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of such and Admiral Drinkwater ?28 THE L...
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THE EUROPEAN ASSURANCE SOCIETY.
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THE ANNUAL GENHRAL MEETING - rf this Soc...
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George Alexander Hamilton, Esq., chairma...
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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Of Such And Admiral Drinkwater ?28 The L...
and Admiral Drinkwater ? 28 THE LEADER . [ Commercial
The European Assurance Society.
THE EUROPEAN ASSURANCE SOCIETY .
The Annual Genhral Meeting - Rf This Soc...
THE ANNUAL GENHRAL MEETING - rf this Society was held at its offices , No . 2 , Waterloo-place , Pall-mall , on Tuesday last . Amongst the gentlemen present were the following : —Mr . George Alexander Hamilton , Mr . Forster , M . P ., Mr . John Moss , Mr . C . W . Reynolds , Mr . Mc-Connell , Mr . James Davidson , Mr . John Field , Mr . TVY . McChristie , Mr . J . Hedgins , Lieut .-CoL Reynolds , Mr . Gilbert Hamilton , M . J . B . Payn , Mr . Clement Heely , Mr . EL B . Sheridan , M . P ., Dr . Elmore , Dr . Watts , 3 fr . Silver Mr . A . C . McLaren , Mr . F . W . Goddard , Mr . F . P . Chappell , Mr . Beachcroft , Mr . J . T . Vining , Mr . C . Douglas Singer , Mr . Tait ( Calcutta ) , Mr . J . T . King , Mr . J . E . Bennet , Mr . J . Carnegie , Mr . J . Thompson , Mr . Francis Squire , Mr . Holland Harrison , Mr . Lester , Dr . Powell , Mr . A . C . Howden , Mr . Reynolds ( Birmingham ) , Mr . Hill ( Ashton ) , Mr . Shaw ( Dublin ) , Mr . Beckwith ( Bury ) , Mr . Palmer ( Walsall ) , Mr . Stones ( Stockport ) , Mr . Briggs ( Leeds ) , & c . & c . The manager read the notice calling the meeting , and the report of the directors for the year ending the 31 st December , 1858 . REPORT . The directors , in presenting their report for the year 1858 , have pleasure in being-able to lay before the shareholders and members of the { Society the following statement of its position and prospects : — During the past year 1 , 415 new Life Policies have been issued by the Society , producing an annual revenue of . — £ 13 , 159 11 2 And during the same period , 664 new Guarantee Policies , producing ...... ........ ' .. 2 , 605 7 : 6 . The new revenue , therefore , acquired during the year , was ...... £ 15 , 764 18 8 These amounts include the premiums on policies issued upon the principle of combined Life and Guarantee . The surplus to the eredit of the Society , after paying claims , on the past year ' s transactions in the Guarantee Department , amounts to £ 5 , 436 17 s . 6 d ., exhibiting an increase over the surplus of the previous year of £ 877 19 s . 3 d . On the 31 st of December , 1858 , the revenue of the Society arising from policies then in force , was £ 105 , 600 11 s . 2 d . The cash and invested assets . amounted to £ 220 , 780 9 s . 2 d ., in addition to the capital not called up , which amounts to £ 161 , 708 , and is subscribed for by upwards of 650 shareholders . After a long "and careful negotiation , the Society has , under the powers of the 104 th section of the Deed of Settlement , succeeded , in acquiring the business of the " European Insurance and Annuity Company , " the premiums derivable from which , have added an annual income of £ 40 , 000 to the Society ' s revenue and a large amount of funded and real property to its investments . The directors deem it light to add , that they are now in treaty for the acquisition of the business of another Society , having a larg-e revenue and a considerable invested fund . The revenue of tU « Society will be greatly augmented by these acquisitions , bnt the annual expenditure will not be materially , if at all , increased . Various circumstances have hitherto combined to prevent the further reduction of expenditure , to which the attention of the directors has been anxiously directed , but they are now engaged upon a . revision of every department , with a view to the introduction of a rigid system of economy , from which they expect the most beneficial results . Applications , as tlio shareholders are aware , have , from time to time , boon made to various departments of the Government , for their sanction to tho acceptance of the Society's guarantee iu cases of Government employes , but in every case the hearts of departments , while admitting the value of the Institution , and of tho principles on which it rests , were unable to give the requisite sanction , by reason of there being no authority by law for auch acceptance . Legislation on thin point was therefore neccsBary . The directors also found by experience that the acquisition of new business was seriously impeded by the name adopted in the Deed of Settlement . Tho title' ' People ' s Provident , " led to' tlio supposition that tho Society dealt only in small assurances , intended for tho convenience of tho industrial classes , it therefore appeared essential to the interests of the Society that this misapprehension should bo removed . ' The acquisition of tho business of tho " European Insurance and Annuity Company , " a company of old standing , and Incorporated under two special Acts of Parliament , afforded a favourable opportunity for providing for the above important objects . Tho directors , therefore , after full consideration , deemed it expedient to apply to Parliament accordingly ; and a apodal Act , 22 Vic , cup . xxv ., received tho Royal nfleont on tho 10 th April last , and came into operation on the 17 tl « May instant . By virtue , of this Act the Society liae adopted tho name of tho "European Aaauranob SoclotyV' and is now in a position to transact guarantee business with every department 01 Government , As no other comjinoy can offer tho same advantages , by tho combination oJTLffo Assurances at reduced rates with Fidelity Guarantee , tlio directors fool Juetiflod in anticipating a large increase iu tho Guarantee branch . After tho ordinary buulnoas of tho Annual Gonoral Mooting' shall be concluded , tho meeting will bo doolurcd apodal , to alter the thirty * olgb . tH clause or tho Dood of Settlement , wherein the directors arc empowered to create a Guarantee Fund , not exceeding ? £ 10 , 000 . Thin Fund , in term a of the Act of Parliament , Is now requlrod to bo tnoroaacd to £ 20 , 000 , and tho sanction of tho aluareholdora is requeued to tho increase of siioU reserve fund in terms of tho eighteenth ecotion of tho Society ' s Act . Tour dlreotore rocommoml tho addition to tho present board of two of tUo < Ureotor » of the late " Jtfuropoan
