The Sun.
London, England, 1848-05-11 00:00:00

XXAMPLICS.

In. / hum out in Assured. I Cash.
a Perms- sum the
..1 .6 Animal Policy Bonus in' neat Re- Assured
Age. git Pre- taken addltiot 'Bons/ail duction of may bor.
Annual row •n
co
Premiums. Policy.
-
o 4 '. it, Xsd.Xg•d• 2 I. d.
r 1.37 262 14 3 121 15 11 20 0 0 543 17 9
X Xs.d. I 1838 237 15 0108 16 4 17
1839 211 18 7 445 0 11
60 1000 74 3 4 61 95 16 9 14 17
1842 163 2 4 75 15 10 11 10 9 395 11 1
1
1 1841 159 3
1842 132 2 6' 5
4, 71 5 0 10 19 8 348 2 3
i 817 6 819 10 296 13 4
l 1843 84 11 al 37 10 0 5 14 2 247 4 &
7 6 494 $ 111

" There are now to be elected three directors in
lieu of Henry Fenwick,
Esq., Hunter Gordon, Esq.,
and John Rawson, Esq., whose period of office has
to expired, but who are eligible - be re-elected, and
offer themselves accordingly ; also the confirmation of
the election, by the Court of Directors, of Edmond
Sheppard Symes, Esq., as a director, and also of an
auditor, in place of Professor Wheatstone, F.R.S.,
whose period of office has expired, but who, in like
manner, offers himself for re. election.
" T. LAMIE MURRAY, Chairman."
The CHAIRMAN then rose and said,—Gentlemen,
before I move that the report which you have just
heard read be adopted, printed, and circulated among
the proprietors and shareholders, it may be right that
question, I shall feel
(No response I should offer a few observations to you with respect
to the progress of the institution during the past
year; but before I do so, if any proprietor or share-
holder wishes to ask any
happy to reply to it.
hav-
ing been made, the Chairman proceeded to say)—
It appears that the confidence which the sharehelders
by the share-
holders)have placed, from year to year, in the directors of
annual re-
portsthis institution is intended to be continued to-day.
It is very gratifying to the directors to find
that their labours during the past year have
met with the approval of the shareholders ; it
has, I may say, been an invariable rule (and I am
glacitu say
ytoit siset fulfloyrtha
the exact position of the society ; and
pp7nciateodur
I think when the proprietors who are pre-
sent, and those who are absent, read the report,
they will find, -an examining the details, that we have
had to encounter a season of peculiar difficulty, inas-
much as the rate of mortality during the
last twelve months has been unprecedentedly great.--
(Hear, hear.) I suppose, since the visitation of the
cholera, life assurance companies have net suffered so
much from the great increase of mortality as
they have during the period I have named.
As you must be aware, the number of deaths that
have taken place during the last 18 months has even
been beyond the margin calculated. in the tables of
assurance companies. It will be seen, therefore,
by the accounts that this society has been
called upon to pay claims during this period
A amounting to the large sum of 4210001. In
previtm;

yearn we have paid 11,0001., 6,0001., 5,0001., and
12,0001. From a calculation I have made I
find that within the last eighteen months
the public have been benefited—and it is a
consolatory thing to be acquainted with the fact—
by life assurance companies to the extent of
3,000,000/. or 4,ooo,oool.—(Hear, hear.) The
payment of this large sum is a satisfactory
proof of the great public utility of institutions of
this kind; in short, if anything is encouraging in
the business of life assurance it is this fact,
and the public will become acquainted with
it through the various channels by which
it will be distributed, that they are enabled
to alleviate much suffering, which without
their aid could not fail to exist, showing how incum-
bent it is upon all who have others dependent upon
them to assure their lives.—(Hear.) As regards
ourselves, I may say, notwithstanding the distress
that has prevailed for some time, that during
the past year we have issued 617 new policies. Not-
withstanding the year has been one of considerable
commercial depression. The shareholders must
not expect to find that our expenses have
been proportionately reduced ; but it is right
that I should explain some of the charges. For
instance, in the accounts you will find 5,0001. charged
on account of expenses incurred in establishing
various branches. Now this amount was not ex-
pended in conducting the business of these
branches for the past year alone, but arises
from the accumulation of charges, spread over a
considerable time, in connexion with the American
and other agencies ; it may be said to be spread over
the last four years, though not covered by
the expenses from time to time set against
them. These expenses are only now brought
into the accounts of the present year, and
the directors, instead of putting them down
under the head of preliminary expenses, have thought
it advisable to write them off at once. Notwith-
standing this, and the other drawbacks I have named,
the business transacted last year will be found con-
siderable and satisfactory, though not so profitable
as its predecessor—it is, however, within one per
cent. of it.—(Hear, hear.) Recurring to the mor-
tality amongst those assured in this society, I find,
by the published returns of the Registrar-General
for the December quarter of 1846, that the num-
ber of deaths were 13,321, being an increase over
the corresponding quarter of 1845, but that
the number of deaths in the December quarter of
1847 was 18,555, which shows an increase of 45 or
nearly 50 per cent. upon the general amount of
mortality.
A DIRECTOII—In London ?

