The Sun.
London, England, 1846-07-18 00:00:00

THE GENERAL MEETING OF PROPRIETORS.

The Meeting of the Shareholders was--held in the office of the
Company, No. 8, Waterloo-place, London, on FRIDAY, July 10, 1846.
JAMES STUART, Esq., Chairman of the Board of Directors, in the

Chair.

The annual report.of the receipts and disbursements of the Com•
Pant', to the 31st of December, 1845, and of the amount of their
funds, and also the report prepared by the auditors of the Company
of the accounts of the Company, having been, in terms of the deed of
settlement, laid before the meeting and read, they proceeded, as re-
quired by that deed, to the election of four Directors and one Auditor,

in the room of those retiring at the annual meeting.
The Chairman then expressed the satisfaction which the Board of
Directors had in meeting the Proprietors of the Company, and having
an opportunity of making them acquainted with the state of their
affairs for another year. There is now laid on the table a detailed
statement of their accounts, framed by their Secretary and Aci
countant, from the formation of the Company, twelve years ago, to
the 31st of December, 1845, which contains well-arranged informa-
tion, amply sufficient to explain to the Proprietors the continued suc-
cessful progress of the Company in the amount of insurances, of
premiums, of their funds, and annual income.
1. The amount of assurances effected in the year, from the Ist of
January to the 31st of December, 1845, is 405,6341.—a sum greater
by 62,5101. than in the year 1844. The regularly and almost un-
interruptedly progressive increase of the business of the Company
cannot be more convincingly proved than by reference to the amount
of sums annually assured by the Companysince its formation in 1834.
For the first seven years they averaged above 200,0001. a year.
Their amount in round numbers was :
£272,000 I
In 1844 ••• • • • • • £343,000
1842 .......• • • .... 284,000 And in 1845.. • .., .. 405,634
1843 .• • -•
It may be proper to notice, that had all the proposals for insurance
offered to the Directors during the year been accepted the amount
would have been 623,989/.
2. The amount of premiums had of course progressively increased,
being—
In 1841.. ••.•• • .• £42,000 In 1844.. ••..• • .. • .. £63,000
1842.......... - •••. • • • • 72,000
1843.... ••• • .
in 1844.

3. The annual Income of the dompany to the 30th of June, 1846
is, as nearly as it can be ascertaiiied, 84,8381. 6s. Id., greater by
2,7371. Bs. 3d. than at the 30th of Jnne, 1845. It is to be observed
that the amount of disbursements has been much increased, and of
Income diminished during the last year, by the large capenclitare in
the purchase of the premises, Nos. 8 and 9, Waterloo-place, inclu-
ding the houses formefly occupied by this Company and by the
London and Westminster Bank, and in the alterations and improve-
ments necessary to render them available for the purposes of the
Company.
The agencies of the Company, especially at Glasgow, Edinburgh,
Newcastle-on-Tyne, and Dublin, are in a flourishing state. The
amount of sums 'annually assured by the agent at Glasgow in the
three last years has varied from 50,0001. to 96,0001. The premiums
received from Glasgow during the last year, 1845, amounted to
5,250/.

The Proprietors are of course aware that, in terms of the deed of
settlement, divisions of the profits of the business of the Company
must be made at intervals of not less than five and not more than
seven years, so that the first division having been made up to the Ist
January, 1841, a division might have been made up to Ist January,
1846. On giving due consideration to the reports and calculations of
their actuary, Mr. King, who had bestowed great attention on the
subject, and has had several meetings with them, it appeared in the
end to all the Directors, some of them being at first of different senti-
ments, that It was more for the interest of the Company, and of
course more expedient, to delay the next division of profits to Ist
January, 1848.
It only remained for him to congratulate the proprietors on their
now, for the first time, assembling in a house and offices in point of
situation, accommodation, and in all respects so admirably suited for
their extensive establishment.
They had only one cause of regret, that the active and zealous
manager of the Company's concerns from the outset, the resident
director, Mr. Boyd, was prevented, by continued indisposition,
from having the enjoyment so Dully as he otherwise would have
had, of the superior accommodation which the improvements
made in the house afforded. He was sorry to observe Mr. Boyd's
presence in the meeting, because he knew that it was at the risk
of his health. Indeed, notwithstanding his long-continued indisposi-
tion, he had very regularly attended the meetings of the board,
evincing the same zeal and interest for the welfare of the Company
as at any previous period.
Mr. De Castro conceived that, after the lucid explanation of the
Company's affairs given by their respected chairman, Mr. Stuart,
very little was necessary on his part to add to that satisfactory
statement; but he took this opportunity, in rising to return the
proprietors thanks for the renewed conflidence they had just
conferred on him by his re-election as a director, to answer the
inquiries made by some of the proprietors as to the present ap-
plication of their funds. Besides their paid-up capital, a large
investment had lately been made in Government securities ;
upwards of 175,0001. Is due to the Company on loans, rever-
sions, &c.; and sums of considerable amount are in the bands of
their bankers, and have been applied in the purchase of their valua-
ble premises in Waterloo-place. Their property had been uniformly
so securely applied, that their whole loss by bad debts in the course
of twelve years only amonnted to 6001.
It was proposed by John Connell, Esq., seconded by M. D. Lindo,
Esq., and resolved unanimously—That the report be received and
approved.

Thanks of the meeting were then moved by A. H. Macdougall,
Esq., seconded by D. Q. Henriques, Esq., and resolved unanimously,
to the Chairman, Deputy-Chairman, and Directors, for the attention
and ability continued to be shown by them in the arrangement of
the affairs of the Company.
M. D. Lindo, Esq., said, that he took upon himself to propose, in-
dependent of the foregoing resolution, a special vote of thanks to Ed-
ward Boyd, Esq., the resident Director, and founder of the Company,
for his indefatigable zeal in bringing it to its present state of prospe-
rity ; which was seconded by John Mitchell, Esq., and carried una-
nimously. JAS. STURT, Chairman.
The most cordial thanks of the meeting were then voted to James
Stuart, Esq., the Chairman, for his able and courteous conduct in the
chair.

LONDON COFFEE AND EATING-HOUSE
KEEPER ASSOCIATION.

The Half-yearly General Meeting of the Subscribers and Friends
to the above Association will be held at Anderton's Hotel, Fleet-
street, on MONDAY NEXT, the 20th inst., at Seven o'clock precisely,
to receive the Report of the Committee and Auditors for the past
half-year, and to elect Officers for the ensuing year.
The following motion to alter the Rules will be submitted for the
consideration of the Meeting on Monday next:—
"That in future all Pensioners elected upon the Funds of this
Uclety shall receive as follows :—The men eight shillings, and the
widows or female members, six shillings per week."
The Committee beg to inform the Subscribers that they are pre-
pared to receive petitions from persons eligible and desirous of be-
coming Pensioners upon the Funds.
8, Bath-street, Newgate •street.

SAMUEL ABBOT, See.