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

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GRESITAMILiFE AS§URANCH;fOCLETJ:
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The ordinary general meeting of the share4old,
and policy-holders in this flourishing society
held yesterday afternoon, at the head offices of I
society, 37, Old Jewry. The chair was occupied

William Tabor, Esq.
The routine business having been transacteel, 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.
it. The proposals for new assurances, ex-elusive 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 firstclaSs lives and those only insurable at in-:
.creased rates. The • greater number, however, of
those accepted and completed have been first-class
;- the -excess of the proposals over' ew policies,
0r,g)44 in number, being these wholly declined or
Mise not carried out. „ •
" The general number of policies on the books was
5,312 ; the ge.neral income frdin premiums, exclu-
sive of interest on investments, was £78,161 13s.
3d. ;• the amount paid in respect of elaims from
death was £25,912 Ws. 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.
-10 d. .

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
them4elves, the directors will never cease to pro-

mote, to the best of their power, the general 1-vel-
- 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 been the success of the
past, it may, still be exceeded and justified by the
results of the future.
The CHAIRMAN'said the present was the tenth

occasion on which he had had the happiness of

To contrast the position of the society at diffe-
rent
_periods of the 'past with the present, it will
be sufficienfto rehearse that— 0,- • • •
" At the end- of its third financial year (July 31,
1851), its new premiums were £5,124 3s, 4d. ; its
current premiums, £15,923 ls. 6d. ; and its funds
at interest or actually in hind, 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); vir, four years only from the last
series of figures, its new premiums are £27,897 16s.
2d. ; and, after the declaration of bonus in 1-855 of
)X25,000, its :Current premiums are £78,161 13s. 3d.,
and its funds-at interest or actually in hand, ex-
. elusive of deposits, X1'53,141 16s:10d.
" Whoever 'is aware of the intense competition
and:struggle for business, that has been carried }Ai,
especially during the - last. four years referred Ito,
by the various- life' assurance' societies of Great
Britain, not only by extending their transactions-
`over thelinited ICingdom, 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
singleinstance of -a-n- acceptance for an assurance or
policy being issued, without having been first sub-
mitted as a distinct pi•oposal, 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 such 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 incluion 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 beau thoroughly successful, is
proved by the unpreccdehted 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 year, 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, are 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 Mm. Whitelock, 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-

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
than it had been in the preceding one—(cheers)--
and consequently the general income had largely
increased. (Loud
cheers.) The only otheraso,btsheart-
vation he need address to 'the meeting way,
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 ihdexact 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 Lvne 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 copplimentarTobser-
yations, 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 satis7
fcctory than the way in which the retiring audi-
tors had performed their duties, and, such being

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