The Sun.
London, England, 1851-03-06 00:00:00

RAILWAY PASSENGERS' ASSUR-

ANCE COMPANY.

The third half-)early meeting of this company was
'geld yesterday at the offices' 3, Old Brcal-street,
City; John Dean Paul, Esq., chairman.
The report commenced by congratulating the share-
holders on the satisfactory progress made during the
past year in the business of the company. The perio-
dical tiCkets issued in 1849 were 1,123, and in 1850,
2,320. The single journey tickets issued in 1849 were as
follows:—lst class, 11,397; 2d class, 18,429; 3d class,
16,504. They had increased in 1850 to—ist class,
14,008 ; 2d class, 30,040 ; and 3d class, 40,236.
The receipts for the half-year, ending 31st December,
amounted to 2,5311. Is. 11d., being an increase over the
previous half-year of 4441. Is. 7d., and over the amount
of the premiums taken in the first five months the com-
pany was in operation, ending 31st December, 1849, of
1,109/. 14s. 11d. The directors had not availed them-
selves of the power to raise a call of 1/. in addition to
the deposits paid. The claims during the last six months
had very largely increased. Several serious railway
accidents had occurred in England and Scotland, and
among the sufferers, on almost every occasion, wero
some who had taken insurance tickets previous to com-
mencing the journey, or who held periodical tickets.
The claims consequently had been numerous, and in
some instances heavy, so that the compensation paid
during the period in question, and in course of
adjustment at the time when the accounts were
made up, would necessarily absorb what would
otherwise have been divisible to the shareholders
at this time. From the commencement of the business
of the company to the present date, embracing a period
of twenty months, the claims had been for two fatal
cases, insured for 5001. each, and for fifty-five cases of
personal injury, the compensation to which in the cases
adjusted had varied from 11. to 4251., according to the
severity of the injury sustained in each case. The com-
pany had some remarkable escapes to notice. In one
very serious accident which happened to an excursion
train in July last, where upwards of 150 persons were
more or less injured, there were only eleven out of that
number who held insurance tickets, who became claim-
ants on the company. In another still more se-
rious accident in August, when they had eleven
cases of personal injury to meet, there were
no fewer than six persons killed, of whom, unfortu-
nately for their families, none had taken insurance
tickets. Again, in September, when 18 persons were
more or less seriously injured, only one of them was in-
sured, and his claim was for an injury so slight, that
the sum of 31. sufficed to meet his demand for compen-
sation. The accounts up to the 31st December exhi-
bited a gross income from premiums for the half-year
(including balance due from previous half-year's ac-
count) of 3,6601. 16s. 4d., and a total expenditure of
2,2611. 19s. 9d., leaving a balance at that date, after de-
ducting estimated amount due on various accounts of
9981. 16s. 7d. This sum the directors would have ap-
propriated in paying interest or dividend upon the
shares, but the claims upon the company in re-
spect of accidents, towards the close of the year, were
so numerous, and some of them so heavy, that the
entire balance must necessarily be reserved to meet them.
The issue of single journey tickets had been extended,
since the last half-yearly meeting, to fourteen additional
lines of railway. Two or three companies still refused
to sanction the issue of tickets, though on one of those
lines where this refusal had been persisted in, a very
serious accident happened in December last. In the
month of December, arrangements were made to es-
tablish the issue of single journey, as well as periodical
tickets, on the leading railways in Ireland. The
Great Southern and Western Company, and
the lines towards Belfast, afforded every faci-
lity for this purpose, and since the Ist of January,
the receipts from that source, though small, had not
been trenched upon by any claims in respect of acci-
dents. The company established in France had com-
menced its operations, and being in friendly correspon-
dence with this company, the mutual interests of both
would be promoted by the publicity given to the system
of insurance there, as well as here. Since this period
last year two companies had been formed to do insur-
ance business, in some respects similar to that which
this company was the first to propose to the public.
But as neither of those companies had obtained an Act
of Parliament, it was not expected that they would seri-
ously affect the business of this company.
The CHAIRMAN, in moving the adoption of the report,
said he was glad to inform the proprietors that there had
been a steady and, he trusted, an important and perma-
nent increase in the amount of business transacted. The
company had rapidly risen to a position of great public
utility and usefulness, and the success which had at-
tended it had scarcely a precedent in the history of life
assurance societies. Since the commencement of the
enterprise they had issued no less than half-a-million of
journey-tickets, and the returns of the last quarter
showed that the company had grown daily in the estima-
tion of the travelling public. While the proprietors
would reap, as he fully anticipated, a fair reward
for their invested capital, they would at the same time
have the satisfaction of kaowing that they had relieved
the misfortunes of bereaved widows and orphans, and
also compensated, as far as pecuniary assistance could do,
many sufferers from railway accidents; and these great
advantages were secured to the parties by paying a com-
parativety trifling premium. During the half year fifty-
eight cases of accident had occurred, in which the
sufferers had received from the company sums varying
from 1/. to 425/. as compensation for the injuries they
had received. There were also two cases of fatal acci-
dent, in which the deceased individuals had assured their
lives for 5001. each, and the company had just received
notice of a third case of the same kind. In the two first
cases both the parties were married, one leaving behind
him a family of six children, but they were possessed of
no property; and letters had seen sent to the directors
by their representatives or friends, acknowledging with
grateful thanks the ready boon conferred upon them by
the company. Though the accounts for the half-year
showed a balance of 9981. 16s. 7d.. the directors did not
feel justified in recommending a dividend at present ;
but they fully expecte' that the shareholders would soon
have an ample return for the capital they had invested
in the undertaking. The Caairman concluded by moving
the adoption of the report.
After a brief discussion the motion was agreed to, the
retiring directors and auditors re-elected, and a sum of
300/. awarded to the directors for their labours during
the past year.
The meeting was then made special, and a resolution
which was agreed to at a former meeting confirmed, ex-
tending the benefits and advantages of the company to
emp.oyees on railways.
After a vote of thanks to the Chairman for his con-
duct in the chair, the meeting separated.