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

DEPOSIT AND GENERAL LIFE ASSUB-

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
„ Marsh 25th, 1853, to March
25th, 1851, a period of 12
months

342 assuring £151,867

2,127 „ £301,013

Total number of proposals re-
ceived in 18 months 2,469 assuring £452,880
The number of policies issted. from September 20, 1852,
to March 25, 1853, a period of six months, averaging more
than 383/. 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 6,194/.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/.95. 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 is there-
fore matter of congratulation that there have been only
three deaths during the past year, assured for the sum of
621/. IGs., 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-
mencement of the company, and that its results have been
highly satisfactory, and amply repay the labour and care
bestowed upon it. The directors, however, in calling the
attention of the proprietors 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 community. The Government
has shown its estimate of its value as a social question, bythe
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
an 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 15,000/., 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. Nelson, 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 6211. 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 800/. a-year; in- Birmingham
nearly 1,000/.; and Leeds over 1,0001.; indeed, a better
agent than the gentleman at Leeds it would be inapoSsi-
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 loan busi-
ness. 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
wetiohnicehd
the creation of the new capital of 100,000 L,
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 ono of the directors who had taken
aodfvoticiaetecdomthleany,
an active part in the management
seconded the resolution, and warmly po-
licy of increasing the capital, as tending much to ex-
tend their business and connections:
Mr. KNox, a director, wished to observe,
of increasingbserve,inr e:efeitr-
ende to the prospects the company had
business, that nearly half their-present policies had come
from only four places, viz., Bristol, Oldhfauimull L,nyßiavtierrwmpoionrekii
ham, and Leeds, and as soon their agencies
Manchester,. and other large towns, were
there could be no doubt their business would be verymat,e-
tinily increased. ' acOeunts -of-other
offices; he fonzirthat there was only one besides their
own which made a return of an income of 10 000/ at