The Sun.
London, England, 1866-03-09 00:00:00

Diet.

'AYS.
Cash.

Protector Endowment, Loan, and Annuity
Company.

The annual general meeting of the directors and
shareholders in this society was held yesterday
afternoon at the offices of the company, 34, King-
street, Cheapside. Alfred Since, Esq., F.R.S., pre-
sided.

The report of the directors, which was read by
the secretary (Mr. A. M'Morran), was as follows :
The directors beg to submit their report of the opera-
tions of the company for the past year, together with the
statement of receipts and expenditure duly vouched by the
auditors. There has been a great increase in the loan de-
partment during the year, and every prospect for a further
extension and development of this branch of the busi-
ness. Applications for loans amounting to £116,550 have
been received, of which 288 loans, amounting to £60,,198,
have been granted, for terms varying from three to five
years. In no single case has an application been refused
where, in the judgment of the directors, adequate security
was offered, and from the careful inquiries which have been
made upon the stability of borrowers, the percentage of
loss continues very small. Notwithstanding the great
variation in the rate of interest during the past year, this
company has not raised its rate of interest above 5 per cent.
on deposits, as the directors find that a constant rate of 5
per cent., independent of fluctuations from monetary
causes, suits the requirements of many depositors, especially
those of trustees awaiting an opportunity for permanent
investment. Notwithstanding the increase of the general
business of the company, the working expenses have been
less than those of former years. The operations of the
company are now so far satisfactorily developed that the
profit to the shareholders may be anticipated to increase
directly with an increase in the magnitude of the opera-
tions of the company. Frem a valuation which has
been made a dividend of 10 per cent. may
now be paid upon the called-up capital of the
company, and the directors confidently antici-
pate that this rate will not again be diminished.
At the last general meeting the board had to deplore the
loss of their much esteemed managing director, John
Beadnell, Esq., who gave unremitting attention to Isis
duties from the period of the formation of the company.
After his decease the duties devolving upon the manager
were divided into two departments, one assigned to Mr.
111.‘Morra.n, in the capacity of secretary, and the other to
Mr. Pinkney, as superintendent of the loan department,
and from the great increase of business the directors
attend in rotation every day at the office. The directors
retiring by rotation are J. L. Hancock, Esq., and Joseph
Williams, Esq., and the Board recommend that their names
constitute the list for re-election. The auditors, G. H.
LadburY, Esq., and George Lowe, Esq., also retire. There
is also a vacancy for a third auditor in the place of Mr.
Williams, elected a director, for which Mr. H. 0. I'. Bead-
nell, a sou of the late managing director, is a candidate.
The directors recommend that the interest on shareholders'
stock be at the rate for the current year of 10 per cent. per
annum on the called-up capital of the company.

The CHAIRMAN, in rising to move the adoption
of the report, said it was with great pleasure he met
the shareholders that dayi`r because he had the pleas-
ing duty to report to them a continued increase in
their business, whilst their losses had been but small.
(Hear, hear.) Their working expenses were less
than usual, and their dividend considerably larger,
for the directors had the gratification of recom-
mending a dividend of 10 per cent. on the called-
up capital of the company. The rise of the
dividend was of course entirely owing to the
increase of their business, which was of a certain
fixed character, and thus the directors could esti-
mate with the greatest exactness the precise amount
of their expenditure. He thought it was something
for the directors to say that during the year they had
advanced no less than £50,498. The applications
for loans had amounted to £116,550, of which they
had granted the sum he had just mentioned—namely,
£50,498 in 288 loans, for periods varying from three
to five years. It was a matter for congratulation that
in no one instance where the securities had been
satisfactory had the directors refused a single loan,
and the fact could not be too widely known that all
that a man had to do who wished to avail
himself of the advantages held out by the com-
pany was to come into their office, lay his proposal
on the counter, and he could quit their premises
with the moral certainty that, if his sureties were
substantial, the money he required would be ad-
vanced to him. (Hear, hear.) Any person going
to their office, and wanting the loan of any sum
varying from £lOO to £l,OOO, might be quite
satisfied that it would rest entirely with himself
whether he had the money or not, because if his
sureties were approved and good, the office would
.at once advance the money, to be repaid as was
most convenient to the borrower. But if the security,
he offered was not of a sound and substantial de-
scription, most assuredly he would not get the
money. They had, however, in certain cases, gone
beyond the limit of £l,OOO, and were prepared to
do so again, but still £l,OOO was to be regarded
as their limit. With respect to their deposits,
notwithstanding the severe monetary pressure that
had existed, the directors had never varied their rule
of allowing 5 per cent. upon all sums placed with
them on deposit, which he looked upon as a good
sound interest. For himself he found it a very
con-
venient thing to have £l,OOO in the office at
deposit; it was useful as a drawing account, because,
although their rule was to give a month's notice
prior to withdrawal, yet practically the money could
be had at a very short notice, he might say within
a few hours. It was without doubt inktiiE.t.';;.l"::;.Cro
notices of withdrawal, and for thatpurpose, and that
alone, did the rule exist. He had, at the commence-
ment of his observations, told them that the divi-
dend the directors intended to pay on the called-up
capital was 10 per cent., but ho would now add to
that gratifying announcement that, as far as human
foresight could foresee, he thought for the future it
never would be less. (Hear, hear.) If their busi-
ness went up their dividend must go up also. Yet
such was the fixed nature of their expenses, that,
having once arrived at 10 per cent., there was no
likelihood of their ever going back again. He had
much pleasure in moving the reception and adoption
of the report which they had just heard read.
Mr. HARRISON, in seconding the resolution, ex-
pressed the great pleasure the privilege of doing so
afforded him. He had known for years that their
society had been growing and extending its sphere
of usefulness, but he must say he was not prepared
for the gratifying announcement of the chairman.

The resolution was carried unanimously.
The retiring directors, J. L. Hancock, Esq., and
Joseph' illiams, Esq., were unanimously re-elected.
The auditors, G. H. Ladbury, Esq., and George
Lowe, Esq., were also re-elected ; and Mr. li. C.
T. Beadnell, a son of the late managing director,
was elected an auditor in the room of Mr. Williams,
who had been elected a director.

In acknowleding a vote of thanks which had been
awarded to the directors for their exertions during
the past year,

The CHAIRMAN said the directors had done their
best, and it was gratifying to them to receive the
thanks of the shareholders. Last year they had to
deplore the loss of the managing director, Mr.
Beadnell ' • and the directors, in filling up the va-
cancy, had divided the duties, and appointed Mr.
M'Morran their secretary, and Mr. Pinkey the
superintendent of the loan department. Those
gentlemen were in every way qualified for the
post assigned them, and the directors were quite
satisfied that both gentlemen were fully equal to
their duties, and now that their talent was
brought into a more extended sphere, they would
be found quite able to do all that was required of
them. (Hear, hear.)
Mr. DEVONSHIRE said, as solicitor to the com-
pany, he could speak of the zeal, assiduity, and in-
telligence of both the gentlemen who had been so
well complimented by the chairman.
The proceedings then terminated.