, 1865-10-31

and afforded an opportunity for considering it's
position, and regarding its progress, RETROSPECT
lively, and prospectiYely, of which the utmost
advantage was taken. Viewed from all points,
SO important a meeting in connection with in
surance IS not likely to be held for some time to
come, and it therefore demands at our hands
the utmost attention.
1t is q startling fact that on looking to the re-
port of this singularly successful office, the very
first words which arrest the attention have re-
ference to unfavourable results and losses sus-
tanned. We have suggested that the progress
OF such a business as that of the Royal is in
struetive, and this particular fact is almost too
Significant to need comment. In two years out of
tne last eight years the fire department of the
h0y0t has resulted in a loSs-that of the past
year reaching the sum of ae4,96S 9s. I'd. Hero
IS a warning to reckless SPECTATORS, always
ready to embark in new companies, and who
talk SO fippantly of the enormous gains of the
fire Offices. The year 1864 was most disas-
trouS IN respect of fires: the Offices generally
were great sufferers, and the Royal, on account
OF the magnitude of its operations, felt it severe
~. Happily its position and resources ena-
bled it to regard the constant drain on it's purse
with social Indifference. 1t could afford to do
so. Its distinguished actuary, Mr.. Percy M.
Dove, while announcing the unfavourable re-
suits OF the years fire business, is enabled, in
the same breath, to announce that while the
prott and loss account is diminished by G4,90S
9s. ID, the reserve fund is increased, from other
causes, by 1885, by which the small loss is
more than compensated. Beyond this, the
Chairman Of the company, Mr.. Charles Turner,
MP, assuming the true position that fire bust
ness must necessarily be conducted with a view
to results extending over given periods-that is
to say, offices embarking in it must be content
to take one year with another-shoWed that on
the twenty years Of it's existence the Royal had
been most fortunate, as, for example, the net
profit for the year 1868 (nearly g84,000) more
than covered the losses of those disastrous
years, 1861 and 1864. This speaks volumes as
to the stability of the company, and what Mr..
Gladstone calls it's power Of recovery, which in
this case we will take to mean its power of neu-
t~ralising the effects of disastrous ye"Io, v"in6
to its continued and irrepressible prosperity.
Turning from the fire to the life department,
we have the satisfaction of recording not only
general but particular results of the most cheer
ing, not to say astonishing, nature. As we
have before taken occasion to remark, life busA,
ness is that by which public confidence in an
Office is mainly to be tested, since people do
not readily commit matters affecting long terms
Of years to offices in which they have no reason
to place confidence. And what reasonable man
COuIu 10 OtH0r Gudn 6ALlDl6 commence IL an Oh
fee which announces the sum of ee55, 900 as the
proportion of the profits apportioned to the
shareholders and accruing from the transactions
of five years, while the policy-holders are al
lotted double that amount {? Well might the
Chairman say at the meeting, 81 believe there
is no example of so rapid and so substantial a
progress having been made by any company as
that which the Royal has achieved within the
last ten years. In 1854 our premiums in round
numbers were 5e25,000. In 1864 they were
9150,00O. In other words they have increased
six-fold!' For other facts, quite as remarkable,
we must refer to the Report, to the Chairman's
speech, and to the proceedings at the meeting,
full of interest and suggestiveness from begin
ming to end, and all serving to show that, be-
yond question, it is no mere figure of speech, no
idle boast that places the Royal sin the very
first rank of life assurance companies"
Among the more noteworthy features of the
meeting was the presentation of the "Valuation
of the Life Liabilities" a mall volume prepar-
ed with singular care, perspicuity, and intelli-
cence by Mr.. Dove, and which puts the public
in possession of the most ample and gratifying
intelligence respecting the successes and posi-
ton of the Royal as a life office. This docu-
ment is so voluminous and so formidable in its
elaboration and detail that we cannot attempt
TO deal with it as a whole in the compass of a
leader. But there is one point which seems