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STo 466, February 26, 1859.Q THE LEA 283
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would be observed from the report that t...
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LABUAN. The establishment of trade with ...
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PoKTtroxJESE Goi.» Mines!-—A Lisbon lett...
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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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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The Venezuelan Bondholdells. The Proceed...
TEtE BRITISH EMPIRE MUTUAL LEFE ASSURANCE gomPA ^ Y , The twelfth annual general meeting of this Company Was -held on Tuesday , February 22 , at Ridley ' s Hotel , New Bridge-street , Blackfriars . There was a large attendance of members ; Mr . John Goran , Chairman of the Board of Directors , ^ The advertisement convening the meeting having ^ The Secretary ( Mr . James Inglis ) read the report for the past yeaxj as follows : - ^ * rhe Directors submit to their constituents the following report of the business of the year 1858 : — 1169 proposals for assurance have been received , amounting to £ 274 , 150 981 policies have been issued assuring ..................... £ 220 , 290 55 proposals have been declined by the Board , for assuring ........ — . 13 , 000 111 ditto not completed , for assuring .......... — ....... 34 , 610 22 ditto in progress , for assuring 6 , 250
Sto 466, February 26, 1859.Q The Lea 283
STo 466 , February 26 , 1859 . Q THE LEA 283
Would Be Observed From The Report That T...
would be observed from the report that the new business , ^ -that of the past year , ~ -amounted to £ 220 j 0 bb ; and ib was extremely satisfactory to know that that addition had been obtained not merely without any increase of the expenses , but concurrently with an actual reduction of expenditure to the amount of £ 1 , 154 . ( Hear , hear . ) The Chairman concluded an eloquent speech by earnestly recommending the doctrine of life assurance to the notice of the shareholders and their friends . ( Cheers . ) Mr . Runtz seconded the adoption in a short speech . The report was then unanimously adopted .
1 , 169 £ 274 , 150 Five annuities have been granted for . £ 112 9 s . The-annual premiums upon the new business of the year amount to £ 7 , 020 19 s . 5 d . The annual income of the Company is now £ 58 , 388 . ¦ / - The number of policies in force is 8 , 108 , assuring £ 1 , 650 , 555 . The accumulated fund has now reached £ 151 , 807 12 s .. ' : " . ' ¦ , ¦ '¦ ¦"¦• . ; ; . Sevenfcy ^ five members h ave died during the year , and the claims arising therefrom , including bonus , amount to £ 16 , 269 18 s . 6 d , This sum is less than that of the preceding year by £ 646 17 s .
The total number of deceased members since the commencement of-tlie Company is 383 , and the amount paid-to their widows and other representatives is £ 79 , 142 3 s . 9 d . The accounts have been duly examined . A certified statement by the Auditor to that effect will be submitted to the meeting . . The amount of profit declared at the last annual meeting , as applicable for division , has been appropriated in- accordance with the desires of the members . The cash bonus chosen has been in course of payment since the 1 st January , 1859 .
It is almost unnecessary for the Directors to remind the members that when the general commerce of the country has been in a depressed state , the business of life assurance has proportionately diminished . The Directors , therefore , feel justified in congratulating themselves , as well as their fellowmembers , that the new business of the Company exceeds that of the previous year by £ 38 , 335 . The Directors have also the satisfaction of stating that , notwithstanding the increase of business , they have been enabled to reduce the annual expenditure
by the sum of £ 1 , 154 15 s . 9 d . The following members of the Board retire by rotation , viz . : —Messrs . Groser , Lewis , Millar , jand Sanders ; also , one of the auditors , Mr . Thomas Glad wish . They are all eligible for re election , and offer themselves accordingly . The foregoing report , s , ho , wing that the . two important elements of stability and progress continue to be > sustained , will , the Directors feel persuaded , be deemed highly satisfactory to the members , and encourage their individual exertions to extend the benefits of the Institution amongst their friends and connexions . The SpoRETA . nr also read the balance-sheet of the receipts and expenditure of the year , which showed the Company to be in a prosperous state . Tlio Chaihmak , in moving the adoption of the report and the balance-sheet , remarked that they contained a truthful statement of the transactions of the Company during the past year , and also of the present position of the Company , so far as it could bo atatod , at the termination of tlie first year after the division of profits . The Company had passed through another successful year . Its whole history , in fact , was a histpry of prosperity , and would bear a favourable comparison with that of kindred institutions . The total number of policies issued from the commencement was 10 , 838 , assuring the sum of £ 2 , 213 , 010 ; the total number of claims was 383 , the aggregate amount paid being £ 7 P , 142 3 s . 9 ( 1 . Tlireo bonuses had boon declared , amounting together to £ 53 , 887 15 s . ad . —vj !! ,, £ 23 , 102 10 s . lOd . paid in cash , £ 1 Q , Q 33 9 a . lid . applied in reduction of premiums , and , £ 20 , 131 15 s . 6 d . reversionary . Tlio payments on account of doath claims and the bonuses gave an aggregate of £ 133 , 000 . After all these payments the Company had etlll a very large accumulated fund , and an income of nearly £ 00 , 000 a-year . ( Cheers . ) It
The retiring members o f the board , Messrs . Groser , Lewis , Millar , and Sanders , and the retiring auditor , Mr . Thomas Glad wish , having been severally re-elected , Mr . Miixak returned thanks . A resolution was carried that policies of suicides should be paid * provided they had existed four years . The Chairman then returned thanks on behalf of himself and brother Directors , and the meeting terminated .
