The Sun.
London, England, 1850-03-16 00:00:00

THE UNITED GUARANTEE AND
LIFE ASSURANCE COMPANY.

The first annual general meeting of the Shareholders
in the United Guarantee and Life Assurance Company
was held yesterday at the offices in the Old Jewry; the
Right Hoe. Lord Erskine, chairman of tho board of
directors, in the chair. There was a very full attend-
ance of proprietors.
The advertisement convening the meeting having been
read by the Secretary, JAMES KNIGHT, Esq., the com-
mon seal of the company was affixed to the register of
shareholders.
The CHAIRMAN then addressed the meeting to the
following effect:—Gentlemen, the duty devolves upon
me of offering to you a few remarks upon the pro-
gress and the actual position of the affairs of this t xce'-
lent company. The report which will be shortly sub-
mitted to you goes so fully into the position of the com-
pany, that it is almost superfluous for me to detain you
with any observations of my own ; but I have not
myself had any share in the preparation of that
decumcnt, and I can, therefore, the wore readily hear
my testimony to the care and ability; with which it has
been drawn up.—(Hear, hear.) It is short, clear,
,and
succinct; but still I am bound to confess that, clear and
shunt as it is, it only gives you a glimpse of the very pros-
perous condition of the company.—(Hear, bear.) Geo-
de:nen, there is, then, only one remark that I feel called
upon to address to you, and that is with respect to the
st ite of our policy business.—(litear, hear.) All who
have applied have not been accepted, but it was not to
be expected that they should, for, considering the very
short tune that our society has been in operation, it is
really remarkable that we have had se many offers
made to us.—(Hear, hear.) The
policies applied
for have amounted in money value to no less than
171,619/., of which we have accepted 105,047/.
(Hear, hear.) It may be said that the business of the
company bas been conducted with extreme caution, but
I certainly think that too much caution cannot be
practised.—(Hear, hear.) It is difficult some-
times to estimate where safety exists, and
I make that remark without being at all invidious, or
in the least questioning the credit of the parties who
have been rejected. It was not on aecount of their re-
putations that their offers were refused, but because
we felt that they were entering upon employments which
were more or less of a dangerous and tempting character,
and we therefore did not choose to run the risk of deal-
ing with them.—(Hear, hear.) There was a time when
I might have been sanguine enough to consider
this extreme caution quite unnecessary, but I have now
arrived at an age when I feel and believe that in the
management of a society like this the utmost caution
ought always to be exercised.--(Hear, hear.) I have
attended every board meeting but one, and I can bear
testimony is the zeal and attention which the directors
have paid to your affairs.—(Hear, hear.) The result of
that attention is seen in the report-, and although
at first our business was not very extensive, yet in the
last month the offers and acceptances have nearly
doubled what they were before.—(Hear, hear.) We
have, therefore, every right to congratulate ourselves
upon the prosperity of our youthful society.—(Hear.)
I do not know that it is necessary for me to detain
you with one single observation more, but I
cannot allow this opportunity to pass without directing
your attention to the zeal and ability which my ex-
c,llent friend, and our most highly useful secretary, has
employed in your bebalf.—(flear.) He it was who
prepared our report—he it was who drew up our pro-
spectus, and, above all, he it was who wrote a pamphlet
in support of our institution ; and, notwithstanding that,
he sits next to me, and is present here to-day. 1 feel 1
should be wanting in my duty to you if I allowed
any false delicacy to prevent me from paying him that
tribute of respect and esteem which his industry, zeal,
and talents entitle him to at my bands.—(Cheers.) Nor
can I permit this meeting to pass by without saying one
word in behalf of the medical gentlemen who have assisted
the board in the discharge of its functions.—(Hear, hear.)
Those gentlemen require little or no commendations
from me—their ability and reputations are too
well known to need it, and it is nothing more
than an act of courtesy for me now to acknowledge the
zeal and ability which they have exercised in our ser-
vice.—(Hear, hear.) Congratulating you, again, upon
the prosperous state of your affairs, and hoping that this
prosperity will go on increasing, I beg leave to conclude
by calling upon the secretary to read to you the report
which the directors have prepared for this occasion.
Mr. KNIGHT here read the following report :
" The directors have much pleasure in meeting the
shareholders on the first occasion prescribed by the deed
of settlement, and beg to submit the balance-sheet of the
affairs of the company, made up in accordance with the
deed to the 31st of December, 1849.

" The company was completely registered under the
Act 7th and Bth Victoria (esp. 110), on the 17th of
April, 1849, and the operations of the company can
therefore only be exhibited in the balance-sheet from
that period to the end of the year. At the same time
the directors think it right to communicate to the share-
holders the progress of the company to the most recent
date, viz., the end of the past month.
" The attention of the directors has necessarily been
hitherto chiefly engaged in completing the establishment
of the company, but, notwithstanding this, it will be
observed that the business has largely and progressively
increased, as the following statement will show:—
Amcuut of
Policies Policies Premiums
applied for. Issued. Received.
May, 1849
June 17,800 8,425 140 9 8
July
August 24,450 20,850 120 9 9
September
October 6,050 3,950 58 17 7
November
Dec,mber 14,670 8,539 115 6 .7
January, 1850 24,050 19,345 313 4 10
February 26,160 16,314 183 9 11
Total _ --.1
from May 1849 £171,619 £105,047 .£1,200 7 1
to Feb. 1850 -

" The policies hitherto issued have been accepted by
several of the leading private and joint-stock banks,
railway companies, and other large pstahlishrnents; and
it is confidently anticipated from negotiations now in
progress with other influential banking, railway, and im-
portant mercantile interests in the kingdom, that, at the
termination of the current year, results still more de-
monstrative of the succors of the company will be sub-
enitted to the proprietors.

