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Leader (1850-1860), 20th August 1859, Edition 2 of 2, Page 1

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    • EAGLE INSURANCE COMPANY.
  • Adverts (1)
  • Text (4)
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      A ^Ea&Er. Political, Literary, Commercia...

      A ^ ea & er . POLITICAL , LITERARY , COMMERCIAL AND FAMILY WEEKLY NEWSPAPER , ¦ ¦ ' ¦ ¦ ' . AND ¦ ¦¦ . '¦' ¦ ¦ . ' . . . RECORD OF JOINT STOCK COMPANIES , BANKS , RAILWAYS , MINES , SHIPPING , & c .

      Vol. X. No. 491.] Saturday, August 20, 1...

      VOL . X . No . 491 . ] SATURDAY , AUGUST 20 , 1859 . Price j ] £ S ££ Z ™ :: EgS £ . *

      Eagle Insurance Company.

      UAOLE INSURANCE COMPANY .

      Ad00103

      mHE ANJJUMi yjciSSSJ & t & AU XUX & JLlSH . Kr OI JL the PROFMETORS in this COMPANY was held at Kadley ' s Hotel , Bridge-street , Blackfriars , on Friday last , Mr . RALPH CHARLES PRICE , the Chairman of the Company , in the Chair . The notice convening- the meeting having been read , Tlie Chairman said that it was with great . pleasure to his co-directors and himself that they saw so many of their friends assembled to receive from them a Report of the proceeding's of the past year and some account of their stewardship . He hoped and believed that that report would be considered satisfactory , and that the accounts would be found to have been prepared in such a manner as to-be . -pcrfectly intelligible to them all . The report would inform them that the new business had increased to a very considerable extent—a result which had no doubt arisen m some de <* Tee from -the amalgamations which , after ' , mature deli-. Deration , the Directors had felt themselves justified in recommending , and the Proprietors in authorising-, and the results of which proved that the Directors were right in the recommendation they had made . ( Hear , hear . ) During these times : of competition between Life Insurance Offices it was necessary to have an infusion of fresh energy by the introduction of new lives . That , however , was not so easily effected in the ordinary way , although this Company had obtained its share . It might , however , be carried to a greater extent by means of amalgamations , and acting upon the sanction which the Proprietors had given them , the Directors would do their utmost , for the purpose of accomplishing ; that object wherever it could be done with safety and advantage . He might mention that since their last meeting the junction with the Albion had been carried out ; that that operation had been successful ; that the accounts ot both offices had been scrutinized with the greatest possible minuteness ; and that the results had been satisfactory in every respect . In conclusion , he might observe that if every gentleman in . the room would . bring but one insurance in the year the next Report would be even more encouraging than the present . Ho would now call upon the Secretary to read the Report ; after which he should be happy to answer the inquiries of any gentleman who wanted information upon the subject of it . . . „ The Actuary then read tlio Report , which was as follows : "Another year has elapsed , and the Directors have to make their usual report to the Proprietors . ' As on former occasions , they will first beg the attention of the Proprietors to the Surplus Fund Account , which serves , as they arc no doubt aware , to exhibit the chief occurrences of the year , the balance-sheet hereafter to bo referred to indicating the condition of the Company at the end of it . " The first-mentioned document is as follows : — SURPLUS FUND ACCOUNT . Income of the Year ending ; June 30 , 1859 . Balance of Account , Juno 30 , & s . d . £ e . d . 1858 4 83 , 870 7 7 Ditto , Albion Insurance Co .. 123 , 520 0 10 011 , 405 8 5 Premiums on ' ncw assurances 21 , 120 lii 7 Ditto on renewed 257 , 709 10 it 281 , 800 2 10 Interest from Investments ... 70 , 050 10 i 301 , 541 2 2 £ 072 , 910 10 ~~ 7 Charge op the Yeah . £ s . d . Dividend to Proprlotorn .. 10 , 1 * 3 7 0 Clnlma on Decease of Lives Assured , ' 220 , 017 14 2 Addition a thereto - ltt ,: J 50 17 11 Polities surrendered 12 , 075 ID 0 RenBSuraucoB , now 5 , 303 t ) 2 Ditto , old 2 / 5 , 021 a 7 £ 281 , 073 17 10 Commission 0 , 247 4 0 Medical FecB 012 17 0 Income Tax l , l > 77 8 0 KxponsesofMAnnffomcnt .,.. 0 , 032 18 7 303 , 701 5 11 .. ¦ . . m . 050 , 013 17 2 Balanoo of Account , Juno 30 , 1650 , as bolow . , # 072 , 040 10 7 "Kxnmlncd and found to bo correct . ( Signed ) " TlIOMAB AI'LEN , ) Auditors Wiumam Henry Smith , j Arulltoia . "The proprietors will remember that the Junction of tho Albion with the Eagle was completed at tho commence * montof the past year , and It will be scon that out of tho aasota transferred by that oompany tho . sum of £ l ? 8 , 520 0 u . lOd . was contributed to the flurpfas fund . "The Income from premiums on now assurances la £ 24 , 130 12 b . 7 d . A portion of tho risk under thoao , howevur , it has boon necessary to ro-insuro , and tho amount paid on this score will bo eoen on tho credit side of tho account .

