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8B6 THE IiEADER. [No. 439, At?gtjbt 21,1...
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IiOITOON 1 Printed and published by Fred...
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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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8b6 The Iieader. [No. 439, At?Gtjbt 21,1...
8 B 6 THE IiEADER . [ No . 439 , At ? gtjbt 21 , 1858 .
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EAGLE INSURANCE COMPANY . i & zrisszzavi ^ y »* ATff ^ J £ z ^& sg ^ tA ** ' ™ '" - * ™ - " *•* ™» The Chairman said the directors were happy to meet the gentlemen present on that occasion , not only because fljfey saw before them a highly respectable nronri . f * bodv , but on account of what he believed would be considered the exceedingly satisfactory report which would be read to them . It would be recollected that at theirK annual meeting the directors . had teen empowered to amalgam ate . with certain other companies ; three of these companies , as would be seen by the report , had madl « rangementS by which their interests became merged in the Eag le ; office , The fourth , which was the largest and most important , he meant the Albion , had , since the rL ^ was drawn op , transferred its business to the Eagle —( cheers)—upon terms which h , e could assure the gentlemen present would be found most satisfactory' to all mrtiJ L eerned . ( Cheers . ) He did not know that the state of tbeir afairs required any . further comment on his part . There were three of the directors of the Albion ™ i ^ l * Mr . Cater , Mr . Chatfield , and Mr . Russell , all of them gentlemen with whom the directors would be happy to act in unison , and , as the report would speak for itself he " would now call upon the actuary to read'the report . . 'I . 'V . . ' The following report was then read : — - . # " . ** The time has again arrived for the directors to Make their annual report to tne proprietors , and to give them an account of the progress of the company durinir the year ending SOth Jnne last , and of its financial condition at that date . ^ "As the surplus fund account serves to indicate the occurrences of ttwyear , an abstract of th ^ t account is firs t presented : — " iMCOMBOFTHBTBABiaaonroSOXHJTWE , 1858 . . I u CHARGE OP THE YEAK . SSffi » £ S ^ ' ¦ :: ,:: «» J ^ HaSS **? - * - " ¦• - ¦" . " *™ r » ' tS ± SSSfSSrr . :. :: :: :: . :: :: ^ " ' . ¦ . SHfiEyr :: :: :: ); : i :: :: Jffi ^ 5 188 . 515 10 10 ' ¦ « ¦ ¦ . r £ ' 158 . 368 14 1 Interest from investments .. .. ... 57 , 812 16 7 aAnoM SPJS ^ fj ^ ' •¦ ' ¦ ¦ ~ •• 6 . 2 G 5 17 9 — ¦ 242 , 823 7 5 Medical fees .. .. .. ., 675 15 0 ¦ . Income-tax .. .. .. .. .. .... -., 1894 15 5 £ 668 , 0 * 3 6 4 Expenses of management .. .. .. .. .. .. 8 * 775 0 0 175 , 980 2 3 ; ¦ " ¦ Bahiuce of account , 30 th of June , 1858 , . .. .. . -. " 77 482 , 879 7 7 " Examined and found to be correct , ( Signed ) THOS . ALLEN , >* f ft 68 - « * .. : ;¦ . - WILLIAM H . SMITH , jun ., ( Audltor 3 - " JTrom this statement it will be seen that three comparatively small assurance companies have merged into the Eagle during the year , and that out of the assets transferred by them as hereinafter mentioned they have together contributed 118 , 8017 . 13 s . 6 d . to the company ' s surplus fund . " The income from new premiums is 15 , 725 ? . 14 s . 9 d . Last year tliis amount was 11 , 900 / . only , A portion of the increase , however , arises from the issue of two or three large assurances , some ofthe risk under-whjch it has been necessary to re-insure . « ' The total income is 242 , 828 * . 7 s . 5 d ., being 25 , 375 / . 10 s . lid . vaore than that reported at the last annual meeting . The total income would have reached about 290 , 000 / . bat for the reductions of premium allowed by way of bonus , and for the fact that only parts of the incomes of the newly transferred companies appear in this account ' . " The claims are less by about 4800 / . than they were in the foregoing year , notwithstanding that the amount at risk has latterly been much larger than it was some eight months previously . / . ¦ ' ¦ . ¦ ¦¦' ¦¦ . ' ¦ . ¦" ¦' ¦ . ...