The Sun.
London, England, 1867-11-14 00:00:00

GENERAL REPORT.

The extraordinary general meeting of the Gresham 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 members 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 assuredi lives in the
" Gresham," and the latter being below the average
rate of interest actually obtained on the invested
funds of the cot-ninny, 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 1863. 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 suns assured was £3,590,461 195., and the present value
of the prospective income from premiums was £3,395,638 2s.
-Also that there were iu 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 the 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 be appropriated, and the future expenses are 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 31st July
last was rather over four years, showing a slight advance.
The attention of the members was also drawn in 1864 to
tbo 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-
tion 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, b 1 way of bonus, the sum of £60,000. The com-
pany's income, prospective balance, and realised assets at
the periods of the several valuations ma le of the cow-
pans affairs, are shown in the following tabular state-
ment:—

Valuation Prospective Realised I
Years. Inconie. Balances. Assets.
1852 £23,141 £74,478 £19,662
1855 43,218 105,273 ... 119,377
1830 ... 108,226 206,122 230,166
1815 223,423 312,933 760,796
1867 297,699 ... 665,591 ... 1,025,482
Comparing the statistical condition of the company in
former years with that in 1867 a very satisfactory pro-
gression will 1).3 observed. Eighty par 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-
in; 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.
ASSETS.—Present value of policy premiums and re-
assurances £3,401,463 Se. ; investments in funded, free-
hold and leasehold property, £456,525 12s. 9d. ; mortgages
on real and personal estate, £340,594145. ; loans,on policies
on credit premiums, &e., £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,
£3,590,461195.; value of annuities, £100,723 145.; sundry
claims and charges waiting settlement, £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 as. 4d.
The CHArawf, in moving the adoption of the report
said it was unnecessary for him to detain them for more
than a few minutes, because the documents 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 well. There was also another matter
which he believed they would consider highly satisfactory,
and that was, that they had added £l4OOOO 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 withoat congratulating them upon the
actuary's report which had just been read. The success of
the Gresham was unparalleled, as at that moment they
had about 20,000 policies in force. (Hear, hear.) Mr.
Smee thou 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 £14,840,407.
(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 (hear, hear) they never
joined in any, they never entered into a cumu-
lative assurance, and by that means they had
brought their 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 he
thought that meant less security—(hoar, hear)—
and one of the circumstances that doubtless attracted
business to them was the fact that the greater part of their
assets wore invested in the pablic funds. (Hear, hear.)
Ho could not refrain on that occasion from congratulat-
ing the shareholders, feeling certain at the same time
that their office contained within it all the essentials of
permanent success. (Hear, hea)r.
The 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. Beadnell, 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,
Esis., which was also agreed to unanimously.
Mr. TirouNTRWAITE 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. He had been
amongst them now nineteen years, but he could not
accomplish the work that had been performed

SPORTING INTEL LIGBNOR—This Day.

SHREWSBURY RACES—THIS DAY.
(or liscrnue WILRORAP/1.)
LONGLEATE HANDICAP.
The Longleat Handicap of 5 soya each, for all ages.
About three furlongs straight.

Liddington r (Griinshaw) 1
King of Spades 2
Thermometer 3
Red Comyn, Zisca, Deceiver, Feemy, Maurice, and Van
Diemen also ran.
Betting-7 to 4 awl Liddington, sto 1 each agst Ther-
mometer and Red Comyn, 7 to 1 agst King of Spades, and
10 to 1 agst Zisca. Won in a canter by five lengths.
NEWPORT GOLD CUP.
The Newport Gold Cup of 150 sove, by subscription of 10
sous each, h ft, with 50 added ; two year olds sst 131 b,
three Bst 21b, four 9at 11b, five, six, and aged 9st 31b ;
mares and geldings allowed 31b; winners this year
(matches and handicaps excepted) of 500 soya 51b extra ;
winners of any Derby, Oaks, St. Lager, Ascot Cup,
Queen's Vase, Goodwood or Doncaster Cups 101 b extra ;
horses never having wou a weight for age race to be
allowed as follows: —two year olds (having started
twice) allowed 51b, three 71b, four and upwards 101 b ; the
second to save his stake ; once round (about lm lfur);
27 subs.
Knight of the Garter (Challoner) 1
Viridis
Corporal 3

Moulsey and Lozenge also ran.

Betting-7 to 4on tha wincer, sto 1 agst Moulsoy, 100
to 15 agst The Corporal, 10 to 1 agSt Viridis. Won in a
canter by six lengths.

Knave of Trumps seas struck out of all his engagements
at Shrewsbury at 11.45 this day.
FO RESTER PIA rE.

The Forester Plato of LO sous (ilaadicap), for two year

olls and upwards. About ono mile.
Grand Duke (Hudson) 1
Fairwind

Leases
Kitty, Lizaid, Lute, Skirmish, and The Returned also
ran.

Betting-6 to 4 agst the winner, 4to 1 agst Kitty, 6to
1. agst Leases, 8 to 1 each apt Lizard and Skirinisb, 10 to
1 agst Lute. Won iu a canter by three lengths ; length
between second and third.