The Sun.
London, England, 1853-06-10 00:00:00

1,887 £452,219 £9,763 3 1
" By the above statement it will appear that FIFTEEN
HUNDRED AND TWENTY POLICIES HAVE BEEN PAID
UPON AND ISSUED SINCE THE LAST MEETING, YIELDING
AN ANNUAL INCOME OF 7,8741. 18s 7d.
The total number of policies issued during the three pre-
ceding years, and up to the time of the last annual meet-
ing, was as follows :
Number of policies issued] 1,679. Ann. income thereof £7,707 3 4
up to May, 1852.
Add to these figures the
total business of the last 1,520 ~
year. viz., from May,
1852, to June, 1853. £15.532 1 11
" And it will be at once perceived THAT IN THE LAST
YEAR THE DIRECTORS HAVE EQUALLED THE BUSINESS OF
THE THREE PRECEDING YEARS, a circumstance the more
remarkable, inasiauch as hitherto each year of the com-
pany's operation has exhibited similar results; the second
year doubling the first, the third year producing as much
as the first and second year, and this, the fourth year, pro-
ducing as much as the three prior years.
" The directors congratulate the shareholders upon this
statement, and they feel it must 1 e evident to all persons
that the proceedings of this company exhibit a marked
amount of vitality and success ; and trust that they may
be permitted to indulge in the hope that, during the year
upon which they are now entering, the same amount of
public support and good fortune may be experienced.
" By reference to the foregoing figures, it will bo seen
that the total ANNUAL INCOME OF THE COMPANY
AMOUNTS TO 15,5821. ls. 11d., and that the company has
issued, in the short space of four years, three thousand
two hundred policies.
" This large number of policies materially distributes
the total amount assured, and at the same time that it ex-
hibits and secures connection, it lessens the chance of large
losses, by reducing the amount of individual policies.
" The force of this proposition is made apparent by the
experience of the last four years, inasmuch as the sum of
9501., the total amount paid upon life policies since the
commencement of the company, was claimed upon five
different policies—thus reducing the average of each loss
below 2001.
" The directors still find themselves compelled to decline
a large proportion of the business offered, and in the exer-
cise of their discretion have this year refused 209 proposals
for the assurance in the aggregate of 48,614/.
" The large amount of business transacted by the com-
pany during the past year, the directors attribute to the
increased confidence of the public in the management of
institution, to the assistance derived from the operations of
. the fire company, to a better knowledge and appreciation
on the part of the public of the principles of life assurance,
and to the growing popularity of the guarantee department,
—indeed, the 83 stem of guarantee established by this com-
pany has met w ;th most decided approbation from the
leading institutions of the country, in proof of which the
directors append to this report a list of the companies and
societies which nave already accepted the guarantee poli-
cies of the company, for the honesty of those whom they
have employed in situations o F pecuniary trust.
"The losses during the year have amounted to the sum
of 2,1661. Bs. 11d., 1,6101. Bs. 11d., of which has been paid
for guarantee claims, leaving the life claims for the year
still far below the expected amount, whilst part of the sum
paid for guarantee claims may yet be recovered. At the
same time it must be borne in mind, that the company has
received comparatively a large amount of premium for its
guarantee risks, and that as each year's risk is met by each
year's premium, there is no continuation of liability for
the one payment, but each year the account can be
balanced, and the directors are in consequence enabled to
congratulate the shareholders ou the hitherto profitable
working of this department ; and they feel assured that
by the time of the first valuation of the company's busi-
ness, the guarantee premium fund will be found in such a
position as to materially assist the valuer in the decla-
ration of profits.
" Tht3 directors have to remind the shareholders that at
the expiration of the next year, the fifth from the date of
complete registration, the first investigation will take
place of the financial condition of the company, when all
those circumstances which affect the soundness of the
institution will be strictly and impartially inquired into,
and a full and detailed report thereon laid before the
proprietors.
" The directors look forward to this event with increas-
ing satisfaction, fully believing that the result will show
the correctness of the principle upon which the company
was founded, and the vigour and energy which have cha-
racterised its management.
" The directors have to report that they have secured
the services of Mr. Jenkin Jones, one of the vice-presidents
of the Institute of Actuaries, as the consulting actuary of
the company, a gentleman whose ability in his profession
is a sufficient guarantee to the shareholders, policy holders,
and the public, that the valuation of the company's affairs
will be efficiently conducted.
"The directors recommend that the paid-up capital of
the company shall bear interest at the rate of 51. per oent.
per annum, and that the same be paid in future half-
yearly.
" The register of directors' attendances is placed upon
the table, by which it will be seen that the directors have
uniformly attended to the business of the company, and,
in order to show the importance of the regular attendance
of the directors, they draw attention to the circumstance
that a vast number of proposals are made to the company
in each year, the number last year amounting to 1857, or
35 for every week in the year, covering assurances to the
extent of 452,2191., or nearly half a million of money,
and that a great many of these proposals they are at all
times compelled to decline, though not without the fullest
investigation; at the same time the directors also have to re-
mark that, as a consequence of the above circumstance,
together with the necessity of vigilance and close inquiry,
with each guarantee proposal, the sittings of the board
meetings are unusually prolonged and laborious."
The CHAIRMAN then moved the adoption of the report
and balance-sheet. The union of the assurance, and gua-
rantee principles had been so successful that very few
institutions of the kind could show so favourable a re-
port as theirs. The business done in the year
amounted to nearly 8,000/. ; the whole losses were but
12, per cent. on the whole business. On the life busi-
ness from the commencement of the company there had
been a loss only of 5561., scattered over five policies,
which showed how carefully the policies were investi-
gated before they were issued. Under these cir-
cumstances there was every assurance that the company
would be able not only to meet any and every loss which
might possibly occur, but also materially to extend the
sphere of their operations. Happen what might, there
was no fear but that the office could sustain itself, and
he would say there was no company in London which could
stand upon a more favourable footing. Upon first read-
ing the report, it had seemed to him that a large
expenditure had been incurred upon local agencies ; but
he thought, when they came to look into that item, and
considering that they had agencies in all the great towns
of the kingdom—at Berlin, Hamburgh, and other Con-
tinental cities—it would be found that that expenditure
was wisely incurred, and that it would produce considerable
profits in return. At this moment a Parliamentary
committee was sitting on the subject of life assurance,
and he thought the shareholders of this office might
congratulate themselves on that fact; because, when their
turn came to be submitted to examination, theywould pass
the ordeal with credit and honour, and would thereby
give an additional guarantee for the prosperity and sta-
bility of the society. He must congratulate the share-
holders and policy-holders on the great increase which
bad lately taken place in their business, and he believed
that the excellent proposal of the Chancellor of the Ex-
chequer to deduct the income tax from that part of a
[ADV3RTISEMENT.I The Era newspaper of Saturday
man's income which he paklforasthsuarnahncaed,
ewvoeurlydegit
bveeean
next will contain an original report of the Royal Ascot greater stimulus to life assurance
known. Excellent as the plan of this company was, it
would never have been carried to suchnperfeetion had it
Races and winners for Hampton, by " Touchstone ;" a
not been for the energy and arduous efforts of th
Squeak from the "Stable Mouse" about Past and Future
Events ; Latest State of the Betting ; Aquatic news, ,
1 manager and directors, who he thought d
interesting Cricket matches, Angling, Pedestrianism,
highest thanks of all concerned. The ho
and Pigeon shooting, with all Sporting and Miscellane- I
then concluded by moving the adoption of th
PAULL seconded the motion withe rert.
deserved the
ed e
n. gentleman
one News of the week. Order of any news agents or
sure, as the report fully bore out predictions
Mr. A. F. send six postage stamps to Era office, 3, Catherine-I
peculiarill plea-
street, Strand. Upon payment of 135., you receive the
. formerly made. He ventured to predict lurtheler thea at
paper for 26 weeks, and participate in the St. Leger
h. t eir next meeting, the report would show a surplus profitt
gifts.