-. ' . ''¦ ¦ ¦ ¦ . ' .. - '¦' ¦ ' ¦ - : ' . ''¦ ¦' - ¦ ' : ' . . ^ ' ~ . ¦ ¦ : . - : ., . . ¦ ... ¦ :- - . ' ¦ . ¦ ¦ ¦ - ¦>¦ . - : : ''¦ ¦¦"¦¦ '" - '¦' - . ' .. ¦ : ¦ " ' ¦ ' ¦ ' - . - . :- ' - . ' / " The expenses , it will be observed , are somewhat greater than they were ; the increase is mainly attributable to the needful enlargement of the company ' s staff of employes . " AsrecaTds the financial condition of the company at the termination of the year , the directors will now refer to the balance sheet , which is as follows : — . . ¦• . ¦ : -. . ¦ .. -: .. . ¦¦ ¦ ¦ - : ¦ "BALANCE-SHEET . ' : / / : . ¦ \ : . : . ¦ ¦"¦ . : , '¦ ' ••' - .. ' ¦" ¦ ¦ " XJABIUTIXS * £ S . d . j " ASSETS .. £ s . d . Interest due-to proprietors .. .. .. .. .. .. .. .- 16 . S 83 7 1 Amount invested in fixed mortgages and life interests .. .. .. .. 3 , 050 , 221 8 0 Claims and additions thereto .. . ¦ ... .. .. .. .. - 44 , 388 2 9 Ditto decreasing mortgages . •¦> . .. .. .. ... ; .. .. . 74 . 99715 5 Sundry accounts .. ¦ .. .. .. .. .. .. .. • - 8 , 823 6 4 Ditto reversions .. .. .. .. .. .. .. .. .. .. 74 . 516 17 V Value ( 1857 ) of sums assured , Ac . .. .. .. .. .. •• — 8 , 252 , 648 19 1 Ditto funded property and Government annuities .. .. .. .. 95 , 624 1 10 Proprietors fund .. --iv-:.. .. .. .. JE 188 . 112 0 « Ditto other securities .. .. ¦ -..- . .. .. .. .. .. .. 72 , 078 10 5 Surplusfnnd , ualMN »& A o .. .. - .- 482 , 87 V 7 7 Gunrent interest on the above investments .. .. .. .. .. 27 , 194 0 & --o ^ axiiWi — - e ^ ' 991 7 7 Cash and bills .. .. -. .. .. .. .. .. .. .. 37 , 35 i 14 4 ¦ "¦* ^ sJ 2 t ? - _¦?!> Advances on the company ' s policies .. .. .. .. .. .. « 6 , 444 15 ^ r * r ^ SS ' £ 3 , 993 , 334 1 10 Agents'balances .. .. .. .. .. .. .. .. .. 16 ^ 60 7 5 ¦ ¦ . .: •' . ' - ¦ -SL * ** tt r- Sundry Accounts .. .. .. .. .. .. .- .. .. . . 5 , 5631911 ¦ . - ¦ ¦ ' ^' 'S ^ 0 Xtxm ' - ' - Valuig , ( 1857 ) of assurance premuims ¦ . .. .. .. .. .. 2 , 466 , 77115 9 ¦ ¦ ' ¦ '¦ - *^^ p 1 % ' ., '< *< ' I-J . ' . jt ' 3093 , 531 ! 1 10 - ¦ »' Exanained and found to be correct , ( Signed ) ^ ^ ^ ^ ™ I Aua . toil . ¦ . . WILLIAM II . SMI 1 II , jAin ., > " This document eachibits an amonnt of assets not much short of four millions , about one million and a half being realised , and two millions ami a half in course of realisation . The last report stated these items to be 1 , 344 , 799 / . 12 s . Id ., and 1 , 536 , 980 / . 19 s . Id . respectively ; the increase on the two is , therefore , 1 , 1 L 1 , o 53 ; . 10 s . 8 d . The surplus fund , that is to say , the provision for future bonuses ^ and expenses , amounts to 482 , 879 ? . 7 s . 7 d . j ...:.... " These statements , it is to be observed , include nothing in connexion with the Albion Assurance Company . The directors , however , have the satisfaction of reporting that the amalgamation of that office with the Eagle has just been completed , and that the addition of its funds will raise the company ' s assets reali-sed , aud to be roahsed , to no less a sum than 5 , 123 , 643 k 4 s . 9 d ., and its surplus fund ( subject of course to a revaluation ) to 611 , 118 i 1 Is . 3 d . 41 The annual income of the company arising from these several combinations is now about 365 , 000 / ., or as nearly as may be 1000 J . per diem . " Now of this income about 80 , 000 * . arises from the premiums on non-participating assurances , the surplus in respect of which , together with certain otlier extraneous sources of profit , is sufficient not only to defray all the company ' s expenses , but to meet the payments accruing to the proprietors over and above the interest realised bv ' ^ Hence ' tbe assured of the participating class are placed in a 3 advantageous a position as they can , under any circumstances , fairly expect to be . All tlioir payments to the company are carefully improved for them , at a high rate of compound interest , and form a fund , subject to no deductions -whatever other than those arising from tlic satisfaction of the claims under their own policies . . „ . . „ ,. „ , A , . <• 1 - » i u •• " Such is the position the company has now attained . The directors feel that all who care to traco its progress of late years -will find ample reasoa to be satislied wit" n . The Chairman said that he would move the adoption of the report which they had just heard read , au < i which ho hoped would bo found satisfactory to all who were interested in the company ; but before