Leader (1850-1860), 21st August 1858, Edition 1 of 2, Page 856, .LONDON« Printed and published by Freder...

EAGLE INSURANCE COMPANY . " ~^~~ Th « annual general meeting of the shareholders of this company was held on Friday , the 18 th . inst ., at Radley ' s Hotel , Bridge-street , Blackfriars KicW * tt Llovd , Esq ., the chairman off the hoard of directors , in the chair . Ttws notice convening the meeting having been read , ' avicnara Harman The Chairman said the directors -were happy to meet the gentlemen present on that occasion , not only because they saw before them a highlv resnectaT . l * ™ body , but on account of what be believed vould be considered tb % exc « edingly satisfactory report which would be r $ ad to them-. It would be recollected that -K" f " annual meeting the directors bad been empowered to amalgamate . wit * certain other companies ; three of these companies , as would he seen by the renort h « Hi ^ , j ' rangementa by which their interests became merged in the Eagle brace . _ The fourth , which was the largest and most important ; he meant the Albion had sin ™ S ar * was drawn up , transferred its business to tie Eagle —( cheers)—upon terms which he could assure the gentlemen present would be found most satisfaetorv to all n-w - rep ° cemed . ( Cheers . ) He did not know that the stateof their af & iirs required any further cooiment on his part .. There were three of the directors of the AIM ™ C - ° " 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 i ^ if ? would now call upon the actuary to read the report . " ' The following report was then read : — " The time has again arrived for the directors to make their annual report to the proprietors , and to give them an account of the progress of the comnanv iTnrf * i year ending 30 tb June last , and of its financial condition at that date . , * > ™ nng the "As the surplus fund account serves to indicate the occurrences of the year , an abstract of that account is first presented : — " SURPLUS FUND ACCOUNT . " DTCOMB © T THK TEAR ENDINQ 30 TH JUNE , 1858 . I "CHARGE OF THE YEAB . Balance of account , SOth June , 1857 .. " .. • -. £ 306 , 428 5 5 Dividend to proprietors .. .. .. .. ™ ,, Ditto , ditto , three small Assurance Companies .. .. 118 , 80113 6 Claims on decease of lives assured £ 113 086 * * < i 6 8 ¦ 425 , 229 18 11 Additions thereto .. .. .. .. .. .. 16 ' 377 la 11 Premiums on new assurances .. .. .. ... .. 15 , 725 14 9 Policies surrendered " 7 * 873 14 ? Ditto on renewed ditto .. .. .. .. .. .. 169 . T 89 16 1 Re-assurances .. .. .. . .. .. Sl ' , 030 310 185 . 515 10 10 £ " 158 368 14 , V Interest from investments .. .. .. 57 , 312 16 7 Commission .. .. .. .. .. ... .. .. < $ o <» 17 <> —— 242 , 828 7 5 Medical fees .. .. .. .. 675 15 0 - Income-tax . .. .. .. . „ , ,. , -i en < -ir r £ 668 . 053 6 4 Expenses of management .. . " . 8 , 775 0 0 175 , 930 2 3 Balance of account , 30 th of June , 1858 .. .. .. ~ ~ [ 7 4 S 2 . 879 7 7 t ( Examined and found to be correct , ( Signed ) THOS . ALLEN o £ 6 « 8 . 058 6 4 WILLIAM H . SMITH , jun ., f AudItor 3 - •' From 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 hy thexn ' as hereinafter mentioned they have together contributed 118 , 801 / . ISs . 6 d . to the company ' s surplus fund . ' !*• The income from new premiums is 15 , 725 t 14 s . 9 d . Last year this amount was 11 , 900 / . only . A portion of the increase , however , arises from tlie issue of two three large assurances , some of the risk under which it has been necessary to re-insure . " Thetotal incoma is 242 , 8282 . 7 s . 5 d ., being 25 ^ 375 / . 10 s . i Id . more than that reported at the last annual meeting . The total income would have reached about 290 000 ? but 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 leas by about 43007 . than they were in the foregoing year , notwithstandingthat the amount at risk has latterly been much larger than it was some eiftht months previously . . •'• . ; '¦ . -.. ; ¦ : _ : . ¦ ¦ ..