, 1875-10-16
perty of the Company.

perty of the Company. 82e1, PAL Is 0
100000 Reduced Three per
20 Gent. Annuities ....4..sass 27,792 IL s
India Government -Four per
Cent. Debentures ......... 100000 0 0
British Railway Debentures and
Debenture Stock...<....... 22,378 10 7
Do. Preference and
Guaranteed Stocks ......... 907, l73 2
Do. Ordinary Stock 600 0 0
Loans to Local Authorities of
various towns in Great Britain
who have obtained the sane
ton of the Secretary of State
to borrow the Amounts on
Security of Rates ......... 155,843 2 10
Bonds of the Corporation of
LONDON ....s.....,.... 23,523 ~ 0
Bonds of the Corporation Of
Liverpool. ........ =. 105,657 IS 3
Bonds of other British Corpora
lions Observation-Disclosures. 304,261 Is 5
Short Loans on First-class Bri-
fish Dividend paying Stocks
and Bonds with margins Of
from 20 to so per cent. on
market values .........- 552,66S 2
United States Government
Stocks. $4,000 10 9
Other American Stocks. ....... 9l3 3 8
Canadian Consolidated and Ca
NADIA Dominion Stocks...... 30,942
Loans on Security of the Com
pany's Life Policies ......... 6,l02 3
Balances at Branches and in
hands of Agents and Outstand-
ing Interest, since received. 119, 1877 IL 8
Cash in hand and on Current
Account at Company's Ban.
kerS.o.o. I42,S55 1910
DIRECTORS.
The following Directors now retire, and
are eligible for reelection, viz -
THOMAS Dyson HORNBY, ESQ,
HENRY RoYDs, ESQ,
JOHN ToRR, ESQ, NJ. p.
AUDITOR.
Mr.. McLAREN also read a statement Of the
accounts for the past year, and also the audi.
tors report.
The CHAIRMAN 1t not unfrequently happens
that, when in the midst Of prosperity and |
think / may say that we are now in the midst
of prosperity in the Royal Insurance Company
we have cause for some regrets, One cause
for regret we have to-day is the absence Of our
Chairman from severe indisposition, by reason
of which you will be deprived of the benefit Of
that lucid explanation Of the affairs of the
company which he has made from time to time.
/ shall have to claim your indulgence while
making a few comments on the different branch
es of the ~society's proceedings for The last year.
1t is most satisfactory to me to be able to state
TO you that the year 1874 has been one of the
most prosperous years we have hitherto expert
enced. Our profits from fire amounted to
8224,OO0, against 52216, 900 in the same period
of 1873. l think you will consider that that
is very satisfactory indeed. And shat has
arisen partly from the fact that we have not
had any large oon1agratious, no very extensive
fires. But although that is so, you must not cal
cnlate upon an immunity henceforth from large
fires, or that our business will continue so
profitable as it has been during the past year.
The reason why our business has p~rospered l
think is this, that our manager and our agents
In all parts of the world have been paying
special attention to the class of risks they have
taken, invariably, as far as they could ascer-
tain, getting a premium equivalent to the risks
they undertook. At the same time we have
> always conducted the business of the Royal
Insurance Company with a degree of prudent
enterprise, and l do not think it would do for
us to sit down and endeavour to bring our
affairs into a compass of what you may call
perfect security. That is almost impossible,
and I believe the way to conduct any business
land an Insurance business especially-is to
conduct it with prudent enterprise. Then,
gentlemen, We have improved our position by
this. careful proceeding on the part of Mr.,
M'Laren and the agents all over the world in
rejecting assurances offered to US, and we have
made an estimate that if we had accepted those
insurances they would have brought upon us a