The Sun.
London, England, 1867-11-15 00:00:00

IF.E ASSURAN

CE SOCIETY.

I The following appeared in our Latest Edition of yester
day evening.]

An extraordinary general meeting of the shareholders
in the Gresham Life Assurance Saciety was hold this
afternoon at the offices, 37, Old Jewry, at which W. Tabor,
Esq., chairman of the board of directors, presided.
The business of this meeting was merely of a formal
character, it being for the confirmation of certain arrange-
ments made at the last annual meeting for authorising the
directors to assure out of the funds of the society of morn
than the sum of .£5,000 on the life of one iudividual, pro-
vided that excess was covered by counter-assurance ap-
proved by the directors, and also for empowering the
directors to asc2rtain and divide the profits at such inter-
vals, not exceeding fivo years, as they sh i►l determine
The necessziry resolutions having received the confirma-
tion of the mooting, the Ordinary Annu d General Meeting

for tho reception of ther,plrt of the directors fur the p:t
financial year was then held.

Tho following reporls rend by the Actuary
nun Secretary (A. F. C it'tis, Esq ).

ANNUAL REPORT.
The directors have to report the progress of the society
during the twelve mouths ending on the 31st July, 1867.
3,890 proposals were submitted durie,, the year, for the
assurance of £1,381,917. Of these the directors selected
for acceptance 3,483; and policies for the amount of
£1,152,338 were issued. The new premiums received
within the year amounted to £39,656 17s. Ild. The in-
come of the society was increased to £297,699 Bs. 5d., of
which amount £263,261 18s. 3d. was derived from pre-
miums, and £34,437 10s. 2d. from interest on investments.
The sum of £94,676 4s. 6d. was paid during the year for
assurance and endowment claims, after satisfaction of which,
and of all other charges, a surplus of more than £140,000
has been added to the invested funds. The directors
retiring on this occasion are H. C. T. Beadnell,
,Alfred
Smee, F.R.S., and George Tyler, Esquires, who, being
eligible, are recommended by the board for re-election.
The auditors, G. H. Ladbury, Wm. Webb Venn, and Wm.
Whitelock, Esqrs., retire and again offer themselves for
election. The directors, in furtherance of their views ex-
pressed at the last annual meeting, summoned an extraor-
dinary meetine•a of the shareholders, which was held.this
day, when the board of directors wore authorised to issue
policies for sums exceeding £5,000, provided the excess
wera covered by re-assurance, and they were also em-
powered to distribute Surplus lands more frequently than
five years. The current and future financial years will
terminate on the 30th June, instead of the 31st July as
heretofore.

GENERAL REPORT.
The extraordinary general meeting of the Grisham Life
Assurance Society held this day, having empowered the
directors to divide profits at shorter intervals than every
five Years, the board of directors have determined that a
division of profits shall be made amongst the membeis in
respect of surplus funds existing on the 31st July, 1867,
and it. has been resolved that the future divisions shall
take place at intervals of three years, until otherwise de-
termined. The directors having instructed their actuary
to make a very careful investigation of the assets and
liabilities of the society as existing on the 31st July, 1867,
have now to report thereon. As regards the society's
assurance and annuity contracts, the groundwork for the
valuation of them was the table of mortality known as the
experience of the 17 offices, and the rate of interest assumed
in the valuation 4 per cent. The former being that which,
more nearly than any other table, represents the
rate of mortality amongst the assured lives in the
" Gresham," and the latter being below the average
rate of interest actually obtained on the invested
funds of the company, which, being very nearly four-
and-a-half per cent., is about one quarter per cent. more
than the average rate obtained at the period of the valua-
tion in 1865. The investigation made by the actuary of the
assurance and annuity contracts shows that there were in
force on the 31st July, 1867, 19,631 policies for assurance
under various contingencies of life. The present value of
the sums assured was £3,590,461 195., and the present value
Of the prospective income from premiums was £3,395,658 2s.
Also that there wore in force at that date 365 policies for
annuities, either immediate, contingent, or deferred, the
present value of which was .£100,723 14s. From the
general balance-sheet of assets and liabilities appended to
this report, it will be 'seen that tho balance in favour of
the company is £665,591 12s. Bd. This amount constitutes
the fund, out of which the present bonus and future profits
are to bo appropriated, and the future expenses aro to be paid.
The attention of the members was specially drawn at the
two former valuation periods to the average duration of
the company's policies as beneficially influencing the gene-
ral condition of the existing members. In 1860 and in
1865 the policies then existing had been in force no
longer than three and a half years on the average. The
average duration of the policies in force on the 81st July
last was rather over four years, showing a slight advance.
The attention of the members was also drawn in 1864 to
the proportion existing between the realised assets of the
company applicable to the contracts of assurance, and the
amount of premiums received on the policies then in force.
At that time the proportion was 53 per cent., it is now 70
per cent. Looking at the state of the company from this
point of view, it was in 1864 very satisfactory, and
it is still more so in 1867. After a careful considera-
. .

