The Sun.
London, England, 1860-03-19 00:00:00

ECONOMIC LIFE ASSUR.4NCR.

The annual general court of this society was held
on Saturday, at the offices in New Bridge-street ;
Mr. Robert Biddulph in the chair.
The following statement of receipts and disburse-
ments for the year 1859 was read by the secretary.
RECEIVED.-Cash in hand, 31st December, 1858,
£10,299 3s 4d; assurance premiums, £186,153 3s
3d ; ditto, less commission, £6,352 15s 1 1d-
£179,790 7s 4d; proceeds of investments, £81,266
13s 9d ; ditto, less income tax, £2,370 16s 7d--
£78,895 17s 2d ; total, £268,985 7s 10d.
PAID. - Assurance claims, £156,239 15s 9d;
annuity claims, £1,370 lOs ; purchase of policies,
£7,554 18s ; reassurance premiums, £295 4s 4d ;
office expenses, £7,678 12s ld ; medical fees, £403
4s ; general law charges, £362 is 7d ; brokerage,
£ll5 1:36 • ready money bonus and expenses
thereon, £65,733 12s 4d ; cash on hand, Dec. 31
1859, £7,619 is 7d ; balance on account of in-
vestments, £21,612 Os 2d ; total, £268,985 7s 10d.
ASSURANCE FUND.--DR.: Balance, Jan. 1, 1850,
consisting of funded property, £648,457 14s 8d;
loans on policies, £69,876 ; mortgages, £961,020
15s 10d; life interests, £80,216 Os 3d; reversions,
£35,646 ss; cash on hand, £10,299 3s 4d; deposit
at bankers, £10,000; profit and loss (on transfer
of securities), £1,418 8s lld ; amount invested,
viz..: Government securities, £169,536 4s 7d ;
mortgages, £95,678 6s 4d ; loans on policies,
£11,685 ; total, £2,093,893 18s 11d.
CR.-By return of capital from terminable an-
nuities, £10,235 15s; sale of Government securities,
£77,056 8s lld ; mortgages repaid, £179,925 2s
10d ; loans on policies repaid, £8,605 lOs ; decrease
of cash at bankers, £2.680 is 9d; balance, 31st
December' 1859, consisting of funded property,
£732,481 Os 3d ; loans on policies, £72,955 10s ;
mortgages, £891,551 2s ld ; life interests, £73,118
Os 3d; reversions, £27,971 6s 3d; cash on hand and
on deposit, £17,619 is 7d; total, £2,093,898 18s
11d

