, 1875-10-16

made on this occasion, too. Previously we
made them upon the Equitable tables-the
tables of the Equitable Assurance Company
but on this occasion We have made them on
the Actuaries tables, which embrace a large
number of officers for a long period OF years,
aud We consider that by so doing we have
come to a more accurate conclusion than we
could have done if we had based our calcula-
tons on the Equitable tables; andI am happy
to be able to inform you that between tho calcu-
lation of our own professional actuary and the
calculation of the off oe there is not a difference
of more than a few hundred pounds, which is
the best proof | can give you of the correctness
OF what we lay before you to-day. i have the re-
port of Mr.. Baden in my hand, and his conclu.
siOns would be we'll worthy the consideration OF
the proprietors of the Royal Insurance Company
If you. will allow me, | will just read a portion
of the report which you have taken as read,
because [ think it will be interesting to you
and almost as instructive to you as to the direo-
tors who have carefully perused it -" 1t can
not but be regarded as a mos satisfactory evil
dence Of the vigorous vitality of your Life
busin ess, that, after such a valuation as that
above described, so large a surplus as o6273.607
should have been shown. Bat the full signi6-
canoe Of this remains still to be pointed out.
IF the same principles of valuation bad been
dOOpl0u OH bIlo OOOooiOI o. Oh GAO IfStB / q
asoertained that there would have been shown
a further surplus Of over 100000 so that
the surplus really existing at this time as the
net outcome Of five years operations should be
reckoned as amounting to at least 8363,607."
It is apparent from that that our valuation is a
severer one than that we had previously, and
by so much more the position of the sharehold-
ers and the policy holders is strengthened.
(APPLAUsE.) Mr.. Baden goes on to say -
s" beg in conclusion to express the pleasure l
feel in submitting a report Of results so s~atisfac-
tory, as they cannot fail to be, to all who are
interested in tho welfare of the company, whe.
ther po!icy-hOlders or projectors" That. gen
tlemen, | think, is a tribute to the value Of the
Royal Insurance Company which could not
have been better or more f0rcibly expressed
in any other language. Now, gentlemen, there
is one thing you are all interested in-the di-
rectOrs themselves being large shareholders are
also interested in it-and that is the question
of dividend. And I may tell you that that
question Of dividend has on this occasion re-.
oeived the serious consideration of the directors.
Some individual shareholders may suppose that
out of the profits, which were larger than last
year, o larger dividend might be given, but
after due deliberation the directors thought
it better to lay aside a larger sum Of money
than usual in order to be able at any other time,
if it became necessary, which | hope 1t will not
to contribute to our dividend out Of the funds
we have in hand and seeing that The share
holders on this occasion get out Of Tie qaia-
q%uenniaI valuation of Our lives S.. and Is. in
addition to thu 81. already paid, upon which
you have had interest, making in all l5Sr
l think that that is a very handsome dividend
for the year. (APPLAUsE) 1t is very largely
in excess of what has been given to the share
holders up to a recent period. (Hear, hear,)
Then we have a reinsurance fire fund OF
&340,00O or $3.50, 900 to meet current risks,
which l think is amply sufficient for that pur-
pose and we put aside 3 reserve fund
of sE350,000, which I think is very desirable,
and hope the shareholders will consider it so
toe; and then we have a surplus, after paying
the dividend of rs. and 5sY of over 9l00 900 to
the credit ofproft and loss account againstnext
year, Therefore | think the shareholders have
every reason to be we'll satisfied with the result
of the operations OF the society for the year end
ing 3lst December, 1874. (APPLAUsE) 7
may say that the chief object of your directors
has been to secure an ample reserve to meet
our liabilities, and the more the accounts are
investigated the more it will appear that this
essential condition has been fulfilled. [ will
conclude these few remarks by merely telling
you that during the six months of the year
that have already expired, our business has
been satisfactory. I do not say it has been
as satisfactory and profitable as it was during
the corresponding six months of last year, but
on the whole it has been fairly satisfactory +;
on1 ;f r7o oro E,vL,noto onOurh IN eSoopa anU