The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-08-25


FrOm the Lfgerpool Journal Of Commerce, Saturday,
The annual general meeting of the share
holders of this company was held yesterday at
the offices, North John street. Mr.. Charles
Turner, M. p, presided, and there was a large
attendance of proprietors.
REPORT FOR THE YEAR 1868.
Before entering upon report of the results of
the business for the year 1868, your directors
have the melancholy duty of recording the death
of Mr.. Percy NJ. Dove, who occupied the posi-
ton of manager and actuary of the company
from its establishment in 1S45. Mr.. Dove per-
formed the duties devolving upon him with a
distinguished ability, and much of the marked
success which the company has achieved may be
attributed to the energy and enterprise he dis
played in its service. Mr.. John II. M'Laren,
formerly sub-manager of the company, has been
appointed manager.
FIRE DEPARTMENT.-The fire premiums for
the past year amount to the sum of E475 572 12s.
3D. ($2, ,377 S60 god), and the fire losses to G299,
901 lis. I'd. c. ,499, ,5O5 gold). This ratio of
loss, it will be observed, is lower than it has
been for several years, but is still considerably
in excess of the experience of the Company in
its 'arly history. The new elements of risk
which have beCI referred to in previous reports,
and the decrea ed rates of premium now prevail
ing, have both tended to diminish the profits of
fire insurance business, and necessitated more
minute scrr,iny of the results of the various
branches O this department. 1t is gratifying to
reDort thfC by the practical application of the
results of .hese and former investigations theCom-
pany his escaped during the year losses amount
inc 10 GS2, ,352 (S411, ,740) on risks which had
been ceclned. 1t may, therefore. be reasonably
antic Ijated that a continued watchful oversight
of f.e business and n judicious economy in eX-
per liture will secure, on an average OF years, a
fai though moderate profit for the shareho
de's; and it is satisfactory to add that such
oft bos realized transactions o
5ne past twelve months. The total amountadded
to the credit of profit and loss on account OF the
British and general foreign business, including
interest for the period, G3O,94O rs. (Sl54, 700,
gold), while the profit realized in the American
branch is G26, $40 Is. ($131,7l0, gOld). The abo-
Htion of the fire insurance duty will have an i'm
portant influence upon this department, and
will no doubt, prove OF much benefit to the
country.
LIFE DEPARTMENT.-The results of the opera
tions for the year in this department are still
more satisfactory. 1869 new policies have been
issued assuring, after the deduction OF guaran-
tees, eros 172 S. 3D. ($3, ,515, ,S6O gold), and the
corresponding new premiums were Ell ,52S
14s. Cd ($107640 gold); the renewal premiums
amounted to E1S7, ,207 Us. 1Od. (S936 O35 gold),
and interest from investments to G36, 1875 S. I'd.
(S1SO,97 god). The losses for the period have
been very moderate, and, including payment OF
bonus additions, amount to E7S323 It's. I'd.
(5391 615 gOld). For annuities and endowments
the purchase money and premiums received are
G14,874 13s. Id. ($74,37O gold), and the interest
placed to the credit of these accounts is G735l
los. Sd. 1886, 755, gold).
An important measure has been introduced
into Parliament, with the object of obtaining
more complete exposition OF the affairs OF life
assurance offices 1t is believed that the effec
of entire publicity being given to the accounts
of all life companies will be to increase the con
fidence of the public in this mode of investment
by affording to assurers important data for Sc
lecting the really sound and well-managed insti
tutions Your directors have always very fully
complied with all the requirements of the acts
under which the operations of the company have
been conducted, and on the present occasion
anticipating the operation of the new act, it viii
be found that the accounts which will be pre-
sented to you are in conformity with the models
appended to the bill.
DIRECToRs.-The following directors now re
tire and are eligible for re-eection:-jame
Holms, Esq. Thomas D. Hornby, Esq; Henry
Royds, Dsq., and John Torr, Esq
Dividend AND BoNUs.-The directors beg
now to recommend that dividend of 3s. pc
share and bonus of As per share (together Is }
free of income tax, be declared These pay
ments will absorb G3435 19s Id ($lT, 100
pold) of the fire profits. The total sums there
fore Irrespective of the amount carried direc
to the reserve fund.-, added to the funds of tn
company, being the surplus of the year, atte
payment of dividend and bonus annuites, an
all losses and expenses, are:-To the fire depart
ment, G22 923 9s. lid. (S114,615, gold); to tn
life department, -e14494 lbs. I'd. (S724 72s
gold) together, .e167 800 2s. Id. ($S393i5 gold,
CHARLES TURNER, Chairman
5th August, 1869
Mr.. MLaren then read the several statement
of accounts.