Labuan. The Establishment Of Trade With ...
LABUAN . The establishment of trade with Labuan seems to have given great satisfaction to the mass of the inhabitants of the coiratries and rivers from Sarawak to Sulu and Balungun , although looked upon with jealousy by the Government of Brune . The number of trading Borriean prahas which entered the harbour in 1856 was 467 , at 800 tons , making , with . the British and other vessels ( numbering 41 ) a total tonnage of 13 , 166 tons . The exports had risen in value to 20 , 0801 ., the bulk of which was sent to Singapore , the remainder to Hong Kong . These exports consisted chiefly of sago , 8 , 170 / . ; coals , 4 , 796 / . ; specie , 1 , 5631 . ; birds ' -nests , 1 , 105 / . ; pepper , 887 / . ; beeswax , 8181 . ; camphor , gutta-percha , trepangj pearls ; , and sundries . The imports still exceed the exports , those of 1856 being valued at about 34 , 00 OZ ., of which 13 , 238 / . was cotton goods , and 6 , 409 Z . specie . with serious diffi
The coal company has had to contend - culties in getting rid of the water in their slants , and this has told upon the revenue from the decrease in the royalty received . In 1854 , 6 , 805 tons were sold at the mines ; in 1855 , 1 , 394 tons ; and hi 18 o 0 , 5 , 539 tons . Although the production ^ " coal in the market has been delayed ^ bv ihese adverse circumstances , there is no doubt of its good quality ^ and that it can be . supplied to a considerable ex , tetit , and may be increased to any amount , relieving our mines at home from a supply that is afforded at a very great waste and enhanced expense . The extension of steam communication in the Eastern Archipelago and the China seas will give an enhanced value to the coal of Labuan . There is much truth and judgment in the remarks of Sir J . Brooke , in one of his despatches to the Colonial-office , and which may well be repeated here : — "I continue ( he says ) to entertain a which led to the formation
just cpnfidence in the views of the settlement , and I trust that temporary and unfprseen difficulties may not be confounded with the permanent principles upon which the success of Labnan really depends , and upon which depends , likewise , the success of our national policy in the Eastern Archipelago . Time is requisite , however , to establish our influence , give confidence , to oppn sources of trade , and to effect a change , however inconsiderable , in the habits of the people and in the practice of the native Governments ; and it should not be lost sight of that this is as lawless a locality as any in tlie Archipelago , and that the poorer classes are proportionately oppressed and timid . " Bearing all things in mind , we think the condition and prospects of Labuan are as favourable as could be anticipated from a few years' trial , with inefficient means , and no direct encouragement from the motUer country —Street ' s China Telegraph .
Pokttroxjese Goi.» Mines!-—A Lisbon Lett...
PoKTtroxJESE Goi . » Mines ! - —A Lisbon letter says : —t > ' A force of sixty soldiers will soon be sent to the Portugese Islands of Timor and Solor , accompanied by Competent officers . It is also stated that this force is destined not only to reinforce the European garrison of these islands , but to assist in the labour of working several auriferous veins , which has been undertaken by a Portuguese company . " TeItEGKAJPHIC GOMMDNICATIPK WITH BRAZIL . — The . projected connection of Lisbon with the line of the South Atlantic Telegraph Company is looked upon here as an object of paramount importance .. If , as is planned , the projected union with the Brazils can be accomplished , the advantages which
will accrue to Portugal and Portuguese commerce will be immense . The engineer of the company has succeeded in inducing the Portuguese Government to facilitate the enterprise as much as possible . Mines in Australia . —The Australian mail has brought important reports from the various Australian mining enterprises . They furnish much interesting information for all who are , or who desire to be associated with these or similar undertakings , while the statistics of production and cost furnish incontrovertible evidence of the beneficial results which have ensued to the shareholders in the respective companies which have had time to develop the resources of their property , such as the Burra Bnrra and the Kapunda . Great as has already been the sums of money appropriated in dividends , and the colossal fortunes which have been
realised by individuals from this source , yet it clear that mining in Australia is only in its infancy , and that equally remunerative returns may be expected from localities \ vhjcli are now only springing up into existence in the mining world . Victoria and New South Wales are more closely identified with the production of the precious metal of gold , and their energies . have not been devoted to the development of deposits of the baser metals , even if such exist in these two colonies . South Australia , on the other hand * has given its best efforts to demonstrate her extraordinary riches in copper , and assist ted , as she is now beginning to be , with English capital and skilled labour , it is impossible to estimate the extent to which the production and export of copper ore may be carried by South Australia . — Mining JournalFeb . 12 .
