The Sun.
London, England, 1847-08-18 00:00:00

Directors, in the Chair.

The annual report of the receipts and disbursements of the Com-
pany, to the 31st December, 1846, and of the amount of their funds,
and also the report prepared by the Auditors of the Company of the
accuracy of the accounts of the Company, having been in terms of
the Deed of Settlement laid before the meeting and read, they pro-
ceeded, as required by thatdeed, to the election of four Directors and
one Auditor, in the room of those retiring at the Annual Meeting.
The Meeting then elected by ballot, as required by the Deed of
Settlement, Mr. D. Q. Henriques, of Woburn-square, to be one of
the Directors of the Company, in the room of the late Edward
Boyd, Esq.
Mr. Hesereues being present, declared his acceptance of a seat
at the Board, and offered his thanks to the Meeting for the honour
they had done him.
The report of the receipts and disbursements to the 31st of
December, 1446, having, on the motion of Mr. M. 1). LINDo,
seconded by Mr. T. CURTIS, been received and approved,
Mr. DE CAiTRO expressed his gratification and that of the
con-
tinuation of the successful progress of the Company during the last
Directors, that they were able to announce a very favourable
year, the annual incense at the present period amounting to 92,0001.,
a sum exceeding by 8,0001. their income at the annual meeting last
year. The expenditure of the Company during the last year was
less by 4,0001; than during that which preceded it; so that upon the
whole the affrs of the Company were at present in a most flourish-
go situation.ai The returns from the agencies of the Company had
been very satisfactory, although at Dublin, Cork, and Glasgow, and
other places where fever had been prevalent, very many pr
proposals
had necessarily been declined which in ordinary circumsta
would have been accepted, the premiums from which would have
increased their income. He was glad to be able to repeat the state-
ment made on former occasions, that the number of deaths of those
assured since the formation of the Company was greatly less than
the number provided for by the well-known tables of the Equitable
Society of London. Ile hoped he might be allowed to ascribe this
result to the caution of the Directors, as well as to the caution and
discrimination of Mr. Hale Thomson and the other medical officers of
the Company.
Mr. DE CASTRO stated, that the Directors had every reason to
anticipate that the division of profits, among those holding Assur-
ances at the participating rate, and to the Proprietors, on the Ist
of January 1848, would be of a favourable character. The declara-
tion of this division would of course, be made at their next Annual
Meeting in July 1848.
It was his painful duty to remind the General Meeting of the me-
lancholy event, which had happened soon after their last Annual
Meeting, in the month of August, 1846, the death of their late Re-
sident Director, Mr. Edward Boyd, of whom it is but justice to state,
that it was to his unexampled zeal, and to the extraordinary perse-
verance which distinguished him In the discharge of his duty to
this Company to the last day of his life, that its present high posi-
tion is mainly owing. The Board have every reason to believe,
that in Mr. Lennox Bo} d, the son of Mr. Boyd, whom they ap-
pointed to succeed him, they possess the individual best calculated to
1111 his place, of long experience in the business of the Company,
well acquainted with the duties required of him, and most anxious
to promote its interest.
Mr. STUART, was, he said, sure that the meeting, after what they
had heard, would agree with him in applibving the rotation, esta-
blished by the deed of settlement, in the retirement and election of
the Directors of the Company, which had to-day, at their Annual
Meeting, placed in the chair Mr. De Castro, who is so thoroughly
well informed in their affairs. Ills explanation of the progress 4
the Company, during the last year, had been so clear and satisfactory
as really to have left him, who had hitherto at every annual meeting
addressed a few words to them, nothing to say. He could not, how-
ever, take his seat again without joining their worthy Chairman in
expressing his deep regret on account of the lamented loss they had
sustained since their last meeting, of Mr. Boyd, the founder of the
Company. Having been one of the original Proprietors, and a Di-
rector from its commencement in March, 1034, to the present day,
no one had !Assessed better opportunities of being acquainted with
Mr. Boyd's indefatigable exertions to form and establish the Com
pany, which could not have been surpassed, and which, without all
doubt, led to its present prosperity. lie was devoted to the Company
and to its establishment and success to the day of his death. Many
of those present must recollect his being carried to the table at the
last annual meeting, although suffering unifier acute illness without
any hopes or recovery; and taking a share in the business of the
day, but a very few weeks before his decease. Fortunately for the
Company, his son, Mr. Lennox Boyd, who was first, le 1838, Se-
cretary, and afterwards one of the Directors had been able to
give his father most useful assistance during his long indisposition.