PORTSMOUTH, JUNE 0.
At the Court of Examination held to-day at the Royal
Naval College, the following young gentlemen passed
examinations, and accordingly entered the navy as cadets :
—J. G. F. Leacock, W. A. F. Phipps, A. Williams, H.
N. Hippisley, C. S. P. Woodruffe, A. B. Wodehouse, C. I
N. Hoare, and R. D. R. Farquharson.
The Geyser, 6, paddle-sloop, Commander Wilson, ar-
rived at Spithead to-day at noon, from Jamaica, to be
paid off. She sailed on the 27th of April, and arrived at
Bermuda on the 7th of May. whence she sailed on the 19th
with a mail for England. On the 27th ult. she spoke the
Leander, 50, Captain King, with the Earl of Ellesmere and
the contributions from England for the Great Exhibition
at New York on board, and on the 3d inst. she exchanged
numbers with the Alfred Indiaman, from Calcutta. The
following officers are passengers by the Geyser :—Colonel
Alexander, R.E., and Mrs. Alexander; Captain Mon-
tressor, R.A. ; Mr. G. R. Caldwell and Ensign Hurt, of
the 34th Regiment, in charge of a detachment of the 44th ;
part of the crew of the Bermuda schooner, recently paid
oft at Jamaica, have also been brought home by the Gey-
ser. We gave the distribution of the West India squa-
dron in our yesterday's report of the arrival of the Pole-
tiers transport.
The Fire Queen steam-yacht, Master-Commander Paul,
conveyed the Admiral of the Fleet, Sir Thomas Byam
Martin, G.C.8., Rear-Admiral Fanshawe, C. 8., Rear-
Admiral F. Martin, Captain Chads, C. 8., &c., to-day to
Sconce Point, to inspect the coast defences at that place.
The troop-ships Poictiers and Progress came into harbour
this morning, and discharged the 34th Regiment into the
Simoom steam-frigate for conveyance to Sunderland.

WOOLWICH, JUNE 9.

APPOINTMENTS.