Lion of the whole facts, and actuated by prudence
and caution on the one hand, and by regard for
the interests of the policy holders on the other, the
directors have determined to apportion amongst the mem-
bers, by way of bonus, the sum of £cio,ooo. The com-
pany's income, prospective balance, and realised assets at
the periods of the several valuations ma le of the com-
pany's affairs, are shown in the following tabular state-
ment :

Valuation Prospective Realised
Years. Income. Balanc,ee. Assets.
1859 £23,141 ... £71,478 ... £19,662
1833 43,218 ... 105,273 ... 119,377
1860 ... 108,226 206,122 ... 230,166
1865 ... 223,423 ... 312,933 760,796
1867 ... 297,699 ... 665,591 1,023,482
Comparing the statistical condition. of the company In
former years with that in 1867 a very satisfactory pro-
gression will be observed. Eighty per cent. of the bonus
declared belongs to the participating policy-holders, and
will be applicable to all the participating policies in force
on the 31st July last. The bonus applicable to each
particular policy will be calculated forthwith, so that it
may be appropriated on the 30th June next. In the
case of claims under participating policies by death or
endowment happening prior to the 30th June, 1868, the
cash value of the bonus to be allotted to such policies will
be allowed. In other cases, the usual options will, on the
30th June next, be afforded to the policy-holders in select-
ing the modes in which the bonus should be applied. The
directors congratulate the members on the very prosperous
condition of the Company, which they have reason to hope
and believe will continue to be progressive.
GENERAL BALANCE-SHEET FOR 31sT JULY, 1867.
Assrrs.—Present value of policy premiums and re-
assurances, £3,401,463 55. ; investments in funded, free-
hold and leasehold property, £456,525 2s. 9d. ; mortgages
on real and personal estate, £340,591 14s. ; loans;on policies
on credit premiums, &c., £70,527 16s. 10d. ; cash, bills,
bankers' and agents' balances, and current premiums,
£157,833 19s. sd. ; current interest on investments,
£8,318 18s. 4d ;—total, £4,435,264 6s. 4d.
LIABILITIES.—VaIue of sums assured and bonus,
£3,590,461198.; value of annuities, £100,723 14s. ' • sundry
claims and charges waiting settlament, £56,775 Os. Bd. ;
proprietors' fund, £21,712 ; total, £3,769,672 13s. Bd. Ba-
lance available for present and future profits and future
expenses, £665,591 12s. Bd. ; total, £4,435,264 6s. 4d.
The CHAIRMAN, in moving the adoption of the report
said it was unnecessary for him to detain them for more
than a few minutes, because the decu:nents they had just
heard read gave the fullest information. The business
transacted during the past year, although not quite
equal to the last, was, he considered, highly
satisfactory, considering they had had during the
time what he might term a commercial and political
earthquake, which doubtless had prevented many from
carrying out the proposal of an assurance of the lives, and
had also caused many to cease payment for life assurance
altogether. Yet notwithstanding this state of things, it was
highly satisfactory to find that their renewals had
kept up remarkably woll. There was also another matter
which he believed they would consider highly satisfactory,
and that was, that they had added £140,000 to their in-
vested funds. (Hear, hear.) Their interest also kept up,
and this was occasioned by their having the funds well
invested—(hear, hear)—safety being their first considera-
tion, and after that as high a rate of interest as they
could get. For the business done during the past
year they had much to thank their agents; they had
all exerted themselves well, and had been successful.
(Hear, hear.) He had much pleasure in moving the adop-
tion of the report.
Mr. A. SMEE said he could not allow their nineteenth
meeting to pass without congratulating them upon the
actuary's report which had just been read. Tho success of
the Gresham was unparalleled, as at that moment they
had about 20,000 policies in force. (Hear, hear.) Mr.
Smee then by a series of figures'showed the rapid progress
the office had made ever since its foundation, and said that
during the 19 years of its existence it had granted
no less than 35,000 policies, • assuring .£14,810,407.
(Hear, hear.) Their annual income was now £300,000,
and all this was brought about by single policies—(hear,
hear)—as each one now in force had been separately
considered by the directors. They had studiously
avoided amalgamations (hoar, hear) they never
joined in any, they never entered into a cumu-
lative assurance, and by that means they had
brought thoh: business to its present prosperous condition.
There were offices who spread their net over the whole
world, but theirs was essentially an European office, as
they avoided the cold northern regions as well as the hot
equator. With respect to their investments, it might be
said they might obtain higher rates, but ho
thought that meant less security—(hear, hear)—
and one of the circumstances that doubtless attracted
business to them was the fact that the greater part of their
assets were invested in the public funds. (Hear, hear.)
He could not refrain on that occasion from congratulat-
ing the shareholders, feeling certain at the same time
that their dike contained within it all the essentials of
permanent su cess. (Clear, hear.)
Tho report was then put to the meeting, and carried
unanimously.
Mr. WALFORD said he had now the gratification of pro-
posing the re-election of the retiring directors,
C. Beadnetl, A. Smee, and G. Tyler, Esqs. They had con-
ducted their business well and successfully during the
time they had been in office, and, in his opinion, the meet-
ing could not do better than re-elect those gentlemen who
had served them so well. _ _ _

