention which the medi-
cal officers had devoted to the interests of the company.
The motion was carried unanimously.
Dr. SCANLAN returned thanks, and stated that the
compliment was as much due to thei medical referees in
the country as to his colleagues in London. (Hear.)
A vote of thanks was then unanimously passed to the
chairman and directors for their past services.
The CHAIRMAN, in acknowledging the compliment,
assured the meeting that he had always taken a great
interest in:the welfare and proceedings of the company.
He spoke not only as chairman and a director, but as a
shareholder and policyholder also, and to show the
confidence which he had in the stability of the concern,
he need only mention that he was insured with the
company for the sum of 4,0001., and therefore the pro-
prietors might rest satisfied that in furthering their in-
terests he was only promoting his own. (Cheers.)
A vote of thanks was then proposed to the country
agents, which was responded to by Mr. Davies, of Man-
chester.

Proposals for assurance were handed in from Oldham
for '2,850/. ; Manchester, 2,722/. ; Bristol, 4,2001. ;
Derby, 2,2001. ; and Birmingham, 4,400/. ; making a
total of 16,372/.

. _
Mr. POOLE took the opportunity of passing a warm
eulogium upon the business habits of their noble chair-
man. He was sure the company ought to be very much
indebted to the gentlemen who had introduced him to
them, for greAter attitude for administrative detail could
not be found more strongly developed in any gentleman
in the city of London than it was in the noble lord, who
had worked hard in the service of the company, and
took care never to miss an opportunity of promoting its
interests. Like the noble lord, he held 500 shares, be-
sides being insured in the company ; and he should now
be delighted to double his shares. (Hear, hear.)
Mr. KNox moved a vote of thanks to their worthy
and indefatigable secretary, Mr. Bevan, and ob-
served that during the last twelve months the ze .1 and
energy of that gentleman in promoting the success of the
company had been most untiring. His exertions were
beyond all praise, and could not be too highly valued ;
for however persevering the board of directors might be,
it could do nothing without the assistance of an able
secretary, who was the right hand of the administra-
tion of the company. (Hear, hear.) Mr. Bevan had
displayed wonderful knowledge and activity in establish-
ing country agencies, and to him More than any other
man was due the credit of leaving brought the company
to m tturity. (Hear, hear.)

Mr. POOLE bad very great pleasure in seconding the
motion, and agreed with the mover that the great busi-
ness which the company had done was attributable to
the energy and activity of Mr. Bevan, whose readiness
for work at all times was quite .astonishing. (Hear.)
Mr. PRINSEP hoped the meeting would consider that
the motion was seconded by every member of the board.
The services which Mr. Bevan hut rendered the company
were certainly most valuable, and not only the directors
but the proprietors and policy-holders owed him a deep
debt of gratitude. (Hear, hear.)
The CHAIRMAN, in putting the motion, said it was
hardly possible to add another word in praise of Mr.
Bevan ; but he yet thought it right to state that he con-
curred most heartily in every word which had fallen
from his hon. colleagues. (Hear, hear.)
The motion was carried by acclamation, a proprietor
wishing to add, by way of rider, that a bonus of 150/.
should be presented to Mr. Bevan ; but, at the request
of Mr. Bevan himself, the proposal was not perse-
vered in.

Mr. BEVAN was exceedingly obliged to the proprietors
for the kind manner in which they were pleased to ap-
preciate his services, and he declared that this flattering
mark of their esteem and approval would be an addi-

tional inducement for him to g o on extending the influ-
ence and operations of the company. (Loud cheers.)
He hoped by this time next year the company would
have doubled, if not quadrupled, its business, but of this
the proprietors might rest satisfied, that it would neither
be his fault nor yet that of the directors, if that result
should not be attained. The interest of the shareholders
was closely looked after by the directors ; so closely, in-
deed, that there was hardly a day in the week which
had not its allotted board or committee meeting, and
no opportunity for furthering the interest of the com-
pany was ever allowed to escape the vigilance of the di-
rectors. (Hear, hear.) Again he thanked the meeting
for the heartiness with which they had recognised his
services, and he assured them that this remark of re-
spect came with the more pleasure now as to-day hap-
pened to be his birthday. (Hear, hear, and laughter.)
This closed the business of the ordinary general meet-
ing.

—Viscount Drumlanrig being compelled to leave to at-
tend his duties at Buckingham Palace on the address
from the Houses bf Parliament being presented to her
Majesty, the chair was taken by Mr. Prinsep. The
noble Viscount retired from the room amidst the echoing
cheers of the assembled proprietors.
The advertisement convening the extraordinary meet-
ing was then read, after which,
The CHAIRMAN reminded the proprietors that they
had now to consider a most important subject, namely,
that of increasing the capital of the company which
was peculiarly a proprietor's question, but at the same
time he was bound to state that the directors thought

it was essential for the interest of the company that they
should be armed with a larger amount of capital than
they could now command. They must either decline the
loan business altogether, or have the means of increasing
it. Well, then, it was proposed to increase the paid-up
capital, by the issue of new shares, in prefereue: toivere
making calls upon the existing shares as theyo of
b(Ctheers.
created, for the purposes not of making loans,
se-
curing to the public a life guarantee fund.
The loan business was not only profitable in a commercial
point of view, but it served to extend the life assurance
connection of the company. The company granted loans
from 50/. to 500/., and hitherto the applications for loans
had averaged four a-week. The money advanced was
amply secured, and repaid quarterly, and the securities
were investigated by a well-informed agent. They
pretty well knew the value of each security before
the money was advanced but in addition to the secu-
rity, the borrower generally insured his life for double,
sometimes treble the amount borrowed, and therefore,
after the loan was repaid the company had still the
advantage of the premiums on the policy. (Hear,
hear.) There was very little risk about this descrip-
tion of business ; and, since it was profitable to the com-
pany, and exceedingly beneficial to the shareholders,
he bad no hesitation in moving a resolution to double
the amount of capital, and to offer the new shares to the
proprietors of original stock at par up to the 10th June,
1854, after which any remaining will be offered to the
public at premium of not less than 2s. 6d. per share, at
which price, it was stated, transfers of original stock had
taken place.
Mr. KNox seconded the resolution, and stated that it
was the wish of the directors that these new shares
should be distributed in small numbers of say 25 or 30
over the whole country, so as to increase the connection
of the company. The shares would be offered at par in
the first instance to the agents and existing shareholders,
and then they would be issued to the general public at
the discretion of the directors, leaving them to deter-
mine the number to be so issued, and the premium to
be charged upon them. (Hear.)
The resolution was then put and carried unanimously.
Thanks were then voted to the chairman, and the
meeting terminated.

DECREASE OF PATIPERISM.—The number of poor re-
ceiving relief at present in St. Pancras parish, with a
population of 170,000 is in-door 1,476, out of the house
5,511, total 6,957. For the corresponding period last
year the total number was 7,157 ; decrease 170. There
are in the Holborn union at present 613, while for the
eorresyondin period of 1853, the number was 647.
For the last three months the number has been gradually
decreasing•