      Ad00104

      ¦ 2 SSi ^ 2 ^ JBSffl « i & sssftsj BS ^^^^^ sBSB isms , roro . pi 7 « ' > ± " > r . ij ^ Kri ¦ and since the interest received nearly ± , 5 , 000 , 000 . in loomngarouna me room ut : t-uuiu uuu SS ^ I ^^^^ - p ^^ ive ^ ^^^ m ^^^^^ pf ^^ * " Th ? nlvmenffor cla ^ ni 9 on dcceaseof lives assured is not receiving any dividends , their property was depreciated ^ ? u «& t ^ SSd ^ , ? V per cent . ^ * ace « CtSSS ^^ S ^ sheet is as follows : — ^ — „„ ment ? All he would add was , "Gentlemen , go and do bAiiAJUx , pri Ajnii . likewise . '" ( Cheers . )! liabilities . . ' . .. jyIr Gale , a proprietor , then made some inquiries as to Interest due to Proprietors .......... £ 6 , 552 11 4 certain items in the accounts , and received a satisfactory Claims on Decease of Lives Assured and ¦ __ explanation of them , after which the motion for adopting additions thereto unpaid 53 , 803 13 v the report was carried nem . con . „ Cash Bonus due to Policy Holders 14 , 9 ( . 6 2 3 Mr . Teulon proposed the re-election of Blr . William-Sundry Accounts 7 , 028 5 5 nenry Smith as auditor ; and the motion haying been Value , 1857 , of sums assured 4 , 013 , 211 8 o Becon < ied by Mr . Ditchbourne , was carried unanimously . Proprietors' Fund .... £ 203 , 850 0 0 jl r . Smith , in acknowledging the honour conferred upon Surplus fund , as above .. 650 , 013 17 2 „ ,. „ ' „ him , said it was only right to state tnat having paid con-• 862 , 863 17 2 siderable attention to the accounts of the company , he and — — his co-auditor , Mr . Allen , were satisfied that they were ¦' . ¦¦ ' £ 4 , 063 , 425 18 3 perfectly accurate . He might add that there % vas no assets . subject upon which they required information that they Amount invested in fixed Mortgages and ^ ' did not instantly receive , it . from the officers of the com-DUto C iccrea 8 hi <^ M ^ * " * f he Chairman , in flattering terms , proposed the thanks Ditto Ke ^ eralons " ¦ . / ....,....... « M 78 15 7 of the meeting to the medicaf oMcera , Dr . Seth Thompson , Di rni \ uS dtfd ^^ y ' ™? °° . ™ . 162 . 847 17 2 ^ ^ Ba ^ hfrd ' Teind ^ Tnd Dr . Guy supported the mo-DUtootherSecuriti ' iiV '"¦ ... ¦ . " . " .. 1 O 7 IO 21 10 0 tion , which was carried by acclamation , and briefly acknow-^* i ^ y ^ r . ^*™^ : gsri o ! - c &?&^^^ ^^^ Z ^^^ r ^^ :::::: IS ! a ^^ j ^ 'ST ^^ S ^ ^^^ ^^ l to Sundrv Accounts ........... 0 301 14 5 express the obligations wHich Mr . Smith and himself were Wife . oV AssurancV Premiums 3 ^ 100 ^ 81 ^ 5 ^ under to fl » officers of ^ o ^^ yj ^ g ^ tof ^^ : £ 4 , 003 , 425 18 3 tion > vhcn it was required , but it had been freely proffered ' Examined and found to be correct . when not sought for . The accounts had been [ ^^ ? ( Signed ) : ^\ l ^^^^ SMlTlu } A ^ t Or ,. ^^^&^^ l , ^ ^ S ^^ jM " Hero it will be seen that tho total assets of the company ap ]§; ri Cuthbert moved ' , and Mr . Teulon seconded , and realised , and to be realised , are not much short of * 5 , 000 , ODO , the meeting adopted by acclamation , a vote of thanks to those of the former description amounting to £ 1 , 853 , 7 * . * tjie uoar ( i of Directors for their services during the past 2 s . 0 d ., and those of the latter to £ 3 , 100 , 081 15 s . » d . ycar > " Tho surplus fund has Increased ( mainly by the junction ' , ChairmaniCould assure them that the Board felt with the Albion ) from £ 482 , 87 *) 7 s 7 d . in 1858 , to £ 050 , 013 deeply senaiblo of tho kindness which the proprietors had 17 s . 2 d ., In 1850 , the increase being £ 170 , 134 0 s . 