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

THE SUN, LONDON, THURSDAY EVE N-ING, FEBRUARY 6, 18613.

SHARE LlST.—This Day.

ORDINARY SHARES AND STOCKS.

U 5/ f 61

ZHE PROVIDENT CLERKS' MUTUAL
LIFE ASSURANCE ASSOCIA7ION.

The twenty-seventh annual general meeting of
the members of this association was held last even-
ing 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. The new pro-
posals received during the year 18G7 were 1,170, for
£220,250 ; of which were completed 1,019 for £193,600, the
remainder being declined, deferred, or under consideration.
The new annual income arising from assurances completed
during the year is .£5,503 4s. Id. The total income from
premiums, acc., is £73,429 2s. 3d., of which £30,626 9e. 21
has been added to the accumulated fund. The sum of £4,710
has also been received in the purchase of immediate annuities.
Tho funds of the association amounted on the 31st Dec. to
£350,064 9s. 2d. ; 142 policies, assuring with bonuses the
sum of £29,598 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 Welch, Major William 11. Snell.
The following gentlemen duly qualified are proposed
as auditors for the ensuing year :—Mr. James 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 been 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 are 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 forge, 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 CHAIIMAN 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 np
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 bequite conclusive
as to their sound and substantial condition. The
invested funds presented a very satisfactory rate g
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 £9 108. 6d. per cent. in 1865, £8 9s. Gd. 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 your society on the 31st December
last, with a view to a fifth division of profits. Adopting
tho 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,
my predecessor, I may say " that the surplus available now
the past five years, and
for division has been realized during in the words of
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 ending Number of Amount Annual
31st Dec. Policies. assured. income.
1857
1862
1867

The following table shows the number of policies in
force on the 31st December, 1867, and the amounts as-
sured, ranged under the heads of tho tables to which they
respectively belong :
The amount of immediate annuity granted is £3,174
10s. 11d. per annum, and the amount of deferred and con-
tingent Reversionary annuity contracted for is ..£743 62.
Bd. The average of each life assurance 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 Aesurances 9,580 £1,943,552 14s.
A 2 Endowment 159 24,239
B 1 and Deferred Annuities}
B 2 Premiums returnable 39 693 6s. Bd. per an
and not returnable
C 1 Endowments
and 0 2 Premiums re- 42 4,529
turnable and not re-
•
turnable
D Immediate Annuities 94 3,174108.11d.peran
CI Survivorship Assur_
(LINOS
FJoint Lives
Term Assurance
Longest of two Lives
Reversionary Annuity._
Limited Payments and singlo

23 15,445
47 8,430
27 13,170
2 600
1 50 per annum.

Prehliums lBO 24,275
Paid up Electric Tele-1
graph
Consols !Ind Railway )' 839 56,850 Hs. Bd.
Policies J

11,033 £2,091,091 Bs. Bd.
ASSETS.-To £5,000 New Three per Cents.. cost £5,533
ls. 7d. ; £3,245 ss. Three per Cent. Consols, .£3,018 ;
£8,202 Turkish Guaranteed Bonds, 4 per Cent., £8,577 ;
£5,000 EaSt India 5 per Cont. Stock, £4,981 55.; £lO,OOO
Bombay and Baroda Guaranteed Stock, £10,328 is. 6d.;
£5,500 Madras, £5,588 75. 6d. ; Loans on Debentures
£35,557 55.; Loans on Mortgages, £240,219 4s. 9d.; inte-
rest accrued on mortgages, £5,788 9s. ; loans to members
on security of their policies, £15,633 ; deposit at interest
at call, £6,500 ; balance at Bank of England, £3,980 17s.
7d. ; due from agents, £3,056 11s. Bd. ; lease of house,
£10,215 14.5. 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 ls. 2d.
LIABLLITIES.-Value 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, £241,982 ;
value of 1,320 policies under other tables, £23,339 4s. 6d. ;
value of £3,174 ICs. 11d. per annum immediate annuity,
and £693 Gs. Bd. deferred annuity granted, £32,10195. 6d. ;
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,
£730-total, £322,942 6s. ; balance, profit, £51,970 15s. 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 be carried forward. All members who
participated iu the last division of profits will on this oc-.
casion be entitled to five years' bonus. Those members
who assured in 1860 will bo entitled to 8 years' bonus; in
1861, to 7 years ; in 1862, to 6 years ; in 1863, to 5 years;
and tiz iao, to 4 years' l?PlAlg• The tuct Arcimat t 9 Whigh

the Benevolent Fund is entitled on this occas ion will be
ascertained when the appropriation is carTiee out. The
amount which I recommend to be divided on the present
occasion is £50,486, which is equivalent to a :reversionary
bonus of £101,953. If my recommendation be adopted
the necessary calculations will be made without loss of
time, and each member advised as soon as poss:ble of the
exact amount of bonus to which his policy is entitled.
The funds of the association appear to have beeli very
judiciously invested, a.d the rate of interest realis'ed
forms an important element in the profit made during the
last five years. The time allowed since the closing
of the nooks on the 31st December for ascertaining
the amount of divisible surplus is so limited, and the en-
gagements of the association are now so numerous, that it
would have been impossible to present this report to you
thus early had it not been for the cordial assistance I have
received from Mr. Linford and Mr. Stubbs. I hope I may
be permitted to express my thanks to them for the able
manner in which they have furnished me with al neces-
sary details, and for the assistance which they and the
other gentlemen in the ofiln have rendered to me on all
occasions.—l have the honour to be gentlemen, your
most obedient servant,

(Signed) ROBERT TUCKER, Actuary.
70, Loinbarcl-strect, 30th January, 1868.