Insurance Annuity Company , " namely . Bethune , C . B ., and Henry Holland Harrison , Esq . The directors who retire from office this year , in conformity with the Deed of Settlement are , Richard Spooner , M . P . ; Henry Wickhain Wickham , M . P . ; John Field , and Thomas Young McChristie , EsquireB ; arid John Parker , Esq ., one of the auditors ; all of whom being eligible , offer themselves for re-election . ¦ : : The annual revenue of the Society having now reached upwards of £ 100 , 000 , with a prospect of an early increase to £ 170 , 000 , and the invested capital being above £ 200 , 000 , the Society appears to have arrived at an era in its existence , of which advantage ought to be taken , to place it in the most prominent manner before the public . Your directors are Erepared to do their part , and they fully rely on the shareolders and policy- holders to aid them , by exercising their individual influence , in adding to the business of the Society , in all its branches . The solid -position now attained , Will also supply the numerous agents with the means of overcoming the competition with which they have hitherto had to contend * and enable them to extend the connections of the Society , in a . manner commensurate with its importance and their own zeal and activity . By order of the Board , William CiiEif * Jsi > , Manager and Secretary .
George Alexander Hamilton, Esq., Chairma...
George Alexander Hamilton , Esq ., chairman , said , he had very little to add to the concise , careful , and he trusted , satisfactory report which had just been read , and the adoption of which it was his duty to move . The main feature of the Society ' s proceeding's during the last year had been the acquisition of the business of the " European Insurance and Annuity Company , " and the consequent adoption of the name of the ' European . " No doubt the shareholders must feel that this was a most important transaction , and it was scarcely necessary for him to state that it required the greatest care on the part of the management . The conditions on which the directors had undertaken the responsibilities of that company ; had had to be thoroughly considered , and the arrangement had been concluded on terms satisfactory to both sides . This Society has now an income of fronv £ 110 , 000 to £ 120 , 000 , with assets exceeding £ 200 , 000 , and also an uncalled-up capital of £ 160 , 000 subscribed for by no less than 650 shareholders ( cheers ) . The report intimated that a negotiation with another , society was now pending , and if that negotiation should be successfully ^ arried out , it would add considerably to the revenue of this company . Under all circumstances , he was greatly gratified in being able to show the position of the Society was even better than it was at any former time on which he had the pleasure of meeting , the shareholders ( cheers ) . But however prosperous the position of the Society was he wished to impress on the minds of all , that the means of increasing that success , was a rigid adherence to economy ( hear , hear ); and that the real source of prqsperity for a society of this kind was , increase of business without increase of expenses ( cheers ) . He was glad to say , the working expenses of this year were less than any year since 1855 , and every effort would be made to keep them at as low a point as was consistent with efficiency . Turning to the Guarantee Branch , there was an increase in the profits there as compared with the previous year , and he trusted that 6 oon they would prove sufficient to cover the ordinary expenses of the Society . It was necessary to obtain an Act of Parliament to enable the Society to take the name ot the European , and to have power to guarantee the employes of Government . This Act has been obtained , but it requires that the Guarantee Fund shall be increased from £ 10 , 000 to £ 20 , 000 . In consequence of the junction with the European , it was felt to be desirable that two of the directors of that company should be added to the direction of this Society , and therefore two gentlemen would now be proposed for election , of great experience and respectability . He had formed a strong opinion upon the state of this Society ; he had long struggled for its prosperity . No one was more sensible than himself of the impropriety or danger of using exaggerated expressions in reference to such an undertaking ; and he spoke advisedly when he declared that in his firm opinion this . Society was based on a safe and satisfactory foundation ( repeated cheers ) . He was anxious , also , to place pu record the high opinion he entertained of the efficiency and high qualities of the directors , and of his friend , the manager . He had had , at various times , occasion to moot with many gentlemen , and many bodies of gentlemen , and he could assure the shareholders that he never , in the whole course of his life , had had anything to do with a body of persons whoso business it was to deal with the property of others who proved themselves to him to be more efficient , or to have a greater desire to promote tlio interests and wolflixe of those for whom thoy were trustees , than the gentlemen to whom ho had alluded ( . hoar , hear ) . One thing ho would add , they had not been mercenary , and this he now could say without any motive imputublo . to himself 5 their zeal and ability had really boon extraordinary , and surely the allowance had not been a largo sum to bo dlstributod as fees amongst fifteen or eighteen directors for the conduct of the business
of such' a company ( hear , hear ) . But it was a pleasing thing tofind that the view of making money had not been the feeling of the directors ; there had been that fine and and honourable feeling which was characteristic of Englishmen to act with ability and honour an that which was of a purely trust nature ( hear , hear ) . With regard to Mr . Cleland the manager , he felt bound to say Mr . Cleland possessed a most intuitive perception as to the interests and conduct of the Society , and that the executive department could not be trusted to more efficient hands . In conclusion , he begged to move the adoption of the report ; and the hon . gentleman sat down amid much cheering . .