The CUAIRMAN—Yes, in London; it may be
less in other parts of the country which are
more healthy, but at any rate London is a
fair indication of the rate of mortality elsewhere.
The management of our business in America has
been brought to a very satisfactory condition. There
our affairs are managed by a body of directors se-
lected from the highest and most superior class of
mercantile gentlemen to be found in New York.
No payments are made without their order, and in
fact as much attention and personal surveillance is
given to the management of our affairs there as
if we were there ourselves. A proof of this
is to be found in the fact that we receive weekly
accounts of the progress of the business. When we
commenced we had monthly, then fortnightly ac-
counts, but now, as I have said, we have them weekly.
So that every fifteen days we receive an account of
the progress of the agency during the week before
the packet started. The, increase of business in
America, I am happy to inform you,
has been considerable, and our affairs there
have been brought to a satisfactory and
systematic mode of management. And here I
would take the opportunity of stating that our
thanks are especially due to the board in the United
States for the attention and vigilance which they
have given to our affairs.—(Cheers.) It is right
I should state that we were prepared, and had made
calculations accordingly, for a higher rate of morta-
lity in the United States than that which prevailed in
England, but subsequent experience has proved
that this was not the case, and that we had
over-calculated, and prepared ourselves for a
greater amount of mortality than that which
actually took place. It is true we met
with some losses at first, which caused us to think
that we had made some little mistake in this respect ;
but the experience since obtained has led us to
the opinion that lives are quite as good
in America as in this country.—(Hear, hear.)
Indeed, so satisfactory has life assurance in America
been proved to be, that other English assurance-
offices have followed upon the model we have set
them, and are endeavouring to obtain a share of the
business ; for life-assurance seems a new thing to
New York and to the States, and the pro-
gress which it is making is very satisfactory.
As we have mentioned in the report, some jealousy
has been created in the minds of some local offices at
the progress of life assurance, at the in-
stance of English offices, and it has been sug-
gested that a measure should be passed to compel
European offices to increase the amount of their de-
posits. We have already invested 10,0001., which
we consider sufficient, and the gentlemen who con-
stitute the board in New York entertain a similar
opinion; and, therefore, if we are called upon to
make an increased investment under the same gua-
rantee and security as heretofore, we must of course
accede to it. I think I have now alluded to all
those topics that it is necessary for me to ad-
vance in elucidation of the progress and pros-
pects of this institution. I think that the
unhealthy lives having been cleared away by the late
epidemic, it is not unlikely that in the future years we
shall have a much decreased amount of mortality, and
consequently less claims to meet. As I have so often
mentioned that we have a valuation every year, in-
stead of every five, like some other offices, it will
only be necessary for me to add, that as
every policy is valued, in order that we
may know what bonus we can pay,
consistently iwith a view to the ultimate interests of
the assured, our actuary, with the aid of an assistant, is
occupied about four months every year in arriving at
a result. I have now only to move that the report
be adopted, printed, and circulated among the pro-
prietors.

The motion was carried unanimously.
The following directors were then re-elected :
Henry Fenwick, Esq., Hunter Gordon, Esq., John
Rawson, Esq.
The election of Edmond Sheppard Symes, Esq., as
a director, was confirmed, and Professor Wheat-
stone, F.R.S., was re-elected auditor.

The CHAIRMAN then thanked the proprietors for
heir attendance.

Mr. STUDLEY said, I am not aware that there is
anything in the proceedings of the society during the
past year which calls for any remark from the pro-
prietors, except with respect to the great mortality
which bas occurred during the period, and that has been,
I think, very satisfactorily explained. It is, on the
other hand, very pleasing to find that the society is
progressing every day, as its income is now 60,000/.
I think such a result cannot fail to prove a
source of great satisfaction to the shareholders.
I have, therefore, great pleasure in proposing a vote
of thanks to the Chairman and directors for their
attention to the society, and systematic management
of its affairs during the past year.—(Hear.)

Mr. BnovvraNG had much pleasure in seconding
the motion, which was carried unanimously.
The CHAlRMAN—Gentlemen, on my own behalf
and on the part of my colleagues, I beg to return
our best thanks for the honour you have conferred
upon us. I can assure you that during the
past year the directors have found it necessary
to pay great attention to the affairs of the society,
on account of the large number of deaths and
other matters arising out of them. Many
persons died during the period who had not
been assured more than six or eight months,
which was in itself very unsatisfactory ; in
cad-
dition to which some were assured for 2,0001. an
3,0001., instead of 7001. or 8001., which is the
ordi-
nary average. But I may say that I trust we have
had all the bad luck this year. However,
devoteder, as far
as the directors are concerned, they h
much attention to the affairs of
tthsecrusocpuileotuys,naenssd,
conducted its affairs with great
\ and I am perfectly satisfied, frozntehae attention which

the directors have paid to your affairs during the past
year, and from an arrangement recently made, by
which we shall have the more frequent at-
tendance of each of the directors than here -
tofore, that the institution cannot fail to pro-
gress. Heretofore the business management of
the society has devolved upon me to a great extent,
but for the future I shall be assisted by my colleagues,
who will attend with me every morning. I trust on
the next occasion we meet you that we shall be in a
condition to give a more satisfactory account of the
progress of the society.
The meeting then separated.