The Sun.
London, England, 1868-02-06 00:00:00

71IE PROVIDENT CLERKS' MUTUAL
LIFE ASSURANCE ASSONA2ION.

The twenty-seventh annual general meeting cf
the members of this association was held last wren-
lug at the London Tavern, Bishopsgate-street, for
the purpose of receiving the report of the directors
for the past year, electing office-bearers for the pre-
sent year, and the transaction of the legal business
of the association. Mr. Richard Henry Jones, the
chairman of the board of directors, presided.
The advertisement convening the meeting having
been read,

Mr. W. T. LINFORD, the secretary, read the
following report of the board of directors for the
past year

The board of directors beg to submit to the members of
the association their 27th annual report. Tho now pro-
posals received during the year 1867 were 1,170, for
.C 220,250 ; of which were completed 1,019 for £193,600, the
remainder being declined, deferred, or under c.msideration.
The new annual income arising from assurances completed
during the year is .C 5,503 4s. 11 The total income fro:n
premiums, dc;!., is £73,42j 23. 3d., of which .C 30,626 Os. 2.1.
has been added to the accumulated fund. The sum of £ 1,710
has also been received in the purchase of immediate annuities.
The funds of the association amounted on the 31st Dec. to
£350,064 Os. ; 142 policies, assuring with bonuses the
sum of .C 29,593 12s. 5d., have become claims by death. The
following directors retire by rotation, but, being eligible,
offer themselves for re-election :—Mr. Richard Henry
-Jones, Mr. John White Weleh, Major Vv illiam 11. Snell.
The following gentlemen duly qualified are proposed
as auditors for the ensuing year :—Mr. Jambs Richard
Lloyd, Mr. Francis Frederick Toole, Mr. Chas. Woolley.
On the 31st December last another quinquennial period
was completed, and the fifth bonus division will be pay-
able during the current year. The books and papers of
the association have boon placed in the hands of the con-
sulting actuary, Mr. Robert Tucker, for the purpose of
ascertaining the realised profits. From the exertions used
by that gentleman, the board aro in a position to announce
the result at the present meeting, and they are much gra-
tified in being able to state that it is highly favourable, the
rate of bonus, after making ample reserves, being greater
than on any previous occasion. From the large number
of policies in force, some time must necessarily elapse
before the individual apportionments can be completed,
but the board hope to be able to declare to each member
the amount of his share by July next.

THE CHAIRMAN said he was very happy in
meeting the members again for the twenty-seventh
time, and that it was extremely pleasant to him to
see so many old faces amongst them. He was sure
there was no person present that evening who would
be surprised that they had not done that which
they had invariably done before, namely, exceeded
the business of the former year. The unsettled state
of the country and various other matters would
account for the falling of, but he felt certain
it was merely an exceptional state of things,
and that next year they would make up
the trifling diminution of the present. There had
been no mismanagement of their affairs, and when
he looked at the position of other kindred institu-
tions he found they were precisely in the same
position as others. They had heard the report
read, which was concise, and stated facts ; the
balance sheet also presented, as usual, a clear,
straightforward account, and really the whole was
so simple and so satisfactory, that he could find
nothing calling for any special remark. There was
one item, however, that could not fail to convince
any person if he remained sceptical as to their posi-
tion. He referred to the concluding paragraph in the
report. (Hear, hear.) That would be quite conclusive
as to their sound and substantial condition. The
invested funds presented a very satisfactory rate of
interest, being on the average invested at £4 17s.
per cent. Of course they were all aware that at the
present low rates of interest they could not obtain
such profitable employment for their surplus capital
A year or so ago they got five or six per cent. for
it while working permanent investments, whereas
now it was only worth one per cent. There was a
slight advance in one item (for agency), as the
board had employed a gentleman to go
through the various local agencies and work
them up. His report, however, was from every
district that business was in a most depressed and
disheartening condition. They had, however, re-
gularly diminished the ratio of the expenditure. It
was £9 10s. 6d. per cent. in 1865, £8 93. 6d. in
1866, and only £8 ss. in 1867. (Cheers.) Not-
withstanding the depression of business, he felt
they would all agree with him that it was extremely
satisfactory to know that they had been enabled to
carry over the handsome balance of £30,000, which
was only £3,000 short of last year. (Hear, hear.)
Through the kindness of Mr. Tucker, he was
enabled to read to them his report of the examina-
tion he had made, and he did so with the greatest
pleasure, because it gave the members the best and
fullest information as to their affairs that they could
possibly desire. It was as follows :
Gentlemen,—l beg leave to submit for your considera-
tion and approval the results of my valuation of the out-
standing engagements of yoursociety on the 31st December
last, with a view to a fifth division of profits. Adopting
the plan laid down in previous investigations, I have only
to repeat that the same principles of valuation have been
adhered to on the present occasion ; and, in the words of
my predecessor, I may say " that the surplus available now
for division has been realized during the past five
years, and
the profits of future years have in no way been anticipated."
The business of the society still continues to increase in a
most satisfactory
manner, as will be seen from the follow-
ing comparison of three quinquennial periods :

Year enclil7g—.---1 Number of
310 t Dec. 1 Policies.

