The Sun.
London, England, 1858-11-05 00:00:00

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at George Lowe, F.R.S., and
be elected auditors on.the part of the poll. oldert
Carried unanimously.
A resolution for a monthly audit was then agreed

to.
The CHAIRMAN then thanked the meeting for
their attendance, and said the last resolution ter-
minated the business of the meeting.
Mr. PIDGEON said he hoped, before the meeting
separated, they would agree to a motion he had to
propose. It was that the thanks of the meeting be
given to Edwin James Farren, Esq., the indefatig-
able actuary and secretary—(cheers)—and officers
of the company. The great success that had been
attained during the past year conclusively showed
that great exertions must have been made by Mr.
Farren and the officials to bring about such a satis-
factory state of things. (Hear, hear.)
The motion was seconded, and .the chairman
having put it to the meeting, it was carried unani-
mously.
Mr. FARREN briefly returned thanks. He said
it was particularly gratifying to him to receive the
thanks of the shareholders and policy holders. He
assured the meeting that all the staaff lid their
duty efficiently and satisfactorily. (Cheers.)
A vote of thanks to the chairman terminated the
proceedings,

PRICE 4D• STAMPED, 5D

GRESHAM LIFE ASSURANCE SOCIETY.

The ordinary general meeting of the shareholders
and policy-holders in this flourishing society was
held yesterday afternoon, at the head offices of the
society, 37, Old Jewry. The chair was occupied by

William Tabor, Esq.
The routine business having been transacted, the
CHAIRMAN called upon the secretary to read the

annual report of the directors.
The Actuary and Secretary (Edwin J. Farren,
Esq.), then read the report, as follows :

" The directors have to submit, as their report to
the general meeting, in conformity with the re-
quirements of the deed of settlement, the following
statement of the results of the tenth financial year,
ending July 31, 1858.
" The proposals for new assurances, exclusive of
annuities, during the year, as appears from the
books of the company, have been 2,110 in number,
of which 1,566 have been accepted and completed,
insuring £911,410 ; and affording, as new premiums
from the fresh transactions of the year, the large
amount of £27,897 16s. 2d.
" The proposals offered have as heretofore included
both first-class lives and those only insurable at in-
creased rates. The greater number, however, of
those accepted and completed have been first-class
lives ; the excess of the proposals over new policies,
or 544 in number, being those wholly declined or
otherwise not carried out.

" The general number of policies on the books was
5,312 ; the general income from premiums, exclu-
sive of interest on investments, was £78,161 13s.
3d. ; the amount paid in respect of claims from
death was £25,942 10s. Bd. ; and the amount of the
funds at interest or actually in hand at the end of
the year, exclusive of deposits, was £153,141 16s.
10d.

