The Sun.
London, England, 1854-06-29 00:00:00

TILE EQUITABLE FIRM INSITRANCE
- COMPAN Y.

THIRD ANNUAL REPORT.

There not having been present at the third annual
general meeting of the company appointed to be held on
Wednesday, June 7th, a sufficient number of proprietors
to enable the meeting to proceed to business, an ad-
journment of the meeting was held at the London
Tavern, Bishopsgate-street, on Wednesday, June 28th,
1854 ; Archibald Campbell Barclay, Esq., in the chair.
The following gentlemen were also present :----Mr.
James Watts, Mr. N. H. K. Burne, Mr. C.
Ehrensperger, Mr. G. W. Bartley, Mr. A. Ingles, Mr.
J. C. -Fullerton, Mr. James Lees, Mr. H. King.
Church, Mr. H. Woollren, Mr. James Crabb, Mr. G.
Broomfield,- Mr. H. Oxenford, Mr. W. C. Fletcher,
Mr. T. Lambert, Mr. W. Tustin, and Mr. L. R.
Symes.
After the usual preliminaries had been gone through;
The Accountant read the balance•sheet, which was as
follows :

BALANCE-SHEET FOR THE YEAR ENDING 25TH DEC.,

1853.
Dr.

To Subscribed capital to 25th Dec.
1852 £191,500
, Do. do. to 25th Dec., 1853 40,520
----£232,020 0 0
31,697 2 7
2,562 18 3
353 12 9
32 10 10
103 13 4
4 16 I 0
8 5 2

„ Premiums received
„ Duty received
„ Interest on investments
„ Income tax on dividends
„ Poundage on duty
„ Commission ,on re-assurances
„ Amount at credit of agents

£269,782 19 9

Cr.
By Balance of profit and loss
„ Subscribed capital, not called up 185,616 0 0
„ Losses by fire, and expenses thereat
„ Duty
„ Re-assurances, cancelled receipts, and
allowances on cancelled policies
„ Policy stamps
„ General commissions and charges al-
lowed to agents
„ Dividends to shareholders
„ Printing, policies, and stationery
„ Advertising
„ Postages and carriage of parcels
„ Incidental petty expenses
„ Repairs, painting, fittings, and, general
office expenses
„ Rent and taxes
„ Travelling expenses, and general costs
inspecting agencies
„ Salaries.
„ Directors' fees
„ Law expenses
„ Suspense account
„ Bala,nc) of deposit and
call duo, and in course
of payment £10,303 0 0
„ Furniture
„ Petty cash (in hand) 22 17 2
„ Thomas Lamie Murray 5,407 13 3
„ Current balances due
from agents
~ Cash invested in Govern-
ment securities and at
bankers

3,00 5 0
50 0 0

4,385 15 11
1,233 19 11
465 16 8
448 1 3
423 1 n
231 7 1

495 9 1
574 9 4

714 13 7
3,042 3 10
824 10 8
189 3 11
9 2 11

42,431 1 6

£269,782 19 9
(Signed) ARCH. CAMPBELL'BARCLAY, Chairman. .
CHARLES BENNETT,)
HUGH CROFT, Directors.
THOMAS WEST,
LONDON, May 13th, 1854.- We have carefully examined
the above balance-sheet, setting forth the receipts and ex-
penditure, as well as the assets and liabilities of this com-
pany, and have compared the items therein, with the
several entries in the books of the company, and we do
hereby report and certify the same to correspond there-
with. We have further examined the vouchers for pay-
ments and investments, so far as regards the English trans-
actions, and also the Monthly Statements from Canada
and the United States ; the former certified by the local
directors'at Montreal, and the latter by the joint general
agents at New York.
Signed C. WHEATSTONE,
} Auditors.
JOHN SYMES,
ABSTRACT STATEMENT, showing the INCOME and EXPEN-
DITURE (with nett profit), for the year ending 25th of
December, 1853.

Dr.
To Premiums received for the year .., £31,697 2 7
„ Duty received for the year
„ Interest on investments
„ Income tax on dividends 32 10 10
„ Poundaga on duty lO3 13 4
„ Commission on re•assurance. 4 16 10
„ Cash received on account of capital

£46,085 4 7
(Signed) C. WHEATSTONE, 1 Auditors.
JNO. SYMES,
Cr.

