The Sun.
London, England, 1850-06-08 00:00:00

MAJORITY-NOES, 144.

Adderley, C. B. . Goulburn, Henry • Pakington, Sir J.
Alexander, N. Greene, Thomas Palmer, Robert
Anson, Colonel ' Grenfell, Charles W. Palmerston, Vis.
Armstrong, R. B. - Grey, Sir George Parker, John
Arundel, Earl or Grey, Ralph Win. Pelham, D. A.
Ashley, Lord Grogan, E. " * Plowden, W. H.
Bailey, Joseph Grosvenor, Lord R. Plumptre, J. P.
Baring, Sir F. T. Gwyn4llowel Portal, Melville
Barnard, E. G. . Hamilton, G. A. Prime, Richard
Berkeley G. F. Mitchell, John Reid. Colonel
Blackstone, W. S. Hawes, Benjamin Rice, E. R.
Blair, Stephen Hayter, W. G. Rich, Henry
Boldero, H. George Headlam, Thomas Romilly, Colonel
Booth, Sir R. G. Heald, James Hominy, Sir John
Boyd, John Heneage, G. H. W. Rushout, Captain
Brand, Thomas lleneage, Edward Russell, Lord J9hn
Brockman: B. D. Herbert, Sydney. Russell,'F. C.
Bruce, Lord E. Haywood, James Seynaer, H. K.
Buller, Sir,J. Y. Ilildyard, R. C. Seymour, Lord
Bunbury, W. Hobhouse, Sir John Shell, R. L.
Cabbell, B. B. Hobhouse, T. B. Simeon, John
Cardwell, Edward Hodges, T. L. Smith, J. A.
Carew, W. P. Rood, sir A. Smollett, A.
Carter, John B. Howard, E. G. Somerville. Sir W.
Cavendish, C. C. Howard, Lord H. Sotheron, T. 11. IS.
Cavendish, G. H. Hudson, George Spearman, H. J.
Chichester, Lord J. Hutt, William Stanford, J. P. •
Childers, J. W. , Jervis Sir John Stanley, Edward
' Cockburn Alex. Lascelles, W. S. Stanley, E. H.
'Cocks, T. S. Lewis, G. C. Stuart, H.
Cowper, W. F. - Mackenzie, W. F: Talbot, C. M.
Craig, Sir W. G. Mahon, Viscount Taylor, Thomas E.
Davies, D. A. Martin, Samuel Tenison, .E. K.
Dick;.Quintin Matheson, J. Thicknesse, R. A.
Dundas, Sir D. " Matheson, Colonel Thompson, Colonel
Dunne, Colonel Hanle, Fox Townley, R. G.
Du Pre, C. G. Miles, P. W. Trelawpy, J. S.
East, Sir J. B. Milner,",W. M. ' Turner,,George
Ebrington. Lord Monsell, William Vesey, Thomas
Elliot, J. E. Mostyn, E. M. Watkins, Colonel
Emlyn, Viscount Musgrave, Earl Wilson, ;James .
Evans, William Mailings, J. B. Wilson, ilfatthow
Ferguson, Sir R. Naas, Lord Wortley, J. S.
Fitzroy, Bon. H. Napier, Joseph Wyvill, Marmaduke
Forbes,'Wm. Newdegate, N. Wood, Sir Charles
Fri stun, Colonel Ziorreys, Sir D. Young, Sir John
Frewen, C. H. • O'Connell, M. J.' TILLULS.
GladStOrie, W. 8.. • rake, C. W. Hill, Lord M.
Gore. W. R. 0. Paget, Lord A. Bellew, R. M. ,

rT I

SUN,

r'f<'V !'

LONDO N,

THE TIMES LIFE ASSURANCE
AND GUARANTEE COMPANY.

The first annual meeting of this new and pro-
mising Life Assurance and Guarantee Company was

held yesterday, at its offices, 32, Ludgate-hill, at
which a considerable number of influential and

respectable gentlemen interested in the establishment
and advancement of the company were present and

gook part in the proceedings.
James Wy]d, Esq., M.P., the Deputy-Chairman of
the Company, presided, and amongst the gentlemen

. .
present we observed Mr. J. N. Baker, of Walworth ;
➢lr. Joseph Brown, of Regent-street ; Mr. Charles
Latham, of Hornsey-road ; Mr. John Lilwall, of
Knightsbridge ; the Count Louis de Massiae, Mr.

