The Sun.
London, England, 1866-11-09 00:00:00

G RESHAK LIFE ASSURANCE SOCIETY

The ordinary, annual meeting of the Gresham Life As-
surance Society was held yesterday at the head office,
37, Old Jewry, Cheapside. W. Tabor, Esq., chairman of
the board of directors, presided.
The CHAIRMAN, in opening the proceedings, said the
directors were there for their 18th year, to render an ac-
count of the business of the past year, and he would there-
fore call upon their secretary to read the annual report.
Mr. CURTIS (the actuary and secretary) then read the
report which was as follows:

Thesdirectors have to report the progress of the society
during the 12 months ending on the 31st July, 1866.
5,020 proposals were submitted during the year, for the
assurance of .e 1,819,428 15s. 2d. Of these the directors
selected for acceptance 4,550, and policies for the amount of
£1,656,133 15s. 7d. were issued.

The new premiums received within the year amounted
;o £l-4,445 12s. Od.

T hell:iconic of the society was increased to .£257,479 15.10 d.,
of which amount £231,211 45. was derived from premiums,
and X 26,238 Os. 10d. from interest on investments.

The sum of £70,628 33.11 d. was paid during the pear for
assurance and endowment claims; after satisfaction cf
which, and of all other charges, a surplus of £117,688 ss.
6d. has been added to the invested funds.

The directors retiringon the present occasion are Edward
Say, F.R.S., William Henry Thornthwaite, and Jas. Lyne
Hancock, Esqs., who, being eligible, are recommended by
the board for re-election.

The auditors, G. H. Ladbury, William Webb Venn, and
William Whitelock, Esqs., retire, and again offer them-
selves for re-election.

The directors consider that it will be desirable in future
to close the accounts on the 30th June of each year instead
of tlie' 31st July as heretofore, and also to value the assets
and liabilities and distribute surplus fund at intervals of
three instead of five years. They propose that the first of
the triennial investigations shall take place in 1867 ; and
resolutions necessary for these objects will be submitted to
the shareholders at a special meeting.
The CHAIRMAN said the duty now devolved upon him
to move that the report and balance-sheet which had been
presented to the meeting be accepted and adopted. He
need hardly, he thought, do more than simply move the
formal resolution, because all had gone on prosperously
during the last year. (Hear, hear.) Their business had
increased, and they had added, according to the re-
port, £117,000 to the reserve fund, but he thought that
if the £15,000 which had been paid as bonus, and
which was quite of an exceptional nature, were added, it
would make that addition nearer £140,000. (Hear, hear.)
They had also increased their rate of interest rather more
than last year, 'the average now being 44 per cent. on the
funds invested; and when they came to compare the re-
sult of their yearly labours with that of other offices, he,
thought they would be of the same opinion as the direc-
tors, namely, that they had done extremely well during
the past year. (Hear, hear.) With these few'observations
he would conclude by formally moving the reception and
adoption of the report.

Mr. SMEE said he had very great pleasure in seconding
the resolution for the reception TA the report, because by it
it would be seen that the society was carrying on its opera-
tions in a manner in which they all desired. In the first
place, it showed its stability by the amount of its invested
assets, which at the end of the year amounted to no less
a sum than £900,000, but which at the present time
amounted to nearer £1,000,000. (Cheers.) A company
with such a ;fund had indeed a substantial basis for the
carrying out all its engagements. Next, they had an annual
income of no less than £257,479, which was of itself a guar-
antee for the prosperity of the society. The amount assured
in the society was no less than £7,000,000, and the
average of each policy was £4OO. (Hear, hear.) If
they were curious in such matters they would find
on examination that the society had grown progressively
and satisfactorily. (Hear, hear.) In the first six years
the number of policies accepted was 500 ; in the second six
years it was 1,300 ; in the third six years it was 3,430 ; and
in the fourth six years, that was the present time, their
annual issue of policies was 4,550. (Hear, hear.) In order
to strengthen the foundation, and to enlarge and increase
their business, it was absolutely necessary that there
I should be an infusion of new blood, and that this had
been done the amount of new policies amply testified.
(Hear, hear.) There was another matter that was highly
satisfactory, and that was, that their claims for the past
year had only amounted to £70,000, which was less by
£lO,OOO than the previous year, and much less than they
had a . right to expect, considering the manner in
which cholera had been raging. (Hear, hear.) All
their lives were European lives—(hear, hear)—
they were in England, a few in Scotland, and
still fewer in Ireland, and none, he confidently asserted,
had a better chance of longevity. (Hear, hear.) When
he looked at the amount of business that had been com-
pleted during the past year, it would be idle to suppose
that a board of directors had done or could do it, and if he
were to make such an assertion he saw those around him
who could at once contradict the assertion. (Hear, hear.)
They must look to their staff of agents and the manner in
which they worked for the prosperity of their society, and
that they had worked most successfully during the past
year the report.then before them amply testified. If the
agents had not had a thorough sound business to recom-
mend they could not have accomplished so much—(cheers)
—but they had a business that was sound and
good in every particular, and thus the results that
gave them so much pleasure had been attained. (Hear,
hear.) As a specimen of the value of their policies, he
might mention the fact, that to a policy of 17 years for
£l,OOO they had added to it no less a sum than £2OO ; to
another of 12 years for £l,OOO they had added
£l3l 55.; and to another of seven years for a
like amount, £53 17s. had been added. That showed
how they met their engagements. (Cheers.) The greatest
success had attended their society since its foundation,
and he was sure he only reiterated the desire of all pre-
sent when he wished that that prosperity would for years
continue unabated and undiminished. He had the
greatest pleasure in seconding the resolution moved by
the Chairman.