Lieutenant John Lyons Macleod (1848), to the Sinioom
iron screw steam troop-ship, at Portsmouth.
Master.—Francis Hale (1842), to the Tribune, 30, screw
steam-frigate, at Sheerness.
Paymaster Charles A. Thorn (1847), to the Terrible
steam:frigate, at Woolwich.

Assistaiit-Surgeon James G. T. Forbes (1849), recently
set ving in the Rifleman steam-sloop, to the Simoom.
Master's Assistant H. R. Harris, to the St. Joan D'Acre,
101, screw steam-ship, at Devonport.
Clerks.—Edward R. Key (1851), recently serving in the
Hastings, 72, when on the East Indies station, to the
Sybillo, 40, at Devonport, under orders to proceed to the
East Indies and China station; James T. Bignell (1848),
from the Horatio, 24, steam guard-ship at Sheerness, to the
Tribune; W. N. Rowe, to the Tribune.
Commodore Henry Eden attended experiments which
wore carried on between one and two o clock to-day, at
the dockyard landing place with Mr. Parratt's life-boat
raft. The invention.is very simple, and might be always
available on board ship if the hammocks of the crew were
made water-tight, and so constructed as to be capable of
being inflated in tho same manner as an air-bed. The
boat experimented with by Mr. Parrett was 27 feet long
by about 6 feet breadth of beam, 3 feet 4 inches in depth,
and drawing one foot of water. On the outside of the
boat four hammock-shaped Indiarubber air-tight cases
were lashed, two on each side, and when inflated they
gave the boat three times its own natural buoyancy, ren-
dering it capable of carrying 50 men, who were rowed
about by four oars and four paddles, and making it a safe
life-boat, not liable to be upset. On approaching a wreck
the two air-tight cases are extended by a cross beam to the
distance of six feet from each side, making in all a breadth
of -18 feet, the space from the boat to the cases being covered
with strong netting, so that any person may jump down
upon it from a height of 20 feet without being hurt or
being able to upset the boat. Sixty-one men were at one
time on the raft without having much effect on its immer-
sion, and the experiments exhibited the great advantage
which troop-ships, passenger steam vessels, and emigrant
ships would possess, in cases of danger from fire or ship-
wreck, if provided with a supply of the invention to every
boat on board; and if the rafts were expanded before being
thrown overboard there would be no danger of its cap-
sizing were the boat even to fill with water. In a heavy
sea it would still have sufficient buoyancy, with 50 persons
on board, to have its gunwale 11 inches above the water-
line. The boats usually carried by steam vessels, if fitted
on Mr. Parratt's plan, would hold 100 persons, and convey
them safely to the nearest shore.

PLYMOUTH, JUNE 9.
The Swedish frigate Eugenia arrived yesterday morning
and anchored in the Sound. She saluted the citadel and
the flag of the commander-in-chief, which were duly
answered by both the citadel and the Impregnable.
The James Watt, steamer, was taken into No. 5 Dock
last evening to facilitate her fitment.

The Valorous, 16, paddle, Captain Buckle, sailed last
evening for Queenstown, where she is to remain as flag-
ship during the absence of the Ajax, one of the fleet or-
dered to ho ready to accompany her Majesty on her sum-
mer cruise.

Orders have been received at this yard to increase the
stock of coals for steam-vessels to 6,000 tons.
Letters from the Vestal, dated 25th May, state that
Captain Cospatrick B. Hamilton has invalided. The com-
mander-in-chief on the station waits instructions from the
Admiralty prior to filling up the vacancy.

MALTA, JUNE 2.
The stirring intelligence from the Levant, which reached
Malta on Tuesday evening, forms the only theme of gene-
ral conversation. The return of the Caradoc is anxiously
expected, for, apart from the arrival of Admiral Stewart,
she will, it is thought, bring orders to Admiral Dundas to
show his ships of war in the Archipelago. Beyond this
there is no news of the slightest importance.
The screw-steamers Astrologer and Melita have ar-
rived, the one yesterday, the other this morning. At
6 a.m., on the 24th of May, when off Cape St. Vincent,
the Astrologer was discovered to be on fire, from the
ignition of the coal through the heating of the bearings of
the shaft. Water was threwn down and the decks scut-
tled, and fortunately mastery over the fire was obtained,
and it was finally extinguished by 9 a.m. The cargo is
very considerably damaged.
The Peninsular and Oriental Company's steamer Bengal,
which arrived hero, on her third voyage, on the 28th ult.,
has made another splendid passage. In Channel she had
light S.E. winds, with a heavy N.W. swell, and from
Cape Finisterre to Gibraltar strong N. winds and thick
weather. From the Needles to Gibraltar she took but 3
days 23 hours, the quickest run by several hours ever
made. Remaining 6 hours at the Rock, she ran to Malta
in 3 days 16 hours, weather calm the whole way. Thus
has the Bengal made her outward voyage to Malta in 7
days 16 hours under steam, or 8 days, including stoppages.
Her average speed to Gibraltar was 12 knots per hour, and
from Gibraltar to Malta 11} knots. It is doubtful if any
paddle-wheel boat could have done it in the time.