John Robinson, of Gresham-street, City ; Mr. Alex-
ander Webber, of Baker•street ; Mr. W. A. Kent,
of Milk-street ; Mr. D. Pratt, Dr. Cooke, Mr. Ed-
wards, one of the solicitors of the company ; the Rev.

John Wood, of Walworth ; the Rev. Mr. George;
Mr. W. H. Domville, Mr. Thomas Winkworth, Mr.

M. F. Wagstaffe, of Lambeth ; Mr. Malcolm ; Mr.
H. B. Sheridan, the Manager of the Institution ;

and Mr. Thomas Farnell, Consulting Actuary.

The CHAIRMAN opened the proceedings by stating
that the meeting had been called by public advertise-
ment, in conformity with the provisions of the deed

of settlement, and his first duty was to affix the seal
of the company to the register of shareholders.
[This was done accordingly.] The Manager would
read the report of the directors to the meeting, but
previous to his doing so he (the Chairman) would

call their attention to one or two facts connected with

their Institution. The Times Life Assurance and Gua-
rantee Company had not been in existence more than
18 months. This was their first annual meeting, and he
was quite sure the encouraging aspect of their affairs
in

dicated the steady progress they had been making,
whilst it afforded an assurance of their future pros-

perity, and a guarantee that although at this moment
their balance-sheet did not present so large an amount

of profit as was realised by older societies, they should
have a sure and steady increase in this respect in
future. The report would show the amount of busi-

ness executed during the past year. The gross sum
assured by 217 policies, being the number completed
up to the 29th May last was 83,2221., producing an
annual income of 1,1801. 1 ls. 7d.—(Hear, hear.)
The directors of this company had had a very large
amount of business proposed to them, but, from various
circumstances, they had thought it their duty to re-
ject, or rather decline, on prudential grounds, many
proposals for assurance which had been made to them.
The total number of proposals made to the company
to the 29th May last was 391, of the aggregate

amount of 133,5171., and producing an annual in-

come of 2,2181. ss. 4d. ; but, although a great num-
ber of those proposals which had been rejected had
been of a good and satisfactory character, yet in
rejecting them the directors kept in mind that the in-
stitution was yet young, and felt that it was better to
do a steady and sure business at that stage of its

existence than to incur any great responsibility by
multiplying the chances of risk.—(Hear, hear.) The
policies completed and paid upon since the company
had been established amounted to 217, of an aggregate
amount of 83,222/., and producing an annual income
of 1,1801. 11s. 7d. The proposals accepted, of which
the premiums were not yet paid, were 62, with an
aggregate amount of 11,1501., and producing an
annual income of 2011. 10s. Bd. The proposals not
yet completed and under consideration were 45, of
the aggregate amount of 9,4251., and an annual in-
come of 1881. 18s. 6d. The proposals declined were
67 in number, with an aggregate amount of 29,720/.,

and an annual income of 6471. 4. 7d. Now he
thought that when the report and balance-sheet,
which the Manager would read to ,them, were
laid before the meeting they would find that the
affairs of this company were in a most satisfactory
condition. They had not as yet achieved any very
great results ; they bad bees rather the more anxious
to do a steady and a permanent business. During the
past year there had prevailed throughout England
a fearful epidemic, destructive of life to an awful ex-
tent in all our large cities and towns, and which had

produced an almost total suspension in the business of
this office for very nearly three months, 10 that it might

be said, the period of acival business had not exceeded
nine months. He thought it right to bring these
facts before the shareholders, because, if the directors
had carried on their business during the period to
which he had referred, they might to-day have shown
a much larger amount of business, but he believed

