The Sun.
London, England, 1849-10-12 00:00:00

the proportion of such excess is certain to return in an first
rgeometricians and mathematicians in
(Hea)—and perhaps it would he needless Entoropstea—te improved ratio to the holder of the policy in the shape of
F.R.S., was known in every city
a bonus at every division of profits—four fifths, or 80 thath Mr. Lowe,
w ere gas-lighting es introduced as the first engi-
per cent. of such profits being set apart for this especial
neer upon that subject.— (Hear, hear.) The value
purpose, and a separate account is expressly kept of this
branch of the business as fully set forth in the pro•
of the names of gentlemen could not fail to have
spectus.. The members of this society !ail!, therefore,
much influence with the public, and he had therefore
readily approve of the determination of the board of di-
rectors not to accept any assurarce without a rate ee great pleasure in now moving that a vote of thanks
premium which is fairly equivalent to the risk. and thirty guineas be presented to their four • auditors,
Your attention is now called to the facilities Mr. Professor Davies, Mr. G. H. Ladbury, Mr.
offered by this society for the prompt transac- George Lowe, and Mr. Thomas Perry, for their great
tion of all business presented at the head of- zeal and ability.,
flees in the Old Jewry ; as in consequence these of it
frequently happens that a proposal is sent from the coun- This motion was seconded by Mr. HILL, and carried
with applause.
try and a final answer returned wnhin a few hours. To
those engaged as life-insurance agents these fecilities Mr. BRITTEN said the following directors retired by
are of great importance; and many agents who have had rotation :—John Beadnell, jun., Eq., Alfred Smee,
proposals declined by their own societies, have retained Esq., and George Tyler, Esq. The deed of settle-
the cases until they have received a reply from this ment required that three directors should annually
retire—the three wereselected
office, and frequently, instead of having to communicate by ballot, and the
to their clients the unwelcoree intelligence that the pro- chance had unfortunately fallen upon the three gentle-
posal is altogether ' declined,' have had the more pleas- men he had named, who had shown themselves most
tug and setistactory task of reporting its acceptance by efficient in the discharge of their duties, and whom
the society. It is almost unnecessary to add that the he was sure they would unanimously regret to lose.
agents, as well as the assured, have spoken in terms of He beieved the shareholders would consult the inte-
satisfaction of this course, the advantage of which they rests of the society by re-electing them.— (Cheers.)
could not fail to appreciate. Your directors have also The motion was y
,and
seconded b Mr. PATTERSON
great pleasure in stating that a large majority of the
carried unanimously.
most respectable assurance offices are so fully aware of
the advantages of this system to themselves, that they Mr. TYLER expressed his acknowledgments on be-
have afforded their cordial support to this society, half of himself and colleagues for the honourable
which, by extending the practice of life assurance, be- position in which the shareholders had placed them.
comes of interest in a national point of view. The It had been their privilege and their pleasure to give
Gresham Assurance Society already numbers nearly their time and attention to the business of the office,
600 members; it therefore follows that, if each and the result of their labours, in common with their
one would add one friend or acquaintance brother directors, was before them. They could only
during the
to the number, such an accession of strength say thatforthcoming year their exertions
would would result to this society as would place i
ld be devoted to increasing the business of the
it in the first rank of the insurance offices of Great office; and he confidently hoped that on the next
Britain. Your directors believe that there are but few
occasion they met the proprietors they might be
amongst you to whom this effort would be either un-
pleasant or unprofitable; as doubtless each of you have enabled to say that the business had been trebled.
some relative, friend, or acquaintance who has, up to The Rev. Mr. TYLER proposed that Professor
the present time, overlooked or neglected to make this Davies and G.' H. Ladbury, Esq., be elected auditors
necessary provision for those depending on him; for it on behalf of the shareholders, which was seconded by
is a well-known fact, that the majority of these assu- Mr. SowELL and carried •
rances which are at present annually effected are not On the I.
of
unanimously.
assurances effected for this laudable purpose, but are L motion Mr. BURR (of Rochester), George
generally in connexion with some financial transaction. owe, Esq, F.R.S, and Thomas Perry, Esq., were
elected auditors on behalf of the policy-holders. Mr.
