The Sun.
London, England, 1860-02-02 00:00:00

PROVIDENT CLERKS' MUTUAL LIFE

ASSURANCE ASSOCIATION.

ANNUAL MEETING.

The nineteenth annual meeting of the policy-
holders in this society was held last evening at
the London Tavern, Bishopsgate-strcot, for the pur-
pose of receiving a report of the transactions of the
association for the past year, and also for the elect-
ing of three directors in place of the following
gentlemen, who go out of office by rotation,. but
who, being eligible, offered themselves for re-elec-
tion—vig., R. L. Jones, Esq., J. W. Welsh, Esq.,
and J. S. Leigh, Esq.
R. L. Jones, Esq., chairman of the board of
directors, presided.
The advertisement convening the:meeting having
been read,

The CHAIII.MAN called upon the secretary (Mr.
W. Linford) to read the annual report, which was
as follows :

The board of directors, in presenting to the members
their 19th annual report, have much pleasure in stating
that, notwithstanding considerable depression has existed
during the year 1859 in life assurance interests, the policies
issued by the Provident Clerks Association within that
period exceed, both in number and amount, those of any
previous year.
The proposals received have been 941 in number, for a
total surn of £150,921 ; of these
849 have been completed for.. £138,921
26 have been declined for 6,300
66 have been deferred or withdraws, or
await completion, for 10,700

941 £150,921
The new premium income, arising from policies com-
pleted, is £3,733 per annum.
The total income for the year is £34,261 Os. 3d., and,
after providing for all known claims, the amount added to
the general fund is £15,290 is. 2d., raising the assets of
the association to the sum of £124,078 19s. ?d.
The claims by death amount to £12,077 Gs. 11d., assured
upon 57 policies.
The policies in force on the 31st December were 5,737, for
a gross sum of £1,060,196.
It affords the board much pleasure to inform the mem-
bers that the Provident Clerks' Association was one of the
seven offices selected by Lord Elgin, the Postmaster-Gene-
ral, to carry out the new plan of life assurance in his de-
partment. Energetic measures were at once taken in sup-
port of the wise and liberal measure of his lordship, and
the personal efforts of the board have, they are glad to
report, resulted in very considerable success.
Immediately on the commencement of the volunteer
movement this office gave public notice that no extra pre-
mium would be required to preserve policies in force, not-
withstanding the performance of military service within the
limits of the United Kingdom.
The board, after careful consideration, have determined
on the adoption of an important feature with reference to
surrendered policies, which they fully believe will not only
be satisfactory to the members, but will be very favourably
looked at by intending assurers of all classes. Impressed
by the objection so frequently raised to life assurance, viz.,
the sacrifices hitherto made by those persons who are, from
various circumstances, unable to continue payment of the
premiums, the board have resolved that, in the event of any
assurer of five years standing, upon whose policy not less
than £2O has bean paid, being desirous of discontinuing his
assurance, he shall have the option of surrendering his
policy upon the ordinary terms or of receiving a policy
fully paid lip for the whole amcunt of premiums which he
has contributed.

By this means the loss of any portion of the premiums
paid will be avoided, and the only serious objection to life
assurance completely removed.
The balance-sheet, duly audited, has been placed before
the trustees, who have expressed themselves much gratified
at tho progress and prosperity of the association.
Tho directors retiring by rotation are Mr. Richard Henry
Jones, Mr. John Studdy Leigh, and Mr. John White
Welch, all of whom, being eligible, offer themselves for
re-election.

The following gentlemen, duly qualified, have been pro-
posed as auditors for the ensuing year : Mr. James
Richard Lloyd, Mr. Francis Frederick Tools, and Mr.
Charles Woolley.
_ _ _

The board feel that they are fully justified in congratu-
lating the members on the 'my gratifying increase of busi-
ness exhibited by this report, but they would reiterate their
earnest request that each member will use his own personal
endeavours to increase the prosperity and promote the wel-
fare of the association.