putting the motion he would be very happy to answer any questions upon matters which might appear to require further explanation . Mr . Cheere ( an ex-director of the Palladium ) , in seconding the motion for the adoption of the report , said he could not refrain from the expression of his gratification at hearing the statement which had that day been made to the shareholders by the directors . He had followed the statement of figures carefully , and had been , he wight say . astounded as well as delighted at hearing that their income now amounted to nearly 10007 . per diem . ( Hear , hear . ) He congratulated liis brother shareholders 011 wevidences of vitality shown by the report . The directors might have perhaps fairly rested content with what had been previously , done ; but so far from thsit he found i ) j the report that the new business transacted during the past year yielded an annual income of 15 , 725 / . That fact proved that the directors were not contenting themseivt ¦ With past success , but were zealously , energetically , and most efficiently exerting themselves to promote the great objects of the company . ( Hear . ) They wero in tho best and most practical wav keeping alive the great and noble principle of life assurance . ( Hear , hear . ) Nothing to his mind could be more satisfactory th ; ni the report which had been read by their secretary , and moved by their highly respected chairman ; and he had therefore tho greatest pleasure in seconding the motion for its mloptioii . The resolution was then put and carried unanimously amid general applause . Mr . Thomas Allen , the retiiing auditor , was re-elected . ThQ Chairman , then announced that the business which the directors had to bring before the meeting was closed . , . Mr . Cheeresaid he hoped , before the ' meeting separated , they would join him in doing an act of common justice . ( Hear , hoar . ) Ho begged to propose a vote 01 tuniM to the directors , who had that day presented so gratifying and so satisfactory a report . ( Chwers . ) Nothing had struck him more forcibly , us a participating assuror , in the statement that the per-centage upon the non-participating policies was sufficient to meet the whole of tho expenses of the establishment ; ami that , in iuot , the asuim under the higher rate of premiums would receive back the whole of their money without any deduction whatever for oxpenses . ( Cheers . ) Ho had very great pleasure moving a vote of- thanks to the chairman and directors . ( Applause . ) . n s t ] . . The motion , having been seconded , was carried with great unanimity , and the thanks of tho meeting having been in like manner given to the rnedienl oUic ? rs , ur . a < . Thompson , Mr . Saner , and Mr . Cooke ; to the auditors , Mr . Thomas Allen and Mr . William Henry Smith , jun . ; and to tho actuary , tho meeting separated . The trustees and directors of the company are now as follows , -viz . : — TRUSTEES lord Batemao . 1 Joseph Esdaile , Eaq . I Richard IIarman Lloyd , Ksq . I Ralph Charles Price , Ksq . Bobert Cheere , Esq . | Charles Thomas Holcombo , Esq . | William James Maxwell , Esq . | Hon . E . T . Yorke , M . I . And otlier gentlemen . ' DIRECTORS . . , Ralph Charles Price , Esq ., Chairman . | Charles Bischoff , Esq ., Doputy-Chnirmnn . Thomas Boddlngton , Esq . Nathaniel Gould , Esq . Joshua Lockwood , Esq . George KiihsoU , Ksi | . John Whlto Cater , Esq . Bobert A . Gray , Esq . James Murray , Esq . Thomas Godfroy Samhrooko , h . < q-Charles Chatfleld , Eaq . William Augustus Gay , M . D . Sir W . G . Ousoloy , K . C . B , D . C . L . Charles Evan Thoinan , K , «| - Thomas Deva » , Eeq . Charles Thomas Holcombe , Esq . W . Anderson Peacock , Esq . Capt . Loiiiu Symonds Timlal , »• " Sir James Butter East , Bart , M . P . Blchard Harnnan Lloyd , Esq . Philip Rose , Esq . Right lion . Sir John Young , J ^ -
Iioitoon 1 Printed And Published By Fred...
IiOITOON 1 Printed and published by Frederiok Gueat Tomlina at" The Loador" Office , No . l » v Strand , in tho Oounty of Middlesex . —August 21 , 1859
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Citation
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Leader (1850-1860), Aug. 21, 1858, page 32, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_21081858/page/32/
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