From statistical returns, it appears that not more than Burr said he had been an assurance aent for fifteen
one in fifty of the entire adult population have hitherto g
availed themselves of the advantages of life assurance! years. He was very cautious as to the offices in
which shows the ample field which is still open for your which he interested himself, but when he found an
exertions. Your directors need hardly remind you that office like the Gresham, deserving well of the public,
should your endeavours be crowned with success but in he gave it all the assistance in his power. He
a solitary instance, you will have the satisfaction of and other agents who were present found in
knowing that you have induced one, at least, of your their respective agencies many lives declined. He
fellow-men to turn his: attention to a subject which did not mean
.to say that they did not bring the
will prove a source of comfort to himself during life, offices the
bast lives they could find, but, nevertheless,
and of independence to his family after his decease, a number of the persons, who through them wished
"STATEMENT OF BUSINESS TRANSACTED DURING to assure their lives, were declined by the ordinary
THE Two MONTHS ON AUGUST AND SEPTEMBER LAST. assurance offices. ow looking at the object of
—Proposals accepted, and upon which the premiums this office,
th h • ' and eying a phalanx of good and well-
have been paid (each policy averaging 4324 155.) 87;
remunerated agents, it must succeed. With the ex-
making the total number of policies, effected to this date,
collect directors, with the excellent secretary and
504—producing an annual income of 7,1404 4s. 2d."
The report was much applauded. intelligent officers they possessed, they must do
The CHAIRMAN, in moving the adoption of the well.— (Hear, hear.) Since he had been assurance
report, said that it would be almost unnecessary for agent he had received five hundred proposals, the
him, after the copious and explicit report which they premiums upon which would amount to from 4,0001.
had heard read, and which exhibited so great an to 5,0001. a-year, which was equivalent to the revenue
amount of prosperity, to enter at any length into an of some offices which had been years in existence.—
elucidation of the matters upon which it treated, (Hear, hear.) How many did they think out of that
since there were many gentlemen present intimately number had been declined ? Forty-four who had
acquainted with the operations of life-assurance proposed to assure themselves for an aggregate sum
societies. Indeed, were no other persons present than of 21,000/.—(Hear, hear.) Until the Gresham was
the gentlemen to whom he alluded, he should not instituted be was obliged to tell forty out of these
trouble them then with any observations; but as there forty-four persons that they could not have their lives
might be present some gentlemen not familiar with assured, however willing they might be to pay a high
the operations of such societies, and consequently not rate. His friend opposite could tell a similar story.
so competent to judge of the report which the direc- Mr. GOSBELL said he had had five times that num-
ber declined.—(Hear, hear.)
tors had presented, or of the balance-sheet which they
had exhibited, he thought that a few remarks would Mr. Duna said, to show the advantage of the
not be altogether lost.—(Hear, hear.) At the close, Gresham, he would cite a case which had occurred
he believed, of the session of 1844, their legislators within his agency. A lady, aged sixty-three, wished
passed an Act providing that all joint-stock to assure her life for 4,0001. She had been declined
companies established from that time should by other offices, and he urged upon her to allow him
be registered, and that they should furnish to propose her to the s" Gresham." He brought her
from time to time balance-sheets exhibiting up to London, and gr. Smee called upon her (for
their condition. Since that perioda number of life-
it appeared that no trouble was too great, and no
assurance societies, which came within the meaning
distance too far, if by submitting to either the one or
the other that gentleman could promote the benefit of
of' the Act, had sprung into existence, some of them
offering various inducements to the public to join the institution), and at the present time this lady
them. Some claimed support from the well-known was assured at the office.
character of the gentlemen constituting their boards Mr. GOSBELL seconded the motion. Whilst be had
of direction, on which were to be found gentlemen of been instrumental in obtaining assurances to the
the first standing, connected both with the political amount of a quarter of a million, he had had as-
and mercantile community ; and, on the other hand, surances to the amount of 100,0001. declined.—(Hear.)
courting support on account of being enabled to He had brought this office policies to the amount of
i
guarantee a large amount of paid-up capital for the 10,0001. during its first year—(Hear, hear)—and
security of those who might assure their lives in con- held three policies in it himself. Men were sent hento
nexion with them ; or offering some great and pecu-
the world not merely to do good to themselves but
liar advantages. Now, the Gresham, not to speak too to aid in benefiting their fellows. In 'promoting life
boldly of it, offered every advantage which an assurance assurance he believed he was benefiting society at
company could consistently be expected to afford;
large, and he should continue to do his best to pro-
hut, in addition, it presented one or two advantages mote the welfare of the institution.—(Hear.)