- ¦ ¦ v '"¦ ' ¦ ¦ - - : ' v . ' ' ' - ¦¦ ¦ ¦ . '¦¦ . ¦ ' ¦¦ . \ ' ¦ .- '' ¦ '¦'¦¦' ¦ ' ¦ ' ¦• - ' ' '¦ ¦ . ¦ ¦ ¦ ..- . ""¦ ¦ ¦ ¦ ¦ ¦' . ' : ¦ ¦ ' ¦ . ¦ " The expenses , it will be observed , are somewhat greater than they were ; the increase is mainly attributable to theneedful enlargement of the company ' s staff of employe ' s . . - . " As regards the financial condition of the company at the termination of the year , the directors wilt now refer to the balance sheet , which is as follows- ¦ , : V ¦ ¦ ¦;¦ ¦ ; . ¦ ¦ ,.. ¦ ¦ ¦ , ¦ ¦ ¦ ¦ ¦ ¦ . ¦ ; ¦ ¦ : ¦ ¦; " BALANCE-SHEET- ¦ : ' ¦ ¦ ' ¦ ¦ ' . ' ¦ ¦ ¦ ¦¦ ' " " IIABIXITIES . £ S . d . "ASSBT 8 i £ sd Interest due to proprietors . .. .. .. .. . - . ... ¦ .. .. .. 16 . 883 7 1 Amount invested in fixed mortgages and life interests .. .. .. .. 1 , 030 , 221 8 9 Claims and additions thereto ... .. .. .. .. .. .. -. 44 , 388 2 9 Ditto decreasing morteaees . .. 7 jiqq 7 iS ' « Sundrv accounts .. .. .. .. .. .. .. ,. .. .. 8 , 322 5 4 Ditto reversion ! .. ? . .. . * ' .. ' .. "I .. ' . ' " It ' ^ l ' it 7 Vaju «_( 1857 ) x » f sums assured , kc . . ... .. .. .. .. .. ¦ , .. 3 , 252 * 648 19 1 Ditto Tundcd property and Government annuities .. .. .. . - . og ( 624 1 10 Proprietors fund .. .. .. .. .. .. .. ^ £ 188 , 112 0 0 Ditto other securities .. .. .. -mi .. .. ... .. 7 ? i » 7 « in " , Surploafund , as above .. ... .. ..- ¦ ¦ ¦ .. .. 482 , 87 » 7 7 - M 1 -T ¦ Current interest on the above investments .. .. .. .. .. 27 , 191 » 0 — " ' ' 670 , 991 7 7 Cash and bills .. .. .. .. .. .. .. .. .. .. S 735 I-14 4 ' ** aa * i * i i m Advances on the company ' s policies .. .. .. .. .. . . . GC ^ l 5 £ 3 , 993 , 334 110 Agents'balances .. .. .. .. .. .. .. .. .. .. ie » 5 CS 7 5 Sundry Accounts .. .. .. .. .. .. .. ¦ .. .. .. 5 , 563 19 11 value ( 1857 ) of assurance premiums .. .. .. .. . .. .. 2 , 466 , 771 15 9 . ¦ '¦ ¦ £ 3 , S 93 , 334 . ' 1 . 10 . ¦ ' . *• Examined and found to be correct , ( Signed ) THOS . ALLEN J . ,. WILLIAM II . SMITH , jun ., J Audltors - " This document exhibits an amount of assets not much short of four millions , about one million and a half being realised , and two millions and a half in course of realisation . The last report stated these items to be 1 , 344 , 7992 , 12 s . Id ., and 1 , 536 , 980 / . 19 s . Id . respectively ; the increase on the two is , therefore , ' 1 , 111 , 558 / . 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 . " These statements , it is to be observed , include nothing in connexion with the Albion Assurance Company . The directors , however , have tl )« 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 realised , and to be realised , to no less a sum than 5 , 123 , 6437 . 4 s . 9 d ., and its surplus fund ( subject of course to a revaluation ) to 611 , 118 / . lla . 3 d . ¦ " The annual income of the company arising from these several combinations is now about 365 , 000 / ., or as nearly as may be 1000 / . per diem . ' " 2 Tow , of this income about 80 , 000 / . arises from the premiums on non-participating assurances , the surplus in respect of which , together with certain other 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 by their own capital . — " Hence the assured of the participating class are placed in as advantageous a position as they can , under any circumstances , fairly expect to be . All their 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 thnu those arising from tlic satisfaction of the claims under their own policies . . " Such is the position the company has now attained . The directors feel that all who care to trace its