it would have been accompanied with immense loss.
At the same time the directors had been careful not
to refuse a proposal which they could comply with
safely. It was satisfactory for him to be able to say,
that during the whole of the company's existence
they had not incurred a single loss.—(Hear, hear,
and applause.) During the past year they had
some changes in their directory. They had to
lament the retirement of Messrs. Bidgood and Elliott.
Hitherto the directors had served the company almost
gratuitously—(Hear, hear)—a circumstance which
had enabled them to show a larger balance than they
could otherwise have done ; and he believed it was
their intention to continue to do so. They had had
to regret the demise of one of their colleagues, Adam
Gerrard, E_+, who, during the prevalence of cholera
had died after a short illness. They felt it the more
because their deceased friend was a gentleman of
great energy and of distinguished talent, and he was
ever active in promoting the the prosperity of the in-
stitution among his friends and connexions.—(Hear,
hear.) He (the Chairman) would not
occupy the time of the meeting further than
by stating that the company had a sur-
plus of income over their expenditure. The
details of that expenditure and income he
believed were in the hands of every gentleman pre-
sent, and if he could give the body of shareholders
any further information as to the affairs.of the com-
pany he should be happy to do so during the course of
he meeting.—(Cheers.) He would now call upon
he Manager to read the report.
Mr. 11. B. SHERIDAN then read the report, as
'chows :
FIRST REPORT OF THE DIRECTORS,
JUNE 7TH, 1850.

The directors have much pleasure in meeting the '
shareholders for the first time in accordance with the
deed,of settlement, and beg to lay before the meeting the
general balance-sheet of the company's affairs made up
to the 30th day of April last.
Pursuant to the terms of the deed of settlement the
.following directors retire, but being eligible are candi-
dates, for re-election, viz.—Thomas Nathaniel Baker,
Esq., Charles Latham, Esq., Louis de Massiac, Esq.;
John Lilwall, Esq., Archibald F. Paul, Esq.
The following auditors also retire from office, by the
provisions of the company's deed of settlement, but being
eligible are recommended by the directors' for re•elec-
tiopy viz.:--William Abbott Kent, Esq.) and Daniel
Pratt, Esq.
The company was completely registered under the 7th
and Bth Vict3ria, cap. 110, on the Ist day of June, 1849,
and the amount of business transacted as exhibited by

the balancesheet now produced, embraces &period, there-
fore, of eleien months, during which time the directors
have mainly devoted their attention to the organization
of extensive and efficient agencies in various parts of the
country, and the appointment of skilful and eminent
medical men to act as the company's referees, and who,
in addition thereto, would assist the agents •to the utmost
oitheir power in advancing the interests and increasing
the business of the company.
.Thp directors 'feel that this part of their duties in-
volved Xesul!s of the highest importance to the share-
holders and' the company ; and have the hatisfaction of
announcing, that upwards of three hundred; carefully se-
lected persons have been already appointed to act as
agents and medical referees ; and it is the intention of
the directors to proceed with ache utmost vigour in the
increase of that number.
..The directors wish to draw the particulat attention of
the shareholders to the circumstance, that {almost imme-
diately after the complete registration of this company
in the summer of last year, nearly every part of the
United Kingdom, particularly the metropolis, was
afflicted by the severest epidemic visitation which has'
been known in this country since the great plague of
1665, and which for months spread terror and dismay
in every direction; and so fearful was the mortality in
this locality, and in one or two instances so .narrow had
been the escape of the company from severe loss, that
the directors decided' on not taking assurance business
until the sickness had abated.
In hioking, therefore, at the amount of business trans-
acted by this company, it must be bornein mind that,
allowing three months only as the time during which the
cholera raged, the period for actual business has not ex-
ceeded nine months.
It is, therefore, with feelings of the liveliest satisfac-
tion that the directors beg to draw the attention of the
shareholders to the following statement, feeling assured
that under the above circumstances the hopes and wishes
of the most sanguine supporters of the institution must
be more thaw realised:—
Gross sum assured by 217 Policies, being the
number completed up to the 29th of May
0 0
£l,lBO 11 7
Producinglast''* an. ;La £B3,222************

Aggregate , Annual
No. Amount. Income.

Total number of proposals
made to the company,
to the 29th of May last 391 £133,517 £2,218 6 4

Proposals completed and
paid upon . • .. 217 £83,222 £l,lBO 11 7
Proposals accepted, and
premiums not yet paid 62 11,150 201 10 8
Proposals not completed,
and underconsideration 45 9,425 188 18 6
Proposals declined.. .... .. 67 29,720 647 4 7

Total ..... 391 L 133,517 £2,218 5 4

The directors take the abQve statement as suffici,ently
demonstrative of the success of the company during-the
period it has been in operation, and as fully justifying