After that he hoped they all felt comfortable and
satisfied at their position, especially as the bonus
Mr. Tucker had recommended the directors to pay
was the largest they had ever received. (Hear, hear.)
Thanking them for the attention they had given
him, he would conclude by stating he should have
great pleasure in hearing any gentleman if 'he had
anything to say ; if not, he would resume his seat
by formally moving the reception and adoption of
the report.

The motion, having been seconded, was carried
unanimously.

Mr. BACKLER said he had now a very pleasant
duty to perform, and that was to move a resolution
to the following effect, viz., " That the best thanks
of this meeting be given to the board of directors
for the manner in which they have conducted
the business during the past year." He had not
been present at many of their meetings of
late years, because he had such perfect confidence
in the efficiency of the management, and that had
rendered it unnecessary for him to watch the affairs
so closely as he had in years gone by. Ten years
ago the division of profits was only 103. per cent.,
whilst now it was to be at the rate of £1 2s. 6d.,
which was an increase at the rate of
about 125 per cent. (Hear, hear.) Mr. Bickler
then referrvd to some business transactions which
occurred between him and the directors in their
official capacity as connected with a kindred insti-
tution (the Provident Clerks' Guarantee), in which
he had been met in a manner so highly honourable to
them that ho had felt he could not be in
better bands, and had at once added another
£l,OOO to his life assurance with the Pro-
vident Clerks'. (Hear, hear.) He had thus in-
creased his interest in the institution, as he
thought it was the best investment he could make
of his savings, because he felt assured that every
liability of the association would be met with honour,
and without that quibbling which unfortunately was
to be met with in other societies. He did not move
the resolution as a vain form, but with the sincere
and honest conviction that those in whose favour
it was made had honestly deserved it. (Cheers.)
Mr. REYNOLDS seconded the vote of thanks,
stating that it had been well deserved and well
earned.

The resolution was carried unanimously.
The CHAIRMAN thanked them for the kind com-
pliment that had been paid the board, and he also
felt grateful to the meeting for the kind response
that had been made to the proposition. Their next
business was the re-election of directors, and as he
was one of those retiring he could not say more to
them at present.
Mr. PRICE said, associated as he had been with
Mr. Jones for so many years, he knew how much
he had done for the society. He had secured their
confidence and esteem year by year, and he felt
that a great deal of their success was owing to his
personal exertion. He could have no hesi-
tation in moving his re-election, and he
felt that the meeting would have no hesitation
in agreeing to such a proposition. (Hear, hear.)
He (Mr. Jones) had worked with them for years,
and he knew that his (Mr. Jones's) heart was en-
tirely with the association. He had much pleasure
in formally moving the re-election of that gentle-
man. (Cheers.)

Mr. SAWrELL felt it a privilege to second tha re-
election of Mr. Jones.

The resolution was enthusiastically carried.
Mr. JONES, in resuming the chair, said the transi-
tion from " out" to " in" had been very short.
(Laughter.) He thanked them very much for the
response they had made to his friend's culogium.
He certainly did take a warm interest in
the affairs of the association, and he was
glad they knew it. His great desire was to see
that the Association go on and progress. (Hear,
bear.) It would not do to stand still ; those that
did so were left behind, and he could assure them
that nothing should be wanting on his part to
hasten the society on the road of success and pros-
perity. (Hear.) He would now put the re-election
of Mr. J. W. Welch, one of the other retiring direc-
tors, to the meeting, at the same time expressing his
regret that he was unable through illness to be pre-
sent at their meeting.
The re-election of Mr. Welsh as a director was
carried unanimously.
The CHAIRNIAN said the other retiring director
was Major Snell, and be had much pleasure in
putting his re-election to the meeting.
The motion was carried unanimously.
Major SNELL, in returning thanks for his re-
election, said he felt, did he remain silent, it might
be thought he was possessed of that bad be-
longing to an ungrateful heart; but he assured
them such was not the case. He was not about to
trouble them with a set speech, they had none of
those sort of things at their Board meetings, and
he felt that his thanks would not be the less ac-
ceptable because they were conveyed in few and plain
terms, as would be best becoming a man of business.
He trusted, at the end of his next term of office,
they would think as favourably of him then as they
did at the present time. (Hear, hear.)
The CHAIRMAN then moved the re-election of the
retiring auditors, which, having been seconded, was
carried unanimously.
Mr. LLOYD thanked the meeting for his re-elec-
tion, and said he hoped as long as he had life
he should be permitted the pleasure of audit-
ing their balance-sheet. Their accounts were
so well and clearly kept that it was quite a
pleasure to go over them. In making the audit
he never came across anything that was suspi-
cious; everything was as fair and open as possible.
Having said so much he hoped the meeting would
permit him to say a word or two to those who
hal young clerks under them. The most
beneficial service they (the elder ones) could
do then was to urge them to take the useful step of
insuring their lives. It might not be that they saw
the immediate necessity of doing so, but a time
would come when that act would be looked upon
as one of the most pleasant pieces of work they
had ever accomplished. He had suddenly been
called upon to go a journey of some 20,000
miles, and he could assure them that he did not set
out on that long voyage the less happily by the
knowledge that his life was insured in an office
whose integrity and honour was unimpeachable.
Mr. TOOLE having returned thanks for his re-
election,

