The Sun.
London, England, 1861-03-18 00:00:00

PAID.

Assurance claims
Annuity claims
Purchase of policies
Reassurance premiums 290 19 9
Office expenses
Medical fees 415 16 0
General Jaw charges . 298 9 7
Balance carried to investments 96,081 8 1

£254,675 3 8

p „let 41). STAMPED, SD.

speaking of the present state of affairs he would
call attention to two 'items which were perhaps
generally not sufficiently thought of. The
accounts contained an item of £8,931 I Is. paid
within the year for the purchase of policies. What
an immense advantage it was to persons who did
not wish, or were unable, to continue their policies,
that they could at once find a good market for them
at the office of the society. (Hear.) In such cases
policies were purchased, on a certain scale, regulated
by the age of the assured ; and he repeated, that it
was a great advantage to many persons flail in the
cases which he had mentioned the assured could
obtain a good price for their policies. Another
satisfactery item was that of loans advanced on
the security of policies. The society had in that
way lent the sum of £74,935 10s. If persons
who were assured wanted a loan for a short
period they could by means of their policy
obtain one at a very trifling expense ; while,
on the other hand, it was an advantage to the office
to have a safe and excellent investment for such a
large amount of money. Since the Ist of January
the society had lent more than £4,000 on policies.
Now as regarded the present position of that office,
he would remark that on the Ist of January they
had 8,471 policies, assuring the *sum of £6,697,572,
upon which there was a bonus of £609,568, making
the total liabilities £7,307,140. To meet this they
had an income arising from premiums of £199,445,
and an assurance fund of £1,911,505, the latter
having been increased within the year by the sum
of £96,081 Bs. ld. He thought that he had now
shown that the last year was not on the whole a
bad one, although not quite so good as 1859, and
he would conclude by moving the adoption of the
report.
Mr. ROUTH, the deputy chairman, seconded the
motion, ,
(4
- The resolution fOr the adoptiotla timnP9rLWas'
then put to the meeting and carried unanimously.
A resolution awarding £l6O to the auditors was
unanimously agreed to.
On the motion of the CHAIRMAN, seconded by
Mr. RICK ARDS, the auditors were re-elected.
Dr, ILIFF moved—" That the best thanks of the
members be given to the directors for their judi-
cious management of the institution."
Mr. W. J. LEWIS seconded the motion.
A POLICYHOLDER thought that sufficient means
were not adopted to make the great advan-
vantages which that society offered generally.
known ; otherwise, he said, there would be a much
larger number of policies effected. Many persons
who wished to assure' were very much influenced
in their selection of an office by solicitors and
agents. (Hear, hear.) He believed that if the real
merits of that office were known to the public at
large the number of assured would soon be greatly
increased.

The CHAIRMAN said he thought it would be found
on inquiry that very few, if any, of the other offices
had issued more than 500 policies within the last
year. As he had before intimated, the society had
no class support, and had to rely entirely on its own
merits, and he must say he thought they had no
cause to complain of want of success. The fact that
the policies were increasing at the rate of 500 a
year was in itself one of the best advertisements
they could possibly have. (Hear, hear.)
The motion of thanks having been carried unani
mously,
The CHAIRMAN, in acknowledging it on behalf
of himself and his colleagues in the direction, said
he hoped that at the next annual meeting it world
be announced that the assurance fund amounted to
more than £2,000,000. _ _ _

Thanks were also awarded to Mr. Downes the
actuary, and to Mr. Macdonald the secretary, for
their exertions during the past year.
The compliments having been acknowledged the
proceedings terminated.