Mr. WARREN having seconded the proposition, the
chairman put the resolution to the meeting, when it was
carried unanimously.
Mr. TREGO moved the re-election of the retiring audi-
tors, G. H. Ladbury, W. W. Venn, and W. Whitelock,
Esqs., which was also agreed to unanimously.
Mr. THORNTRWAITE moved and Mr. G. TYLER seconded
a vote of thanks to the Chairman, which the meeting
agreed to in the most cordial manner.
The CHAIRMAN said it was with no common feeling
that he acknowledged the compliment. Ho bad been
amongst them now nineteen years, but he could not
acc9Dipligla thv Tivrl4 that loci Pm pericunti

without he had boom surrounded by gentlemen Qt
honesty. and integrity. (Hear, hear.) He thanked them very much for their kindness, but he could not but believe that a great deal of their success was to bo attri-
buted to their medical man. • He therefore should con-.
chide the business of the day by mo7ing a vote of thanks
to him and their energetic actuary.
Mr. SUER thanked the meeting for their kind recogni-
tion of his services. Ho had done his best, and it was
always pleasing to find ono's services appreciated.
Mr. CULT'S said ho could not take the whole of the
thanks of the m..teting ; there were those who had worked
with him in the offic.., and also their Agents. They had
all struggled together, aril the result had been a great and
solid su..l..ess. (Hear, hear.)
The proceedings thee terminated.

SPORTING INTEL LEGIENOE—Thfs nay.

SHREWSBURY RACES —THIS DAY.
(RV ET.RCTILL? TELEriItAPII.)
HANDICAP SWEEPSTAKES.
A Handicap of 3 SCorl oach, with 23 added, for two year
obis and upw;tr,lA; ab.mt thrno quartet's of n mile.
Thermometer
Thermisto
Paulina

I. 3

Five ran
WELTER lIANDICAP.
A Welter Handicap of 5 sore each, with 30 added; about
one mile.

Duc d 5 Bourgogne
Miss Boswell
Actooa, t..
Four inn
Winner objected to for going wrong side of Fr..)st.
SWEEPSTAKES.

