The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1851-04-08 00:00:00

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IDOWS' FUND

LIFE ASSURANCE SOCIETY.

The THIRTY-SEVENTH ANNUAL. GENERAL COURT of this
Socturv. was held within the Royal Hotel, (Gibb's,) on Tues-
day, the 4th of March, in terms of, and for the purpcses speci-
fied in, the articles of constitution,—ANTHONY MURRAY, Esq.,
of Dollerie, W.S., in the Chair.
The minutes of the last General Court were reed and approved.
The Manager. then read the Report by the Directors of the
proceedings of. the last year, from which it appeared-
1. That the number of Policies passed during the year had
been 716, the sums Assured amounting to -018;169 145.,
and the annual contributions to 416,64 .5d., being an
excess over those passed in the pr us Year to the ex-
tent of 116 in the number of Pol- s, and of £76,104 35.
in the amount Assured.
2. That the average amount of ;trances passed during the
last I.3.years had exceede alf a million annually.
3. That the total amount o e Society's engagements at the
close of the year 1 .. exclusive of Bonus additions,
1
amounted to £6,9 , l3s. 7d.
4. That the Capital o the Society bad increased during the
year to the ext tof 4142,643 3s. ld., and amounted at
31st Decemb last to .42,310,149 12s. 2d.
5. That the An al Revenue of the Society amounted at 31st
Decembe ast to 4306,511 15s. 10d.
6. That of e Lives assured by the Society in existence at
the coffimencement of the year 1850, 94 had died during
that Year, the sums for which they were assured amount-
ing to 4110,894 Bs. 4d., and the Bonus additions attach-
ing to the Policies at the date of their emergence amount-
ing to £27,513 Bs. Id.
7. That the above sum of £110,894 Bs. 4d., and the number
of deaths, were in the ratio of 57 per cent. of what might
have been exnected, accordinv, to the tables of mortality
upon which the Society's calculations are based.
The CHAIRMAN then rose, and moved the approval of the
Report; and the motion having been carried by acclamation,
he said—You have been pleased to approve of the Report of the
Directors ; and it now devolves upon me, having the honour to
occupy this chair, to address a few words to you, almost reca-
pitulating that which is contained in the report—not for the
purpose of adding any facts to those which are there stated,
but rather in order to endeavour to impress them more deeply
upon your attention. I will begin by observing that the facts
contained in the report are founded upon figures, and are,
therefore, hardly to be challenged—(hear, hear;)—and it is in
consequence the less necessary for me to say much about them.
I may, however, remark, that th-se facts are rather agreeable
ones, because we find ourselves, after a year somewhat of de-
pression, as that of 1849 was, at last replaced in the situation
of considerable advancement. (Applause.) We find, for exam-
ple, from the report, that, while in the year 1849 the Directors
had passed 600 policies, they have passed during the past year
of 1850 as many as 716, being an increase of 116 over those
passed in the previous year. We alto find that upon these
lives the amount insured in 1849 amounted to 4422,000, while
in 1850 it amounted to .4498,169 148., or very nearl*half a
million. (Cheers.) I think that these are encoura4ng facts.
Another gratifying fact alluded to in the report, and one which
naturally follows from "hat I have just stated is this, that the
average of our yearly business has not fallen off. That for a
period of thirteen years, the average amount of business done
by the Society has exceeded half a million annually. I think
that that simple circumstance shows us that °LL.D. Association
continues to retain the confidence of the punlic. (Hear,
hear.) Our engagements now amount (exclusive of Abe bonus
additions attaching to the policies,) to very nearly.seven mil.
lions sterling, the exact sum being 46,920,591, 13s. 7d. That
is the extent of the obligations under which vie lie to the pub-
lic, who hold our policies. The capital, by which we are ena-
bled so far to meet these engagements—the really invested
capital—amounts to £2,310,149 12s. 2d., with an annual revenue
of £306,511 155. 10d. That revenue, you will observe, is more
than dcuble the amount which we paid in, the courseof the
past year, under emerged policies; and that revenue,, as you
have heard it stated, so far as it arises from the Society's capi-
tal, is derived, not from uncertain Bootees, but from the best
security which can be found in Great. Britain. There is an-
other agreeable circumstance mentioned in the report. I be-
lieve it is not unusual,-1 believe it is to be found elsewhere,—
viz., That during the past year the mortality among the mem-
bers of this Assaciation has been less than during th preceding
year, and that, too, although of course the number of lives
insured has increased, and the ages of those lives have also
increased. Notwithstanding this, the number of lives that
