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

NATIONAL LOAN FUND LIFE
ASSURANCE SOCIETY.

The ninth annual meeting of this society was
held at one o'clock yesterday, at the London Tavern ;
T. Lamie Murray, Esq., in the chair.
The Secretary having read the advertisement by
which the meeting was convened, proceeded to read
the following report :
" The directors are again afforded the opportunity
of meeting the proprietors on the occasion of the ninth
annual general meeting.
" The unusual rate of mortality, which com-
menced in 1846, increases in intensity during the
past year, and became exhausted only in the early
part of the present.
"During its continuance ordinary calculations
were far exceeded. The society has suffered in
common with almost every similar institution.
" Within the last few months the public health
hbauhvsaeinslbeansesselslnuBBBa4m44na673sded its wonted tone. The average rate of
mortality has fallen, and, as is not unusual after the
ravages of a prevalent epidemic, the low average of
the next year may compensate for the high average
of the preceding ones.
" During the last eighteen months numbers of fa-
milies must have felt, amidst their severe afflictions,
the value of such institutions, as a safeguard against
unforeseen accidents. This sentiment will be-
come still more deeply instilled, and had it not
been for the severe pecuniary distress pervading all
ranks and classes, the augmentation in the number of
policy holders in general would have far
exceeded former years. As it is, the bu-
siness of life assurance is steadily advancing,
under the influence of such practical lessons,
and cannot fail to develop itself more on the first
favourable dawn of national prosperity.
" Although the calculation of the duration of life
on the average of years is almost unerring, yet, as
experience proves, nothing is more uncertain, as con-
cerns individuals or as regards any particular year.
No better proof can be given than the experience of
the society itself in the last few years.
" The annual payment of claims on the society have
been as follows, viz. :
In 1843 •
• • . £11,325 15 5
1844 • • .. 6,879 •/ 01
1845 . ,
.. 6,578 12
1846 ••• 11,718 2 8
1847
1848 : ... : :
1129:649649
1154 111
Accruing claims ... 9,731 2 0
" While, however, the rate of mortality experienced
during the last 18 months has exceeded the expecta-
tion, making allowance for the great increase in the
business of the society, yet the whole expectation of
the society is greater by 15,4331. 6s. 4d., than the
actual sum paid away in claims. Up to the date of
this calculation, the end of 1847, the claims expected
were 80,3661., and the sum then actually paid was
64,9321. 13s. Bd.
~ Within the.. period..v.o..ifzco.tvh: leiseo.d.ccib2eyotit9hhsaevseenrfiagup:rdelys,
ad-
vanced.the The..f.i.o..na...lcrilooninwusale,.....r. receipts of:p7or:e:m:ium:s on policies
1844 ... ... • • 22,687 18 0
• 32,825 12 7
And in the present year the ▪
income from premiums
is estimated at about 50,000/.
" Thus it will be seen, notwithstanding the diffi-
culties of the times, the business and income of the
society have, during the past year, progressed steadily ;
the number of policies now issued being 4,718,
showing an increase within the year of 617.
" The progress which the society has made in the
United States and the Canadas has justified the ex-
pectations of the directors. The rate of mortality has
ranged considerably under the calculation.
" Indications of a narrew-minded policy, promoted
by the rivalry of local assurance offices, have ex-
hibited themselves in the Legislatures of? several of
tile States. Bills have been brought in by individual
Members under pretence of public security, but
covertly intended to harass institutions of superior
credit, and intended to exact a meddling surveillance,
or to require the investment of an unreasonable
amount of funds in the Government stock of the
country.
" The proprietors are aware that the sum of
10,0001. is already so invested, with a view to afford
(as expressed in the last report) stability and credit
to the operations
foundperat sufficientionsof the
for
society on
purpose the spot.
by
ot.This
sum was
mhigenhtlyesrteabsplshed in New
eictableandin flyouernk.tial board of manage-

" It is to be hoped that further interference with
well and long-established life assurance societies will
not be attempted, but as the business of the society,
and its interest in the United States is valuable, and
established on a sure footing, the directors will feel
bound, in protecting the interests of the proprietors,
to comply with the provisions of such reasonable
laws as may be enacted.
" The effort made last year to connect the different
bodies of friendly societies with the plan of deferred
annuities published by the society has so far been
without any remarkable result. This is, in some
measure, attributable to the great distress prevalent
amongst the working classes. It is to be desired
that the principle of these deferred annuities may
ultimately make way amongst them, and that the in-
dustrious man may see the superiority 'of the society's
plan over those to which he is fatally attached at the
present moment. "
The directors, in conformity with the deed of
settlement, have caused the annual investigation into
the affairs of the society to be made by the actuary,
and it is now presented, together with the accounts
of the auditors, and will be read to the meeting.
Following the plan of distribution laid down in
the preceding annual division of profits, of
taking one - fifth of the reserve fund for
immediate distribution to the proprietors and policy-
holders of five years' standing, the prosperous posi-
tion of the society enables the directors, after reserv-
ing thirty per cent: of this sum, to divide amongst the
policy-holders entitled to this distribution a rever-
sionary bonus varying from 27 to 65 per cent. on
the premiums, and to the proprietors a bonus of 21
per cent. fit the past year, in addition to the regular
interest of five per cent. already paid to them, and
which in future will be paid so as to equalise each
half-yearly dividend.
" The following table, prepared by the actuary, ex-
hibits examples of the amount of the seven last bo-
nuses, to which the holders
four years' standing have become entitled, with the
options of receiving the same in cash, or by addition
to their policies, or in permanent reduction of annual
premiums : of policies of upwards of