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

NATIONAL LOAN FUND AND LIFE

,NSSITRANCE SOCIETY.
day, snur,..y, out: u at t:le
Bishopsgate-street. T. Laurie Murray, Esq., in the
chair.

The CHAIRMAN called upon the Secretary to corn-
Mence the proceedings by reading the advertisement
convening the meeting.
Mr. P. FERGUSON Calmoux, 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, Esq., Joseph Thompson, Esq., whose period
of office had expired, but who being eligible to be re-
' elected, offered themselves accordingly ; and for the
eenfirmation of the election by the Court of Directors,
of
John Frith, Esq.; also for the election of two
Aucilters, in place of Professor Wheatstone, F.R.S.,
and Professor Graves, A.M., F.R.S., whose period of
°Mee 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
listened to with great attention by the meeting :
" EIGHTH ANNUAL REPORT.
'I
"le annual general meeting of the society again
affords the directors the pleasure of meeting the pro-
Prietors, being the eighth time since its institution.
" The past year, owing to a variety of concurrent
Itltius, tending to depress the great staples of our na-
rlnal industry, to augment the ordinary expenses of
~,74ence, and the pecuniary difficulties resulting there-
Wen; has been one of severe suffering, and but little
..,,°arable to the progress of life assurance, added to
partly owing to these causes, and the unusual
"'verity of the seasons, the rate of mortality has been
greater than in the same given period for many years.
ye
eulair anything was required. to. test the solidity of cal-
based°os on which the principle of life assurance is
as well as the advantages of the system itself, it
would be found in the ordeal through which this branch
,„ the Public economy has passed during the last twelve
..oeths.
tlit is evident this impression is more than ever
v.„ng deep root amongst the general community. Pr!-
,„° '",,l'ett and suffering have indisputably existed, yet it
labd,tkpPear that fewer policies have been allowed to
vran in any preceding period, however prosperous,
1,„leo the benefits of life assurance were less understood
—",aPPreciated.
bee" he progress of the National Loan Fund has not
aPparently affected by these adverse causes.
%oil° one year since its first institution has the
eothel made such decided and solid advances. Its n-
toy.., ,8 'as, within two years, doubled; and it is satisf iac-
to believe this increase has been owing, in a great
;
it isitauN to the appreciation of the principles on which
petrestablished, which seem to meet encouragement and
Tiage the more they become known.
has h: this development the attention of the directors
kind been incessantly directed. Difficulties of no ordinary
110,,e.11"e been thrown in their way. They are happy,
utra' r to be able to state that they have been entirely
°lamed.
ou
that th former. occasion it was stated by the chairman,
began e principles of the society had penetrated, and
1,1, Arcl4 be extensively appreciated, in other countries.t
of an that period little more than the.comm, commencement
but a i!geocy had been made in the United States, and
clefts 4gbt experience obtained, either in regard to the
ebarae-terriosfits undertaken, or of the management and
the ac,ency. The directors found it neces-
ru t
eee.o jtlove vvith.extreme caution and prudence; each
one, so step was the result of success on the previous
sdeuu that had anything occurred to destroy the con-
dieectr, °n which any arrangement had been built, the
the u-„r:,4 Would have been in a posit:(11 to retire from
welt_ -wertaking vsithout compromising the safety or
...are
The of the society.
bl~hed,e°elety may now be considered as firmly este-
guidaTtee'n ti.be C. anadas and the United States, under he
tong 8, directors there of unquestionable stati,n,
been mending, -and wealth, and the management has
tinder eaLle efficient, and is at the same time as much
their
uulue control of your directors here as any one of
stoerous agencies in this country.
'To
duct theatisfY the views of the directors appointed to con-
!ad credbusiness in New York, and to give stability
•
to
joye.+lt to the society, the directors have consented
States I%B'l°l of money in the stocks of the United
aet e ' w.mcb, although at the time considerable, is now
thepe?tul, to one year's income derived from its business
equally his sum is under a joint trusteeship, and is as
nveFura any other investment.
el the directors have been occupied with the extension
ferre. society in another direction. The plan of De-
thei: Annui..ies published by the society has been,
thus go the Past year, under discussion amongst the va-
rinis ei rders of Friendly and Benefit Societies. It was
utiallY for the benefit of the industrious masses that
It Will of Deferred Annuities was originally proposed.
to reo:,,fetind to satisfy the wants of these classes,
Present '.`l3' the evils and correct the abuses of the
of a I°3Perfect system. No class stand more in need
reeour Provident use being made of their spare
ties et °es—none have to encounter such severe difflcul-
*hos an advanced period of life, and yet there are none
so e Present resources are so fruitlessly employed, or
hu
ilrovidently. wasted. The conviction of this fact is
that daily.more extended. Experience has proved
"mitt these institutions, however useful as social and
friendly reunions, or as sick clubs, can scarcely be relied
cn as the stay and support of old age.
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 resource depends on their own labour,
the directors have organized a committee, composed of
some of the active office-bearers, amongst these bodies,
and whose labours have already commenced.
" The mortality amongst the assured bas been greater
la the past year than in any previous one, with the ex-
ception of the year 1843. Up to the end of 1845, the
decrement amongst the assured amounted to
35,757/. 14s. Since then, claims have been paid on
benty- six policies, amounting to 10,312/.35. Bd., being
e, however, than the expected mortality on the year
iLthe sum of 5,2541. 16s. 4d., and of the whole ex-
ted claims since the formation of the society by
,282/. 2s. 4d.
At the date of the last meeting the number of
Cueies then issued was 3,550. These have since
eillen3.ted to 4163, exhibiting an increase of policies
of 46.0001 present i
0711 present ncome of the society is upwards
vue"rThe Directors, in conformity with the deed of settle-
eff44l have caused the annual investigation into the
is It: of the society to be made by the Actuary ; and it
audit: presented, together with the accounts of the
the and will be read to the meeting. Following
auk( an of distribution laid down in the preceding
aer,,,,1 division of profits, of taking one-fifth of the re-
lad Pond for immediate distribution to the proprietors
POsitfe,, Y-holders of five years' standing, the prosperous
serpin `4 of the society enables the directors, after re-
P01i0,30 per cent. of this sum, to divide amongst the
eolders entitled to this distribution, a pre-
en the varying from 35 to 85 per cent. on the pre-
en the ; and to the proprietors a bonus of 3k per cent.
5 per
_Past year, in addition to the regular interest of
~,`„'eent• already paid to them.
hihitB4n following table, prepared by the Actuary, ex-
Abieh amount of the five last annual bonuses, to
hone the holders of policies of five years' standing have
e_ne entitled, with the options of receiving the same
of 5 or byremiums addition to their policies, or in reduction
-tumid p
EXAM!'

EXAMPLES.
I Perma- Sum th•
40 .1.,
.1.7 Annual Policy I Barons in
s 2: Pre- taken' addition nent lie- Assured
Bonus in duction of may bor-
n mi
= 1 to Sum
. ann. out in Cash. Annual row on
.`.
i Assured. Premiums. Policy.
—
£ a. d. A a. d. £ s. d. £ s. d.
1837 243 9 3 112 8 5 18 4 6 494 8 lo
1838 218 4 8 99 8 10 15 13 5 445 0 0
80 £
100 74 34£a' d. 1839 192 110 86 9 3 13 4 9 395 11 1
•
1840 143 510 66 8 4 919 1 346 2 3
1841 138 14 2 61 17 9 9 2 296 13 4
1842 111 6 8 49 L 7 10 4 247 4 6
,