The Sun.
London, England, 1847-05-13 00:00:00


, ,

.4..-..........
NATIONAL LOAN FUND AND LIFE

AssUR A NCI.: SOCIETY.
The almtutl meeting. of this
society Was held yes-Pr-
daY, shortly after one u'r.lotk, at the Landon Tuveith
ishePsgate-street. T. Larnie Murray, Esq., in the
chair.
The CHAIRMAN called upon the Secretary to com-
mence the proceedings by reading the advertisement
convening the meeting.
Mr- F. FERGUSON CAMuoux, the Secretary,
read the advertisement, which stated that the
Meeting was an annual one, and that it would be
necessary for the proprietors to elect three Directors
in lieu
of John Elliotson, M.D., F.R.S., Clement
Tabor, Escl , Joseph Thompson, E-q., whose period
of office had expired, but who being eligible to be re-
elected, offered themselves accordingly ; and for the
confirmation of the election by the Court of Directors,
of Henry
Fenwick, Esq., as a Director, in lieu of
John Prith, Esq. ; also for the election of two
Auditors, in
place of Professor Wheatstone, F.R.S.
°
and Professor Graves, A.M , F.R.S., whose period of
e6ea had also expired, but who, being eligible to be
re-elected, offered themselves accordingly.
The CHAIRMAN then called upon the Secretary to
read the report which was as follows, and which was
liatened to with great attention by the meeting :
rm. "EIGHTH ANNUAL REPORT.
'-u, e annual general meeting of the society again
aitOrUS the directors the pleasure of meeting the pro-
-4 Th
Prietors, being
the eighth time since its institution. t
past year, owing to a variety of concurren
etlinaes, tending to depress the great staples of our ra-f
Iltonal industry, to augment the ordinary expenses
co
listence, and the pecuniary difficulties resulting thlietrtle-
rot; k_
Un4 been one of severe suffering, and but
severity
which,
rable to the progress of life assurance, added to
C", partly owing to these causes, and the unusual
en
b
of the seasons, the rate of mortality has
greater than in the same given period for many years.
en'a anything was required to test the solidity of cal.
""cns en which the principle of life assurance is
based, a 3 Well as the advantages of the system itself, it
would be
ahe p found in the ordeal through which this branch
uth,ublic economy has passed during the last twelve
t It is
aaleg evident this impression is more than everr.
community. deepll-
- amongst the general
..
:all?? and suffering have indisputably existed, yet. ito
far: aPPear that fewer policies iiiive been allowed t
when
than in any preceding period, how. ver prosperous,
!II the benefits of life assurance were less understood
and appreciated.
bee The progress of the National Loan Fund has not
In 11 aPParently affected by these adverse causes.he
aoeinn one year since its first institution has t.
lice so believe
"met? made such decided and solid advances. Itisfaine-
thr- las, within two years, doubled; and it is sat's -
"sure t this increase has been owing, in a great
it is ea , 0 the appreciation of the principles on which
teblished, which seem to meet encouragement and
PatronageTO
the more they become known.
has b: this development the attention of the directors
kind hem Incessantly directed. Difficulties of no ordinary
}tow_
cave been thrown in their way. They are happy,
sarrnecrurn,,tod.be able to state that they have been entirely
on
ir...
lthat th former occasion it was stated by the chairman,
(RD, .! principles of the society had penetrated,.a d
e At,e extensively appreciated, in other countries.
of
a: that period little more than the commencementd
a.gey had been made in the United States, an but a alight e
characte riSk
8
Clam of . xperience obtained, either in regard to the
undertaken, or of the management and
awry to Pof the agency. The directors found it neces-
.su
eess,move with extreme caution and prudence; each.
---sonee,
so step
c that was the result of success on the previous
bad anything occurred to destroy the con-
-11 h e ee which any- arrangement had. been built, the
trectora we l the ov have
the society.
c.ertaking been in a position to retire from
welfee without compromising the safety or
'.. "Theeof
lenbliisdhited_ nrei:tY may now be considered as firmly estha-
s -60adas and the United Stat,es, under!, e
rL. :et°, 0.. directors there of unquestionable statien,
e control of
bee; :Thee*, 'and wealth, and the management has
their nu
tah e efficient, and is at the same time as . much. ender
your directors here as any one of
4 To ste!rous agencies in this country.
. ' duct theatify the views of the directors appointed to co.n-
-,;,.,c business in New York, and to give stability t 74107 credit to the society, the directors have consented
stantesvest a so, of -
money in the stocks of the United
which
*ot e , although at the time considerable, is now
thcrequal to one year's income derived from its business
°quail This sum is under a joint trusteeship, and is as
~The secure as an-
, other investment.
of th e directori have been occupied with the extension
ferres Society in another direction. The plan of De-
Annuities published by the society has been,
sioos g the past year, under discussion amongst the va-
.„;prio ,th*ders of Friendly and Benefit Societies. It was
'•
this corilY for the benefit of the industrious masses that
• It seiro,,_ll ef Deferred Annuities was originally proposed.
to rem"' found to satisfy the wants of these classes,
a..1.._
-uy the evils and correct the abuses of the
Present i
-mperfect system. No class stand more in need
a proeident use being made of their spare
"sources—none have to encounter such severe difficul-
ties at an advanced period of life, and yet there are none
r
IWhose present resources areTre-
convictionfruitle oemosyfeaclet
is
0 improvidently
wasted.extended. Experience has proved
becoming daily more
u.
however useful as social and
that these in.stits toiornass,
sick clubs, can scarcely be relied
friendltyheresutneyionae,_
dsupport of-old age.
on"In order to connect more closely the society with
the three principal bodies, composed of about 600,000
individuals, and to understand the practical wants of
those whose main
the directors have organized a committee, composed of
110210 of the active office-bearers, amongst these bodies,
and whose labours
have already commenced.
has been greater
" The mortality amongst the assured
with
in the past year than the in any previous one,
ex-
ception of the year 1843. to U p the end of 1845, the
decrement amongst the assured amounted to
35,7571. 14s. Since then,
claims have been paid on
twenty•six policies, amounting to 'lO 31'21. 3s. Bd., being
less, however, than the expe4cte, d mortality on the year
by the sum of 5,254/. 16s and of the whole ex-
pected claims since the
form d
a. don of the society by
16,2821. 2es. 4d.
date of the last meeting the number of
policies ‘‘At
h
t then issued was 3,550. These have since
augmented to
society
of 613. The present income of the is upwards
of 46,0001.
" The Directors,
in
conformity with the deed of settle-
ment, 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 accounts of the
auditors andwill,be read to the meeting. Following
rs,
the
laid down in the preceding. 0 plan of distribution
✓atial division of profit., of taking one-fifth of the re-
▪ e fund for immediate distribution to the proprietors
Position of
of five years' standing, the prosperous
4-81,4011 of the society enables the directors, after re-
serving
30 per cent. of this sum, to divide amongst the
policy-holders entitled to this distribution, a reversion-
ary bonus, varying from 35 to 85 per cent. on the pre-
Miura.
„,, , - ; and to the proprietors a bonus of 3f per cent.
s'" t',e past year, in addition to the regular interest of
5 Per cent. already paid to them.
"The following table, prepared by the Actuary, ex-
hibits the amount of the five last annual bonuses, to
which the holders of policies of five years' standing have
;_bee°Dle entitled, with the option of receiving the same
4" Cash, or by addition to their policies, or in reduction
of annual premiums :
EXAMPLES.
_____

