The Sun.
London, England, 1854-05-11 00:00:00

mend them to his sympathy, were struggling against any
manner of adversity." _

Besides these two enthralling papers—one ema-
nating from, and the other relating to, the late
lamented Justice Talfourd—the Law Magazine
contains an interesting sketch by an eye-witness of
note—a twin sketch of Lord Tenterden and Lord
Ellenborough.

NATIONAL LOAN FUND LIFE
ASSURANCE SOCIETY.

The 15th annual meeting of this society was held yes-
terday afternoon, at the London Tavern— E. S. Symes,
Esq., M.D., the chairman, presiding. Mr. Woolhouse,
the actuary, read the notice of meeting.
The statement of accounts and the report of the audi-
tors having been read by Mr. Bennett, the financial
manager,

Mr. WOOLHOUSE, the actuary, read his annual report
on the affairs of the association. We give the document
in extenso

" Gentlemen,—The various calculations being now com-
pleted, I have to lay before you the results of my anneal
investigation of the affairs of the National Loan Fund
Life Assurance Society ; and it is satisfactory to observe
that, independently of my individual opinion, amply con-
firmed by official experience, the improved position of the
finance; of the Society exhibits a sufficient indication of
the merits of the present management. During the past
year] ,191 policies have been issued, covering assurances to
the extent of 430,6221., and yielding The
to the
amount of 13,481/. Bs. 51 m. T per annum c!aims paid
during the year amount to 21,6661. 129.—the expected
claims, according to the table of mortality adopted by the
society, being 30,2451. The total claims paid from the
commencement of the society to the end of the year amount
to 219,0461. 4s. 3d., being 15,6601. less than the expecta-
tion. The income of the society arising from premiums on
policies is now 79,7271. 16s. 7d. per annum, exclusive of
extra premiums and income from other sources, and the
corresponding amount of assurances is 2,444,164/. Tha
position of the affairs of the society, calculated up to let
December, 1853, stands thus :
Present value of income from annual
premiums
£1,079,72816 7
Amount of investments as per auditor's

report

140,621 19 0

£1,220,350 15 • 7

Present value of liabili-
ties on assurances,
annuities, &c., in-
cluding current
claims £1,096,236 6 10
Paid-up capital
Bonus on shares unpaid 384 8 2
1,147,447 5 0

Balance in favour of the society, after
payment of all claims

£72,903 10 7

" From this balance I would recommend that the sum
of 63,7881. 3s. 10d. be reserved for future profits, and the
remainder will enable you to declare to non-withdrawal
policies, on the profit scale, a cash bonus of 15 per Cent.,
and reversionary bonus in addition to the sums assured,
varying, according to age and duration, from 20 to 64 per
cent. on the premiums of all policies on the profit scale,
the same being upwards of four years' standing ; and to
the proprietors a bonus of 3 per cent. in addition to the
regular interest of 5 per cent.—l am, gentlemen, your very
obedient servant,
" W. S. B. WOOLHOUSE, Actuary."
The report of the directors, which was read by Mr.
Starr, managing director, is as follows :
"The directors have peculiar pleasure in meeting the
proprietors on this their fifteenth annual general meeting,
inasmuch as they are enabled to submit to them a report
for the past year showing a state of prosperity unprece-
dented in the history of the institution.
" Well-established system, order, and regularity charac-
terise the conduct of the company's affairs both at home
and at all its wide-spread and important branches ' • and
the revenue for the year being larger than that of any
former corresponding period, your directors abstain from
doing more than to point to this fact as incontestible
evidence of the prosperity which they have referred to.
"The above report of the actuary shows that after pro-
viding fully for all liabilities under existing policies on
life and annuities, deducting the total amount of paid-up
capital, and reserving the sum of 63,788/. 38. 10d. for future
profits, we are enabled to recommend to you to add a
bonus of 3 per oent. for the year to the holders of stock,
in addition to tho regular interest of 5 per cent.; and to
grant to holders of policies on the profit scale (except those
under the withdrawal' table) a cash bonus of 15 per cent.
for the past year. Thus, a policy taken out in 1848 (on
which the first bonus was declared last year) will be en-
titled this year to 15 per cent. in cash on the current an-
nual premium ; and a policy taken out in 1849 will this
year be entitled to a first bonus of 60 per cent. in cash on
the current year's premium.
" The first bonus is declared after a party has been as-
sured five years, and thereafter annually. In most of the
life assurance companies the bonus is awarded only every
five or seven years.
" The contingent reversionary bonus, applicable to all
policies of upwards of four years' standing (taken out on
the profit scale), will vary from 20 to 64 per cent., accord-
ing to age and duration.

The cash bonus on policies this year, recommended by
the actuary, is 50 per cent, in excess of that granted last
year. . _

" It is most satisfactory to your directors to report that
at all our important branches the business of the company
is well sustained and admirably managed.
"Since the last annual meetinc, local boards have been
formed in Dublin and in Brussels, composed of the most
leading and influential men of those capitals, for which we
tiro indebted to the care and attention of T. C. Grattan,
Esq., who devoted some time in those cities in carrying
out the important objects of the mission intrusted to him ;
and that thence also we look forward to a safe and care-
fully-managed business at a very moderate cost. Tho suc-
cess which has attended our Continental agencies induces
the directors to hope that, ore long, they may bo able to
establish blanches both in Germany and Holland.

