The Sun.
London, England, 1860-12-13 00:00:00

G.RESIIAM LIFE ASSURANCE SOCIETY

ANNUAL MEETING.-(THIS DAY.)

The ordinary general annual meeting of this
society was held this afternoon, at the offices 37,
Old Jewry, for the purpose of receiving a report
of the directors for the year and quinquennial,
ending July 31, 1860 ; and to transact the business
required by the deed of settlement.
William Tabor, Esq., chairman of the body of
directors, presided.
The usual routine business having been trans-
acted,
_ _

The MANAGER (Edwin Farren, Esq.) read the
directors' report as follows :
" The year ending July 31, 1860, being also that of the
quinquennial period for the declaration of bonus, the direc-
tors beg to report to the general meeting the results of the
past year, and also of the valuation that has been made.
" The new proposals for assurance offered to the Society
during the past year have been 1,689 in number, for the
insurance of £879,166.

" Of these 502 have not been deemed sufficiently eligible,
or have been cancelled, and the remaining 1,187 have bet n
completed, insuring £638,820, and yielding £19,564125. 6d.
as new premiums.

" The general income received from premiums for the
year exclusive of interest and annuities has amounted to
£101,310 lls. 10d.

" The amount of olaims paid in respect of deaths has been
£27,690 4s. Od.

" The funds at the close of the year bearing interest, ex-
clusive of deposits, amounted to £230,106 Cs. 2d.
" The accounts of the year have already been circulated
among the shareholders, after having b3en duly examined
month by month by the auditors, and being certified as
correct, are now submitted for approval and adoption.

As the basis for the declaration of benus the number
and amount of the policies existing on the society's books
at the termination of the year, and of the premiums payable
in connection with such policies, have been carefully ascer-
tained, and found to be as follows :

" Policies 6,696, insuring £2,962,591. Premiums pay-
able £101,310 lls. 10d. per annum, exclusive of interest on
investments. Policies for annuities, 193 in number for
£5,852 per annum.
" These amounts it will be readily allowed would repre-
sent a very large extent of business collected together,
policy by policy, even over a long series of years. But its
relative magnitude and importance will be estimated still
more highly when it is stated that the bulk of such busi-
ness has been so recently acquired, that the average dura-
tion of the whole of the society's contracts, taken together,
but little exceeds three and a half years' duration ; and,
therefore, as business transactions obviously rest upon a
very favourable basis as matters of computation for future
profits, compared with an equal amount of existing assur-
ances long ago transacted.

" The directors wish particularly to point to the very
striking character of the short average duration of the pre-
sent existing contracts of the Gresham, because they believe
so large an accession of comparatively new business to be
unprecedented.

" Indeed, the recent accession of the great bulk of the
society's business has exercised so great an influence upon
the results of the general valuation, that, supposing
what may be called the prospective system of deter-
mining gross profits to be wholly relied on, no less
a balance would appear than £206,121 14s. 11d., as
the present' value of the excess for profits and expenses,
as set forth in the debtor and creditor account prepared in
that respect, and appended.
" Acting, however, on the side of caution, the directors,
though confidently believing that not only such a balance
will ultimately accrue, but even a greater one, have re-
solved to adopt a course which, without trenching on the
future as to profits to come, will be in strict relation to the
cash statement, also appended. This course will be to
limit the amount on the present occasion to be appropriated
by way of bonus to £40,000 or about one-fifth of the pro-
spective balance.

" The adoption of this amount, the directors firmly be-
lieve, will fulfil all fair and reasonable expectations in con-
nection with the growth of the society's business, rapid as
it has been, and enable the actuary to apportion, out of the
80 per cent. that is assigned to the participating policy-
holders, bonuses to the various policies that will bear com-
parison with any of the advantages held out by other
societies.

