The Sun.
London, England, 1859-11-10 00:00:00

Mr. FARREN then read the document, which was as fol-

lows: --

" The results of the eleventh financial year, ending July
31, 1859, are embodied in the following statement, which
the directors beg to submit as their report to the general
meeting :—The directors recommended to the last general
meeting, that the audit of the society's accounts, instead of
taking place but once a year, should be entered on, by the
auditors, month by month, preparat,ry to the annual re-
port. This recommendation having been adepted,.the di-
rectors have now to report that the system of monthly
audit has been strictly carried out. The balance sheet
of income and expenditure which, as required by
the deed of settlement, has been already printed an
ireu!ated among the shar. ]••,' ;ors; is the result of such
mifilt, and ;- for apprchal and
i; 111 ;nth, completed their

,ti wits and 1., it task, the auditors, in conformity
with the cousti utioa of the society, retire, but being re-
eligible, again offer themselves for election for-the year
ensuing; viz., Messrs. G. H. Ladbury and William White-
lock, on behalf of the shareholders; and Messrs. Geo.
Lowe, F.R.S., and Wm. Webb Venn, for the policyholders.
The general income from premiums for the year
was £85,598 12s. 4d., exclusive of interest on investments.
The proposals for new assurances, exclusive of annuities,
were 2,248 in number, of which 514 have been wholly de-
clined, or not eventually carried out. The remaining 1,734
here been completed, assuring upwards of a million, and
yiel ling as new premiums for the year the sum of £28,208
2s. 10d. The general number of policies on tile books at
the close of the present financial year was 6,094 ; the sum
paid for deaths was £30,025 17s. 9d. The amount of the
funds at interest or actually in hind, exclusive of
deposits, and after due payment of all claims or
charges to the close of the year was, £184.609 19s. 2d.
The directors have, with deep regret, to record, among the
events of the past year, the death of William Smee, Esq.,
chief accountant of the Bank of England, and one of the
society's trustees. Mr. William Smee was among the
earliest friends of the inslltution, and on all occasiens was
ever ready to promote the success of the society, not only
by the exercise of his personal influence, but financially, as
a large shareholder and depositor. He fertunately lived to
see the society become all that he had predicted of it, and
his, name will ever bo among those of its most valued
adherents. Considering the present extent and na-
ture of the transactions of the Gresham, the directors have

during the past year deemed it advisable to apply to the
Bank of England, for permission to exercise the corporate
function of investing in the public funds, under the so-
ciety's common seal, and are glad to be able to say that the
permission has been granted. During the past year the
board have lost the valuable co-operation of an esteemed
colleague, David Lloyd, Esq., whose unexpected decease
was a deep source of regret to his official, no less than to his
private friends. This sad event has diminished the direc-
tors to nine, and it is recommended to the general meeting
that such number do now constitute the number of the board.
The directors retiring on this occasion aro, Messrs. John
Beadnell, George Tyler, and Joseph Williams, who, being
re-eligible, again offer themselves for election, and consti-
tute the list recommended by the directors for that purpose.
Looking forward to the close of the financial year ending
July 31, 1860, the directors take the present opportunity of
reminding the friends and connections of the society, that
at such period the quinquennial investigation and valuation
of the company's affairs will take place, with the view of da-
d formatheci
ir
cfcatvo or us rt
trust l
et
that all parties concerned will aid in every way in extending
ti
that anebwonasussurTerhseteijnotienrithme swocilliety, thusan
the range of the company, thereby increasing its usefulness
to the public. Without wishing, in the least degree, to fore-
stall the result of the elaborate calculations, which will have
to be made, prior to the declaration of any new bonus, the
directors think it perfectly legitimate to contrast the present
state of the society at this period, as compared with that of
the year before the bonus of 1855. At that date the new
premiums were £7,129 18s. sd. ; the current premiums,
£35,379 9s. ld. ; and the funds, at interest or actually
is. hand exclusive of deposits, were £69,689 4s. 10d.
At the close of the past year the new premiums were
£28,208 2s. 10d. ; the current premiums, £8.5,598 12s. 4d. ;
and the funds at interest or actually in hand, exclusive of
deposits, £184,609 19s. 2d. It is not the intention, by such
comparisons, to offer any suggestion as to the amount of
the ensuing division, or as to Gresham Bonuses generally.
On the contrary, persevering in the same eourse of caution
which the directors have always endeavoured to uphold,
they will seek rather to err en the side of safety than
even approach the line of imprudence, in such important
transactions. With such results, however, as the above
to offer, they have thought it right to exemplify the great
progress the institution has made within so short a period.
I'he directors cannot conclude without publicly thanking
the numerous influential parties,. who have with such zeal
and activity enabled the board to transact during the past
year so lere an amount of business, principally among first
class lives. Lastly, it is the directors' earnest desire to
justify, by every means in their power, the continued suc-
cess which has hitherto attended the " Gresham ;" and they
confidently expect that a continuance of the same prompt
attention to the wants of the insuring public which has ever
distinguished the Society, will always enable it to maintain
its place among, the leading Insurance Institutions of the
country."