Amount Annual
assured. income.
4,895 £887,75G £28,910
7,598 .£1,456,254 £50,135
11,033 £2,091,091 £73,270

1857
1862
1867

The following table shows the number of policies in
force on the 31st December, 18G7, and the amounts as-
sured, ranged under the heads of the tables to which they
respectively belong :

The amount orinamediate annuity granted is £3,174
10p. 11d, per annum, and the amount of deferred and con-
tingent Reversionary annuity contracted for is £743 6s.
Bd. The average of each life assuranco policy under
table A is a little over £2OO.

STATEMENT OF ASSETS AND LIABILITIES,
containing the value of engagements and particulars of the
funds and property of the association.

Table Class. Number
of Policies. Amount Assured.
A 1 Whole Life Assurances 9,580 £1,943,552 14s.
A 2 Endowment lO 24,239
B 1 and Deferred Annuities
B 2 Premiums returnable 39 693 6s. Bd. per an,
and not returnable
C 1 Endowments
re-
42 4,5
and C 2 Premiums
turnable and not re-
turnable ....
D Immeaiate Annuities 4 3,794
11d.peran
G Survivorship Assur-
-912

ances
F Joint Lives
Term Assurance .........
Longest of two Lives
Reversionary Annuity._
Limited Payments and sir%lo _
Premiums
Paid up Electric Tele-
graph
Consols and Railway 839 56,850 146. 81
Policies

23 15,415
47 8,430
27 13,170
2 GOO
1 _5O per annum.

11,033 £2,091,091 Bs. Bd.
ASSETS.—To £5,003 New Three per Cents., cost £5,533

is. 7d. ; £3,245 ss. Three per Cont. Consols, £3,018 ;
£8,202 Turkish Guaranteed Bonds, 4 per Cent., £8,577 ;
£5,000 East India 5 per Cent. Stock, £i,981 ss.
; £lO,OOO
Bombay and Baroda Guaranteed Stock, £10,328 Is. 6d.;
£5,500 Madras, £5,588 7s. 6d. ; Loans on Debentures
£35,557 59.; Loans on Mortgages, £210,219 4s. 9d. ; inte-
rest accrued on mortgages, £5,788 95.; loans to members
on security of their policies, .£15,i33 ; deposit at interest
at call, £6,500 ; balance at Bank of England, £3,980 17s.
7d. ; duo from agents, £3,056 11s. Bd. ; lease of house,
£10,215 14s. 4d. ; petty cash and Policy stamps on hand,
£66 3s. 3d.; premiums due, but not yet paid, arrears on
credit policies and policies payable half-yearly and quar-
terly, £15,240 ; interest accrued on stocks, £730 ; total,
£374,913 Is. 2d.
LIABILITIES.—VaIue of 9,627 policies assuring £1,985,952
145., under table A 1, less the value of re-assurances and
making ample reserve by way of guarantee, £244,982 ;
value of 1,320 policies under other tables, £23,339 4s. 6d. ;
value of £3,174 ICs. 11d. per annum immediato annuity,
and £693 Gs. Bd. deferred annuity granted, £32,101 9s. Gd. ;
value of reversionary bonuses accepted at previous divi-
sion (£24,027), £12,911 ; claims admitted but not due,
£8,878 12s ; extra premiums for sea and foreign risks,
£73o—total, £322,942 6s. ; balaneo, profit, £51,970155. 2d.
--total, £374,913 ls. 2d.

From the foregoing statement it appears that after pro-
viding for the outstanding risks of the society, there re-
mains a profit to be now dealt with of £51,970 15s. 2d.
This amount will enable you to declare a reversionary
bonus of £1 2s. 6d. per cent. per annum on all policies
entitled to share in the full profits of the society, leaving
a small balance to bo carried forward. All members who
participated in the last division of profits will on this oc-
casion be entitled to five years' bonus. Those members
who assured in 1660 will be entitled to 8 years' bonus; in
1861, to 7 years ; iu 1862, to 6 years ; in 1863, to 5 years ;
and in 1864, to 4 yore Wiwi. Lie exact =out to 1040