The CHAIRMAN, in moving that the report be
received, and entered upon the minute, intimated,
in answer to a suggestion made on the last occasion
when they met together, that the accounts should
be placed in the hands of the policy holders some
days before they were called upon to adopt them,
that the directors had taken the matter into con-
sideration, and that in future it would be announced
in the advertisements calling the meeting, that
such of the policy holders as chose to apply at the
office for them might have printed copies. They
took this course, because in a constituency spread
all over the country, and so numerous, it would
occasion a considerable expense to send round to
all. He purposed now to give a comparative state-
ment of the business of the office in the years 1858
and 1859, and afterwards a general statement of
their present position. It was, however, necessary
to state that the year 1859, being the first after the
quinquennial meeting, was more prosperous and
produced more business than ordinary years, and
he thought it right to call their attention to this
fact, in order that it might net be supposed that the
increase of business had been greater than it really
had been. As the figures were larger for the
year 1859 he would reverse the natural order
by taking 1859 first, then stating the results for
1858, leaving the proprietors present to mark the
di&renee. The number of policies issued in 1859
was 723, while in 1858 it had been 468, showing a
difference in favour of 189 over 1858 of 255 policies.
These 723 policies, which was the largest number
ever issued by the office in one year, as,ured an
amount in the aggregate of £530,427 against
£323,670, which was the amount covered by the
255 policies issued in 1858. As showing the nature
of the business, and that the increase was mot merely
in the number of policies, lie might mention that
they had issued 20 policies of £5,000 in 1859,
against four of that amount in 1858. Of £4,000
they had issued one in each rear. Between £3.000
alai £4,000 the numbers had been 15 in 1859, and
5 in 1858 ; between £2,000 and £3,000 there were
30 in 1859, and 35 in the preceding year ; between
£l,OOO and £2,000, 137 in 1859 against 100 in
1858 ; between £5OO and £l,OOO the numbers were
219 in 1859, and 122 in 1858. Under £5OO there
were 301 in the latter against 202 in the former
year. Not only, therefore, had they increased the
number of large policies, but they had widened the
influence of the office, which was even of more im-
portance, when it was recollected that every policy
they put out was an advertisement, and every new
policy was the centre of a new connexion. The
average amount of the policies in the last year was
£734, that of the previous year having been £699,
making an increase of £43 per policy. The total
amount of new premiums in 1859 was £18,354
2s. fid., against £10,273 7s. in 1858, being an
addition of £B,OBO 15s. 6d. The total income
from premiums in 1859 was £192,178 ss. Id., being
£9,748 more than in 1858, when it was £182,429
16s. lid. It might be asked how, if they had in-
creased their income by £lB,OOO in 1859, as com-
pared with 1858, the total addition was only £0,000?
The difference was occasioned by policies that had
fallen in during the year, and to the bonus declared
at the quinquennial division having in the case of
many of the policies been applied to the reduction
of the premiums. He ought further to state that of
the 723 policies issued last year 703 were upon the
participating scale, which was their best class of
business. On the other side of the Recount they
had lost by death, during the year, 163 policies,
assuring £133,976, and carrying in the shape of
accumulated bonuses £28,350, making a total of
£162,326. This was against 151 policies which
had become claims in the previous year, covering
£124,481, and £23,687 in the shape of bonus, or,
together, £148,168. Ho had mentioned last year
that although they were below the estimated aver-
age in the number of claims, many large policies
had fallen in. So it had -also happened in 1859,
the number of large policies which had become
claims having been greater than they might have, as
an average, looked forward to. The average of the
policies which had fallen due in the past year was
£ii2l each, and including bonuses £495. But amongst
these there was one policy for £l,OOO, which was
payable when the party reached a certain age, and
they had also been unfortunate in having to pay
£4,500 on a policy which had dated from the first
year of the association. One of these claims was
rather a singular one. It was a policy taken out upon
the life of a healthy you e g woman on her marriage,
and when it was proposed some questions arose at
the board whether it should be accepted. Upon
inquiry it was ascertained that the danger of loss
of life from childbirth was so small that the board
would not have been justified in refusing the life,
or charging a higher rate of premium.
l )miring the
past year, however, the woman had died in giving
birth to a child, and the policy had become a claim.
These things together brought up the claims for
the year to less than £5,000 more than the antici-
pated average. But on the other hand, during
every previous year they had been below the cal-
culated amount, and amongst the policies which

had fallen due in 1859 were some of the oldest in-

surances in the society. He might further state
that while the average duration of life calculated
upon at the commencement was i 0 years, the deaths
out of which these claims had arisen took place at
the average age of 581 years, or 81 over the estimated
average; and there was one circumstance which he
trusted would encourage them all to live as long as
they could—(a laugh)—viz., that amongst the poli-
cies that had now become payable there was one
which parried bonuses to an extent equal to 87 per
cent. upon the original assurance. hi addition to
the 163 policies which appeared as charges in the
present account, 132 others had golly off within the
year, either by being allowed to lapse, by pur-
chase, or by expiration of insurances for a fixed
term, so that altogether the number of policies
was thus reduced by 285—a reduction which they
must look to the members of the society to make
up by their exertions amongst their friends,
So much for the operations of the year ; and
now he would explain the position of the asso-
ciation as it stood. On the Ist of January, 1860,
they had 8,256 policies upon their books, insuring
the sum of £6.545,457, the bonuses upon which
amounted to £638,192, making a total liability of
£7,183,649. To meet this they had an income in
receivable premiums of £188,165 per annum, and
an interest upon investments of about £72,000,
making a total annual income of, in round numbers,