The Sun.
London, England, 1849-05-11 00:00:00

NATIONAL LOAN FUND LIFE

ASSURANCE COMPANY.

The annual meeting of this company was held at
the London Tavern, on Wednesday ; Mr. T. Lambe
Murray in the chair.
The ACTUARY (Mr. Woolhouse) having read the
advertisement convening the meeting,
The CHAIRMAN sail that the directors had pre-
pared a very full report of the transactions and pro-
ceedings of the company during the past year; and
he believed that the proprietors would find in it
everything which they wished to know. He would
not then further detain them, but call upon the Actuary
to read the report.
Air. WooLuousE (the Actuary) then read the
following

REPORT
" The directors have again the pleasure of meeting
the proprietors on the recurrence of the annual
meeting.
" On the last occasion the directors adverted to
the excessive mortality which characterised the two
preceding years. Since then the public health has
remarkably improved, and the claims from the decre-
ment amongst the assured with the society have fallen
as far below the calculated average, as in the two
preceding years, they had exceeded the expectation.
In the two years, ending 1817 and 1848, the claims
liquidated by the society amounted to 4.5,533/. Of
this sum the society paid in the last year, 26,6701.,
and for the most part, during the early portion of it.
"During the pest year both public credit and
private fortune sustained a severe shock. These cir
cumstances could not fail to interrupt seriously the
progress of life assurance, based as it is on the surplus
income of the community. Still, whether owing to
the fact that life assurance is better understood than
fermerly, or from the stimulus given to it through the
unusually large distribution made in the last two years
to the representatives of deceased assurers (occasioned
by the excessive mortality above referred to), not so
decided a check has been given to it as the circum-
stances of the times would seem to warrant.

" Acting on these views, as regards the ex-
tension of business, the directors have not been
deterred by unfavourable circumstances from re-
newed exertions. They are happy to report a
satisfactory progress, and a considerable increase
in the number of policies issued; which is the
more encouraging, as this remarkable increase of
business has accrued in a greater ratio at the
present moment than in the early months of last
year. The number of policies issued by the society
in 1848 was 516, while the number issued from
the Ist of January to the sth of May, in the present
year, is 405, covering a risk of 157,8991, and adding
4,946/. to the annual income of the society. The
total amount assured under existing policies amounts
to the large sum of 1,613,4421.
" The agency of the society has been greatly ex-
tended within the past and present .year, and a
greater activity and still more zealous co operation
prevails, than heretofore, throughout its widely ex-
tended connexions.

" The Transatlantic business of the society pro-
gresses satisfactorily, under the able management of
our general agent and superintendent of our local
board at New York. At New York our business
has become extensive, and is conducted with safety
and regularity. The mortality has in no year ex-
ceeded the calculated expectation.
" Considerable preliminary expenses have attended
the establishment of .this branch of the society's busi
ness, all of which are entirely written off, and are
now brought into the account of the year. A greater
economy is being practised, while the business is
largely on the increase.
"During the pecuniary difficulties of the past
year, the advantage of the system of loan on policies,
instituted by the society, has been beneficially felt by
many of our assurers. This may be judged of from the
fact that these loans have extended to the sum of
25,9591.

"The directors, in conformity with the deed of
settlement, have caused the annual investigation into
the affairs of the society to be made by the actuary,
and it is now presented, together with the auditors
report, and will be read to the meeting.
"The financial position of the society, enables the
directors to divide amongst the policy holders, entitled
to this distribution, a reversionary bonus, varying
from 20 to 48 per cent. on the premiums ; and to the
proprietors a bonus of 2 per cent. for the past year, in
addition to the regular interest of 5 per cent. already
received by them, and will be paid with the half-
yearly dividend in July next.
" The following table, prepared by the actuary, ex-
hibits examples of the amount of the eight last
bonuses to which the holders of policies of
upwards of four years standing, have become en-
titled, with the option of receiving the same in cash,
or by addition to their policies, or in permanent re-
duction of annual premiums :