The Sun.
London, England, 1841-02-10 00:00:00

LICENSED VICTUALLERs' AND
GENERAL FIRE AND LIFE ASSURANCE
COMPANY.

(From the Morning Adertiser.)
On Saturday last, the first meeting of the above Com-
pany, empowered by Act of Parliament, was held at the
London Tavern, Bishopsgate.street. The Chair was
taken at twolve o'clock precisely by Charles Bleaden,
Eaq., the Chairman of the Directors, supported by the
Vice- Chairman, T. Powell, Esq., the Directors, and
Auditors of the Company.
After a few brief observations, the Secretary read the
Report of the progress of the Institution during the last
five years, which being infinitely more favourable than
there was any reason to anticipate, elicited from an im-
mense body of Shareholders, who crowded the room, re.
peated thunders of applause.
Upon the motion of Mr. HILL, one of the Auditors, who
vouched not only for the accuracy of the accounts, but for
the strict economy which had been observed by the Direc-
tors in the managemeat of the Institution, the Report was
unanimously received and adopted.
The re-election of the Directors and a new election of
Committeemen was next proceeded with, when Mr. Vous-,
ley, jun., Mr. H. Lancaster, Mr. Shenton, and Mr. Gib-
son, were added to the latter body, by a show of hands.
Mr. CHILD then moved, that all the original shares,
amounting to 30,000, having been disposed of, and there
being a strong demand upon tine part of the Licensed Vic-
tuallers, to become proprietors as well as insurers in the
Company, it was expedient on the part of the Company
to authorise the Directors to make a fresh issue of shares,
as authorised by the deed of settlement, as circumstances
might direct, the said new shares not to be issued at a less
price than 103., or 50 per cent. premium.• Mr. Child, in
the course of a lengthened speech, gave the most forcible
and convincing reasons in favour of his motion, and was
heard throughout with the utmost attention.
Mr. ANDERSON seconded the motion, and pressed upon
the attention of the meeting the following facts:-
1. That the present capital of the Company was insuf-
ficient for complying with the numerous calls for safe
loans of money which were made upon it, varying from
7 to 10 per cent. profit.
2. That if the capital of the Company were augmented
from 150,000/. to 300,000/ , which it might be by the ju-
dicious issue of the remaining shares, public confidence in
its stability would be proportionately enlarged, to the great
benefit of the Shareholders,: and the satisfaction of the
public at large.
3. That the increased tatiineit Of the Office could be
met by the existing estabbsinent, or; at all events, by a
slight addition to it, while the profits would necessarily be
greatly augmented.
4. That if the issue of shares was mainly confined to
Licensed Victuallers, there was every reason to believe,
from the extended influence of that body, that while the
number of fire and life-policies would be greatly aug-
mented, the shares, instead of being deteriorated, would
improve in value.
Mr. COHENS and some other gentlemen contended
against this view of the question, and argued that any ex-
tension of the shares would depreciate their value.
The motion, however, was ultimately carried ; the feel-
ing of the meeting being distinctly that the Directors were,
by their past conduct, amply entitled to the confidence of
the Shareholders, and that the issue of the remaining shares
might be safely left to their discretion.
The next subject which occupied the attention of the
meeting was the policy of extending its operations to marine
insurances; but several Shareholders having expressed
their desire to be made better acquainted with the subject,
it was moved by Mr. Vousley, sen., and unanimously car-
ried, that the Directors be requested to call a special meet-
ing of the Proprietors within three months, and to lay before
it a detailed report of the risks and advantages likely to be
encountered or derived from this new branch of business.
The request was cheerfully acceded to by the Chairman
and Directors, and there can be no doubt that t his profit-
able branch of insurance will, as in the case of other in-
surance offices, be added to other profitable sources for the
investment of the capital and income of the Company.
Vetea of thanks were then unanimously agreed to, to
the Chairman, Vice-Chairman' Directors, Committee, the
Actuary, Secretary, Auditors, Surveyors, and other officers
of the establishment, after which it broke up amidst the
applause of not fewer than 300 Proprietors.
A more respectable meeting was never held within the
walls of the City of London—the greatest unanimity in
zeal for the prosperity of the establishment prevailed from
the beginning to the end ; and the *. Licensed Victuallers'
and General Fire and Life Assurance Company" may now
be set down as one of the most influential and stable of the
present day.