, 1874-09-16

-W@S oH%o my "
to the funds during the next year. Their next
quinquennial life valuation preparatory to the
declaration of a bonus would be made at the
end of the present year and as four years and
a half had now gone of that period the direct
Ors felt that they had now good grounds to
anticipate that the balance OF profit and loss
to be reported at the next annual meeting
would be satisfactory alike to the shareholders
and to the assured. The shareholders would
be aware that all life assurance companies had
now to deposit their revenue accounts and bal
ance sheets with the Board of Trade. Very
recently a very important report on those re-
turns had been presented to Parliament by the
assistant secretaries of the Board of Trade,
giving an analysis of the income, management
expenses, and rate Of interest obtained by eacn
company. 1t was impossible at a meeting like
That to enter into the details OF the report, but
Its points might be summed up in its own
terms =" Taking insurance business as 1t ex;
lists IN this country, the public cannot be mis-
led II, when seeking an office in which to eff
feet an insurance, they select one which trans
acts its business at q small percentage of work
ing cost and does not anticipate its profits"
Tried by that standard, a test not of their own
seeking, but Of an important department OF the
British Government, and one that might there
tore be accepted as perfectly independent and
free from all bias and partiaity, it was exceed
lngly satisfactory to see that of all the English
provincial offices, and all the Scotch offices, the
Royals ratio of expenses to its premium IN
0 was the lowest, and to complete the re-
Quirements of this official standard, it may be
added that the company had never anticipated
In any of its valuations a single shilling of pro-
ut. (Applause.) On this same report, the
I3meS OF the gath July had a very important
leading article, commenting upon the test OF
s0undness adopted by the Board OF Trade, and
drawing the special attention of the public to
the rate of interest obtained by the Offices on
heir investments as he best evidence OF tho
s0pndness of their securities. cor the whole
said the article, sit would be safe for the ia
Their of a family, contemplating the insurance
ofhis life, to select one Of the Offices with a large
life fund, a small expenditure on management,
and a rate Of interest ranging from AZ to 40
per cent The position of the Royal entirely
met the whole Of these requirements. Its eZ-
penSes were low, its life fund was large, for
at the pre-ent moment it was close upon two
millions sterling, and its rate of interest was
"A. In confirmation of the view expressed by
the Times, and as evidence of the care eXercis-
ed in the investment of the life funds, it might
be mentioned that these funds had never been
reduced a single penny by bad or doubtful Sc
curities. (Hear, hear.) The shareholders
would, he was sure, be g%ratified to have these
points brought before them, because they were
the independent testimony of intelligent Gov
eminent officials, and of the leading journal of
the country, to the soundness of the COmpany's
financial position and the undoubted security it
offers to intending assurers. (Hear.) In con-
o~luSion, he moved
THAT the report now read be received and
adopted, and printed for circulation among the
proprietors.''
This resolution having been seconded, and
carried unanimously.
Mr.. KITCHEN said that, on behalf of HIM
self as a large shareholder and of other share
holders, he had great pleasure in moving;
"That the thanks of this meeting be presen-
ted to the chairman, deputy-chairman, and di-
rectors of the Company to the directors and
secretary of the London Board; to the men,
bers OF the Managing Committee, and the COM
pany's agents at New York and to the men,
bers of the respective boards in this country,
for their valuable services during the past
year"
Mr.. W. o. CARTER seconded the resolution,
which was put and carried with applause.
The CHAIRMAN, in reply, assured the share
holders that the entire aim and object of the
directors was the promotion Of the interests of
the Company. Before leaving the room there
woo roco1r1fio, bo U1;cbod 40 rronOco Tho