, 1865-09-26

the acrumulations Of interest which were
G40,233 between 1915 and 1859. were
E2Sr693 between 1859 and 1864 and
that, whereas, five years ago the total
Life funds of the Company-inclu ing lis
Life, Annuity and Endowment branches
were only 9263, 600, they amounted.
on the 3ISt December last, to G697, S66,
"afler paying every claim made, every an
''nuity due, and every expense incurred"
So marvellous an advance, within so short
a period, is, in itself, conclusive evidence
Of rapid and continuous growth, and is,
moreover, a material guarantee for the
stability which depends upon gradual and.
healthy development. But we have not
exhausted our illustrations. We gather,
from the Appendix, that in the first FIVE
years of the Company's existence, the
average number of new policies annually
issued was 90, representing q sum of
954 $50, and producing premiums 10 the
amount of 9l625. In the second five.
years the poiicirs were $50 the premi-
GUS were 94326; and the sum assured
was 9l46,682. In the third five years.
still taking the annual average there
was an increase OF the policies to 76l /; Of
the premiums to 9lO,OO4 of the sum as
sured to 1881, 1856, II the last five years,
the policies gave an average for each
year OF 1881 the premiums of 922, 1854;
and the sum assured of 96S7 843. Still
more striking is the statement made, with
reference TO The year 1864, that the new
policies issued IN that year represented o
sum of 9I,0l4,897, the premiums upon
which, amounting to 932,706, 'txceeded
Utho uptIrn now hUSina~S nf tho HrSf tom
"years."
pany, which is abundantly established Ivy
the statistics we have quoted, aud upon
which, therefore, we need not further en-
large. We turn now To another aspect
of the question for mere popularity is
no proof of prosperity. It is possible to
attract, for a time, a considerable amount
of business, under circumstances which
afford no security whatever that that bu-
sineSS will be conducted at a profit.
When this happens, the result must,
sooner or later, be failure and disaster,
and both shareholders and policyholders
will be involved in one common calamity.
But in the case OF the "Rnyal," we have
evidence before US hat so much cifcum-
spection has been used, in the selection
of lives, that the actual claims upon the
Company have been materially less, both
in number and amount than lis own esti-
mate of probable mortality wonId have
prepared il 10 regard as reasonable. Mr..
Doves diagrams and his tables put this
very clearly. They show that, where
the "Royal' expected that one out Of so
would die, and where the combined ex-
p~erience Of seventeen first-rIass offices
would have justified the anticipation that
one out of 81 would die,-ihe actual
deaths up 10 1866 had been one in 10S.
II is impossible to doubt that this favour
able state Of things is mainly, if not en-
5irely, attributable ia the vig'lani and =
cessan, supervision Of The ofirers of the
Company; and we may See what would
have happened, if that vigilance had been
in any drgree relaxed from the account
given of the mortality among the lives
which, from time to time, have been
declined" and from The statement made
by the Actuary, that 1.-THE total claims
(which would have been on the Compa-
"ny, If it had injndiciously accepted