The CHAIRMAN then put the resolution for the reception
of the report, when it was carried unanimously.
The retiring directors, Edward Solly, F.R.S., William
Henry Thornthwaite, and James Lyne Hancock, Esqs,
were re-elected, as also were the retiring auditors, G. H.
Ladbury, William Webb Venn, and William Whitelock,
Esqs.
The CHAIRMAN said that concluded the business of the
day, and ho had to thank those gentlemen who had hon-
oured them with their attendance.

Mr. WALFORD said before they separated he thought it
but due that thanks should be voted to the chairman and
directors. This being the first time he had attended their
meetings, ho felt a diffidence in moving such a resolution ;
but he could not allow the meeting to break up without
awarding thanks to those who had worked so assiduously
for them. (Hear, hear.) He had much to do in the
various capitals of Europe, and in most of them he had
to inform the meeting their society was looked upon
as a little Bank of England, and that being the case he
had determined to take up some shares in it. He had got
some, but ho intended to increase his stake in the com-
pany, and thus show his appreciation of it. There was
plenty of business abroad for a good institution, and the
Gresham he considered a first-class and enduring one.
(Hear, hear.) He was in the way of introducing
a business that would produce £200,000 per annum, and
he should do all he possibly could to secure it. Mr. Smee
was also shaping his course in the same direction, and ho
felt almost certain that success would attend their efforts.
His great desire was that the society should become larger,
and in order that it might do so he would give it all the
assistance in his power. (Hear, hear.)
Mr. 0. TYLER seconded the motion with the greatest
pleasure.

Mr. WALFORD then put the resolution to the meeting,
when it was carried unanimously.
__

The CHAIRMAN, on the part of his colleagues, acknow-
ledged the compliment. The greatest amount of their suc-
cess, however, belonged to their efficient staff and agents,
and to thorn the thanks were due, and it was through them
that the great bulk of the business must come.
_ _ _

A yoteof thanks was then unanimously awarded to Mr.
Curtis (the secretary), the staff, and the agents.
_ _

Mr. CURTIS returned thanks. He said the staff worked
with a will and the greatest unanimity ; and as for the
agents, nothing he could say could equal their deserts.
They were gentlemen holding high positions in the social
scale, and the great amount of business secured could not
have been accomplished without the greatest earnestness.
On the part, therefore, of those gentlemen, he begged to
thank the meeting for the recognition of their services.
The proceedings then terminated.

BANK OP ENGLAND.

An Account, pursuant to
cap. 32, for the week ending

:he Act 7th and Bth Victoria,
Wednesday, Nov. 7, 1866.
PARTMENT.

ISSUE DE:
Notes issued ....X30,937,245

Governmt. Debt..£1.1,015,100
Other Securities.. 3,984,900
Gold Coin and

Bullion
Silver Bullion

L10,9g1,i,144
BANKING D:

X 30,937,213

Proprietors' Capi.
tat 4141553,000
It
Public Deposits
(iiidltidi hg
dhequer,
ings' Banks;
Cbiti4BBlotnitt
kratickiial
Debt, and Div
Accounts) 4,375,714
Other Deposits„, 17,150,191.
Seven Day and •
other bills 642,262

lEPARTIfEIsrr.
Governmt. Sem-
' rities(including
Dead, Weight
Annuity) ....£12,299,812
Other Securities.. 19,330,391
Notes ............... 7,375,915
Gold and Silver
954,361
Gain

49,960,479

£39,960,479

FIRE AT THE ZOOLOGICAL SOCIETY'S GARDENS.—
A fire was discovered in the giraffe-house in the zoological
Society's gardens, Regent's-park, on Wednesnay evening
Luckily it was quickly extinguished, but not until two of
the fine giraffes had perished. The fire is supposed to have
been caused by a fusee or lueifer having been dropped ac-
cidentally among the straw, and subsequently ignited by
one of the animals treading upon it. The value of the
giraffes is estimated at £550 but the loss is amply covered
by iusurguica.