The Sun.
London, England, 1858-03-15 00:00:00

►NOLIfIC LIES ASSURANCE SOOIETY

ECI

The annual general meeting of this society was held
on Saturday last at the offices No. 6, New Bridge-street,
Blackfriars, to receive the report of the directors and to
elect auditors for the present year. The chair was
taken by H. F. Stephenson, E•q.
Mr. MACDONALD (the secretary) having read the ad-
vertisement convening the meeting,
The CHAIRMAN, in opening the proceedings, said the
firstibusiness of importance was the consideration of the
cash' account for the past year. It had been printed
and was in the hands of the proprietors. If
it was the w sh: of the meeting the secre-
tary would read it, but if, on the contrary,
it was taken as read, he should be happy to answer
any questions that might be put to him, and after that
he would submit the formal resolution for the adoption
of the accounts. (Hear, hear.) Mr. Downe3, their
actuary, would now state the progress of the society
during the last year.
Mr. DOWNS, said-The progress of the society's busi
nese during the past year has, upon the whole, been
satisfisfactory, although it was slightly checked towards
the close by the late financial crisis. During the year 554
proposals for assurance were made, whicn were disposed of
in the following manner :-485 were accepted and 69 de-
clined. Of the 435 accepted 39 were not completed, and 446
policies inrespect of the others have been issued, assuring in
the aggregate the such of 334,471/. The amount of premims
paid in the year for the first time is 11,600/. 6s. 6d ,
which, added to 166,130/. Be. 9d., the amount of re-
newals, and the sum of 4,799/. 17s. rid. remitted as bonus,
kc., gives a total of premium income of 182,526/. 124.
Bd., showing an increase of 4,656/. 15s. 11d. on the pre-
mium income after deducting the loss arising from dis-
continued assurances. The description of business
transacted has been the best kind, as the whole of the
policies issued, with the exception of eight, have been
for the whole term of life, and principally London busi-
ness. Claims have risen during the year on 114 poli-
cies,, assuring 95 lives in the sum of 85,169/. Bonuses
to the extent of 13,2861. became payable on 93
policies, giving an average bonus of 20/. per cent, on the
sums assured ; the maximum bonus being 49/. 7s. per
cent., the minimum 7/.Bs. per cent. The total amount
of claims accrued durirg the year, including bonus, is
less by 34,000/. than the estimate founchd on the office
tables. In addition to the 114 policies relinquished by
death, 147 have ceased from other causes, making a total
decrease of 261, which being deducted from 446, the
number of new policies issued shows a net increase of
the invested capital and the amount of ditninu- ion of
risk produced by discontinued policies are annexed to
the financial statement.
A SHAREHOLDER wished to know the actual number of
policies in force on the 31st of December, 1857.
Mr. DOWNER -The actual numb. r was 7,621, assuring
a sum of 6,089,531/. (Hear, hear.)
The CHAIRMAN-We have now waited with that
patience which becomes a board of directors, before we
submit the resolution adopting the accounts. I now,
therefore, propose that the I dlowiug cash statement
be received, and I may just observe in passing, that the
whole of the arrears of interest outstanding in the large
amounts of invested capital, does not exceed the
enormous sum of seven and twenty pounds. (Hear,
hear, and laughter.)
The resolution of the Chairman was adopted, and the
cash aocoun', as follows, was agreed to-
GENERAL ACCOUNT ?OR THE YEAR 1857.-Received
Cash in hand let January, 1857, 12,575/. ss. ld. ; assur-
ance premiums, less commission, 170,196/. 17s. 2d. ; pro-
ceeds of investments, less income tax, 69,836/. 9s. ; total,
252,608/. 11s. 3d. Paid : Assurance claims, 93,0.11, 4s.
9d. ; annuity claims, 1,415/. 10s.; purchase of policies,
5,8441. 6s. 6d. ; re.assurance premiums, 389/. ls. ; office
expenses, medical fees, general law charges, and charges
re Hunt's trial, 9,3011. ss. 7d. ; cash on hand 31st Decem-
ber, 1857, 7,367/. 15s. ltd. ; balance of account, 132,236/.
7s. ac. ; total, 252,608/. lls. 3d.
ASSURANCK FUND. -Dr. : To balance, Ist January,
1857, (consisting of-funded property, 521,973/. Is. 7d. ;
loans on policies, 50,7721. 13s. ; mortgages, 873,209/.
7s. 7d. ; life interests, 82,190/. lls. Gd. ; reversions,
31,7561. 19s, 10d, ; cash on hand, 12,5751. ss. ld.).
1,575,177/. 18s. 7d. • profit and loss (on one reversion and
one life interest), 2:410/. 7s. sd. ; amount invested, viz.,
Government securities, 123,3061. ls. 10d. ; mortgages,
67,299/. 17s. 4d. ; loans on policies, 17,265/. ; total,
1,785,7591.5 e. 2J. Cr.: By return of capital from-termi-
nable annuities, 9,854/.65. ; sale of Government securities,
9,9251. Us. 84. ; mortgages repaid, 62,114/. ; loans on po-
licies repaid, 3,595/. ; bankers, 5,2071.95. 2d. ; balance 31st
December, 1857 (consisting of-funded property, 628,4991.
17s. sd. ; loans on policies, 64,442/. 13s. ; mortgages,
882,399/. 12s. Bd.; life interests, 81,092/. Os. 3d.; reversions,
31,260/. 19s. ld.; cash in band, 7.367/. 155.11 d.), 1,a5,062/.
18s. 4d.; total, 1,785,759/. ss. 2d.
Assurance found, 31st December, 1857,1,695,06:/.18 s.
4d.; ditto, 31st December, 1856, 1,575,4771.
18s. 7d. in-
crease s
of investment, 119,584/. Iv
the assurance fund by the sum of 11 9d. The increase of
9.585/. is the result of
investment made during the year; while by tho applica-
tion of surplus income to the purchase. of policies, payment
in respect
bonus, &c., the financial position of the
increase of assets and diminution of
society, arisionfgfr
momiproved to the extent of 134,000/.
A MEMBER-There liabilities, has been
is a question out of doors at this
particular moment agitating with respect to the days of
grace-I should like to know the view the directors take
of the subject
The CHAIRMAN-It is the invariable practice of this
society never to take advantage of the days of grace.
If a premium which was due say on the let of January
remained unpaid for the 15 days allowed by the society,
and death took place within that time, the policy would
be paid as a matter of course. (Hear, hear.) The
statement relstive to the days of grace would for the
future be embodied in the policy, and announced in the
usual advertisement.

A MEMBER—I Phould like to know how many times
the society has contested a policy in a court of law I •
The CHAIRMAN—Twice since the formation of the
society 35 years ago. (Cheers.)
The retiring auditors having been re-elected,
The CHAIRMAN announced that the vacancy in the
direction caused by the death of Mr. Hastie had been
filled .up by the election of Mr. G. K. Rickards, and
that Mr. Bbnjarnin Travers had been elected consultir.g
bad
surgeon in the room of the late Mr. Travers, ho
thc: been ,:cneillfeacrtee dbyvt theski cioacni edt yk,
knowledge,
egreatly v
cr contributedueoiw
formation.
And secretary terminated t p
A vote of thanks to tbehcebairrmgcsoned,
idpigr,e.ctors, actuary,