The Sun.
London, England, 1866-08-15 00:00:00

Eagle Insurance Company.

The annual general meeting of the proprietors of this
company was held on Friday, August 10, at their offices,
Ludgate-hill. The chair was occupied by Charles Chat-
field, Esq.

The notice convening the meeting and also the ioport
were read.

The CHAlRMAN—Gentlemen, the year which has just
passed has been a very satisfactory one to this company,
for in it has taken place the amalgamation with the Na-
tional Mercantile Company, and we have also commenced
operations for building our new house in Pall-mall, and I
hope, when we have another annual meeting, it will take
place in the new office, which will have a room fitted for
the purpose, not so large as this perhaps, but quite large
enough for the purpose for which we shall require it. I
am happy to be able to say that since the amalgamation
everything has gone on harmoniously, and it is my belief,
and I may say also the general belief of the directors, that
the result will be advantageous to both companies. (Hear,
hear.) In making a comparison of the accounts of the
past year with those of the preceding year, it is rather
difficult to be very clear, because of the alterations in the
foundation of the accounts ; the year before we had our
own accounts only to look to, and now these accounts are
the combined accounts of the two companies. You have
had those accounts read to you, and 1 do not know that I
can throw much light upon them, further than to state
that the balance of the account is £69,000, and is more than
it was before. The previous year there was a difference of
£50,000 ; now, as I have said, it is £69,000, which is not
entirely owing to the amalgamation with the other com-
pany, for the year before included an item of receipts which
this past year does not—l allude to the amount received
for profit on realisation of reversions. This year reversions
have not dropped in, and therefore we are in a better po-
sition than a cursory view would appear to make us, for
we have not had that profit on realisation of re-
versions to add to our amount ; and yet the balance,
or rather the amount, is £69,000 instead of £50,000,
without having had that profit to help to swell it. (Cheers.)
With regard to new business, it is not quite so large as the
year previous. The premiums are less, but they are not
so much less as they appear to be when you consider that
a considerable portion of the new premiums for the former
year were laid out again in re-assurance, so although there
appears a considerable difference, it is, as I have said, much
less than it appears. The expenses of management are
just about the same as in the year before, and, I believe,
about the same as they are likely to continue. The ex-
panses of management of the National Mercantile, included
in these accounts, will eventually cease altogether; indeed,
they will I believe cease at once, and so far the combined
companies will be carried on at a less expense than they
were separately, and that will constitute a considerable
portion of the benefit to be derived from the amalgamation.
The claims on the decease of lives in our own company
would appear at a smaller figure if it stood alone ; but this
amount of claims is for the two companies. Next year we
shall present you with the full accounts of the amalgamated
companies, and then we shall be able to make a better
comparison. This is the fourth year of our quinquennial
period, and next year will be the fifth, and consequently
the bonus year ; and we we have no reason to doubt but
that we shall be able to present to you such a statement
as will be deemed satisfactory. (Cheers.) lam not aware
that there is anything else for me to say, but I shall be
very happy to answer any questions which any gentleman
may put to me. I now beg to move that the report and
accounts be received and adopted.

Mr. RUSSELL —Following the precedent (and a good one
it is) which is invariably set by the chairman of this com-
pany, I beg, without remarks, to second the motion made
by the chairman for the adoption of the report.
Mr. J. DOINE—T wo years ago I put a question with re-
spect to tho London, Chatham, and Dover Railway, and
as to whether, when they took our premises, they paid
for them. I was told they had not paid, but were
going to pay interest ; I will now ask whether they
have paid the principal, or whether any arrangement has
been come to with them ? I may also remark that I think
there is a -discrepancy in the amount of the proprietors'
fund as it stands here, and the amount as read by the secre-
tary—it stands here at £178,340, but I think that he read
the amount d4fferently. Will you kindly explain how
it is ?

The CHAIRMAN—With respect to the London, Chatham,
and Dover Railway Company, I am happy to say they owe
us nothing—we have received everything from them
which they owed us. With respect to the discrepancy in
the proprietors' funds, I may state that the number of
shares varies a little, for sometimes when shares have been
for sale the shareholders have brought them to us, and if
we think it desirable we purchase them. That is the rea-
son a little alteraaon takes place from time to time in
what is called the proprietors' fund, and it causes that
apparent discrepancy.
Mr. J. DOANE —Have-we the tight, under the deed, to
take the shares and cancel them?

The Guam:aux—Yes, we have the power.
Mr. J. DOANE—Then we have really cancelled so many
shares ?
The CHAIRMAN—We have.
Mr. J. DOANE —lt Will be so much the better for the
other shareholders. (Cheers.)

Sir H. D. VirOLFF -I am sure we must all be gratified
with the report, and also pleased to find that the directors
have carried on so strictly the business which they under-
took to carry on. (Hear, bear.) The chairman says
that in the new building the meeting room will be
smaller, but I have no doubt it will be large enough for
the purpose ; in my experience of companies the confi-
dence of the shareholders in tho directors is measured by
the scantiness of their attendance at the annual meetings.
(Cheers.) The report is especially gratifying, as we are
now approaching that golden dawn which visits ns
only once in five years, and I am sure, from
the manner in which the business is conducted,
that we shall have evety reason to be satisfied with
the report which the directors will next year make to
us. I shall, in a few minutes, take the liberty of
proposing a vote of thanks to the chairman and directors
for the excellent manner in winch they have conducted the
affairs of the company. _ .

The resolution icy the adoption of the report was then
put and carried unanimously.
The CHAIRMAN I now beg to propose that Mr. Thomas
Allen be re-elected an auditor of the company.

Mr. WARREN DE LA RUE seconded the resolution, which
was carried unanimously.
Sir H. D. WOLFF—I now beg to move that the best
thanks of the shareholders be given to the chairman and
direc'ers for their aaeution to the affairs of the company.
The resolution was seconded by Mr. NELSON and carried.
The CB AlRMAN—Gentlemen, I beg to return thanks for
the vo:o which you have just passed,and to assure you that
it will be our endeavour at all times to give our best ser-
vices to the advancement of this company, and, in short,
to do everything in our power to promote your interests.
(Cheers.)
The proceedings then terminated.

Her Majesty's gun surveying vessel Nassau, 4,
commissioned by Capt. Mayne for the Pacific, and
under orders to proceed to the Straits of Magellan,
has been detained at Woolwich for a few days in
order to undergo some alterations suggested by
Capt. Mayne, such as the supply of bow stoppers
for the chain cable, &c. She will probably leave
Woolwich on Mouda7 next for Greenhithe to adjust
compasses.