The Sun.
London, England, 1851-03-27 00:00:00

PROFESSIONAL LIFE ASSURANCE

COMPANY.

Yesterday afternoon the fourth annual meeting of the
proprietors and assurers in this company was held at the
offices, 76, Cheapside; Major Stones, the chairman of the
company, presiding.
There was a very numerous attendance of proprietors.
The advertisement convenicg the meeting having been
read, the report was read by Mr. Baylis, the actuary
and manager, from which we make the following ex-
tracts:—
" The directors feel much pleasure in again meeting
their shareholders at this their fourth annual general
meeting, and in announcing to them the continued and
successful progress of the company. The estimation in
which the valuable and important principles of this cor
poration are held by the public, and the confidence re-
posed by them in its honour and stability, have, since
the last general meeting, been fully evinced, not only
by the increased value of the company's stock, but also
by the rapid and remarkable extension of its business.
" At that time the directors announced that the 40,000
shares, constituting the capital of the company, had
been almost wholly subscribed for; and they have now
the gratification of reporting that a few months from
that date sufficed to accomplish, without reserve, the
final issue of the shares. In the month of July last the
share list was closed,—the shares were actually disposed
of for investment, and they have ever since been ob-
tainable only at a high premium,—the amount of that
premium being, at the present moment, at or above cent.
per cent. on the amount paid per share. This the di-
rectors consider most satisfactory evidence of the sup-
port and approval of the community in behalf of the
adVantages peculiar to this office.
" The list of proprietors comprises upwards of 1,400
names of parties who are qualified by their position and
influence to advance the best interests of the institution,
and whose number and respectability have never been
surpassed by the share list of any similar society.
" This great object having been achieved—the shares
having been disposed of to parties resident throughout
the towns and cities of the United Kingdom, and in the
colonies—embracing individuals in almost every rank,
profession, and condition of life—the directors anxiously,
but confidently, anticipated that a short period would
suffice to prove the soundness of their views in esta-
blishing such a numerous and comprehensive proprie-
tary. They felt assured that a large accession of pro-
fitable business could not fail to accompany the united
influence and co-operation of so many parties interested
in the success of the same object. The result has sur-
passed their expectations. The business transacted
during the last year, that is, from the Ist of January to
the 31st of December, 1850, has nearly equalled the
amount of all the preceding years together, as is exhi-
bited in the subjoined tabular form:—

No. of New
Policies effected

Amount Amount of addi-
assured in each tional Premiums
year. in each year.

Years.

in each year.