have fallen during the past year is only 94, being a decease of
17 as compared with 1849, when the number of persons insured
who died was 111. This, as I have already stated, is an encou-
raging and agreeable circumstance; but it is a circumstance
which we must observe with caution, because it will occur to
every gentleman here present, as I daresay it also occurred to
the Directors, that these vicissitudes in the number 4 fallen
lives only show us the uncertainty of one year's casualties com-
pared with those of another; and therefore, we arejustitied,aswe
think, in maintaining our present practice of a division of pro-
fits only at considerable intervals, viz., seven years. During
that time we are enabled to ascertain with more accuracy than
we could otherwise do, the true state of mortality amongst our
members. While I feel called upon to make this remark,
which I believe to be a proper one, I also remark another cir-
cumstance in the management of this Association, which is
this, that while we divide our profits only once every seven
years, we, at the time of declaration, set aside what is necessary
not merely to secure a Bonus for th 3 past seven years, but for
the seven years which must necessarily elapse before another
declaration takes place—that is to say, looking forward to the
certainty that some of the policies must fall, by the death of
the members during the course of the succeeding seven years,
we, at the period of declaration, set aside a sum from the re-
alised funds, for the purpose of meeting the payment of a
prospective bonus upon those that may fall, so that any policy
that falls during the next year, or in anyone of the seven years
before another declaration is made, is entitled to receive its
share of the bonus, not only accruing when the previous de-
claration was made, but in addition also corresponding to each
year that has since elapsed. In this manlier no disadvantage
arises from postponing the p, riod of actual investigation or
declaration • because let a member die when ha may, his repre-
sentatives draw a bonus for each year that he has been a con-
tributor to the funds of the Society.
The auto which has already been divided, or which may be
divided amongst the representatives of the 94 persons who died
durint, !aft year, amounts to £110,894 Bs. 4d., being the origi-
nal sum for which they were assured, anti the bonus additions
attaching to their policies is 427,513 Bs. Bd., making altoge-
ther the sum of 4138,407. Now, it occurs to me that the stint
for which we have become liable by the death of our members
during the past year is very satisfactory evidence of the benefit
derived from the Association by the community. The division
of this sum amongst 94 individuals must give to each indivi-
dual 41400 or 41500—a very comfortable sun' indeed. (Hear,
hear.) Then, coincident with the diminution in.the number
of lives that have fallen during the past year, the average tnor-
tality has, of course, decreased. Instead of being 634 per cent.,
as it was in 1849, it was last year oily 57 per cent. upon what
might have been anticipated, according to the bills of mortality
on which the Society's tables are based; and this decrease in
the rate of mortality is all the more st'iking, seeing, as I have
already remarked, that the number of members and the ave-
rage age of the lives was increased during 1850 (Hear, hear.)
These are the principal features in the statistics stated in the
report read by the manager. Before proceeding any further,
I may remind the meeting of what has been already stated by
the manager, that we have on the table a report by three gen-
tlemen,—Mr. Brown, accountant, Mr. Melville, W.S., and Mr.
Brand, Secretary to the Union Bank,—eminent fot their pro-
fessional qualifications, who were called upon by the Extraor-
dinary Court of Directors to report upon your affairs. That
report, as has been stated, has been placed in the hands of the
members; but if any member may not have received it, he
will be supplied with a copy of it, by applying at the Office.
In that report a most satisfactory state is exhibited of the.po-
sition of the Society. (Hear, hear.) I obseived in a previous
part of my statement, that your affairs are founded upon facts
and figures ; and it will be seen from the report to which I am
now referring, that the most careful examination was made to
verify the figures upon which these facts are based ; and that
the result was, that it was found that the funds of the Society
are safely invested, that its affairs have been prudently admi-
nistered, and that the system of book-keeping and checks is
as nearly perfect as any institution can possess. We trust that
the meeting will regard what is stated in this report, and also
in the annual report just submitted, as very satisfactory.
(Hear, hear.) We have alluded to the successful results of last
year. We do so with perfect confidence, referring not to any
thing in our Institution as compared_ with others, but to its

