The Sun.
London, England, 1866-03-19 00:00:00

Economic Life Assurance Society.

The ordinary annual meeting of the directors and
policy-holders in this society was held on Saturday
afternoon, at the head office of the society, No. 6,
New Bridge-street. H. Barnett, Esq., M.P, chair-
man, of the board of directors, presided.
The Secretary having read the notice convening
the meeting, then read the statement of accounts
presented to the meeting as follows :

STATEMENT OF ACCOUNTS FOR THE YEAR INDING
DEC. 31, 1865.
General Account.—Received : Assurance premiums,

£212,586 15s. id., less commission, £7,327 14s. 11d.—
£205,259 0.& 2d. ; interest on investments, £93,522 ls. Bd.,
less income tax, £2,057 Bs. 1d.—£91,464 13s. 7d. ^ Total

£296,723 13s. 9d. Paid : Assurance claims, £203,427 10s. ;
annuity claims, £2,075 10s. ; policies purchased, £7,982
13s. 6d. ; reassurance premiums, £324 16s. 4d. ; office
expenses, £10,091 10s. sd. ; law charges, £483 18s. 2d. ;
medical fees, £2Bl 13s. 6d. ; balance carried to investments,
£72,055 16s. 10d. Total, £296,723 13s. 93.

Assurance Fund. -Dr. : To balance, Jan. 1, 1865, con-
sisting of-funded property, £501,818 9s. 2d. ; loans on
policies, £104,669 3s. ; mortgages, £1,551,581, Os. 10d. ;
ife interests, £52,050 14s. 4d. ; reversions, £73,716 12s. 7d. ;
cash on hand, £7,176 9s. 31-total, £2,291,012 9s. 2d. ; to
profit on reversions fallen in, .50., £7,861 3s. Bd. ; to balance
from general account, £72,055, 16s. 10d. Total, £2,370,929
9s. Bd. Cr.: By terminable annuities, £897 10s. ; by
balance, Doc. 30, 1865, consisting of-funded property,
£452,106 Bs. 2d.; loans on policies, £110,776 10s. ; mort-
gages, £1,570,087 17s. id. ; life interests, £68,299 4s. 4d. ;
reversions, £117,259 14s. sd. ; Norwich Union Roy. I. Co.,
on account, £20,000 ; cash on hand and on deposit, £31,502
ss. Bd.-X2,370,031 19s. 81 Total, £2,370,929 9s. Bd.

The CHAIRMAN, in moving the adoption of the
accounts just read, said that before he proceeded to
make some remarks on the statement just submitted,
he had to announce, and he did it with the deepest
regret, that the board had felt the loss of their late
colleage, Mr. Barber, who was taken from them
after a very short illness, who was most conversant
with the business of the office, and had always taken
a warm interest in the success of the institution.
They had elected in his place Mr. C. A. Barclay,
a gentleman well known in the commercial world,
who was in every way qualified to fill the office,
and who was deeply interested in the welfare of the
society. The business of the past year had been of
a varied character, and there were some portions of
the accounts which appeared at first sight to com-
pare very unfavourably with those of other years ;
but he assured the meeting that, looking to the
whole state of the business, they had every reason
to believe that it was going on in a satisfactory
manner. The number of proposals in 1865 was 553,
against 599 in. 1864, and the policies issued in 1865
were 466 as against 493 in the previous year. On
the first blush of the thing that seemed to be a con-
siderable reduction in the business, but it was not
so in point of fact, because the amount assured by
the policies of 1865 was £479,000, the amount in-
sured by the larger number of policies in 1864 was
£438,000. Taking it therefore as a whole that was
satisfactory, and the more so because the total
amount insured last year exceeded by no less than
£93,000 the average annual sum insured during
the last five years. Then again, the average amount
of the policies issued last year was £1,028, as against
£Bl5 the previous year, and the profit to the office
was always greater on a large than a small policy,
because there was as much trouble and labour re-
quired in effecting a small as a large insurance.
The premiums on policies in 1865 amounted to
£35,000 more than in 1864, and the new premiums
were £15,154 in 1865 as against £13,065 in 1864,
while there was another advantage they had gained
from the fact that the policies issued were granted
under table I, _which was the one the directors
liked the best, because it granted the greatest profit.
(Hear, hear.) A year or two ago the board ob-
tained the sanction of the shareholders to issue
policies of higher value than £5,000, and they had
during the past year issued no less than six over
that amount, and 18 up to it. The amount of
claims paid in 1865 was £203,400, and in 1864
£201,700, but claims to a considerable extent had
accrued which had not as yet been paid. In point
of fact the number of claims had exceeded by no
less than £BO,OOO the amount anticipated. They
had investigated that matter as far they could, and
had examined the policies to see whether or not they
could account for it, but they could ascertain no-
thing further than that they had observed that
taking a number of years together there had been a
large increase of claims some years, and a corres-
ponding diminution in others. They had reason to
believe that there was a sort of tide ebbing and