. Bonu in
Age. .I•Ei Annual I s Policy addition Perm- Sum the
nent Re- Assured
g Pre- Itaken to sum 80711111 in duction of may bor.
`din mm. out in Cash. Annual row on
in ' Assured. Premiums. Policy.
1- £ s. d. £ s. d. £ s. d. £ s. d.
1837 243 9 3 112 8 5 1S 4 6 494 8 10
~ 1838 218 4 899 81015 13 5 445 0 0
60 1006'74 3 4
£ s' "' 1839 192 110 86 93 13 4 9 395 11 1
1840 143 510 66 8 4 919 1 346 2 3
I. 1841 138 14 2 GI 17 6 9 9 2 296 13 4
1 1842 111 6 8 49 10 0 710 4 247 4 5

" There are now to be elected three directors in lieu
of John Elliotson, F.R.S., Clement Tabor, Esq.,
and Joseph Thompson, Esq., whose period of office has
expired, but who are eligible to be re-elected, and offer
themselves accordingly ; also the confirmation of the
election by the Court of Directors of Henry Fenwick,
B"1., as a director in lieu of John Griffith Frith, Esq.;
and also two auditors, in place of Professor Wheatstone,
F.R.S., and Professor Graves, A.M., F.R.S., whose
period of office has expired, but who, in like manner,
offer themselves for re-election.
"-Approved by the Court of Directors,
"T. LAMIE MURRAY, Chairman."

The balance-sheet for the year was also read.
The CHAIRMAN then rose and said. Gentlemen,—
before moving that the report which you have just
heard read should be adopted, and printed and circu-
lated amongst the proprietors, if any gentleman has
linY question to put to me with respect to the society
lines the last annual meeting, or with respect to any-
ng contained in the report 1 shall be very happy
answer him.
No Proprietor having put any question,
The CHAIRMAN said—l believe the report itself,
which is of unusual length, has entered into a
full detail of the operations of the society during the
Past year. It may be properly described as being
constantly in a state of formation and extension, and
until it has arrived at that point when its progress
will stop, when it will become stationary,
Which, from the past progress of the so-
ciety, I think must be remote, it becomes necessary
for me to state to the proprietors from year to year
i.ts. Proceedings, which are annually published is
the newspapers, for the information of those not

present ; and therefore it becomes my duty
on the present occasion to explain to you
the operations of the society during the past year.
It is a duty of a pleasing and satisfactory nature, as
promotes a better understanding between the
direct.ora and proprietors, policy-holders, and the pub-
lic at large, inasmuch as all feel a deep interest in
Societies of this kilacl i and? therefore, as a matter