£ B. d.
22,166 571 9 2
44,905 I,ssu 10 1
87,538 3,553 4 8
172,292 5,610 16 9

1847..
1848...
1850-,

" From the above table, it appears that the number of
policies effected in the year 1850 was 453—that the
amount assured was 172,2921.; producing new premiums
to the amount of 5,610/. 16s. 9d.; while from the Ist of
January last 178 policies have been granted, creating
an annual revenue from new premiums of upwards of
1,600/. The total income of the company at the present
time, derived from premiums, after deducting assurances,
lapsed by death and other causes, amounts to upwards of
11,4501.; the total number of policies issued is 1,155, and
the amount assured, 354,513/.
"On reference to the balance-sheet, to the 31st of
December last, as approved and audited, which is this
day laid before you, and to which the directors refer as
part of this their report, it will be found that the losses
by death from the commencement of the company
amount in the aggregate to 6,912/. 19s. 11d., every claim
having been promptly met and satisfied, leaving a large
and increasing credit to the premium account,
" When the directors consider that—independently of
income derivable from annuities and interest on sums
advanced by way of loans by the company—the annual
income from premiums exceeds at present 11,450/. per
annum, they cannot but congratulate their shareholders
on the great and manifest progress of the company.
Yet, with this increasing income, the expenditure re-
mains nearly stationary, the great desire and determina-
tion of the directors being to enforce the utmost economy
compatible with energy and efficiency.
" It has been already stated that 178 policies have
been effected since the Ist of January last. Should the
same ratio of business be continued throughout the year,
the directors hope, at the next annual meeting, to carry
out the principle which pervades every operation of the
company—the principle of taking care of the living—by
the announcement of a considerable increase of dividend;
but at present they recommend that the dividend for the
past year be after the usual rats of five per cent. per
annum (free from income-tax) on the paid-up capital of
the company; and such dividend is hereby declared ac-
cordingly. The directors beg to remind the share-
holders that the amount of the dividend depends upon
the amount of business transacted, and that the amount
of business depends upon the shareholders, and all
parties interested in the corporation, combining their
strenuous efforts to extend the operations of the com-
pany.
" The following gentlemen retire as directors, by ro-
tatioh, viz.:—Thomas George Williams' Esq.; E. Ga-
medic! Winthrop, Esq.; W. Wellington Cooper, Esq.;
and,Andrew Durham, Esq., and, being eligible, offer
themselves for re-election, and are recommended by the
board accordingly.
" The directors consider it advisable that tho vacancy
now existing in the direction should be filled up. The
Rev. Henry Hamilton, of Monkstown, near Dublin, and
of Montagu-square, London, a duly qualified share-
holder, has given the requisite notice as a candidate;
and being, by his influence and position, well qualified
to promote the interests of the institution, the directors
have much pleasure in recommending him to the share-
holders for election.
" The auditors who retire by rotation are, George
Bain, Esq., and George Evans, Esq., who, being eligible,
are recommended for re-election.',
The CllaeameN said that from the arrangements which
had been so well made by their worthy actuary, he found
himself so bound down by being placed at the bottom
instead of the top of the room, that he was fearful he
should forget many of the pretty things which he desired
teatalk about.—(Laughter.) He was reminded of the
advice of an eastern writer, " Go to Bokhara, eat me-
lons; and die."—(Laughter.) The application of which
was this—that after having read this full and very sa-
tisfactory report, and atter moving its adoption, he
should not say a single word more, and, perhaps, it
would be wise on his part to follow this course; but he
felt he must have a little chat on plain facts and figures.
Last year he was too ill to say a word to anybody; on
the. present occasion he felt they were deprived, in a
greet degree, of anything they might have to say as
to the infancy of this institution. It had attained a
goodly growth. Their vessel had been happily and
skilfully steered by an able pilot out of the
bay of difficulty, and there the institution stood like
a sturdy boy, but more like a boy of fourteen rather
than of four years of age. He did not thick they
could possibly have arrived at a greater degree of
prosperity. His old friend Mr. Baylis had been used to
dangle the baby, and could now scarcely recognise the
child of his adoption. Nay, he called out (seeing the
marvellous growth of the infant) with Dominic Sampson,
"Prodigious!"—(Loud laughter)—and he (the Chair-
man') hoped the meeting would respond to that aspira-
tion. But really, in a rational point of view, their pro-
gress had been " prodigious." The youth had been
fostered even by old offices, who were always jealous of
new-ones which came to vie with them. He found by
the report that " the list of proprietors comprises up-
wards of 1,400 names of parties who are qualified by
their position and influence to advance the best interests
of the institution, and whose numbers and respectability
have never been surpassed by the share list of any simi-
lar society." To the number and respectability of the
proprietors he could not possibly object, or to their being
qualified from their position and influence to advance
the best interests of the institution. He knew all this
was true; but he objected to that paragraph, because it
gave praise where it was not due. They had in the last
year effected 453 new policies, whereas if the share-
holders or body of the proprietors lied done their duty
to the extent the eirectors had, and each had brought
three policies, they would have effected upwards of 1,400
policies instead of 453. They would then have had
4,000 or 5,000 policies. He hoped these remarks would
not be entirely lost on the ,meeting.—(Hear.) He did
hot wish any proprietor to go home with his tail between
his legs—(Laughter)—bat hehoped that each man would
say " I have not done my duty," and that instead of
bringing in the next year three policies to the office,
they would bring three times three. Again, the report
very properly stated that the directors relied upon the
zealous support of the body of proprietors, &e., and this
point he urged upon the meeting. There was every in-
centive to individual exertion in this society. Arter
some further remarks the gallant officer concluded by
moving the adoption of the report.
Mr. MITCHELL seconded the motion.
Mr. CeLBORNE, of Poole, expressed his gratitude to
the directors for the admirable manner in which they
had conducted the business of the institution.—(Hear.)
Mr. WILLIAM HESELTINE said this was indeed a proud
day. They had watched the progress of the society
with almost maternal solicitude. Its power was now
more maturely developed. and he congratulated the pro-
prietors on the accomplishment of the object which they
all had in view. He congratulated them on the complete
success—the undeniable success of the peculiar principles
which they had adopted. The result of their early
efforts had proved that they had indulged in no Utopian
schemes. Four years only bad elapsed since the
formation of this society, which was commenced
at a peculiarly inauspicious period commercial
distress prevailed on every side, and yet, in the midst of
aver), discouragement, the directors pursued their on-
gh attributabletalen t
and
experience to the conofirde theirnce
e
on-
ward course, and the pertinacity with which they clung
to their principles
hear.) That which they
had' predicated had, to a certain extent, come to pass.
Nay, he would leave their case to their enemies, for he
was happy to say they
rwhs
pi which
ti. they
actuary.—(lleae, h si i n thewa high
were not without them—because
that was a distinctive character of success.—(Cheers.)
He would refer their enemies to the list of proprietors.
—(Cheers.) Did not the circumstance of their having
had struck deep root in English society? Had they not
1,400 proprietors offer an irrefragable proof that they
brought together those classes which constituted the
main stay of a nation's prosperity—namely, those con-
cerned in professional lice, the middling classes, the
tradesmen, and last, though not the least important
class, the clerks in public companies and private esta-
blishments in the metropolis and elsewhere? He might
also mention another class of men. There was a body
of men in this city whose habits qualified thew iu a