By Losses by fires, and expenses thereat £12,678 19 5
„ Duty 2,347 12 10
„ Re-assurances, cancelled receipts, and
allowances on cancelled policies
„ Policy stamps
„ General commissions and charges al-
lowed to agents
„ Dividends to shareholders
„ Printing, policies, and stationery

3,066 5 0
50 0 0

4,383 15 11
1,233 19 11
465 16 8
448 1 3
423 1 11
231 7 1

Advertising
„ Postages, and carriage of parcels
„ Incidental petty expenses
„ Repairs, painting, fittings, and general
office expenses
„ Rent and taxes
„ Travelling expenses and general costs
inspecting agencies
„ Salaries
„ Directors' foes
„ Law expenses
„ Suspense account
„ Amount received for and
carried to capital ac-
count £8,330 10 0
„ Balance, being nett profit
on the year 6,571 1 3

495 9 1
574 9 4

714 13 7
3,042 3 10
, 821 10 8
189 3 11
9 2 11

14,901 11 3

£46,085 4 7
(Signed) ARCH. CAMPBELL BARCLAY, Chairman.
CHARLES BENNETT,
HUGH CROFT, Directors.
THOMAS WEST,
The SECRETARY then read the following report of the
directors :

ANNUAL REPORT.
"The directors have great pleasure in meeting the
proprietors at this the third annual meeting of the Com-
pany, and to be able to lay before .thera a statement of
its steady and rapid progress, which they have no doubt
will be considered highly satisfactory.
" The number of policies issued during the year end-
ing December, 1853, was 5,439. The premiums for the
year reached the large sum of 31,697/. 2s. 7d., very
nearly as much as had been received during the three
previous years of the company's existence added
together.
" Without trenching upon the report, which we shall
hope to present at the next annual meeting, it may
here be stated, that the same ratio of increase in amount
of business is fully maintained in the current year,
1854 ; and so far from there being the smallest appear-
ance of our business having approached its maximum,
we have the most indubitable proofs that it is capable
of extension to almost any amount.
"The number of shares sold during the past year
amounted to 2,026, the profit on the year to 6,5711. ls. 3d.,
while the cash invested at bankers', and in agents' hands,
at the close of 1853, amounted to 26,377/. 19s. 4d., as
compared with 11,3161. Bs. sd. (or 16,643/. 12s. 7d. less
5,0001. current claims since paid, and 3271. 4s. 2d. since
written off), at the close of 1852, showing an increase on
the estate of the company of 15,061/. 10s. 11d.
" Perhaps it may be thought that, with so large an
amount of profit upon the year, the directors might
safely have recommended a bonus both to the proprie-
tors and to the insured, but your directors consider that
it will be far safer and better to add the whole of this
amount to the rest fund.
" The proprietors and the insured must not, however,
lose sight of this fact, that they are richer by this amount,
inasmuch as their estate is increased to that extent, and
their prospect of early returns improved.
" We have very great pleasure in informing the pro-
prietors that the attacks upon the company, to which
allusion was made in ow last report, have entirely
ceased, and that we continUally receive the most satis-
factory proofs of the good will and confidence of all.
'The very large and increasing business of this com-
pany, in America, rendering it expedient that some
member of the London Court should visit that country,
the chairman was requested to proceed to Montreal,
and such other agencies in the British North American
provinces, and also in the United States, as he might
deem it desirable to visit.
" The result of this visit, which included Halifax and
New Brunswick, was very satisfactory, inasmuch as it
brought the London court into a measure of personal ac-
quaintance with the local directors and agents in Ame-
rica, unattainable by any other means, and tended much
to promote and perfect mutual confidence.
" The Chairman was also able to make arrangements
by which a considerable saving has been effected, and the
affairs of the company placed upon a sounder and more
satisfactory footing ; and he returned highly gratified
with the friendly and cordial reception he met with in
British North America and the United States.
" The business of the Lower Provinces which, up to
the close of 1853, had passed through Montreal, is now
transmitted direct to London, the Chief Agents at Hali-
fax, New Brunswick, Newfoundland, and Prince Bl-
ward Island being placed in direct correspondence with
the London office.
"At Halifax alone 1,250 shares have been subscribed
for, by which they have completed their deposit of 5,000/.
sterling, and placed themselves in the position of a healthy
and flourishing branch ; and generally we have every
reason to be well satisfied with t,he manner in which our
agents, both in British North America and the United
States, conduct the business of the company.
" Your directors think it right to cad to the notice of
the proprietors, that the claim against Mr. Murray, for
5,4071. 13s. 3d., which appeared in the balance-sheet of
last year, still remains unsettled, no effort having yet
been made on his part to liquidate any portion of it.
"Mr. Murray forwarded a short time since a claim
upon the company, which he founds upon the 51st, 52d,
and 53d clauses of the deed of settlement, to which com-
munication your directors have made answer, that any
claim by Mr. Murray under the before-mentioned
clauses of the deed of settlement, is by these clauses
made conditional, upon the same being authorised
by a general meeting of the proprietors and
the question of Mr. Murray's claim having been brought
general meeting of the
before an adjournment of the first