* VicTdKiA . —By the statistical returns of the colony , it appears that commerce continues to exh ibit the most satisfactory evidence of the healthy condition of this portion of our Australian dependencies . The statements furnished by the Customhouse authorities show that , during the year 1857 , up to December 4 , the period to which the returns for 1858 are made up , the imports amounted in value to 13 , 917 , 712 ?;; . while the exports were only 12 , 910 , 587 / ., thus giving a balance against the colony of 1 , 007 , 125 / . In 1858 , the imports are set down at 11 , 955 , 309 / ., and the exports 11 , 924 , 441 / . ; so that the balance against the colony was reduced to 30 , 868 / . —Mining Journal , Feb . 12 .
The Public Debt . —A return to the House of Commons , presented in pui'suance of law , gives an account of the addition made to the annual charge of the public debt by interest of loans made on annuities created within the last ten years ( 1849 to 1858 inclusive ) . They were as follows : —In 1353 , capital created in 3 per Cents ., bought with money called the sinking fund , £ 383 , 098 5 s . Id . ; annual charge in respect of £ 11 , 607 17 s . 6 d . ; also another creation of capital in 3 per Cents ., bought with sinking fund moneys , £ 891 , 662 14 s . Id . ; annual charge , £ 27 , 017 7 s . 6 d . ; also amount of Exchequer Bonds , created in exchange for Exchequer Bills , £ 408 , 900 ; annual charge , £ 11 , 244 15 s . In 1855 , a loan of 16 , 000 , 000 , annual charge £ 601 , 670 . In 1856 , Exchequer Bills funded int ; o 3 per Cent . Annuities , £ 3 , 333 , 250 ; annual charge , £ 100 , 997 9 s . Gd . ; ulso a loan of 5 , 555 , 416 13 s . 4 d . ; annual charge , £ 168 , 329 2 s . 6 d . Also a loan of £ 5 , 37 ( 5 , 4 f > 8 6 s ; 8 d . ; annual charge , £ 162 , 906 13 s . 9 d , In 1847 and 1848 nil , The total addition to the public debt during thoso ten years is therefore £ 20 , 048 , 785 19 s . 2 d .,-and . the annual charge creatod in respect thereof £ 1 , 083 , 773 5 s . 9 d . Russian Loa ? , \—Tlio Commercial Gazette of Horlin st ates that it has good authority for behoving time the Russian Government are negotiating a loan oi £ 5 , 000 , 000 , with Mossra . liuthschild . Tun Pout of London—Tho general business of the Port during the past week has been vory inactive , and , compared ' with last week , tlioro has been a considerable decrease . Tlio nu . mbor oi vessels announced inwards , at tlio Custom-house as l yj-vi ng arrived from foroign ports amounted to 124 . iho . ro were 6 from Ireland and 148 colliers . The entries outwards amounted to 112 , and those cleared were 89 , besides is ' In bnllnot . The departures for the Australian' colonies have been eight ; vosaels ~ -. vls ! ., two to Sydney of 1389 tons , two to Port Phillip of 2 878 tons , one to Adelaide oi' 400 tons , one to Hobart Town of 071 tons , and two to Now Zealand , 578 tons , making a total of 5 , 816 tons .
The Lonpon , Tii-duuv , a > - » Southend Kail-way . — -The Metropolitan Board of Works have entered into arrangements with . this company as to the manner of carrying tho main drainage works across the Barking Bnmoli of the railway , which will materially facilitate the operation of oxecuting the works . Tlio levels of thd soffits of the construction are to bo respectively 18 . ft ., and 18 ft . 5 in . above the datum of tho section , and tho works over the railways to bo oarriod over in such a manner as nvxy bo approved by tho engineer of the railway company . The Metropolitan Board are to pay the company the sum of 5 , 000 / . as compensation for all loss and hiconvenleiree , and for executing the necessary alterations of the railways . Tlie openings over the railways are to be in each caso not less than 25 ft . span on tho aaunrc . JtKNT GuAitANTKB Society—Tho annual mooting of this company was held yestorday at tho offices , C . N . Johnson , Esq . in tho chair . Tho roport read showed a steady progress of the society during the year , and a dividend was proposed , at the rate of 3 per cent , por annum upon the paid-up capita ^ , which was an Increase' over tho qirecoeding year . The roport and a « counft worq unanimously adopted . Tho Hon . William Napior was x-o-oleotod a director , and jr . H . Lloyd ; I 53 ( i ., Q . C ., was electod In tho placq of W . « . Hodgkinson , lisa ,., -who resigned .
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Citation
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Leader (1850-1860), Feb. 26, 1859, page 27, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_26021859/page/27/
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