As a proof of this it may be stated, that the sum named
will enable an addition to be made to the sums assured of
some of the oldest policies of not less than 8 per cent., in
addition to the former bonus of 1855, or a reduction of pre-
mium, in some cases, amounting to 22 per cent. for the
five years ensuing ; while the more modern policies will
share no less advantageously, considering their recent ad-
mission upon the books.
" It is proposed to afford all the usual options to policy-
holders in choosing the appropriation of profits to their
own policies, and the directors feel confident that the vari-
ous results will show that their recommendation will even-
tually satisfy all parties concerned.
" The directors who retire on the present occasion, but'
who are re-eligible, and are recommended by the board as
the list to be elected for the year ensuing, are Edward
Solly, F.R.S., William Tabor, and W. H. Thornthwaite,
Esqs., who offer themselves for election accordingly. The
directors also beg to recommend for confirmation the elec-
tion of George Lowe, Esq., F.R.S., who has acted in the
interim as director,:to supply a vacancy that has occurred
since the last election.

" The auditors who retire, and who. being re-eligible,
again offer themselves for election, are Messrs. G. H. Lad-
bury, William Webb Venn, and William Whitelock.
o' The directors having thus declared the chief elements
of the past year's transactions, and submitted the relative
accounts of such, and of the general valuation as the basis
of the declaration of bonus, have only to reiterate their
sincere desire to uphold the interests of the society, en-
trusted to their charge, by every means in their power, and
thus continue to secure for the Gresham that large share
of public confidence which its extensive transactions so
clearly show it has already been enable to command.
Statement, skewing GENERAL PROSPECTIVE BALANCE
inclusive of future Profits and Expenses, in connection
with existing transactions, July 31, 1860.

DR.
To present value of £2,962,591 assured
by 6,696 policies, and of 193 annuities £1,609,161 14 11
Paid-up capital 21,712 0 0
Sundry depositors 4,520 0 0
Sundry outstanding known claims
and charges waiting settlement ..
Prospective balance

4,000 0 0
206,121 14 11

£1,815,515 9 10

On.
By present value of £101,310 lls. 10th
per annum premium income £1,610,829 3 8
Deposit fund 4,520 0 0
Realised assets, less deposits, as per
cash statement 230,166 6 2

£1,846,515 9 10
Statement, chewing GENERAL CASH BALANCE, exclusive
of Assraance and Annuity Fund, in connection with
existing transactions, July 31, 1860.

Po paid-up capital
Sundry deposits
Sundry outstanding known claims and
charges waiting settlement
Assurance and Annuity Fund, exclusive
of premium income ... 153,253 1 7
General cash balance 51,201 4 7

4,000 0 0

£231,686 6 2

Cn.
By Deposit Fund
Realised assets, less deposits, viz.:—
Cash in hand and cur-
rent account £22,318 14 4
Public funds..
Mortgages and other
securities

£4,520 0 0

£230,166 6 2

£234,686 6_ 2

The CHAIRMAN said he must congratulate the
shareholders on the state of the society's affairs,
and also on the amount of business transacted dur-
ing the past year. The report was so full, and
entered so minutely into the transactions of the
last year, that he thought he need not on
that occasion detain them by any length-
ened observations. (Hear, hear.) The society
had been extremely successful in its operations
ever since its establishment, and it was now in a
position that very few offices could boast of, as the
income of the society was from policies alone, now
upwards of £lOl,OOO. Without further preface he
would resume his seat by moving the adoption o"
the report just read.

Mr. SMEE said he rose with great pride and
satisfaction to second the motion of the chairman.
The Gresham, he thought, was in a proud position,
and one that must be a matter of congratulation to
the whole body of shareholders. The business done
showed that great exertion must have been exer-
cised to produce so successful a result. He had, in
company with the chairman, that afternoon
verified the whole of the stock in bank,
and the shareholders might rest perfectly satisfied
that everything was as correct as the most cautious
could desire. lie must congratulate all the share-
holders on the success that had attended the labours
of the society for the last year a success that
must have exceeded the expectations of the most
sanguine. That success, he felt certain, would
not lead to any relaxation of the activity
of the directors ; and, that being the case,