The Sun.
London, England, 1847-08-10 00:00:00

UNITED KINGDOM LIFE ASSURANCE
COMPANY,

No. 8, WATERLOO-PLACE, PALL-MALL, LONDON,

THE SEVENTH GENERAL MEETING OF PROPRIETORS.
The Meeting of the Shareholders was held in the Office of the
Company, No. 8, Waterloo-place, London, on Friday, the 9th
July, 1847.

lIKNANEL DE CASTRO, Esq., Deputy Chairman of the Board of

. .
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 that deed, 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. Ileratiouas 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, 1846, having, on the motion of Mr. M. D. LIND°,
seconded by Mr. T. CURTIS, been received and approved,
Mr. Da CASTRO expressed his gratification and that of the
Directors, that they were able to announce a very favourable con-
tinuation of the successful progress of the Company during the last
year, the annual income 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 affairs of the Company were at present in a most flourish-
ing situation. 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 proposals
had necessarily been declined which in ordinary circumstances
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 li
Society of London. He 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
Me 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 Boy d, the son of Mr. Boyd, whom they ap-
npwonei eas dccituoasi
place,nu tc
ecodef eld.
nh
withgi mt
eh, le hp
dee
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teipenoscsers eei sqnsu tit
rhneeed i no fd i h
businessi
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sic:,
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tro,
anxious,
os,
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to promote its interest.

Mr. STUART was, he said, sure that the meeting, after what they
had heard, would agree with him in approving 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 of
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, 1834, to the present day,
no one had possessed better opportunities of being acquainted with
Mr. Boyd's indefatigable exertions to form and establish the Corn
pony, which could not have been surpassed, and which, without all
doubt, led to its present prosperity. He 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 under acute illness without
any hopes of 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, in 1838, Se-
cretary, and afterwards one of the Directors had been able to
give his father most useffil 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-
elY.
lessnn
ad
o when
f the absenteestablishment,
li 8
duity, and the ability which he had shown throughout, most fully the appointment. These are not, Mr. Stuart said, men
c
words of course, they are uttered by one who is for some time every
of the ComPanY, and who never fails to find Mr, Lennox Boyd there
at the h
from London
everyannddonsounpeoinrhicitealnddinugty in th
the
partoffice
of
of
it, lie could not
not suffered from appeal to better evidence that the management has
fact, vouched by being committed to him, than is established by this
January the books, that in the last six months, from Ist
to 30th Jun ,
greater by 51 513/ e,1847, the amount of new assurances was
2,750/., than ~ and the relative amount
of premiums greater by
the in the same period fro
sums assured in the ix from Ist January to 30th June, 1846;
miums 4,6361., and in s month in 1846 being 145,2341., and pre-
-7,3861. the seine six months in 1847, 196,7471. and
Mr. STUART added, that it was also very agreeable to him t
business at their office, olf quarters,
era, from those who had to
transactmen-
tion,
witness of the regularit e with ; and that m,
I y and correctness s conducted and superintended. he was himself a daily
with which:the office itself
Mr. LENNOX BO YD felt it to be hi
to assure the Meeting of
his
earnests after what had been said, way in his power, to the promotion of
desire to contribute, ve
and requested them to believe that he
the interests of the CompanyCsaid
lous attention to the management of theirould give
the most ;
Raab mmit scrupu-
The CHAIRMAN having expressed his eadffilish -
mation or explanation respecting the cr ot —ess to afford any Infor-
nicated in the statements and documents laid '8 "'airs
not eerarau-
Mr. M. D. LINDO inquired, whether a party, ha before the Meeting,
participating scale, alive on let January, ig, vtintt Ici Insured on the
next declaration of profits in July 1948, would partici/lag before the
division? Mr. DE CASTRO answered the question In igte in the next
provision being made for all alive on Ist January, 1848, although
the declaration of the amount of profits to be divided is not to
t
made in terms of the Deed of Settlement until the following m
nonbtie,
of July.
Mr. J. G. HENRIQUES also inquired, whether the Bonus to Pro-
prietors would be paid in cash, or added, as an increase, to the value
of their shares ? Mr. DE Cum() referred to the 68th Article of the
Deed of Settlement, which expressly declared, that the Bonus is to
be appropriated for the benefit of the Proprietors according to the
amount of their shares, and as an increase in the value of their
shares, lincl'to carry interest at 4 per cent., So that there could be no
payment of the Bonus itself in cash.
The thanks of the Meeeting were afterwards, on the motion of Mr.
M. D. LINDO, seconded by Mr. J. G. HENRIQUES, unanimously offered
to the Directors for their great zeal and attention in the management
of the affairs of the Company;
and on the motion of Mr. LINO,
secondedby Mr. J.W. SuTRZILAND, the thanks of the Meeting were
also unanimously 'voted te.Mr. De Caine tar his able conduct in
the chair.