Councillor Hill , of Asliton , seconded the resolution , and said he was delighted to have heard the luoid statement which had just been laid before the meeting , of the position and prospects of the Society - and being a large shareholder , as well as a successful agent , the statements he had then heard had well repaid him for coming to London . There was but one statement made by the honourable chairman which he could not quite , agree in , viz . —that the amount of the new business of last year , producing upwards Of 15 , 000 / . in annual premiums , had not been satisfactory . For his own part , were it equally profitable to the honourable gentlemen , he should liave liked that he had been about to change his position for the
purpose of becoming an agent for the Society in the country ( laughter ) , and if it had been so , he was quite confident that he would soon have arrived at the conviction that 15 , 000 / . of new Tnisiness in a year was a very large amount , and one lvhich ought to be considered gratifying . Why , this income , however small it might appear to those who were not labouring as agents , was actually moretlian double the amount of many of the assurance societies of the very highest character in London ( hear , hear ) . Then as to the expenditure of the Society , lie really felt greatly inclined to differ from the honourable
chairman upon that point also . The Society had progressed in a wonderful degree since 1855 , and yet all that had taken place for the last few years had been effected at an expenditure of less than the expenditure of that 3 ear , when the income was only £ 20 , 000 . If that were not satisfactory , lie knew not what could be gratifying to directors and shareholders ( hear , hear ) . The fact was that the Society had progressed and increased in a rate quite unparalleled in the history of life assurance offices ( hear , hear ) . He for one knew of none that had made such rapid progress . The report was then unanimously adopted
Admiral Drinkwater Bethune , C . B ., and Henry Holland Harrison , Esq ., were then elected directors ; and the directors and auditor retiring iu rotation , were re-elected . Dr . Watts , in moving a cordial vote of thanks to the directors said , he knew the duties of the directors as well as it could be expected for an outsider to be acquainted with them , and he was convinced not only that their anxieties and labours were vei'y great , but that the honour and thanks they received were very small , and after the most satisfactory statements the meeting had that day heard , he felt quite certain the shareholders would cordially join him in offering their warmest expression of thanks to the directors ( cheers ) . He was sure this proposal required no lengthened observations from him to recommend it ( hear , hear ) .
Mr . Reynolds , of Birmingham , in- a neat and practical speech , seconded the resolution , which wus cordially adopted . The Chairman , on the part of himself and ms brother directors , returned thanks , for the re solution which had been passed . He assured tlio shareholders that a more anxious and indefatigable board of directors could not be at the head of of any society . What ho was always anxious for was that directors should have a feeling that they feel
wore merely the trustees of others , and that - ing had certainly been eminently exhibited by the directors of this Society ( cheers ) , There ought likewise to bo frankness on all occasions ; frunKnoss would secure confidence on the pnrt ot the shareholders ; that again would seouro the exertions of agents ; and the groat support andstrengtn of the institution must now depend on tho frankness of the directors , tho confidence of tlie shareholders , and the activity , zeal , and respoctability of Us
numerous agents . . , , Tho resolution was then unanimously carried , ana tho business of tho general meeting concluded . An Extraordinary General Meeting was then lieuj for the purpose of passing tho resolution montioneu in tho report of the directors . Tho Cuaihman proposed a voto of thanks tp tije manager , which being seconded by MTi \ Foster , M . x ., was cordially and unanimously carried . . Mr . Cliclanj ) returned thanks . . Mr . Fiklu maved a voto of . thanks to tho Chairman , which being received and passed with acclamation , tho Chairman returned thanks , nnd the mooting separated .
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Citation
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Leader (1850-1860), June 11, 1859, page 20, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_11061859/page/20/
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