The Sun.
London, England, 1861-05-29 00:00:00

UST.

EUROPEAN ASSURANCE SOCIi2Y.

ANNUAL MEETING.
The annual gene•al meeting of the share and policy
holders in this ociety was held yesterday at the offices,
No. 2, Waterloo-place, Pall-Mall, for the purpose of re-
ceiving the directors' report of the past year, and for the
re-election of the directors who retire according to the deed
of settlement.

Esq., M.P., occupied the chair.
H. IV. Wickham,
The usual routine business having been transacted, the
chairman called upon the secretary to read the report,
which was as follows :
Your directors, in presenting their report for the year
1860, beg to lay before the shareholders and members %he
following statements relative to the society's progress and
position—
During the year 1860, the society have
issued 814 new life policies, the annual
premiums upon which amount to .. £lO,lOB 7 8
3
And. 824 new guarantee policies, yielding r
in annual premiums

13,639 10 5
The revenue acquired through amalgama-
tions during the year amounts to

Making the total new premium revenue ac-
quired during the year 1860 £24,100 2 10
The -gross revenue from premiums within
the year was
The premium revenue of the society from premiums re-
ceived during the past five years has keen-1856, £16,142
2s. 2d. ; 1857, £55,095 12s. 9d. ; 1858, £67,207 4s. 11d. ;
1859, £103,451 Os. ld. ; 186 C, £119,526 Bs. 6d.
The diminution of revenue arising from lapsed or sur-
rendered policies, or policies under which claims have
arisen within the year, amounted to £8,765 Os. 11d.
The life and guarantee claims paid during the year
amounted to £72,382 10s. 11d., which is not in excess of
your actuary's expectations.
The working expenditure (exclusive of commission and
medical fees) for the past year amounted to £9,753, and
the balance at the credit of the guarantee branch, after
payment of losses, was £8,275.
The balance of the year of income over expenditure was
£30,200 16s. 4d.
The sum at the credit of the guarantee branch, after the
payment of losses, during each of the undermentioned
years, has been as follows-1856, £4,314 83. lld ' • 1857,
£1,658 18s. 3d. ; 1858, £5,536 19s. Ild. ; 1859, £6,212
Is. sd. ; 1860, £8,276 10s. 3d.
Your directors have the satisfaction to announce that
during the past year policies of guarantee have been issued
to the Treasury (County Courts), Admiralty, Board of
Trade, General Post-office, Inland Revenue, and Poor-law
Boards. The Customs, Home, Colonial, India, and other
Departments of State have approved the society's guarantee
policies, and your directors therefore feel confident that the
steady increase which has been observable in this branch
of business since the beginning of the current year will be
maintained.

A more satisfactory class of guarantee business has
lately been obtained from the agencies. in Edinburgh and
Glasgow, in consequence of the banks and other public
bodies availing themselves of the society's guarantee poli-
cies, and an increase of this class of business may therefore
be looked for; and your directors have made such arrange-
ments in connection with the Scottish branch as may be
expected still further to extend the society's business in
Scotland.

In conformity with the deed of settlement of this society,
Charles Forster, M.P., Richard Francis George, James
Edward McConnell, and Charles William Reynolds, Esqs.,
directors, and John Parker, Esq., auditor, will retire
from office, but, being eligible, offer themselves for re-
election.

In conformity also with the deed of settlement, which
provides for a valuation of the assets and liabilities of the
society as existing on the 31st December, 1860, your
actuary has been and still is engaged in that investigation,
the result of which he expects to be able to report early in
the month of August. A special meeting of the share-
holders will then be called to receive his report.
By order of the board.
W. CLELAND, Secretary.
2, Waterloo-place, Pall-mall, London, May 27.

The CHAIRMAN said he had very great pleasure in meet

ing the share and policy holders on that occasion, because
he had the satisfactory duty of informing them that the
society was in a prosperous and sound stet% (Hear, hear.)
The directors, he could assure them, looked very carefully
at every assurance before it was fully completed ; and
although they might have done more than they had in the
way of extending the business, had such not been the case,
the great object of the board was to do a business that would
yield a profit to the shareholders and secure them from loss.
The revenue of the society had for the last five years been
increasing, and that fact was an unerring test that all things
were going on prosperously. The persons interested
in the society amounted to the large number of 16,000,
and the success of their operations would be almost
unlimited if each of those would only do a little to enlarge
the business of the society. (Hear.) While their in-
come had been increasing the directors had made the
greatest efforts to reduce their expenditure—(hear)—and
the manner in which they had succeeded would be satin•
factory to every one present. Their expenses in the year
1856 had been 13 1-3 d per cent. of their income; in 1857 it
fell to 8 3.4ths per cent, ;in 1858 it was 9 1-sth per cent. ;
in 1859 it stood at 4 2-sths ; and in 1860 it was only per
sent. (Cheers.) Another very satisfactory announcement
he had to make was, that in a year or two it was fully ex-
pected that the profits of the guarantee branch would en-

