The Portland daily press., 1869-09-23
REPORT FOR The YEAR 1868.


pfietors.
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 ofrecordng the death OfMr. Percy
NJ. Dove, who occupied the position OF manager and
actuary to the company from its establishment in
1916. Mr.. Dove performed the duties devolving
upon him with distinguished ability; and mnch Of
the marked success which the company has achieved
may be attributed 10 the energy and enterprise he
displayed In its service. Mr.. John II. M'Laren,
formerly sub-manager of the company, has been
appointed manager.
FIRE DEPARTMENr.-The fire premiums for the
past year ammount to the sum of e475, 5I2 12s. 3d.
$780, gold) and the fire losses to 1899 9O1 u.s.
ID ($1 sos, gold) This ratio of loss, it will be
Observed is lower than it has been for several years.
but is still considerably in of the experience
of the company in it's early history. The new ele-
ments of risk which have been referred to in rrevi-
GUS reports and the decreased rates Of premium now
prevailing, have both tended to diminish the profits
of fire insurance business and necessitated q more
minute scrutiny OF the results of the various branch
es Of this department.. 1t is gratifying to report
that by the practical application of the results of
these and former investigations, the company has
hSSSSo
352, (SI11 740l on risks that had been declined. 1t
may, therefore. be reasonably anticipated that a
continued watchful oversight of the business and
judicons economy In expenditure will secure, on an
average Of years. fair though moderate, profit for
the shareholders and it is satisfactory to add that
such profit has been realized on the transactions
of the past twelve months. The total amount added
to the credit of profit and loss on account of the
British and general foreign business including in
terest for the PERIOD is 1904 7s (s154 7OO while
the profit realized in the American branchis $50 $40
2s. ($131,7O1) The abolition Of the fire insurance
duty will have an important influence upon this de-
partment, and will no doubt, prove OF much benefit
to the country.
LIFE DEPARTMENT-The result of the operations
for the year In this department still more salts
factory.
An important measure has been introduced into
Parliament, with the object of obtaining more
complete exposition ofthe affairs Of life assurance
Offices. Your directors have always very fully lcom-
Piled with all the requirements OF the acts under
which the operations of the company have been con-
Quoted, and on the present occasion, anticipating
the operation of the new act it will be found that
the accounts which will be presented to you in
conformity with the models appended to the bill.
DIVIDEND AND BoNUs.-The Directors beg now
to recommend that dividend Of .. per share and
bonus Of As. per share together 7s free of income
tax, be declared These payments will absorb a34,-
a5s 1885, Id. t$171,79o) OF the fire profits. The total
sums, therefore irrespective of the amount carried
direct to the fund.- added to the funds of the
company being the surplus Of the year, after pay
ment of dividend and bonus, snnuties and all loss
es and expenses are: To the fire department, e27,-
1923 ss,11d (sl144 to the life department Ella 9a5
12s 3D. ($72 725) together, e1s7 1863, 2s. Id. $780,
345l --.r -. --
CHARLES TURNER, Chairman.
9th August. 1869. eep23-3t