"It will be tho business of the present meeting to elect
seven directors in lieu of Archd. Campbell Barclay, Esq.,
Charles Bennett, Esq., Hugh Croft, Esq., T. C. Grattan,
Esq., John Moss, Esq., Thomas Nichol, Esq., and J. Lean-
der Starr, Esq., whose period of office expires, but who are
eligible to be re-elected, and offer themselves accordingly.
" Also, to elect two auditors in lieu of Profes .or Wheat-
stone, F.R.S., and Thomas Williams, Esq., whose term of
office expires.
"Professor Wheatstone is eligible to bo re-elected, and
offers himself accordingly; and Professor John Radford
Young has been duly proposed as a candidate for the se-
cond auditorship in lieu of Thomas Williams, Esq., with-
drawn.

" EDMOND S. SYMES, Chairman.
"26, Cornbill, 10th May, 1854."

The CHAIRMAN said, if the old adage were true that good
wine needed no bush, it would be unnecessary for him to
make anygoneral remarks upon the report which had just
been presented to the meeting, and which he claimed to be a
good report, inasmuch as it showed that the affairs of
the society were in a sound and prosperous state. He
might, however, be permitted to allude to one or two
points which seemed to him worthy of consideration.
In the first place, as to the gross revenue of the society.
That was larger now than it had ever been before. It
might, perhaps, be said that it was naturally to be ex-
pected that as the society became older the income
should increase, but this was by no means the case
in all old assurance companies. (Hear, hear.) Let
that, however, pass. What showed the active
progression of the society was the new business which
had been obtained during the year. This amounted to
no less a sum, including immediate and deferred an-
nuities, than 27,2291., which was far larger than
the new business received in any year of the society's
existence, and made up their total gross income to some-
thing over 98,0001. (Hear, hear.) If it were a good
thing to obtain business, the next best thing was to
keep it ; and if they looked at the amount of which they
had been deprived in the year by deaths, by the expira-
tion of short term policies, and other circumstances, they
would find that the deficiency scarcely exceeded 3,0001.
The shareholders were quite aware that in many socie-
ties it was the custom to send out touters, and to make
great efforts to obtain new business—in fact, to pull men
by force, as it were, into their offices. The consequence
was that very often parties did not keep up their policies,
and though in one year a great show of business might
be made, in the following year so many policy holders
dropped off, that the actual increase of business secured
in, the way he had described was very small indeed.
The meeting he was sure would agree with him that 3,0001.
was an extremely trifling sum to be deducted from so great
an increase as 27,0001. The next subject of congratula-
tion was that the extent of mortality during the year
was 33 per cent, less than the expected average. (Hear,
hear.) This showed the care which had been taken in
the selection of lives. When they came to pass
over a large number of years, it was not unlikelybut
that the estimated average would be kept up,
that was, of course, provided for by the actuary ; and,
whenever they were called upon for a coideraearble su
)—but
m,
they would be ready and happy to pa ns
y it--(h
in the meantime he could not refrain from adverting to
the very satisfactory position in which the society was
in this respect. He was glad to find that their able
actuary, in whom he need not say the directors placed
the utmost confidence, recommended the large bonus
which was mentioned in the report. Large as this
bonus was, he would remind the shareholders that if, as
in most offices, the profits were divided only once in
five or seven years, they might make an appearance of a
much larger dividend upon a far inferior amount ;
but in that case those policies which should have
dropped in the intervening period, would be de-
prived of all share in the profits, so that it was a
kind of lottery with them ; and he need hardly ob-
serve how much fairer it was towards the assured to
let every one participate in the profits by means
of an annual distribution. Another subject deserv-
ing consideration was the outstanding accounts of
agents' balances. It would be seen that instead of the
amount outstanding in respect of these balances being
as formerly some 20,0001., it was now under 8,0001., or
about one month's premium. (Hear.) The returns
of their agents ware made now once a month, so that
they never bad more than a month's premium in band.
There was only one other point he would refer to, and
that had engaged the anxious consideration of the direc-
tors--viz,, the carrent expenses of the society. They
were very desirous of bringing down those expenses as
much as possible, and it would he seen, looking at the
present income, and that of former years, that these ex-
penses were, comparatively speaking, very much dimi-
nished. In 1851 the revenue was 72,1782., and
the expenditure 22,5771. ; in 1852 the expenses
rather diminished, while the income increased.
The income was, then, 87,1021., and the expenditure
21,2771. In the present year a very great increase had
taken place in the income, which was 98,6781., while
the expenditure was no more than 22,8301. It therefore
appeared that though in two years the society's income
had been augmented by 26,5091. the increase in theex-
penditure was only 2651., including commissions, which
of course increased with the amount of revenue. The direc•
tors had endeavoured to make the report as concile