The Sun.
London, England, 1871-02-03 00:00:00

PROVIDENT CLERKS' MUTUAL LIFE
ASSURANCE ASSOCIATION.
The thirtieth annual meeting of the members of this
association took place on Wednesday evening at the Lon-
don Tavern, Richard Henry Jones, Esq., chairman of the
board of directors, presided. There was a very full attend-
ance of members.
The annual report, which was read by the secretary (Mr.
Linford) was as follows
" The Board of Directors have the pleasure to submit
to the members their thirtieth annual report. The Board
have much pleasure in reporting that the policies actually
completed in 1870 are 1,111 for £195,950, in addition to
which 352 proposals for k,17,400 have been received, and have
either been declined or deferred, or are now awaiting comple-
tion. The depression which has existed in the commer-
cial world during the year will fully account for the
• small diminution in the amount of new business. The
new annual income arising from assurances completed
during the year is £5,122 19s. The claims during the
year consist of 150 policies, assured upon 133 live:for a
total sum of £34,789 15s. Bd., including bonuses. Of this
amount £1,087 has been covered by reassurance. By the
Life Assurance Act passed during the last session of
Parliament, a particular form of account has been
rendered compulsory,-- which the board have there-
fore, adopted, though they do not regard it
as giving such detailed information as the
members have hitherto been accustomed to receive.
It will be seen by the accounts, that after deduction of all
claims, annuity payments and expenses, a sum of
£34,995 17s. 3d. has been added to the assets of the Asso-
ciation, which now amount to £446,742 7s. 6d. The
board have to report with deep regret the loss of two of
their colleagues by death, Mr. William Stanhope Sawtell,
who had been for 26 years a director of the association,
and Mr. Alexander Dawson, who had filled a similar post
for 24 years. The board desire to record their
grateful sense of the zeal and ability with which
for the lengthened period referred to, their departed
colleagues watched over the interests of the association,
and devoted themselves to its advancement. The board
will at an early date take the measures necessary to fill
these vacancies in accordance with the rules. The direc-
tors retiring by rotation are—Mr. Edward Coleman, Mr.
Sancton Wood, Mr. Henry Rogers, all of whom, being
eligible, offer themselves for re-election. The following
gentlemen, duly qualified, are proposed as auditors for the
ensuing year :—Mr. James Lloyd. Mr. Henry Bion Rey-
nolds, and Mr. Charles Woolley."
The CHAIRMAN, in moving the adoption of the report,
said he had very few words to add to the document they
had just heard read. In the first place, he was exceedingly
pleased to see so many friends present at that their
thirtieth anniversary, and he trusted that they might live
to meet on many other occasions. As regarded the balance
sheet, they would observe that it was made up according to
the new plan laid down in the Act of Parliament • but he
must say, for his own part, that he did not like it as well
as the one they had been in the habit of presenting to
their members for many years passed. That • always
contained such full details that he wished to
see it still in the hands of members ; and
if it should be the wish of the meeting, he would take care
that they should at their next meeting have a balance
sheet prepared in the old form, as well as that they were
now compelled to adopt by Act of Parliament. (Hear,
hear). On the balance sheet itself he had but few
remarks to trouble them with. The amount of
funds bearing interest on the 31st of December
was £436,613, which produced an annual income of
£20,684, which gave an amount of interest at the. rate
of £4, 14s. Bd. per cent, and comparing that with other
societies, he thought they would all be satisfied with the
li value of their investments. As regarded the balance
from agents, he had to say it all had been received within
a very few pounds, and as to the expenses of the
association, he could only say that they were .s 200
less than they were two years ago, so that they
had got two years of accumulated business without any
additional expense. The balance added to capital
amounted to £3s,ooo—(cheers)—and again he might say
that compared with other offices, they had a very satis-
factory return for their money. He did not know that
he had anything more to say with - respect to
the accounts, He had now to refer to the
loss the Board had sustained by the death of
two of their colleagues, Mr. Sawtell and Mr. Dawson,
both of whom had faithfully discharged their duties, one
for 26 and the other for 24 years. During the whole of that
long terin they had lived and worked together in harmony,
and lie believed that throughout the number of years not
a member at the board had had an angry
word with either of those gentlemen. It was
therefore, after such a long association, with grief
and pain that such services were parted with. (Hear,
.hear). He had thought it only right to bring these
thoughts prominently before them, as both gentlemen had
.for so long a time been both zealous and faithful servants
of their cause. (Hear, hear.) The vacancies would be
filled up in strict accordance with the rules of the Asso-
ciation, but of that they would have full information.
He had now only to express his sincere hope,
as he had done on all former occasions when he had had
the pleasure of meeting them, that the members present
would take every opportunity of bringing new members
into the association. That duty could be done more
effectively by the members than the directors, because
the directors were to a great extent confined to
the office in the transaction of its business, whilst the
members, he might say, were scattered over the world,
and by a little individual effort on their part, might
accomplish great things, that would add still greater pros-
perity to the association. (Cheers.) He had now only to
formally move the reception and adoption of the balance
sheet

The motion having been seconded,
A MEMBER asked whether he might inquire, before the
report was adopted, the amount of new business?
The SECRETARY said £5,122 195.. 2d.
The resolution was then carried unanimously.
Mr. FRY then moved a cordial vote of thanks to the
directors for their exertions during the past year. He
said it was now proposed for the thirtieth time, and he did
not think there was a gentleman present who would say
there was any reason to depart from the pleasant custom.
The great success that had attended the Association from its
commencement had in a great degree been obtained
through the influence and exertion of the gentlemen com-
p >sing the board of directors, and he hoped that with
their combined exertions the same prosperity would con-
tinue to attach to the association, the result of which
could only be highly advantageous to every member of the
association. (CM ers. )
Mr. WALKER said he had great pleasure in seconding
the motion which, on being put to the meeting was agreed
to nent con.
The CHAIRMAN having thanked the members for the
kind expression of their feeling, said they had now to
elect three directors. Mr. Coleman, Mr. Sancton Wood,
and Mr. Henry Rogers, the gentlemen retiring by rota-
tion, were unanimously re-elected.
Mr. COLEMAN, in returning thanks, said the renewed
mark of their confidence. afforded him the highest satis-
faction. The resolution would stimulate him not to in-
crease, but to continue, his exertions on behalf of the asso-
ciation which he had for many years been making.
(Cheers.) On the last occasion when he had the opportunity
of addressing them, he drew attention to the progress of
the institution, and the figures by which that progiess,
was marked were most striking, as they shewed that their