, 1888-07-14

udg3 We IudN 6AD0Cbtd 1dNUuLdUlC ltlES
sheet at the end of the year. On this
occasion we are within that limit of loss,
and have consequently to account to you
for a profit of not less than SAT $40 on
our fire business. This is within EGO OF
the profit which we reported to yOn two
years ago, and previous to this we have
to 90 back to the business OF the wear
1880 till we again find figures equally Ell.
couraging-(applauSe). Indeed, whether
we compare our last years fire profit with
our own experience of the past. or with
the average experience last year OF the
other, British fire offices we have great
reason to be satisfied with the result.
The expenses of management, as you may
nave noticed, are slightly higher than
those of last year !; but from the reports
already published OF other companies do
ing a whole world business like that OF
the Northern, | find that an increase here
in the past year is not confined to our
Company, and that we still compare not
unsatisfactory in our total expense ratio
with companies in a similar position to
our own. The directors, however, are NOT
resting content in simply standing we'll
in the matter of comparison, but are ut
all times carefully watching the expense
account, aud the shareholders may rest
assured that this vigilance Is IN no dan
ger of being relaXed-@pplauSe). Turn
ing to our Life Assurance Department.
we find that new policies 10 the amount Of
G368,2S5 have been effected. and we are
struck with the evidence, afforded by our
figures, of the development in recent
years of the method known as endowment
assurance, where the sum is payable to
the assured himself on his attainment of
II specified age, or to his representatives
in case of his earlier death. More than
One-fOurth OF the new life assurances OF
the year are taken out on that footing,
the exact figures being G99, 100. In view
of this it may be interesting to mention
that our Company was. now a good many
years ago, one of the very first to recon-
mend this particular plan OF assurance To
the public in a prominent way. The to-
tai income of the lite Department is
G277,O10 an increase of E2727 rs com
pared with the life re venue OF the proceed
ing year. The annuity branch you will
find fully to maintain its ground. And
in the Life Department generally the
funds have increased by G7J,2GI. aud now
stand at the large figure Of e., 1913, I25-
(applauSe(. Turning to the profit aud
loss account. | would call yOnr atteu-
ton to only one feature which it pre-
sents-the steady and continued increase
in the income from interest, which now
has reached within G273 of the whole
$50, 900 required for payment If the or
binary dividend-(applanSr). This is all
the more satisfactory in view OF the Stea.
DIV and continued decline in rates OF in
tereSt in recent years. You will have
observed that we propose to continue The
policy OF building up our reserves "A po-
hey to which the past success and the
present strength of our corporation is in
no small measure owing. We are to ask
YOU, therefore. to transfer the sam OF
$50, 900 III the Fire Fand, which will then
be increased to G725,OO0, exclusive of the
substantial sum Of E3O2, 30G which wa
have carried forward III the years account
to meet the liabilities not expired at the
end Of the year. The Oompany's whole
accumulationS have now Swelled TO a f.
CURE exceeding e3,400, 000-applause).
We have also to invite your sanction OF
the dividend and bonus which in general
court your directors have recommended
and declared, making, with the share
holders life bonus and the interim divi-
dend chat you have already received, q
distribution for the year of sos a share,
or g75. 900 in all-(applauSe). In the re,
port we have expressed our regret for
the loss by death of two of our oldest
colleagues, both members of the London
Board, namely, Sir William Miller. the