Litchfield enquirer., 1860-05-17
s4s,s ,seo.21 s121, ,6eo.5s s9, ,1o4, ,4ss

S4o, o,o6O.2l S12l. .69O. 59 S9,lO4,4oo Of the amount of Cash received for
 Premiums. ........................ s4s, ,sso q There has been paid for
 losses and expenses to
 For Dividend of 1Op per ct.
 paid on years renewals 347. .12- s31. .475 87 Which deducted from the Cash receipts
 ACHtt'S. Sl ,0O3 .04 Amount received for in-
 tcrest on loans last year S1 ,O42.19
 Due from Agents and
 Cash deposited. .. 3.25S 33- s43OO. 52 Cash Funds. .................s s2l .ss4 se Of the amount charged on the books, s121 ,69O 5s
 there has been cancelled. ... 95, 53O. 8s
 Balance. s26, ,159 71 Which, with the Cash funds. ........ 21 ,684 96 And money loaned as above,
 Makes an available Capital of w s47 ,844.67 RECEIPTS AND EXPENDITURES FOR THE YEAR 1658-59 {: Received for premiums, deducting disi-
 dend .S4 ,39l. .O6 Received for interest on loans last year. l,o42.1s
 s5,453. 25 Deduct Losses and Expenses. Z, ,723. .O3
 Balance resulting to Fund. coco. s2,71o22 Of the Property insured. .... S9, ,1O4, ,4eS There has been surrendered, mostly by
 expiration of policy. SC, ,5G9, 164 Remaining still insured d............. .s2, ,535. .32
 The Company have no unpaid losses nor claims | of any kind against them.
 | They have never made an assessment, and dur ing the past year, have paid dividend of 10 per | which they will continue through the present l year, and probably for the future They have bylaw which prevents the assur- ing of any risk, which, in any contingency. in wolves the loss of moro than S2, 800 of property. Hence there can be no apprehension of any flu 1 ture assessment. The funds of the Company are 1 loaned on bonds and mortgages, and other secu- 1 rites where they can be made available at any Etime.
 For the prevention of fraud and as a protection against over insurance, the Company pay thrte- tourhs of the cash value of buildings, which is usu ally, (deducting the foundation the full value of the property destroyed-and also, the full cash value of all partial losses on buildings and on all personal propertytcontainedth therein, withinamount of the insurance. The Company have inserted in their "stereotyped policy"a provision, by which, in any case of disagreement in relation to the loss UT uau'ase sasCtheu ny tne insured, the questions arising therein shall besubmtted to three iudicious and ddisnterested persons arbitrators selected in the usual way by both parties or if either party neglects to appoint it shall be the duty Judge of Probate qualified to act, to make such appoint ment, whose award in writing. aftera fairhearing. shall be final This has been found just, prompt, and very satisfactory method of adjusting al claim of doubtful character, avoids all litigation. and is not expensive. The financial affairs of the Com. pany have been managed with the most rigid econo my The expenses have been mostly for renewal of policies and the compensation to agents. (not exceeding 10 pcrcent) The incidental expenses of rent, postage and other services have not exceed Cd seventy dollars per annum. The history of the Company exhibits the fact that strength and emf. nent responsibility are necessary to render Con- pany prosperous, and give it the full confidence of thepublic. Under the Five Years system, the Com pany barely existed with cash surplus; but under the present system, and for the last ten years it mas not expended 40 per cent ofits annual cash re celpts and has become one Ofthe strongest Compa- nies in the State. Other mutual Com panies charge from to 10 per cent. on the property insured, on which they receive per cent in cash and the bal ance Tn notes-presenting large amountin in note, as capital. Our Company have contented them selves with charging only the amount usually charged by Stock Companies, and have not made the insured responsible for more than they would nave paid in cash, in annual insurance. To esti. mate, therefore, correctly, the benefits which nave resulted to the insured on the mutual nrin ciple, we have only to add the cancelled and mn cancelled premiums charged on the books of th. Company with the cash received-making an aggregate of S170, $50 80. Deducting the iosses and expenses, (s3l, ,12S,75,) and the balance Sl39 ,322.O5. has been saved-thus taking as an example, detached risk, at 40 cents on s1OO less than one-ffth of the premiums has been matchmaking the insurance cost less than { cents on that sum for each year.
 The Financial Summary of the operation. and condition of the Company, after twenty-siz years ot experience, are the best arguments whicl can be adduced in favor of the system of Mutual Insurance, and should satisfy the most incredu lous, that it is both profitable and reliable, wher judiciously managed, and at the same time sus aims the eminent responsibility of the Company its claims to public confidence, and it's adapta tion to the circumstances of our community. fol such risks as can be legitimately assumed by tn, Company.
 In behalf of the Directors,
 T J. G. BEcKwIrH, Prest. I OFFICERS OF THE COMPANY FOR 1859-6O.-J. G Beckwith, President; J. Whiting, Secretary G c. Woodruff, Treasurer Sheldon Osborn, Genera Agent.
 Dirsesors-J G. Beckwith, Jason Whiting, Setl r. Beers, A. S. Lewis, Sheldon Osborn, Abijal Catlin, Cha Adams, H. R. Colt, Philip s. Beebc
 SIIskS.