The Sun.
London, England, 1851-06-09 00:00:00

SUN,

LON DON,

THE TIMES LIFE ASSURANCE
AND GUARANTEE CO7eII'ANY.
The second annul- meeting of the btrartlioldPrs in this
eorope.,y e as held on Saturday afternoon, to, the offices,
32, Ludgat.e Lill ; Jemee Wyld, Esq., M.P., in the
chair.
u. eel pr. liminary proceedings having concluded,
Mr. U. B. SHERIDAN, the manage-., read the export
of the directors, of which the following ii a summary :
"In accordance with the deed of settlement the fol-
lewinr directors retired, bet beirg eligible, presented.
themselves fur re election, viz.:—George Cooper, Esq.,
James Reid, Esq., Alexander Webber, Esq., the Rev.
John Wood.
" The following auditors also retired from office, and
being eligible, the directors recommend their re•eleclien,
viz.:—William Abbott Kent, Esq., Daniel Pratt, Esq.,
11. B. Rye, EN.
" At the meeting held last year, the directors drew the
attention of the shareholders to the circumstances which
had limited the first year of this company's operations to
a very short period for the transaction of actual Ludness,
but at the same time expressing their conviction, that
directly the valuable prit:ciplee, which were in a great
measure the distinctive features of this company, became
known, the ptibEc would fully appreciate and avail itself
of the advantages offered. In confirmation of those
views,tife directors had much pleasure in laying before
the'meeting a statement cf the whole business transac-
tions of the year just ended, which was rts follows?, viz:—
No. Aggregate Annual
Amount. Income.

Number cf Pro-
posals made to
the Company
from the 29th
May, i 8 ,to the
29tu May, 18. A. 770 £191,054 6 0 £3,457 8 4

Poi iciea issued 619 142,094 8 0 2,526 5 8
Proposals declined 74 22,424 19 0 397 4 1
Proposals accepted
not yet paid
Proposals under
consideration

54 20,234 19 0 424 19 8

770 £ 191,054 6 0 £3,457 8 4

"By the above statement, it would be seen, that, con.
sidering the !3ge of the company, an unusually large
amount of buiin?ss: Ia i bee n offered to the cimpany
during the last year, and a very large proportion of it
has been transacted. The number of policies actually
completed and issued during the past year, would be
seen to amount to six hundred and nineteen. Compared
11,d not issued more policies, although the amount of
with the number issued by many:much older offiees,it will be
found that offices with incomes of 100,0001. per annum
each policy would of conrse be considerably larger.
"By the aecounts and statements laid before the share-
holders at the last meeting, it appeared that—
bro. Aggregate Amount. Annual Income.

The number of pro-
posals made to the
company during
the year was ... 391 ... £133,517 £2,218 5 4
Policies issued 217 83,222 1,180 11 7
It would be seen
therefore, that the
total number of
proposals made to
the company dur-
ing the two years
the company has
been in operation,
amounts to .. 1,161 £324,571 6 £5,675 13 8
It would be seen
that the total num-
ber of policies

issued and com-
pleted during the
two years amounts
to ... 836 ... £225,316 £3,70617 3
" The income of the company was therefore more
than three times the amount it was last year;
whilst the number of policies issued had also
increased in the same proportion: thus show-
tog the encouraging progress of the institution.
The directors continued to exercise the same caution in
relation to the business they accept, in proof of which
they pointed to the large sum of 22,4241., appearing
this year under the head of declined business. In further
corroboration of the system of caution used in the se-
lection of risks, the directors drew the attention of the
shareholders to the circumstance that no loss
bad been sustained in the guarantee depart-
ment since the commencement of the company's
business; whilst in the life assurance depart-
ment they had but one loss amounting to 501. The cir-
cumstances relating to the above loss of 501. were of rather
singular character, and forcibly exhibited the ben. fits of
life assurances. A Mr. --, of Devonport, applied
through the agent of this company, a highly-respectable
silversmith of that place, for an assurance of 5001.; the
proposal was forwarded to the office, but Mr. -- having
subsequently changed his mind, altered the proposal to
100 L; the proposal was accepted by the board, and on the
ageutinforming him thereof, the party proposing again re-
ouced the amount to 501., and paid the premium thereon.
Within a few months, however, .of the payment of the
premium, he died, and his widow received 501. instead of
500/., thus losing the benefit so nearly obtained. The
estAlistiment of important local agencies had re-
ceived the best attention of the directors; a highly
influential local committee bad been formed at Men-
et,est, r, and another was in the course of formation
at Liverpool. In addition to the gentlemen whose
nem. s appt ar unkler_the head. of Manchester. Lucal Com-
mittee, a great many of the I. ading manufacturers of
the districts about Manchester had promised their as-
sistance in carrying out the system of guarantee esta-
blished by this office. The directors also congratulated
the shareholders on the position taken by the company
in the commercial world, evidenced by the circumstance
of so many of the leading lines of railway and other cor-
porate booies ani firms accepting the guarantee of this
company for persons is their employment. A fire com-
pany—independent of; but having the support, of this
company—was in the course of formation, the amount of
capital required by the Act of Parliament having been
subscribed, and the deed of settlement having been laid
before the registrar. Arrengementa bad been made with
the directors of the fire company as would have the
effect of materially reducing the annual xpendi-
_