In saying this, they gladly avail themselves of the oppor-
tunity of acknowledging the valuable services rendered by
some of the assurers, but it must be borne in mind that
neither the utmost exertions of the board nor the greatest
zeal and activity of the agents, can equal in their effect the
true legitimate source of extension, viz., an intelligent and
cordial support from the great body of members, consisting,
as it now does, of more than five thousand persons, all, or
nearly all, of whom have it in their power, by a very slight
effort, to do something towards the general good.
Rn. iiv. JONES, Chairman.
The CHAIRMAN, in rising to move the adoption
of the report, said he felt extremely happy in
having the pleasure of meeting the policy holders
at this their nineteenth annual meeting, mere
particularly so because the board had to
bring before them the 'best year's business
the directors ever had it in their power to
show. Ho should not have to detain them at any
very great length, bat be thought there were a few
things in the report and balance-sheet that required
a passing notice. In the first place, they had in-
creased their new insurances by about £30,000, and
last year's premiums by about 25 percent. over pre-
vious years, and their income now stood at the re-
spectable sum of £34,000. As all the directors'
expenditure was narrowly watched, and with which
circumstance he did not find fault, he would next
allude to the increase under that head. The expenses
of the association showed, an increase of £368, but
that was accounted for, or very nearly se, by the
increase of business, the charge for printing 13,000
circulars, and other incidental items shown in the
accounts. After the strong expression of feeling on
the part of the members, a feeling in which the
directors heartily joined, the board had reduced the
charge to the Benevolent Fund to the extent of £5O.
The meeting 'would find in the report an allusion
to the step taken by the directors with respect to the
matter of lapsed policies. The directors found during
their visits into the country that many persons
would effect insurances, but they were deterred
from doing so by the apprehension that after pay-
ing their premiums for five or six years they might
possibly lose all they had paid by being unable
to continue paying their premiums. To meet this
difficulty, the directors, with the sanction of the
actuary, had made a regulation that persons who
had paid premiums for five years to the extent of £2O
should have a policy for the full amount paid given
to them and pay no more. (Loud cheers.) The
directors, in their report, also announced that no
extra premiums would be charged on those mem-
bers who joined the rifle corps, as it was
thought that every encouragement ought to be
given to so patriotic a spirit. (Cheers.) He looked
with pride to the fact that this association was one
of the seven selected by the Postmaster-General to
oempete for the business of insurance amongst the
Post-office officials. As soon as the directors
became aware of the fact; they entered into the
competition with spirit ; they wore the first in every
movement, and he was quite cure they had got more
than their share of business. (Cheers.) All per-
sons must feel that, by this selection, the Provident
Clerks' Association stands in a proud position, and
he would broadly assert that this office would net
have been selected, but for the 'well-known inte-
grity and honesty of those who conducted the
affairs of the institution. (Cheers.) The directors
had, during the past year, visited Birmingham,
Manchester, Liverpool, York, Leeds, Sheffield,
Derby, Bristol, Exeter, Bath, and other
towns, with a view of increasing the business, and
he thought the meeting would give them credit for
having done something to further the interests of
the institution. (Hear, hear, and cheers.) The
directors had but one object in view—that was to
increase their prosperity. (Hear, hear.) He an-
ticipated some questions would be put to him, and
he was glad of it, because he did not like meetings
of this description to pass off apathetically; but he
hoped that all who might address the meeting
would be animated with mutual good feeling. He
was sure there was no occasion for anything else,
as they were all interested in one common object—
the prosperity of the institution. (Cheers.) He
did not intend further to ocsupy their time, and
he would therefore conclude his remarks by moving
that the report and balance-sheet be received, and
printed for circulation.
The motion having been seconded,
Mr. BLOW objected to the funds of the society
being invested in English or Turkish Funds and
East Indian Stock, when other sources of increased
interest were open to them. Building societies
were lending money at 12 per cent., and he did not
see why this institution could not lend money like
those societies at 6 per cent. He might be told
such a step was not good policy—(hear, hear)--but
he differed altogether from those who entertained
that idea. If they lent out money, as he advised,
they would always have something to keep their
till going, which was far better than getting
merely 3 per cent. Then, with respect to salaries,
he thought those paid by the society were much
too high. He was the manager of a firm that em-
ployed forty men, and turned over just as much
money as they did, and he had but one clerk with
a salary under £2OO a-year to assist him. (Laughter
and cries of "oh, oh.")
Mr. MINTON thought that the previous speaker
had very confused notions on this subject. (A

laugh.) This was a life insurance society, and yet
the honourable gentleman spoken about the in-
vestment of its funds as if it were a building
society. If the directors should be so foolish as
to part with an income that was moderate, but
most secure, for a high rate of interest, as
If they sere conducting the affairs of a build.
ing society, they might lose the whole of the
society's funds. Comparing the balance-sheet of
this year with that of four years ago, he found
that the income of the society had been increased
by £11,438. Whatever course other societies might
adopt, there could be no doubt that the business of
the society was conducted honestly and upon a
sound principle, and that it must continue to be so
conducted if the members wished it to thrive.
Mr. HATTON—With regard to the non-payment
of premiums on policies, and the giving of policies
in lieu of accounts paid, I wish to ask whether the
decision of the directors will have a retrospective
as well as a prospective view ?
The CHAIRMAN—AII policies issued will be
entitled to participate in the arrangement.
Mr. HATTON—I am glad of that, because I can
see vo earthly reason why we should give to those
who may join ns advantages greater than those we
ourselves enjoy. May I ask whether what had been
done at the Post-office has been tried at the other
Government offieel ?
The SECRETARY said every exertion had been
made to get the other offices to follow the exaulple
of the Post-office, but the heads at present had not
sanction any such proceeding. The Post-office is
the only one that will allow it.
Mr. HATTON-1 have only to say I protest
against investing our funds in mortgages of such
a character as those named by Mr. Blow—(hear,
hear)—to do so would be great recklessness.
(Hear, hear.) I concur with the report, and I hope
it will be adopted unanimously. (Cheers.)
Mr. J. R. LLOYD strongly censured the remarks
of Mr. Blow as to the salaries of the officials. The
Clerks' Association ought to be the last society to
pay niggardly salaries to clerks. (Cheers.)
Mr. WAnwicK—May I ask what new business
has resulted from the deputation to the provinues
The CHAIRMAN—I scarcely think it wise to
answer such a question, especially as we are in
competition with seven other offices. However, I
may say it is considerably over £5OO per annum.
(Cheers.)