which were altogether peculiar to it. The preliminary Mr. WILLIAM SMEE, trustee, said he rose
w
and working expenses of the company amounted to with great pleasure to propose a vote of thanks
4,5411.14i.8d., whilst the premiums realised during the to the board of directors.—(Loud cheers.) More
first year amounted to 4,8371. 4s. 7d., showing the especially were they deserving of their thanks after
entire amount of these expenses to be 300/. less than the excellent and unprecedented statement which
the premiums received during the first year. This, they had submitted that day of the business done
since the institution of the office.—(Hear, hear.)
indeed, he believed, was a circumstance upon which
they might congratulate themselves ; but, in order to For himself he must say that he should
show the advantageous and encouraging position in not have consented to become a trustee of
which they stood, it would be no unprofitable task to the society, had he not entertained the highest
contrast their preliminary expenditure and the entire opinion of those who were to be entrusted
expenditure of the first year with that of other offices, with its management—not only of their enterprise
(Hear, hear.) He held in his hand a return, printed and ability, but, above all, of the integrity of the
by order of the House of Commons last session, which board of directors of the Gresham.—(Hear.) The
contained the balance-sheets of the companies esta- results had amply shown that his opinion was pro-
Wished since the passing of the Act to which he had perly based, and he could only add, that, when the
proprietors met again in future years, he flattered
referred.—(Hear, hear.) In dealing with anything
that appeared in that return, he did not feel that he himself that they should find the Gresham ranking
a
was called upon to exercise any particular delicacy in among the first of the institutions of its kind in this
any references he might make, since the return great metropolis.—(Loud cheers.)
Mr. limn seconded the proposition. When they
was strictly speaking public property.—(Hear,
hear.) From one return it appeared from the looked at the high position which the office occupied,
balance-sheet of a Life Assurance Society, that due- and bore in mind the great energy and labour that
ing the first nine months of its existence it had received must have been exercised to carry it to that high
5711. 9s. 2d. as premiums, and expended during the position, the proprietors would agree with him that
same period no less a sum than 4,8001. It appeared, the directors were entitled to their best thanks.
therefore, that the expenditure was seven times The motion was carried unanimously.
greater than the receipts from premiums.—(Hear.) Mr. THORNTLIWAITE returned thanks. He con-
He wished the shareholders to understand that the gratulated the shareholders upon the different position
instances he was quoting were not singled out for in which the directors now came before them than
when they had the pleasure of first addressing them-
any invidious purpose, but indiscriminately,
in order to show the position of the
selves to the shareholders.—(Hear, hear.) They
Gresham as contrasted with other societies. The then promised to use their best endeavours, and to
Hon. Gentleman then cited the receipts of one or two devote their best energies to further the objects of
new assurance companies, an account of premiums, the society, then springing into existence. He was
and the amount disbursed in management, to show happy to find that their exertions had been so far
in how much better a position the Gresham stood crowned with success. The vote of thanks which
than any of them, He had looked for the best they had passed the directors felt as a mark of
accounts that he could find, and the result was that confidence in their future management, and they like-
it appeared another company had during eighteen wise received it as an evidence that the proprietors
months received 3,6711. 19s. in premiums, and had considered that the directors had done their duty
expended 3,4041. 55., leaving a small surplus of 2001. during the past year. He could assure them it should
of premiums over the expenditure. But the last office always be their endeavour to labour to the satisfac-
referred to had a paid-up capital of 35,2921, which, of tion of all the members. He hoped that they should
s
course, being supplied by a large number of indivi-
o conduct their business that their elder brethren
duals, had better facilities of obtaining policies. It connected with life assurance would continue that
was unnecessary for him to go further, because the cordial understanding which at present subsisted be-
shareholders must be convinced that their operations tween the Gresham and the chief offices. The direc-
had been most successful.—(hear, hear.) tors would leave nothing undone to cement that union
A SHAREHOLDER said no balance-sheet appeared to
more and more, for to the continuance of the good feel.