flowing with respect to human life, and there was
little or no doubt that in the course of a few years
the number of claims would so diminish as to reduce
this large exceptional year to the general average.
The amount of the average claims was with bonus
£l,OOO, and without £827. With respect to the
duration of life, it had been rather shorter than it
appeared in former years. In preceding years it
was averged at about 60, whereas the average last
year was 58f. There was a satisfaction in knowing
that no clouds were without sunshine; a life had
fallen in on which a bonus of no less than
114- per cent. had been paid. The assurer
entered at a very early age, and died at the age
86, being assured for £l,OOO. It was satisfactory
that they had extinguished otherwise than by death
within the past year no less than 134 policies insur-
ing £95,000, which considerably lessened their
liabilities with regard to the future. The gross in-
come from investments was rather larger than ap-
peared on the balance-sheet, because there are cer-
tain things coming in which are accruing by calcu-
lation in the office. The whole amount was about
£150,680, which was £6,000 or £7,000 more than
what appeared in the balance-sheet. That was due
for interest on loans and other sources out of ob-
servation as it were. The apparent income in 1865
was less than in 1864, the reason of which was that
it was thought advisable to make a large invest-
ment of their funds in reversioniZv securities,
which- were not open to every one, btli; which
were extremely suitable to offices of this d,-
scription. They would see by the accounts
that the large sum of £117,289 had been so in-
vested, and they had already made some profit by
some of the investments having fallen in before
it was anticipated that they would. Such things
were matters of strict calculation, and he had no
doubt whatever that they would come in as satis-
factory a manner as was anticipated. The best
means of increasing their rate of interest was by
paying attention to their investments, which was a
subject alluded to at their meeting two years ago.
He was glad to say that it was gradually increasing,
and as it seemed not unlikely that the ordinary rate
of interest in the money market would rule some-
what higher this year than last, he hoped they would
receive some benefit by it. These were the princi-
pal points to which he wished to call their atten-
tion. It was suggested at their meeting last year
that an attempt should be made to increase their
business by advertising, which they took into
immediate consideration. They expressed some
doubt at the time as to the result of former
efforts in that direction, but they thought, on the
whole, that it would be a good plan to issue their
prospectuses by paeans of various popular periodicals,
and by that means they had issued throughout the
country 562,000 prospectuses, which being inserted
in the leaves of different publications very widely
read could not fail to attract the attention of the
readers. After the expression of opinion at the last
meeting they had spent without hesitation in that
manner £540. At present they could not say they
could trace any direct result from the effort, though
they had undoubtedly received some proposals in
consequence. They were in hopes that more would
come by-and-by, because they had known their
prospectuses come back with proposals a year or two
after they had been issued. He was of opinion that
being issued in that way in loose sheets they were
often put away in desks, and when people thought of
insuring they had recourse to them. He was of opinion
that a good deal of business was obtained through
solicitors and others, and it was their object to fur-
nish them with a statement of the advantages this
association offered as compared with others. They
were also desirous of extending their agencies, and
no doubt a great deal of their success was owing to
the exertions of trustworthy agents iu different
parts of the country. They had a good many agents,
some of whom did a good deal of business, while
others did very little, but they should always be glad
to receive the names of trustworthy persons as
agents. On the whole, they were quite satisfied
with the progress they had made in the past year,
and any little matters that appeared on the face of
the accounts to be unfavourable could be satisfac-
torily explained. They felt quite satisfied that,
taking all things into consideration, they were going
on in that path of prosperity with which for many
years they had been blessed. (Cheers.) He would
now move that the auditors' report and the state-
ment of accounts be received and entered on the