7 d . been just pleased to express towards them . Ho might " It must not be forgotten , however , that tho true amount fftjriy Bay that tho labour entailed upon tho Board linu or of . this fund , which constitutes the provision for future iftte been considerably increased : but there was such bonuses and expenses , can bo determined only by a unaiumu . y prevailing In the coalesced directions , and uueh , a revaluation of ftll the company ' s assots and liabilities , and roadlncBS to meet airdinlculties , tliatthcy hail gone on very this revaluation tho proprfutors arc awnro will next be made 8 fttiHfactorily , and ho ventured to think that tho nocounta in 1302 . ,, which had been placed boforo the ineotlng proved that tlio " Meantime , ( is the amount of tho funds la very consider- oomi ) any ' s interests had not boon Jnjurod by nninlgnma- , able , it may prevent some misapprehension to point out that tionJ / Hoar , hoar . ) In returning them Ills ncknowlodgin tho accounts of « Hfo aseuranco company made up a » monts . then , for the honour wliloli hnd boon couforrcd upon those are tho surplus fund should never bo reduced bolow a ,,, ^ 0 OJjeagUCs and himself , lie couldaasurg them that tho certain amount , to bo regulated from . tlmo to \ tlmo by the jjoanj Wouldcontinue to usoevery cfl ' ort in their power to asoortulnod value of the "Income , and that it la the excess nromoto tho interests of the company . ' ,, accruing in tho fund , over nnd above this amount , and not * T V thanks of tho mootiutf wore tjion very oordliiny tltd fund itsolf , wUIoh Is propprly devlsnble at tjio epochs votod to Mr . P « ino and to Messrs . > Vhlt « n » d Horrott , apnpiutod for tho distribution ot profits . aolioltors of tho company , and a similar compllinon t »» " ^ "g ' In tho case of the Eaglo this excess is at the present K paid to tho Actuary tho bu » lno « s of tho uiootiufcj tlmo no doubt considerable , and tho dlrcotorn liavo every torminatod . . r , ,,. ••«!« reason to believe that when tho timo arrives for tho next xh 0 Truateos apd Directors of the Company uro now ciivisidn of proflta tho ainount of it will bo such as to ( five nfl followainplo satisfaction to all concerned . " as xoiiww . THUSTEK 8 . Tho Ohuirmiui then moved that tho report bo roQOivod and . T , _ f-TOIin Klohard Ilnnnan Lloyd , lOaq . adopted . « Sh « J ?? ii » SJ . r 2 K « a WUIain . Jus . Maxwell , Kh . j . Mr . Outhbort aooondod tho motion with groat plcftsure . V a «^ i . V ' uSnift Mao Kalph C'hail «« Prh-f . { . on . Ho wiw sure thut It must uo as gratifying tolho diroctors to J , ? " ° P' » Xi ™ IIolooinbo . KBq . Hon . K . T . York « s M . I ' . bo able to prosont suoh a roporfns It > vhb to the proprietors tharlcs iuob UViW ™ " * . roiitlomon . to roooivo it . K » i > oolally must that bo tho caso with tlioso And other p ; onuomen . persons who woro also policy Iioldore . ( Honr / hoar . ) Gontlo- DIRIGCTOHS . mon who had onxbarkoa tliolr capital in tho concern as nn /< i , « - ] a « i niauhoff Ksa ., C'lialrmiin . lnyostmont woro uwaro that they received not only intercut mi . « m . h UmUlincrton ldaq ., Dupufy-Clinlrman . upon their mouoy , but every Uvo years n bopus ; but tlioso Thomas Bomungron , « u « i .. i ' who woro In thq position orpolloy holdors aa ho ( Mr . Outh- John AVhlto Outer , Esq . ' * Z ? m w o OuhoIov " KCB bort ) and a ie \ v others prcaont woro—and ho was eorrv that Charlofl Chatlleld , Ksq . H' \ ! Jy u > " « tt 0 I ° y ' « - ^ ' « moro prppvlotor » woro not in tho eamo position—dorlvoa a Thomas Dcvm , Jwa . w Amiiirson Peaoook Ksa . double bunoflt' upon every £ 25 tl > oy insured , and that bone- sir Jnmea BuJlor » Mt , Ttart ., { Y-AW ™? . * « JK ? Kan fit was ovldont to thorn all . ( Hoar , hoar . ) With regard to M . I ' . , „ ... „„ iJfiiRo & 8 « o Mbo ^ tho oxiatlng atato of tho company ' s « lTnlrs It appeared that Nathaniel Gould . Oeq . aSbpSo KubMI Tflaa . /^ O i tho bal » no »? laflt year was M 82 . 000 J it w «« now i « WO . 0 OO . Robort A . Oftf * .. r ° Q 0 f dfreTaambrooto . ^ a ^ n SB F ' " 1 ™ " »™«"« r S fflffi « ' « 4 « ^ 3 . JSB 3 W * A ^« a " ^ "S 5 « T 4 Slffi ^^ 'SteSS & ... ™ Uoy ., l .-,. g .. * mrJ . haWA & £ « 2 , 000 as uffalost £ 113 , 000 , and tho addltlonB £ 18 , 000 <» s Joahun Logkwood , Msq . Uart . ^ L _ J j Tlco , IQaq . SiJaq . /^ -

      Jkkan ^ : Tflaa. /^O I Mbrooto.^A^N 3w*A...

      JK Kan ^ : Tflaa . /^ O i mbrooto . ^ a ^ n 3 W * A J . haWA & ^ L _ J j . Tlco , IQaq . SiJaq . /^ - Mj ^ N

  • Citation
    • Leader (1850-1860), Aug. 20, 1859, page 1, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_20081859/page/1/