have been registered by this company,
ing that at present subsisted the directors looked, to
a great extent for success. The vote of thanks was
The CHAIRMAN replied that the return was
made up to the 2d of April last. The Gresham was pleasing, because they bad endeavoured to make their
at that time in an infantile state, and had • not corn- expenses as small as was consistent with the proper
plated its first financial year.—(Hear, hear.) If the working of the society.—(Hear, hear.) When they
shareholders and policy-holders, who had been invited
became directors of the society they had no idea that
to attend the meeting, would refer to a printed the business would have consumed so much time ; but
statement of the gradual advance the society had this arose from its great extent. They had upwards
made since its establishment, they would perceive of 1,000 proposals made to them. Now, though a
the great progress it bad made in public estimation. number of these were declined, and no notice taken of
In the first quarter they issued sixty-three policies, in them in the books beyond the mere fact of their re-
the second ninety-five, showing an advance of 50 pet
ceipt and rejection, yet as much ,time was devoted to
as
per cent ; in the third 114, showing great theseprogress, cases by the medical officers and the directo
and in the fourth 147.—(Hear, hear.) Having stated
as if they appeared on the books as accepted policies.—
that he should feel happy to reply to any question, (Hear, hear.) Indeed, he must say that the declined
cases occupied more time than the others, the directors
the chairman concluded ,by moving the adoption of
having considered no trouble too great; and
the report and balance-sheet.—(Hear, hear.)
Mr. MARSHALL (of the Bank of England) seconded they hoped next year to double or treble
the business. As the success of the office mainly
the motion. It was utterly unnecessary for him to
enlarge upon the success which had attended the
depended upon the cordial co-operation of the share-
society, seeing that so ample and satisfactory a report holders and policy-holders with the directors, he
h
had been placed in the hands of the shareholders. hoped that none of them would be found wanting in
the promotion of the social position of their fellow-
He should, therefore, simply confine himself to con-
gratulating the shareholders on the eminent success creatures by the aid of life assurance. In so good a
c
which had attended the institution during the short cause he hoped they would all unite, for it was one
time it had been in existence.—(Cheers.) that would amply repay theme for any exertions they
- Some discussion and satisfactory explanation have might use.—(Cheers.)
taken place with respect to one or two of the items in Mr. WILLIAMS proposed a ,vote of
.thanks to Mr.
the balance-sheet, with which the meeting appeared Smee, whose zeal and industry in promoting the
much satisfied, and in the course of which the small success of the society had been unwearied.—(Cheers.)
amount of the expenses of the society was much The office of a surgeon to a life assurance society was
praised, the motion was adopted unanimously. at all times very difficult to fill ; but in their society,
Mr. ALFRED SMEE, in rising to propose the next where they had to deal with lives declined by other
resolution, said that it ,was considered highly desirable offices, which required the most careful investigation,
and absolutely necessary that the most decided the duties of such an officer were paramount. Mr.
and efficient check should he kept upon the accounts Smee possessed all the qualities in an eminent degree,
of all public companies. Unless the accounts were and the results of his skill the directors had had the
duly audited by talented and well-known auditors, in pleasure
medical officer, he
in addition to their duties as their
order that the authority of their names should bear that day to lay before the shareholders. But,
testimony to their correctness, it was impossible thatwould He now read the
of the business.—(Cheers.) U.
any feeling of confidence could exist in the public had devoted his personal exertions__ to the promotion
mind. A large and increasing company like their
thanks of the meeting be
v skill he has
resolution :
" That
own required a number of books, and the board ofSmee, the society's principal medical re_
directors had appointed three gentlemen from amongst indefatigable care ability,
and
themselves to audit their accounts every month; but invariablyre evinced in the discharge re-
feree, Mer.feArltthe
e arduous
at the end of the year, according to the deed, a labours of his office, and for the time and
balance-sheet is prepared' and carefully examined by has devoted to the interests of the society, asthe
attentionmeeting he
the public auditors, who are gentlemen of undoubted feel convinced that upon a continuance of the same con-
character, high standing, and ability. Such is the scant
attention and talent the success of this society will
system which had been pursued in that corn- very much depend."
._ Mr. THORNTHW
pany. The names of the gentlemen who filled SITE seconded t motion with
' the situation of auditors of the company great pleasure. It must be obvious to the members
were known to the public, for he need hardly that the success of the office mainly depended upon
remind the meeting that Mr. Ladbury was a the efficiency of their officers ; and in exact
public accountant of high reputation—(Hear)— comparison to the high standing of the office
that Mr. Perry, of Cornhill, was confidentially con- did they
require greater efficiency on the part of their
suited by all commercial men.--(Hear, hear.) But officers. Mr. Smee was a gentleman well known in the
besides these gentlemen, it was considered desirable scientific world for
his great attainments and skill in
that a gentleman conversant with mathematical the medical profession, besides being connected with
science should be also attached, and be might truly the largest
establishment in the world, the Bank
say that Professor Davies, EIS., was one of the of england, as well as several other public esta•