The Directors, fully aware of the experience he 'had thus acquired,
and of his intimate acquaintance with the details of the office, una-
nimously appointed him to succeed his father as Resident Director
or Manager of the Company; and though speaking under restraint
in his presence, he was bound to add, that Mr. Lennox Boyd's assi-
duity, and tile ability which he had shown throughout, most fully
justified the appointment. These are not, Mr. Stuart said, mera
words of course, they are uttered by one who is for some time every
day, unless when absent from London on official duty, in the office
of the Company, and who never fails to find Mr, Lennox Boyd there
at the head of the establishment, and superintending every part of
it. He could not appeal to better evidence that the management has
2,7501., by 51,513/.,
not suffered from being committed to him, than is established by this
7t
tMr. STUART
o3Bn,Git.hat
fact, vouched by the books, that in the last six months, from Ist
_th,e slm s assured in the six month i
and the relative
greater January to 30th June, 1847, the amount of new assurances was
than in the same period from Ist January to 30th June, 1846;
anmioBu46ntboefinpgrelm4sl,u2n3f4stg,realaitde greater
pre-
miums
regulacreit
witness of the they met with •
mum"
4,6361., and
s4upienrinthteendsaedm.e ex
ItoTr, felt it to months in 1847,. 196,7471. and
d led, that it was also very agreeable to him to men-
he h"etarnacl46,iin all quarters, from those who had to transact
yo f
and the
correctness courtesy andwi
w attentionht
hs he oowinne
et
Itselfhe ,
s his duty,
sidth ath
to assure
business at their
d of the dispatch
daily
is conducted he was
hi elf
a
Mr. Lextrox
the Meetin
way in his power, -g of his earnest • ' after what had been said,
and requested the the promotion of the idesire to contribute, in every
lous attention to the to
believe that he nterests of the Company
The Cumareser hantanagement " the Establishment.
give the most scrupu-
mation or explanatiovning expressed his readiness
e Establishment.
nicated in the stateme
r:;,,,,reting
the
Corn to afford any infer-
Mr. M. D. LINDO inquired, and
documents Company's affairs not commu-
participating scale, alive a,withsether a Party, ha before the Meeting,
1 next declaration of profits In July anuarY. 1848, but insured
on
the
division ? Mr. De CASTRO answer is", 3,,,,,,
participate
before the
provision being made for all a
donthe question In
sisiltee in the next
the declaration of the amount of profilist Janua
17. 18481flinnative,
made in terms of the Deed of Settlemet4n t°
° divided i although
of July. t until the f s not to be
following month
Mr. J. G. HeNeieues also inquired, whether
Pro-
prietors would be paid in cash, or added, as ass increase,the Bonus to
of their shares ? Mr. DE CASTRO referred to theG to the value
Deed of Settlement, which expressly declared, that theBthArticle of tile
be appropriated for the benefit of the Proprietors Bonus is to
amount of their shares, and as an increase in the:sccording to the
shares, and to carry interest at 4 per cent., so that t value of theirh
payment of the Bonus itself in cash. ere could be no
The thanks of the Meeeting were afterwards, on the
motion
M. 1). LINDA, seconded by Mr. J. G. lIENRIQUEs, unanimously offered
of Mr.
to the Directors for their great zeal and attention in the management
of the affairs of the Company ; and on the motion of Mr.agenient
secondedby Mr. J.W. SUTHERLAND, the thanks of the MeetingUNDO,also unanimously PAW tO Ur, ,LA CUM o Att C9r hi 4 bl were
tin clnir. mluct in