The CHAIRM.,N said, in rising to move that the report
just read be received and 4dopted, he was happy to see so
large, or more properly speaking he ought to sny so
small, a number present, because in commercial affairs
small attendances always showed entire confidence was re-
posed in the board of directors, and thata society was mak-
ing good progress; while, on the contrary, societies that
were not so successful were sure to be very largely attended.
The small attendance that afternoon he therefore took as a
proof that the labours of the directors were considered to
be perfectly satisfactory. (Hear.) Such being the case, he
should not detain them at present with any lengthy re-
marks, as indeed he mil] not had he the wish, because ho
found that year by year the mo►e the society had to do the
less he had to say. He was happy to say the Gresham was
a paying soeikty in more senses than one—(hear)—and
his friends had only to look over the last report to convince
themselves if the slightest doubt was entertained on the
subject. There was, however, one subject in the report he
could not pass over in silence—that was the death of Wm.
Smee, Esq„ the chief accountant of the Bank of England,
and one of tho society's trustees ; also, David Lloyd, Esq ,
one of their directors. He had the honour of the friend-
ship of both gentlemen, each of whom he highly esteemed,
and deeply regretted their loss. There was another
topic he would just allude to before he resumed
his sent, viz., the allnsion made in the report to the declara-
tion of a bonus. The paragraph was •carefully worded, as
the directors wished to hold out no false hopes as to whether
the bonus would be large or small, or whether there would
be any at all, but this he would say, that before the subject
was finally decided upon, it would Le well- sifted, and
whatever was submitted he thought would bo found worthy
of acceptance IV ith respect to the securities held by the
society, he had very lately gone over them personally, and
found everything perfectly satisfactory. With these few
observations he would conclude by moving the following
resolution :

" That the directors and auditors report be approved and
adokted."

ALFRED SMEE, Esq., said it gave him the greatest plea-
sure to second the resolution, as year by year he had wit •
nessed the society increase in importance until it had
reached the proud position of doing more since
its formation than any other institution of a like cha-
racter in the world. (Hear, hear.) The increase of busi-
ness, great as it had been during the past year, would un-
doubtedly have been larger had not the state of Europe
been so disturbed, but returning tranquillity would bring
with it increased prosperity. A great many persons had
had been surprised at the business the society had trans-
acted, but the secret of that success was this—that the
Gresham made life assurance a business. (Hear, hear.)
There was no playing with the subject, and that was the
reason that this office was so largely preferred. Every per-
son connected with the society was perfectly satisfied with
its progress. The direotors were only too glad to add to
their interest in it, and the only regret amongst them was
that they did not secure a larger stake in the society at its
commencement. (Cheers.)
The CHAIRMAN, having answered a few questions to the
satisfaction of the meeting, put the resolution, which was
carries unanimously.

Mr. TYLER moved the next resolution, which was as
follows :

" That John Bcadnoll, George Tyler, and Joseph Wil-
liams, Esqs.' be the list of directors to fill the vacancies oc-
casioned by the retirements."
The resolution was seconded by Mr. Lova, and carried
unanimously.
Mr. COUSINS then moved—

" That G. H. Ladbury and William Whitelock, Esqs.,
be elected auditors on the part of the shareholders, and
that George ;Lowe, F.R.S., and William Webb Venn,
Esqs , be elected auditors on the part of the policy-
holders."

The resolution was seconded by Mr. WILLIAMS, and
carried unanimously.
Mr. TIIORNTRWAITE moved, and Mr. Lowz .seconded,
a vote of thanks to EDWARD JAMES FARREN, Esq., the
actuary and secretary of the society.

The resolution was enthusiastically carried, and wry
gratefully aclmowledzed by Mr. Farren.

A vote of thanks to the Chairman terminated the pro-

coedingß.

The accounts from Italy mention that the New
Sardinian home loan of £1,000,000 is to be issued at the
price of 80, and that owing to certain arrangements regard-
ing the payment of the instalments this will practically be
reduce:l to 76. If this be correct, the fact stated in the last
Paris letters. that the applications had' reached five times
the amount proposed, will not appear surprising. But it
has been suggested that there must be some mistake, since
the lowest 43 per cent. stock quoted at Turin is at 83 to f,
while the English Loan, contracted by Messrs. Hambro, ie
(plated 8.0 in Genoa. On the latter, however, there is a
dividend of 2f per cont_., payable on the Ist of next month.
SUICIDE IN A POST-OFFICE VAN.—Yesterday
morning a man named Thomas Melia, aged 50, hung him-
self with a rope in a Post-office van, in Warwick-place,
Bedford-row, Holborn. No cause is assigned for the rash

•
act.
It is not expected that the packet with the Bo-
bay mail on Saturday will take any .specie on account m
of
the Government. About £150,000 is at present engaged
an private account.