cure of this company; whilst the new con
nexion and influence thus introduced to the life
and guarantee company coutd not fail to ho
productive of the most benefice' results. The directors
continued to receive applications for the remaining
shares of the company, and expected that by the next
annual meeting those remaining would have been dis-
posed of. The directors recommended that interest at
the rate of 51. per cent. per annum should be paid upon
the subscribed capital. The current expenses would,
in future, be lessened by the absence of those items,
which properly belong to preliminary expenses and the
payments to be made by the fire company. The appli-
cation of mutuality to guarantee, first introduced by
this company, and the union of life assurance with
guarantee—eon) principles which, the directors felt,
must within a very short period, place this company in
a commanding position; for by thus making the gua-
rantee premiums an investment instead of a tax, and by
teaching habits of prudence and forethought, the highest
inducements were offered to honesty and a faithful dis-
charge of duty. Negotiations were pending with insti-
tutions and corporations, with a view to the extension of
the guarantee department, which promised the most
satisfactory termination."
The CHAIRMAN said it now became his duty to move
that the report and balance-sheet be received and
adopted, and, in doing so, he would take that opportu-
nity of adverting very briefly to one or two facts which
deserved the attention of the meeting. The steady and
satisfactory progress which they had made since
the establishment of the company enabled him to con-
gratulate them on the present position of their affairs.
In the first year of the company's existence,
end
May, 1850, they bad 391 proposals; from May, 1850 in
,
to May, 1851, the number of proposals made was 770,
showing an increase of 379 proposals. The policies
issued during the first year were 217, the
g
aggregate amount assured being 83,2221., and,
the annual income derived from these policies 1,180/
1 is. 7d.; whereas from the 29th of May, 1850,
to the 29th of May, 1851. they issued 619 policies, the
amount assured being 142,094/. Bs., and the annual in-
come received upon them 2,5261. ss. Bd,' showing a
considerable increase between the first and the second
year, and giving a total income of 3,7061. 10s. Od.
The directors had endeavoured to carry on the busi-
ness of the cow; ny at the smallest possible outlay,
and he was inclined to think that the amount expended
in the management during the year was far too small.
Of course the results which they had achieved this year
had given rise to increased expense, but that was rather
consolatory than otherwise; and he only hoped that next
y ear would be as favourable as the past in point of the
amount of business transacted.—(llear.) A very im-
portant part of the company's operations during the
past year had been the establishment of a local agency
and committee in the large commercial district of Man-
chester, from which at present they derived an income
from policies of about 400/. per annum. Their ind. -
fatigable secretary had visited the district, and bad re-
ported that with the local influence they had ob-
tained a large amount of business might be expected
from Manchester and its neighbourhood. Lace! agen-
cies were else being formed in other large commer-
cial towns. To show that the company was extending
its operations very widely, and was therefore beginning
to be fully appreciated by the public, he might mention
that they had been applied to, and consented to become
guarantee
gentleman t mharne
branch
ho heat d
Neween
Zealand.appointe d
Theto a
situation
ef foratres t
preliminary expenses of the company were not very
large, but the directors had wisely scattered them over
two years, inst.( ad of discharging them in one year, but
when that time expired there would.be a permanent in
create in the revenue, and the shareholders would conse-
quently be benefited to that extent. Since the last
meeting they had lost two directors, Mr. Bidwood, who
was deceased, end Mr. Brown, who had retired from tin
board. The directors had not filled up the vacancies, and
this was another instance, though the remuneration of
the directors was very trifling, that the directors were
anxious to conserve as far as possible the funds
of the association, and prevent any expendis
taro which could fairly be saved.—(Loud cheers.)
In addition to the agency at Manchester, they had
opened one at Ilitaiburgh, and the business of which was
steadily increasing. Most other assurance companies who
had established agencies on the continent had incurred in
almost all instances a very large outlay, but the cost of
this agency did not, he believed, amount to more than 10
per cent. on the business which was brought to the office.
In fact, in every quarter they were making very steuly
progress, and he need scarcely say they were very much
indebted to the officers for their indefatigable exertions,
and to the directors for the careful and active supervision
which they had exercised over the' affairs of the institu-
tion, which, he was confident, would ere long become
one of the most flourishing in the metropolis.—(Cheers.)
The Chairman concluded by moving the adoption of the
report.