Mr. WARWICK thought the provision made by
the directors with respect to lapsed policies, was a
wise and judicious step. It would not only be
appreciated by all those at present assured, but
would act as an advertisement in bringing new
business. It was with great gratification that he
heard that last year was the most prosperous one
the institution had ever had—(cheers)—and he
felt confident that the oldest offices in the City had
not, ii proportion, transacted the same amount of
business as the Provident Clerks' Association.
(Cheers.)
Mr. PIKE complimented the directors on the
extremely moderate sum put down as law charges,
via., £25. It proved that there had been no vexa-
tious litigation respecting their policies. (Cheers.)
The CHAIRMAN said that, before ho put the mo-
tion, he wished to inform the meeting that the
society had begun this year well, for they granted
108 policies, the amount assured being £18,050.
(Cheers.)
The motion was then unanimously agreed to.
Mr. HOBSON proposal a vote of thanks to the
directors for their services during the past year,
and the' payment to them of £BOO by way of re-
, muneration• As one of the largest insurers in this
society—being insured for some thousands of pounds
—he wished to observe, in reference to the obser-
vations of Mr. Blow, as to the investment of the
funds of the society at a higherrate of interest, that
it would be extremely dangerous to the interests of
the society to follow the example of building socie-
ties. (Hear, hear.) Security to a society like this
was of the highest importance, and he believed their
present investments were solid as granite.
Mr. LANOHA3I said it afforded him great pleasure
to second the resolution.
Mr. PILCHER wished to move an amendment to
that resolution. Thai r last year had been a great
muss, and he thought they ought to mark their
appreciation of the directors exertions by increasing
the grant this year to £l,OOO. (Hear, hear, and
cheers.)
The CHAIRMAN objected to such a proceeding.
The allowance proposed was considered by the board
to be amply sufficient.
The original motion was then put and carried
unanimously.
The CHAIRMAN said he was much obliged for
their kindness. He being one of the retiring direc-
tors must now quit the chair until he was re-
elected.

Mr. WELCH said he did not thick there was the
slightest necessity for any such proceeding: (Loud
cheers.) He had great pleasure in moving the re-
election of their highly esteemed chairman.
(Cheers.)
Mr. WARWICK considered it an honour to second
much a resolution. (Cheers.)
The resolution was carried amidst loud cheers.

The CHAIRMAN said he had to thank them for
their kindness, and if they only took the advice he
gave them, and followed it out, that would be the
best way of pleasing him. He would now propose
that Mr. John Studdy Leigh be re-elected a direc-
tor. (Cheers.)
Mr. COLEMAN seconded the motion which was
carried unanimously.
The CHAIRMAN said it now became his duty to
move the re-election of his respected friend and
colleague the deputy-chairman Mr. J. White
Welch as a director. (Loud cheers.)
Mr. BELL begged to be allowed to second the
motion. He had the pleasure of knowing Mr. Welch
for many years, and it was impossible to say too
much in his favour.

The motion was carried unanimously.
Mr. WELCH, deputy-chairman, in returning
thanks for his re-election, said that having that day
gone over the books, he found that in 1844 the capi-
tal of the association was £1,700. Since that time
£76,000 in claims had been met, £24,000 had beon
realised in profits, the annual income had risen to
£35,000, and the capital to £124,000. (Loud
cheers.)
The CHAIRMAN then moved the reelection of
the auditors—via., Mr. J. R. Lloyd, Mr. F. F.
Toole, and Mr. C. oolley, and that a sum of £3O
be presented to them for their past services.
The resolution was carried unanimously.
The auditors having severally returned thanks,
Mr. HATTON moved a vote of thanks to their in-
defatigable secretary, Mr. Linford, and the other
officers of the institution, for their zealous services
during the past year.
The CHAIRMAN said he wished also to express
his sense of the zealous and valuable services of the
Secretary and of the whole staff. He bad great
pleasure in putting the resolution for adoption.
Mr. LINFORD having acknowledged the compli-
ment the proceedings 'closed with a cordial vote of
thanks to the chairman.