. ... . `2
...• 3

A Sweepstakes of 2 sovs each, with 25 added ; two year
olds 7st 61b, three 8 t 121 b, four 9st 31b, five and up.,
wards 9st 51b ; about five furlongs, straight.
Epigram
Lute ..
2
Sister to Flying Jib ....
3
Five ran.
NURSERY HANDICAP.

A Nursery Plate of 40 sovs (handicap) ; about 3a1311 amile,
straight. " .

Van Diontan
1
Morning Star
2
Toby
Seven ran.

THE LONDON COMMISSION EXCHANGE AND
SUBSCRIPTION GROUND,
NEAR "THE METROPOLITAN TAVERN,"
FARRINGDON-ROAD, LONDON, E.O.
OrEzi DAILY.
In attendance for busiaoss—

Messrs. Fisherand Reynolds
Messrs. Valentine tit Wright.
Mr. C. Standley.
Mr. D. Sully.
Mr. J. Webster.
Mr. W. Price.
Mr. W. Burch.
Mr. E. Ray.
Mr. J. Handley.
Mr. G. Hunter.
Mr. G. Webb.
Messrs. E. and E. T. Bond.
Applications from Intendii
to either of the above, or to ti
references.

Mr. J. Cathro.
Messrs. 1). and S. Marks.
Mr. W. Spinks.
Mr. T. Ayling.
Mr. E. Hart.
Mr. N. Atkins.
Mr. J. Goodson.
Mr. G. H. Groom.%
Ur. P. Harris.
Mr. J. Simon.
Mr. R. Clark.

ng Members should be mado
;he Secretary, accompanied by

Those passing the Committee one day can hare Cards
he following morning, after Nine o'clock.
ANNUAL S IJBSCRIPTION —FIYB SHILLINGS.
By order, W. B. RUCHE, Secretary.

CHARLES OSBORNE.
7, ORDNANCE-RO/D, REGENT'S PARK, LONDON, N.W.

Commissions executed on all races throughout the season,
from 2s. 6d. upwards. Full market prices returned, and
innings immediately remitted upon receipt of voucher.

SPECIAL ARRANGEMBST.

To obviate the difficulties that the clause in the Metro-
politan Traffic Act must cause to many gentlemen who are
in the habit of investing upon the chances of horses, all
town commissions received on the day of a race will be
executed, and voucher immediately forwarded.

3IR. LAING, 21J.P., ON THE REDIS-

TRIBUTION.

Mr. Laing has addressed a long letter to his
constituents, through the columns of the Northern
Ensign. Referring to the English Reform Bill lie
says :

" I have no doubt that the time will come when
redistribution will be carried much further, but I
think the scheme 'sanctioned last session, if sup-
plemented by a proper scheme for the representa-
tion of Scotland, may fairly afford a resting-place
for a considerable time, and until we hare acquired
practical experience of the working of the import-
ant principle, now for the first time introduced, of
the representation of minorities in largo eon.
stilt:Jencks. The principle had my warmest sup.
port."

Discussing the Reform Bill for Scotland he

remarks :

"As regards the increased representation of
Scotland, I do not think it practical to ask all that
my friend, Mr. D. M'Laren, asks for, viz.—the
25 additional members to which Scotland is entitled
in proportion to its population and share of taxa-
tion. This is perfectly true, but it is equally true
that on the same principle London might claim
more members than all Scotland ; and I do not
think we can carry our claims further than this—
that boroughs and counties which, if on the south
of the Tweed, would undoubtedly have obtained
a certain number of members under the English
Reform Bill, shall not be deprived of that number
because they are situated on the north of that river.
This would give, beyond all question, three members
each to Edinburgh and Glasgow, two each to
Dundee and Aberdeen, two each to the counties of
Aberdeen, Ayr, Lanark, and Perth, making, with
the two members proposed for the Scotch univer-
sities, 10 additional members in all. I believe this
demand is so reasonable, and rests on a principle so
unas,ailable, that, if the Scottish members unite in
supporting the Government plan of increasing the
total number of members, it will be carried."