progress of late years will find ample reason to be satisfied with it . " Th . e Chairman said that he would move the adoption of the report which they had just heard read , and which he hoped would be 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 « x-director of the Palladium ) , in seconding the motion for the adoption of the report , said he could not refrain from tho expression of l » is gratitication at hearing the statement which had tbat day been made to the shareholders by the directors . He had followed tho statement of figures carefully , and had been , he mi ^ ht say , astounded as well as delighted at hearing that their income now amounted to nearly 1000 / . per diem . ( Hear , hear . ) He congratulated his brother Huarcholdci-a on the evidences of vitality shown by the report . The directors might have perhaps fairly rested content with what had been previously done ; but so fjir from that hu found by 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 themselves with _ past success , hot were zealously , energetically , and most efficiently exerting themselves to promote tho great objects of tho company . ( Hear , ) They wcro in tho best And most practical way keeping alive the great and noble principle of life assurance . ( Hear , hear . ) Nothing to his mind could be inoro satisfactory than 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 adoption . The , resolution was then put and carried unanimously amid general applause . Mr . Thomas Allen , the retiring auditor , was re-elected . The Chairman then announced that the business which the directors had to bring before tho meeting was closed . Mr . Cheere said he hoped , before the meeting separated , they would join him in doing an act of common justice . ( Hear , hoar . ) Ho begged to pronofc a vote of thanks to the directors , who had that day presented so gratifying and so satisfactory a report . ( Ohcers . ) Nothing had struck him moro forcibly , a « a participating ns » iiror , tlmn the statement that the per-centage upon the non-participating policies was sufficient to meet tho whole of tho expenses of the establishment ; ami that , in fact , the assurers under the higher rate of premiums would receive back the whole of their money without any deduction whatever for expenses . ( Cheers . ) Ho Jind very great pleasure in moving a vote of thanks to the chairman and directors . ( Applause . ) . The motion , having been seconded , was carried with great unanimity , and the thanks of tho meeting having been in like mannor given to tho medical officers , Dr . Setli Thompson , Mr . Saner , and . Mr . Oooke ; to the auditors , Mr . Thomas Allen and Mr . William Heivry Smith , jun . ; and to tho actuary , tho meeting scpnrated . The trustees and directors of the company are now as follows , viz .: TRUSTEES Lord Bateman , I Joseph Esdaile , Esq . Hicliard Harman Lloyd , Esq . I Ralph Charles Price , Esq . Robert Cheere , Esq . | Charles Thomas Holcombe , Esq . William Jaincs Maxwell , Esq . | Hon . E . T . Yorlco , M . T . And other gentlemen . DIRECTORS Ralph Charles Price , Esq ., Chairman . "twi v / no . Charles BischofF , Esq ., Dcputy-Chnirninn . Thomas Boddington , Esq . Nathaniel Gould , Esq . Joshua Lockwood , Esq . George UmtsoU , Esq . John White Cater , Esq . Robert A . Gray , Esq . James Murray , Esq . Thomas Godfrey Siunbrooke , Esq . Charles Chatfield , Esq . William Augustus Guy , M . D . Sir W . O . Ousoloy , K . C . B , D . C . L . Charles Evan Thomas , H * q . Thomas Pevas , Esq .. Charles Thomas Holcombe , Esq .. W . Anderson Pcacoclc , Esq . Capt . Louis Symonda Tiudul , K . N . Sw James Bnller Bast , Bart , M . P . Richard Harman Lloyd , Esq . Philip Rose , Esq . Right Hon . Sir John Yomitf , Uavt .

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