minutes.
Mr. G. K. RIcKARDS seconded the motion.
Mr. TURNER said he had been assured in the
office for a number of years, yet that was the first
occasion he had ever attended an annual meeting.
He felt exceedingly gratified at what he had heard.
He now thought there was great advantage in
attending these meetings, because it enabled those
assured to hear personally, which was better than
reading, the exact state of their affairs. The ad-
vantage he had received would enable him to talk

with those of his friends who were not insured with
the greatest confidence.
Mr. COOPER said he felt certain that the increased
outlay of the directors in seeking publicity
would be sure to bear fruit. The greatest
advantage was to be derived from making
their office widely known. Of that he was
quite convinced. When he was about to in-
sure his life, not seeing the Economic advertised
in the newspapers, it came to his knowledge by ac-
cidentally turning over the leaves of a directory.
He there found the great advantages held out by
the Economic compared with other offices, and if
this remarkable feature in the office was generally
known increased business must follow as a natural
consequence. _

13AnNAnD said he was connected with two
other assurance offices as well as the Economic, but
the latter was by far the best and most advanta-
geous. lle 'should like to know whether the chair-
man could not furnish the policyholders with the
accounts a few days prior to the meeting ? It would
be a great advantage if such could be done.
The CHAIRMAN said the accounts were not
complete until a very short time prior to the meet-
ing. If they were issued prior to the meeting that
would be forestalling their annual proceedings,
which could not be done in accordance with their
Act. He had mentioned in the early part of their
proceedings that a policy had become a claim with
a bonus of 114 per cent. ; he believed there was
another lately held by Mr. Twells, the banker,
which would carry 118 per cent.
The resolution of the Chairman was then carried
unanimously.
The retiring auditors were re-elected ; and a cor-
dial vote of thanks having been awarded to the
chairman and directors, the proceedings terminated.

Liverpool Cotton Market. —This Day.

Market opens strong. Sales probably 15,000
bales or more.

MINING INTELLIGENCE.

COLORADO.
The following is an extract from a private letter, dated
Feb. 24, relating to the improved method of extracting
gold :—" Before leaving Colorado I had a long interview
with James E. Lyon upon the subject of smelting the
ores by his process, and from all the information obtained
from him and others, it is a substantial success. They are
now shipping bullion weekly from his furnaces, the last
shipment of two days' smelting from one furnace was
2,512 oz. of gold. Mr. Lyon has thus established the fact
by his new process that gold may be extracted from the
native ore with as much ease and certainty as iron can be
with the blast furnace. There is naw at hand plenty of
fire-clay, coal, and lime, and all other necessaries for the
working of this process. There is now on exhibition at
the Bank of North America, New York, a block of gold
and silver weighing 158 pounds, and worth $ll,OOO in
gold. It was taken out of Colorado ore by Lyon's pro-
cess. This establishes the fact beyond the shadow of a
doubt, that the Lyon's process is a grand and triumphant
success, and deserves the attention, not only of Colorado,
but the whole investing world. This also establishes the
fact that 90 per cent. of the gold from the native ore can
be saved, which percentage has never been hitherto ap-
proximated to by any known process."