The CHAIRMAN said he had now the extreme
pleasure of moving a vote of thanks to the secretary
and staff. They had, indeed, got a good secretary,
or they would not be able to show such good re-
sults as they had done. He, it was satisfactory to
know, was aided by a painstaking and effective
body of gentlemen, and he had no doubt the meet-
ing would cordially agree to the resolution he had
the gratification of moving.
Mr. CHRISTIAN said it was all very well to give
a vote of thanks, but he hoped they would give
them something more substantial. They were about
to divide an enormous amount of money amongst
the members, and he did hope the board would
give the best consideration to the matter.
The CHAIRMAN replied that this matter would
not have been omitted by the Board even without
this reminder.
The resolution of the chairman was carried una-
nicapasly,

Mr. LINFORD, who was very warmly received by
the members, returned thanks. He said—l thank
you very heartily on my own behalf and those of
the gentlemen associated with me for the more than
kind manner in which this vote has been proposed
and received. I have always felt that the board are
the best judges of our work, and if we have such a
vote as this proposed by the chairman, and endorsed
by the members, it carries with it a double value,
and I cannot conceive a more gratifying return for
our exertions. I may perhaps venture to say, on
my own behalf, that I stand here to-night for the
fourteenth time. (Cheers.) I have thus completed
a double apprenticeship in your service, and it hap-
pens that the period during which I have been hon-
oured with the confidence of the board extends over
exactly one-half of the existence of the association.
You will, lam sure, forgive me for saying that t
cannot but feel a pride and pleasure in surveying
the two periods. At the time when I became the
officer of the association our income was but £19,000
a year, and our whole invested funds but £53,000,
and our bonus ten shillings per cent. We have
now an income of £73,000, an invested fund of
£350,000, and a bonus of 225. 6d. per cent.
The approval and support I have received from
the board enable me to believe that I . have ful-
filled my duties to their satisfaction, and I am very
glad to bear testimony also on behalf of the staff
whose able and zealous services merit the kind re-
cognition, which I am glad to say they never fail
to receive. I tha►,k you very much for your kind
vote of to-night. (Cheers.)

Mr. MINTON moved a vote of thanks to Mr.
Tucker, the actuary, which was agreed to nem. con.
Mr. TUCKER said he was much obliged to the
meeting for the recognition of his services, and they
must permit him to congratulate them on their very
flourishing and satisfactory condition. The amount
he recommended to be divided as bonus was highly
satisfactory, and it was entirely due to the very ex-
cellent management of their very excellent society.
(Cheers.)

Mr. LLOYD then moped a cordial vote of thanks
to the chairman, which was agreed to in a most
hearty manner.

The CHAIRJIAN returned thanks, and the pro
ceedings terminated.

MARKETS—(2 his Day.)

COLONIAL AND FOREIGN PRODUCE.

SUGAR.—Refined sugars sell slowly, and on terms rather
avourable to buyers.

COFFEE.—Demand continues steady, and the market
being sufficiently supplied a good business is passing.
TEA.—A firm tone prevails, and there is a fair inquiry
Rum.—The transactions are of moderate extent, at the
previous currency. _ _

RlCE.—Passing transactions are only moderate, and do
not alter the quotations given in our last report.
COTTON.—The market is active at late rates.

JUTE.—The market continues quiet, at about late rates.
Common to fine, £l5 lOs to £22 per ton.
HEMP is firm, at £39 for clean St. Petersburg.
COCIIINEAL.—Since yesterday there has been but little
doing, and prices are unaltered.
IvoßY.—The sales are progressing steadily, at an ad-
vance on the last quarter's rates of £1 to £3 per cwt.
METALS.—There is not a great deal doing, and gene-
rally rates wore unaltered, but Straits tin is advancing
£BB paid cash, and contracts made at £BB lOs for forward
delivery. Scotch pig iron rules at 52s 3d per ton.
OILS meet a quiet sale. Linseed, 34s 6d spot ; rape,
34s 9d to 35s ; palm, 39s Gd to 40s ; Ceylon cocoa-nut,
50s ; Cochin, 56s to 575.
TALLow.—The market is dull at 42s spot, 42s 3d March,
and 43s 6d last three months.