ownintrinsic and individual merits Looking aro,ind us, we
see many institutions somewhat similarly based. We hail
them all, not as rivals or competitors, but simply as assistants

Kuuu wurec' estaonsnea tor
.... .....------- ...
the benefit of their individual members, and those w.ho may
choose to take advantage of the system of Lite Insurance.
(Applause.) There are various means for effecting this object,
and various ways of taking advantage of this system, but we
;nk

think that the experience of thirty-seven years justifies us in
adhering to our own system—a system which we have found
to :work remarkably well, and which we find has passed
through at least a few years of trying ordeal, and I may say

muinpnant success. (Loud applause.) It is, howevermuch we may regard other kindred institutions with satisfac-
tion and goodwill, a natural desire on the part of the Members
of this Society to endeavour to find others who will follow their
example; and we trust that the results we have now exhibited
will be no small inducement to draw them towards us. Every
one connected with us has connections in some way or other,
whether by relationship or otherwise, to whom he may recom-
mend the example, which he has himself set—of insuring his
life. We can do so—not in any spirit of selfishness, because it
must be remembered, that of the thousands who have insured
their lives, not one of them will receive the benefit himself.
They must all die before the benefit of what they have done
can be reaped ; and, therefore, it is from no spirit of selfish-
ness, or with a desire hastily to be rich, that we recommend
life insurance to others. We recommend it simply upon the
principle, and in the spirit of a well-regulated industry, and of
a vigorous and manly self-denial in the use of those advan-
tages which we derive from our professbnal avocations. (The
Chairman resumed his seat amid great applause.)
On the motion of Dr. GUNN, seconded by Professor SIMP-
sox, a vote of thanks was given to the Courts of Directors, and
to the Trustees and Office-Bearers, for the manner in which
they had respectively discharged their duties during the past year.
On the motion of the SOLICITOR-GENERAL, seconded by
Col. CADELL, Alex. Pringle, Esq., of %Vhytbank. was appoint-
ed a Trustee of the Society, in room of Sir Jas. Gibbon-Craig,
Bart., deceased ; the names of the Trustees being—
W. Mitchell Innes, Esq., of Parsonsgreen.
James Balfour, Esq., of Pilrig, W.S.
Edw. Loyd, Esq., banker, Manchester.
The Hon. Bouverie F. Primrose.
Alex. Pringle, Esq., of Whytbank.
On the motion of Professor AYTOUN, seconded by the Rev:
BERKELEY ADDISON, the vacancies in the Direction were
supplied, and the Court of Directors were declared to stand as
follows:

PRESIDENT.
The Right Honourable the Earl of ROSEBERY, K.T.
VICE-PRESIDENTS.
His Grace the DUKE of BUCCLEUCII, K.G.
The Most Honourable the MARQUESS of TWEEDDALE, K.T
and C.B.
Sir WILLIAM GIBSON-CRAIG, Bart., of Riccarton, M.P.
*The Rev. Dr. JAMES GRANT, Edinburgh.
EXTRAORDINARY DIRECTORS.

HisGracetheDukeofNewcastlelSir Wm. Hamilton,Bart., of
Leonard Horner, Esq., London Preston
Daniel Watney, Esq., Wands- The Solicitor-General for Scot-
worth, London land
Rev. Dr. Robert Macnair, Ab- Archibald Alison, Esq., Sheriff
bey Church, Paisley of Lanarkshire
William Shuttleworth, Esq., George Dundas, Esq., Sheriff
Town-Clerk of Liverpool of Selkirkshire
An. Murray, Esq., of Dollerie, *The Very Rev. Dr. Jeune,
W.S. Master of Pembroke College,
William Mitchell Innes, Esq., Oxford
of Parsonsgreen *Sir Charles Adam, K.C.8.,
John Ravenhill, Esq., banker, Greenwich
Warminster *The Rev. 1)r. Robert Gordon,
Charles Baillie, Esq., Advocate Edinburgh
Archibald Davidson, Esq., She- *Wm. Penny. Esq., Advocate
riff of Aberdeenshire *The Rev. Dr. Hill, University
William James Duncan, Esq., 1 of Glasgow
Manager of National Bank I
ORDINARY DIRECTORS.
Isaac Bayley Esq., of Manuel John Cockburn, Esq., merchant
LewisA.Wallace, Esq. architect Henry Cbeyne, Esq., W.S.
James Mylne, Esq., W.S. Robert Scott Moncrieff, Esq.,
Alex. Pringle, Esq., of Wbyt advocate
bank Alex. Thomson, Esq., W.S.
James Tytler, Esq., of Wood- Thos. G. Mackay, Esq., W.S.
house-lee, W.S. *John Cadell, Esq., of Tranent,
Geo. Gibson, Esq., merchant, advocate
Leith *Alexander Dunsmure, Esq.,
I
William Wilson, Esq., W.S. merchant, Leith
Sir Adam Hay, Bart., of Haysl*Thos. Beveridge,
_
town
ridge, Esq., D.C..9.

Those marked * are new appointments

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thanks Esq., seconded
Meeting were given to the Chairman for his conduct in the
Chair • and the Court thereafter adjourned.
JOHN MACKENZIE, Manager.
WILLIAM LINDESAY, Secretary.
AOENTM FOR LIVERPOOL. AND VICINITY:
Messrs. BELL, GOULDIE, and CO.. Eac4nge-street Beek