tirely pay the expenses of the life assurance department,
so that their prospects were as good as their best friends
could wish. Mr. Neison had not yet finished the task of
calculating the Bonus, but immediately on its completion
the policyholders would have it laid before them, and
the directors anticipated that it would be highly satisfac-
tory. (Hear, bear.) He would not det sin them further,
hut, if he had omitted to mention anything on which any
gentleman required information, he should be most happy
to give an answer to any question that might be put to him.
He begged to move that the report just read be received and
adopted. (Cheers.)
Mr. HILL said he had very great pleasure in seconding
the motion of the Chairman for the recep'..ion of the report.
The fact of a decreasing expenditure and an increasing
business showed most clearly that they possessed a wise
and prudent board of directors.

The resolution was put to the meeting and carried una-
nimously.

The CHAIRMAN informed the meeting that the next duty
was to elect directors for the ensuing year. According to
the deed of settlement, the gentlemen retiring from office,
viz., Charles Forster, M.P., Richard Francis George, James
Edward M'Connell, and Charles William Reynolds, Esqrs.,
were eligible for re-election, and offered themselves
accordingly.

Resolutions re-electing the whole of the retiring direc-
tors were carried unanimously.
The retiring auditor, Charles Parker, Esq., was also
unanimously re-elected.

Mr. REYNOLDS said, after the very satisfactory report
which had been submitted to them, he felt it a privilege to
move the following resolution :—" That the cordial and
unanimous thanks of this meeting be and ara hereby given
to the directors for their able and judicious management of
the society's business during the past year."
The resolution having been seconded was carried unani-
mously.

Mr. WESTHEAD, M.P., acknowledged the compliment on
the part of the Board of Directors.
Mr. FORSTER, M.P., said, as his name stood foremost
amongst those gentlemen who had been re-elected direc-
tors, he rose to thank the meeting for the confidence re-
posed in them. He assured them they would grudge
neither time nor trouble to promote the interests of the so-
ciety. (Cheers.)
Mr. HILL moved a resolution to the effect that the divi-
dend on shares hitherto paid annually should for the future
be paid half-yearly.
Mr. GROSVENOR thought it would be advisable to adopt
the resolution, and that being his opinion, be begged to
second it.

There being no opposition on the part of the directors,
the resolution wan agreed to unanimously.

Mr. FIELD said before the meeting terminated he thought
the best thanks were due to their energetic and untiring
manager and secretary, Mr. Cleland. (Cheers.) To his
exertions much of their prosperity was due, and that be-
ing the case, ho had very great pleasure in moving that
the cordial thanks of the meeting be presented to him for
his exertions.

Mr. SPOONER, M.P., said he was delighted to second
such a resolution. (Cheers.) Everything depended on
management, and their present success showed that they
had got the management in good hands.
The resolution was carried unanimously.
Mr. CLELAND said he felt grateful for the mark of con-
fidence and respect passed upon him, It was his pride and
pleasure to see the society progressing so successfully, and
no exertion of his should be wanting to further extend its
popularity. (Cheers.)

A vote of thanks to the chairman terminated the pro-
ceedings.

SHANGHAE.—The report of the inspector of cus-
toms for the half-year ending Dec. 31, 1860, has beenissued,
from which it appears that the foreign imports from all
parts have been of the value of £5,063,250 for general cargo,
£2,866,580 for treasure, and £2,722,250 for opium; and of
exports, £6,040,120 for general cargo, and £139,300 for
treasure. The duties paid on imports amount to £62,000,
and on exports to £lso,ooo.—London and China TelegraPk•
SINGULAR MARRIAGE.—At Hexham a marriage_
recently took place between Miss Pannel Harriet
love, daughter of the late IV. J. D. Waddi Clennell,
love
Grange, Hexham, and Mr. Percival Fenwick
Harbottlo Castle, in this county.
3fr.t ort Cslehnnll is deaf and
the opening
dumb. The officiating clergyman c_u The causes for
Bconread
portion of the service, concluding .
which matrimony was established aro too obvious to need
the clergyman pointed to the passages ho was reading, the
and ni, bowing his assent at the
enumeration." In the portions addressed to the bridegroom
bridegroom following hi
n',
three portions"commencing respectively,
"Wiltoncu thoun.
have this woman, &c. ; ''M., take thee,
conclusion.
N..,, ism ; With this ring I thee wed," &c., were written
and
1,1 2,3, respectively'onthebridegroom delivered to separate slips of paper, and numbered
the clergyman seria-
tim, duly signed Percival Fenwick Clennell." After
reading No. 1, as described above, the rev, gentleman said
"I declare to this congregation that ho (the bridegroom)
has notified to my comprehension that he will,' having
followed me in the reading, and having written, signed,
and delivered the same with his own hand." The same
form of announcement (with the necessary variation) was
made gftor reeding li9a, 2 Alld 31—Livcrpoq Clironft*.