The Sun.
London, England, 1847-01-19 00:00:00

PROCEEDINGS of the CLERICAL
MEDICAL, AND GENERAL LIFE ASSURANCE
SOCIETY.
(As reported January Bth, 1847.)
An extraordinary general meeting of the proprietors of
this society was held yesterday at the office in Great Russell-
street, for the purpose of declaring a bonus out of the profits
which have accrued from the general business of the society
during the five years ending June 30, 1846. Amongst the
directors present were Dr. Moore, G. G. Babington, Esq.,
Rev. A. B. Clough, Thomas Davis, Esq., Oliver llargreave,
Esq., and Clement Hue, M.D.
Dr. MooRE having taken the chair, Mr. Pinckard, the
secretary, read the report of the assets and liabilities; the
former of which amount to 639,7971. 6s. 5d., and the latter
to 484,555/. Os. 5d., leaving a surplus of 155,242/. 6s.
The CHAIRMAN then stated that his colleagues bad au-
thorised him to lay before the meeting the following report :
" In accordance with the provisions of the deed of consti-
stitution, the directors have called the present meeting, for the
purpose of laying before the proprietors and the assured the
result of an investigation of the society's affairs for the five
years ending June 30, 1846.
" On that day the society had been in existence twenty-
two years. An investigation of its affairs was made first in
1831, being seven years from the commencement ; a second
time in 1836; and a third time in 1841. The fourth inves-
tigation having been just completed, the directors have now
the gratification of communicating the result to the meeting.
In order to present a clear view of the progress of the
society, the directors will proceed to exhibit the present
amount of its funds, together with their state at the last
quinquennial

. .
I. The society's Income for the year ending with June,
1841, was 97,9001.; that for the year ending with June,
1846, 116,300/. Thus, notwithstanding the many de-
ductions which are constantly taking place, on account
of policies terminated by death or discontinued from other
causes, there is an increase in the annual income of the
society to the extent of 18,4001.
" 11. The amount of the property of the society, accumulated
from the excess of receipts above payments, was in 1811,
418,903/., an 4 in 1846 has reached 639,7971. Under the
head of payments are included considerable sums paid
tor the purchase of policies, and also to annuitants, besides
the amount which has become due from deaths and every
other demand.
"111. After deducting the sum required to meet the liabilities
of the society, there remains a surplus of 155,2421.; while
in 1841 the corresponding surplus was only 89,400/.
" This sum of 155,2424, has now to be dealt with, being
the amount of profit realised by the society.
" In conformity with the provisions of the deed, one half
ofthe profits is to be divided among the assured for life, and
one sixth part among the proprietors; but in order to avoid
inconvenient fractions, the directors have resolved to recom-
mend to this meeting to divide the sum of 154,500. This
will apportion to the assured, for life, 77,250/., and to the pro-
prietors, 25,7501. leaving one third of the said profit, amount-
ing to 51,5001., to be laid by and to acNimulate as a reserved
fund.

"This division will give to the proprietors a bonus of Si. 3s.
per share, and to the assured a sum of 114,031/, being the
equivalent in reversion to the above amount of 77,250/.
"This sum of 114,0311. will be added to the polices, and
be payable at the death of the respective parties, and will
limn an addition equal, on an average, to more than 36 per
cent. on the premiums received during the last live years.
" It may be desirable, however, to remind the assured that
they have the option of having any one or more of the
bonus's to which they are entitled applied in reduction of
their future payments of premium.
" For the further information of the proprietors it may be
mentioned that, by the deed of constitution, the Proprietors'
Fund is not to accumulate by the addition of bonuses beyond.
50,004. ; all subsequent bonuses being paid over to the Pro-
prietors.
" The effect of that provision on the present occasion will
be, that of the above sum of 25,750/., 17,000/. will have to be
added to the Proprietors' Fund, which will then have
reached its limit, and the remaining 8,750, being 1/. 15s. per
share, will be paid to the proprietors in cash at the end of
March next.

" In estimating the amount of liabilities, it is impartant to
observe that every Policy, together with all other risks, has
been valued separately, and with great care; and there has
been ID encroachment upon future profits; but that a tno..e
of valuation has been adopted whereby a larger sum is re-
tained to meet such claims as may arise than is usual
with most other offic,:s. This will appar by the following
examples :

liv Offices.
valuing by Ulu Ily the Mode
Sams set aside as the value
of a Policy for 1,0001. ; Northampton ' a,:optetl by
Three per this Office.
Cent. Table.

;Difference in
'favour of this
Office.

A. (1. .2 s.

£ 1

Effected at the Age of 40,
after 10 years - •
Effected at the Age of 50,
atter 10 years -
Effected at the Age. of. 60,
after 10 years -

152 3 7

153 S

6 4 10

197 17 3 215 ? 0

17 4 9

2,12 7 5 1 326 3 0

43 15 7

"4t. is clear, then, that the prospects of the policyholders
at future divisions are most favourable, partly from the un-
usually lire sum retained to meet claims, as shown above,
and partly from the reserve of so considerable an amount as
51,5001., out of profits thus ascertained.
"These facts, which have operated to a certain extent in
the diminution of former bonuses, will undoubtedly contri-
bute most powerfully- to increase the amount of profits to be
appropriated to the assured at all succeeding divisions.
"In confirmation of this view, the Directors need only
remind the assured of the statement made at the division in
January, 1842, that the two preceding bonuses had averaged
.12 per cent. on the premiums ; that the one then divided
averaged 28 per cent., and that the future bonuses were ex-
pected to exceed that amount.
"The most sanguine expectations entertained at that time
have been fully realised by the amount of the present bonus
averaging more than. 3G per cent. ; and on precisely the
same grounds the Directors conceive themselves entitled to
assert, with additional confidence, that its further increase
from time to time is almost certain.