" With respect to the ageacy department, the directors
have been anxiously engaged in the selection of parties
capable, from position and character, to give to the pe-
culiar and valuable objects contemplated by this com-
pany that prominence which is requirei for their full
development. When the arrangements now now in progress
are complete, a proportionate increase in the business
and profits of the company must
" The directors beg to suggest to the proprietors and
policy holders the great importance of exerting their
personal influence to promote the prosperity of this com-
pany, which embraces so many philanthropic and eco-
nomical advantages,
affecting as well the interests of the
employers as the employed. These have been generally
recognized by the public press, and only need the zealous
co-Jperatiou now urged to make them more extensively
known and appreciated. :
" Since 31st Decembir the . shire list has been
strengthened by the accession of several valuable share-
holders; and the directors have the satisfaction to re-
port, that there are now above 4,000 shares taken up oat
of the 5,000 of which the capital is composed.
" Under the deed the proprietors are entitled to intee
rest upon the share capital to the end of the year, at the
rate of 4 per cent. per
annum, which it is proposed to
pay after the 21st March instant.
" Under the deed or settlement Mr. lsodmore, Mr.
Shears, and Mr. Winkworth, directors elected by the
Court to fill three vacancies since the complete registrar
tion of the company, go out of office, but are eligible for
re-election, and the Court of Directors recommend the
re-election of those gentlemen,"
The general balaneessheet made Op to the 81st Del
cember, 1849 represented the receipts to attiontit tti
4,1251. 19s, 11d., of which 3,4201, 10s. was for the de,
posit and first call upon the shares issued in lieceMber,
1849, and 70(1/ 125. 3d• for premiums received in new
policies, and the expenditure for preliminary expenses to
1,7731. I 9s. 5d., and for current expenses to 1,1171. 178.2 d.
,The cash At the banker, and in hand amounted to
6981. 13s. 4a. Calls remaining due from Oik? Aare=
holders amounted to 2661. 10s. i the cancelled shares tO
6V., and the amount on loan to 200/;
rah o.itstoN said he. had MUNI pleeletife in seconding
the resolution. He could not but look on the society
with great respect and admiration, because it was cal-
culated to do a vast deal of geed to the tiaitg genera-
tion. It would afford protection and assistance to the
orphan. This *as to be seen in the fact that many men
were rising into life who would be unable to dotOstiand
the support or patronage of relations or friends, and
thus, though they !night hate opportunities of getting
suitable and profitable situations, Would be rendered in-
capable -of takitig therb beeaue€ no tine would undertake
to give security ism their good behtivlotir And honesty.
society, guarantee
an and cud assurance
t oe
thisThprinciple were united in
give much greater advan-
tages than any other institution of the kind. lie would,
therefore, strongly recommend it to his friends, and
trusted that every other proprietor would co-operate
With him in bringing as much business as possible to the
office. In other guarantee societies the person paid his
back, or of • obtaining any ulterior advantages; but
money without the slightest prospect of getting any of it
here a widow bf E; member would receive the
benefit of a life policy. The society 11,25 gradually
progressing, and he hoped next year the income would
be 4,0001. or 5,000/., instead of, as at present; 1,200/.
It was gratirying to find that it bad ken patronised
by railway companies, joint-stock banks, and other large
establishments, When the different agencies were
formed, they might anticipete a 'Very handsome income
from the provinces; and he thought this was a subject
they only get one policy from each large
• , uonsideraWe
to ;which the attention of the directors should be
called, for if
town, the bueineSS Would be very' _ . The
influentially and respectably
e?rnP",l"leel wet! most b t the undertaking was Do
signed which tact siitAWlli
y ftot tir'' fist the' general weal;
butsble ktit, was leg
40 ii! rffsp gale aspu
Were in a position to meet
they ;did busirif...eil •Sasst, ,they,
) He concluded by. se-
ts —(Cheierg.
their engagemen .
the Noble Chaitilinn.
cc-
conding the motion of
itimaartaentege to the persons with whom
address to you one or two
principles and objects. is well as
observations upon the
th iscompany.—(
the origin and paternity cfaatag the advan-
Hear, hear.)
The last speaker has alluded very nicely to
Mr. CORNELIUS lirenonsost—My Lord,
tages of this company, ad
than that of other g
before that
resolution is put I wish t
es which secure to the
policy holder as well as
tov the public far greater bene-
fitsuarantee societies.--(Elear,
hear.) Notwithstanding
that, ono or two obsarristions
may not be out of place
Ito illustrate still further the
IT, which are essentially ne.vv
prirl(.yec of thP rP"'P sPai. believe they require only
I
I ..ial Vbientiaiiy pecuilar, 411
to be well known in order to be fully and thoroughly