" To contrast the position of the society at diffe-
rent periods of the past with the present, it will
be sufficient to rehearse that—
" At the end of its third financial year (July 31,
1851), its new premiums were £5,124 3s. 4d. ; its
current premiums, £15,923 is. 6d. ; and its funds
at interest or actually in hand, exclusive of deposits,
was £21,205 9s. 6d.
" At the end of its financial year (July 31, 1854),
the new premiums were £7,129 18s. sd. ' • its cur-
rent premiums, £35,329 9s. Id. ; and the funds at
interest or actually in hand, exclusive of deposits,
was £69,689 4s. 10d.
" At the end of the tenth or present financial year
(July 31, 1858), viz., four years only from the last
series of figures, its new premiums are £27,897 16s.
2d. ; and, after the declaration of bonus in 1855 of
£25,000, its current premiums are £78,161 13s. 3d.,
and its funds at interest or actually in hand, ex-
clusive of deposits, £153,141 16s. 10d.
" Whoever is aware of the intense competition
and struggle for business, that has been carried on,
especially during the last four years referred to,
by the various life assurance societies of Great
Britain, not only by extending their transactions
over the United Kingdom, but over the continent
and to the remotest of our colonies, will readily
admit, that the success of the " Gresham" has
been unprecedented. This is the more worthy of
note from the fact, that there is no single transac-
tion on its books for an extreme amount, nor has
there been among its multifarious proceedings a
single instance of an acceptance for an assurance or
policy being issued, without having been first sub-
mitted as a distinct proposal, for specific approval
or rejection, at the head office in London.
" The amount of business transacted during the
past year might appear, however, to have been
capable of being made still greater, in consequence
of one older, and several younger, societies having
proposed, to transfer their business to the Gresham.
But no suoh proposal has been offered to this so-
ciety, whatever may have been offered to others,
that the' directors could, upon close examination,
as men of business, deem advantageous and proper
for all parties to enter into. They have, therefore,
preferred relying upon its own resources to develop
and extend the business of the Gresham, rather than
enlarge its liabilities by the inclusion of risks, not
passing through the usual ordeal of original
scrutiny, for approval or rejection, according to its
own forms of procedure. That this determined
line of action has been thoroughly successful, is
proved by the unprecedented amount of business
transacted. To render its effect and bearing still
more promiment, the directors, having regard to
the great public attention, that has of late
been attracted towards Joint Stock finance, and
having made the system of accounts adopted by the
Gresham the especial object of their own attention,
have now the pleasure of recommending to the
general meeting, that the audit of the society's ac-
counts, instead of taking place as heretofore, but
once a 3rear, should be entered on -.by the auditors
, month by month, preparatory to the. annual report.
Indeed, the great extent and multiplicity of details
of the society's business now needs this partition of
the auditor's labours ; and the consequent expense
will be fully warranted by the increased confidence
to all parties that a monthly audit must necessarily
engender.
" With respect to the accounts of the past year,
they have been already printed and circulated
among the shareholders, as required by the deed of
settlement, and, having been carefully compared
with the original documents by the auditors and
reported correct, arc now submitted for approval
and adoption.
" The directors who retire on the present occa-
sion, are Messrs. James Lyne Hancock, David
Lloyd, and Alfred Smee, who, being re-eligible,
again offer themselves for election, and constitute
the list recommended by the directors for that pur-
pose.
" In conformity with the Deed of Settlement,
the auditors also retire at the close of the year ;
but being re-eligible, again offer themselves for
election for the year ensuing, viz, Messrs. G. H.
Ladbury and Wm. Whiteloc, on behalf of the
shareholders ; and Messrs. G. Lowe, F.R.S., and
Win. Webb Venn, for the policy holders.
"As a conclusion to their report the directors can-
not lose sight of the fact, that a large business like
that of the Gresham can only be obtained and sup-
ported by the active exertions, not only of them-
selves and those of the official staff more imme-
diately under their control, but, as during the past
and preceding years, by the active and strenuous
efforts of those acting in various capacities for the
society, both at home and abroad. To all of whom
the greatest praise is due, from their having thus
successfully combined, to enable directors to claim
for the Gresham a place among the leading insu-
rance companies of the country. Speaking for
themselves, the directors will never cease to pro-
mote, to the best of their power, the general wel-
, fare of the institution over which they preside, and
hope that by such means, and the increasing confi-
dence of the public, in the stability and.practical
usefulness of the Gresham. as a reliable insurance
society, that, great as has biol.. tlie success of the
past, it may still be exceeded and justified by the
results of the future.
The CIiAIRMAN said the present was the tenth
occasion on which he had had the happiness of
presiding at their ordinary annual meeting, and it
had been his gratifying duty each time to congra-
tulate the society on the successful progress that
was being made. (Cheers.) The report just read
showed that prosperity still continued to attend
their exertions ; and as it entered so fully into the
affairs that had occupied the attention of the direc-
tors during the past year, he should not detain
them with any lengthy remarks thereon. It was
exceedingly gratifying to find that their new busi-
ness had been greater during the year just ended
one—(cheers)—
than it had been in the preceding
al in
and consequently the genercome had largely
increased. (Loud cheers.) The only other obser-
vation he need address to the meeting was, that
the directors had determined to recommend the
shareholders to agree to. an audit of the society's
affairs every month, instead of once a year. (Hear.)
He hoped such a proposition would be agreed to, as
he was persuaded that the exact state of their affairs
could not be too fully known to their constituents.
(Cheers.) He had great pleasure in moving that
the report just read be received and adopted.
The motion was after a few words',from, Mr.
Griffiths and Mr. Pidgeon, was carried forthwith.
The following resolution was put and carried
unanimously.
"That James Lyne Hancock, David Lloyd, and Alfred
Smee, Esqrs., be the list of directors to fill the vacancies
occasioned by the retirements."
Mr. GRIFFITH, after a few complimentary obser-
vations, moved—
" That the thanks of this meeting and the sum of 50
guineas be awarded to the auditors."
Carried unanimously.
Mr. PIDGEON said nothing could be more satis-
factory than the wayrin which the retiring apcli-
tors had performed their duties, and, such being