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

495 9 1
574 9 4

714 13 7
3,042 3 10
821 10 8
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 them 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 34,6971. 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 185;3, amounted to 26,3771. 193. 4d., as
compared with 11,316/. Bs. sd. (or 16,6431. 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 15,0611. 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 our 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-
quaiutauce 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
Bi itish 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 Ed-
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 5,0001.
sterling, and placed themselves in the position of a healthy
and flourishing branch • and generally we have every
reason to be well satisfied with the 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 call to the notice of
the proprietors, that the claim against Mr. Murray, fur
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
before an adjournment of the' first general meeting of the
company, held at the London Tavern on the 3d day of
July, 1852, and a resolution of the proprietors, refusing
to authorise such clauses and to recognise such claim,
having been then duly passed and recorded in the books
of the company, the directors have no power to open the
consideration of a question thus finally concluded.
" Since Tho last annual meeting, Miles Charles Seton,
Eaq.l lac Loa elc.cted a director lq ruclutiou of a
.