The Sun.
London, England, 1861-12-13 00:00:00

GRESIL4 M LIFE ASSURANCE SOCIETY

The annual general meeting of the directors and.
policyholders was held yesterday at the offices
of the society, 37, Old Jewry. William Tabor,
Esq., Chairman of the Board of Directors, presided.
The notice calling the meeting having been read,
The CHAIRMAN called upon the Actuary to read
the report, which was as follows :
" The directors submit as their report for the financia
year ending July 31, 1861, the following statement
" The number of proposals submitted has been 1,855 fox
the assurance of £937,901.

" Of these 1,373 have been accepted as eligible, assuring
£739,860, and producing £23,749 7s. 10d. as new pre-
miums.

" The amount received as the general premium-income
for the year, exclusive of interest and annuities, has been
£110,927 17s. a
" The amount of claims paid in respect of deaths has
been £34,865 2s. 5(1.
"The funds accumulated and invested at the close of the
year bearingiinterest, amounted to £241,60) 145., exclusive
of deposits and capital,

" The detailed accounts of the year have already been
circulated, after having been examined month by month
by the auditors, and having been certified as correct, are
now submitted for approval and sdoption.
" As an inconsistency exists in the prevailing method
for the distribution of bonus, by which policyholders who
have premiums falling due between the end of the financial
year and the delay required by the Act of Parliament for
the examination and auditing of the accounts, are compelled
to return to their original premiums, the directors have
sanctioned the adoption of a method by which such incon-
sistency will be removed, and all the members be placed
upon an equal footing. This method consists in making
the five years' reduction of premium extend one year beyond
the time for the declaration of each new bonus. By such
means the evil and misconception arising from charging
increased premiums, after being once reduced, will be re-
moved an a system at once consistent and simple be
thenceforth adopted.
" It will be readily understood that no alteration in the
bonus system would be sanctioned by the directors, to the
detriment of any particular class; but when an invidious
distinction can be removed, and at the same time the whole
system rendered more just and simple, the board have been
induced to approve a change, which will be found to con-
duce to the general benefit of all parties.
" The directors retiring on the present occasion are J.
L. Hancock, Alfred Smee, F.It.S., and George Tyler,
Esqs., who are re-eligible, and constitute the list recom-
mended by the board to be elected.

" The auditors, Messrs. G. L. Ladbury, William Webb
Venn, and William Whitelock, retire, and again offer them-
selves for election.

"It will be seen that the preceding statement comprises
the principal features of the past year; and as the directors
are enabled to state, as the general result, that, after pay-
ment of bonus and all claims and expenses, the investments
have been considerable, and the increase to their general
income satisfactory, they consider it would be unnecessary
to attempt to add more than to express their intention of
persevering in the same general line of action which has
already led to such favourable results.
"By order of the board,

"EDWIN JAMES FAIIREN, Actuary and Secretary."

The CHAIRMAN, in moving that the report just
read be received and adopted, said he had to con-
gratulate the meeting on the progress of the society
during the past year. The report was so full, the
business done was so satisfactory, that it became
totally unnecessary to do more than move the ordi-
nary resolution for receiving the report.
Mr. SMEE said the report contained all the ele-
ments of success. They had the large annual
premium income of £lll,OOO ; they had a great
accession of new business during the year; their
liabilities had bP.en met promptly and satisfac-
torily ; and the funds accumulated and invested at
the close of the year, bearing interest, amounted to
upwards of £241,000, exclusive of deposits and
capital. These were facts that spoke for them-
selves, and further comment was needless.
After a few questions had been answered, the
CHAIRMAN put the resolution, which was carried
unanimously.

Mr. HARRISON moved—" That I. L. Hancock,
Alfred Smee, F.R.S., and George Tyler, Esqrs., the
directors who retire by rotation, be re-elected."
He said he had great pleasure in proposing the re-
election of the three gentlemen named, because he
was certain the members of the society were well
satisfied :with their past exertions. They were
gentlemen of intelligence, diligence, and manage-
ment, and their past efforts were the best guarantee
for their future exertions. (Cheers.)

Mr. THoRNTHWAITE seconded the resolution
with great satisfaction. _

The resolution was put and carried unanimously.

A MEMBER moved the re-election of Messrs. G.
H. Ladbury, William Webb Venn, and William
Whitelock, as•auditors. As the society had the
greatest confidence in these gentlemen, he felt it a
privilege to move their re-election.
The resolution, having been seconded, was car-

ried unanimously.

This having concluded the business of the meet-
ing,

A MEMBER said, before the gentlemen present
left the room, he begged to move a vote of thanks
to the chairman. (Hear, hear.) They were fortu-
nate in having a gentleman of such acknowledged
ability at the head of their executive, and he felt
certain the members were only too anxious on every
occasion that presented itself to thank him for his
exertions.

The motion was seconded, and carried unani-
mously.

The CHAIRMAN said he felt pleasure at the com-
pliment that had just been paid him, and he could
assure them that the furtherance of the interests
of the society was his most earnest desire.
Mr. LowE could not allow that opportunity to
pass without moving a vote of thanks to their
talentedand highly efficient actuary and secretary
Mr. Farren. (Hear, hear.) He was one who
had done the greatest service in bringing
the society to its present proud position, and
he felt confident none hesitated to award him that
meed of praise to whieh he was so well entitled.

The resolution was carried unanimously.

Mr. FARREN thanked the members present, and
said his great and anxious desire was to further the
interests of the society in every way within his

power.

The proceedings then terminated.

ELECTION INTELLIGENCE.

FINSBURY.

The Conservatives have not yet succeeded in find-
ing a suitable candidate, and, as the nomination is
fixed for to-morrow, they will probably not be able
to procure one in time: An active canvass is being
carried on for both the Liberal candidates, and Mr.
Cox is determined to go to the poll. It is certain
that a considerable number of electors will vote for
him, but the friends of Mr. Mills profess to be
assured of the success of their candidate.