Current:

Leader (1850-1860), 11th June 1859, Edition 1 of 3, Page 728, Untitled Article

Page 728
Page 20
20 of 24

On this page

  • Text (4)
  • Transcript

    • 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.

      Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.

      Untitled Article

      THE EUROPEAN ASSURANCE SOCIETY .

      Untitled Article

      THE ANNUAL GENERA MEETING of 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 . T . Y . McChristie , Mr . J . Hedgins , Lieut .-Col . Reynolds , Mr . Gilbert Hamilton , M . J . B . Payn , Mr . Clement Heely , Mr . H . B . Sheridan , M . P ., Dr . Elmore , Dr . AVatts , Mr . Silver , Mr . A . C . McLaren , Mr . F . W . Goddard , Mr . F . P . ChappeU , 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 .

      ance and Annuity Company , " namely , Admiral Drmkwater Bethune , C . B ., and Henry Holland Harrison , Esq . The directors who retire from office this year , in conformity with the Deed of Settlement are , Kichard Spooncr , > i ; i \ ; Henry Wickham Wickham , M . P . ; John Field , and Thomas Young McChi-istie , Esquires ; and John 1 ' arkor , Ksq ., one of the auditors-, all of whom being eligible , ofle _ r tiiemselves 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 in its existence

      Society appears to have arrived at an era , of which advantage ought to be taken , to place it in the" most prominent mariner before the public . Your directors are prepared to do their part , and they fully rely on the shareholders 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 , AVjlliam CL . Ei 4 A . iiv > , Manager and Sc-crctari / .

      v ^*^^ r *^ ^ ^ ^^^~ ^» ^^ ^* ~ ~^ ~—~ — J — — — — . ' REP OR T . The directors , in presenting their report for the year 18 . 5 S , have pleasure in beiug- 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 , producingan annual revenue of £ 1 j , 1 o 0 112 And during- the same period , ( KH new Guarantee Policies , producing .. <• ............ 2 , 003 7 0 The new revenue , therefore , acquired during :

      the . year , was ........ £ 15 , 704 18 8 These amounts include the premiums on policies issued upon the principle of combined Life and Guarantee . The surplus to the credit of the Society , after paying claims , on the past year ' s transactions in the Guarantee Department , amounts to £ 5 , 436 17 s . Cd ., 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 £ 10 j , 000 11 s . Zd . The cash and invested assets amounted to £ ' 2 ^ 0 , 780 9 s . 3 d ., in addition to the capital not called up , which amounts to £ 161 , 708 , and is subscribed for by upwards of 000 shareholders . -After a long ' and careful negociation , 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 right to add , that they are now in treaty for the acquisition of the business of another Society , having a large revenue and a considerable invested fund . The revenue of the Society will be greatly augmented by these acquisitions , but 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 anxiouBly directed , but they arc 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 the shareholders arc aware , have , from time to ' time , been made to various departments of the

      Government , for their sanction to the acceptance ot tno Society ' s guarantee In cases of Government employes , but in every case the heads' of departments , while admitting the value of the Institution , and of the principle ' s on which It rests ^ wore unable to give the requisite ennction , by reason of there being no authority by luw for such acceptance . Legislation on this point wus therefore necessary . The directors alao found by experience that the acquisition of new business was seriously impeded by the niuno adopted in the Deed of Settlement . The title ' I ' coplo ' n Provident , " led to the supposition that the Society dealt only in small assurances , Intended for the convenience of the industrial classes ; It therefore appeared essential to the intercuts of the Society that this misapprehension should bo removed .

      The acquisition of the business of the ' * 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 t | io above important objects . The directory therefore , aftor full consideration , doejned It expedient to apply to Parliament accordingly ; and a spnclal Act . S 3 Via , cap . xxv ,, received the Koynl nsscnt on the 10 th April last , and camo Into operation on tho 17 th May Instant . By virtue of thla Act tho Society l » aa adopted the name of iho " European Assurance Society , " and Is now In a position to transact guarantee business with ovory department of Government . As no other comimuv can offer tho samo lulvantnnes , by

      tho combination of JLTfo Assurances at reducod ratoa with Fidelity Guarantee , the dirootoru fool Justified In anticipating a largo inoroAso in tho Guarantee branch . Aftor tho ordinary bushioss of tho Annual donoriil Mooting shall bo concluded , ttiu mautliur will bo declared special , to altor tho thlrty-oiuhth clause of tho Pood of Sottlomont , wherein tho directors arc empowered tooroato a Guuranwu Fund not oxecodinff £ 10 , 000 , Tins Fund , In terms of tho Act of Parliament , la now required to bo Increased to £ 20 , 000 , and tho sanction of tho uharoholdorn In roqiK'fitod to tho inoroaflo of such rcwoi-vo fund in tovms of tlio eighteenth section of tho Sooioty ' u Act . Your directors recommend tho addition to tlio present board of two of tho Ulruotoru of tho lato ?« European Tnuui ' -

      Untitled Article

      728 THE LEADER . Womuercja ,.

      Untitled Article

      George Alexander Hamilton ' , Ksq ., 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 liis duty to move . The main feature of the Society ' s proceedings during the last yeur 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 from £ 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 iinother society was now pending , and if that negotiation should be successfully carried out , it would add considerably to the revenue of this company . Under all circumstances , he was greatly gratified in being able to

      Coimcillor Hill , of Ashton , seconded the resolution , and said he was delighted to have heard the luoid statemeut 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 lie 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 15000 / in l

      , . annuapremiums , had not been satisfactory . For his own part , were it equally profitable to the honourable gentlemen , he should have liked that he had been about to change his position for the purpose of becoming an agent for the Societ } ' in the country ( laughter ) , and if it had been so , he was quite confident that he Avould soon have arrived at the conviction that 15 , 000 / . of new business in a year Was a very large amount , and one which ought to be considered gratifying . "Why , this income , however small it might appear to those who wore not

      labouring , as agents , was actually more than 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 , year , when the income was only

      . £ 20 , 000 . If .. that were not satisfactory , he 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 unanhnouslj- adopted Admiral Drinkwater Bethune , C . B ., and Henry Holland Harrison , Esq ., were then elected directors ; and the directors and auditor retiring in rotation ,

      were re-elected . Dr . "Watts , in moving a cordial vote of thanks to the directors said , he know the duties of the directors as well as it could b' c expected for am outsider to be acquainted with them , and ho was convinced not only that their anxieties and labours were very great , but that tlio honour and thanks they received word very small , and lifter the most satisfactory statements the meeting luul that day heard , he felt quite certain the shareholders would cordially join him in offering thosr warmest expression of thanks to the directors ( choirs ) . He was sure this proposal required no lengthened observations frum him to recommend it ( hear , hear ) .

      Mr . Rkynolps , of Birmingham , in a neat and practical speech , seconded the resolution , which wus cordially adopted . The Chairman , on the part of himself und his brother directors , returned thanks for the resolution which had been passed . lie assured the shareholders that a more anxious and indefatigable board of directors could not be at tho head ot of any society ; What he was always anxious lor was that directors should lmvo a feeling that they that tcei

      were merely tho trustees of others , and - ing had certainly been eminently exhibited by tliw directors of this Society ( cheers ) . There ought likewise to be frankness on all occasions ; n-anicncss would secure confidence on tho part oi the shareholders ; that again would secure the exertions of agents ; and the groat support nndstrengtii of the institution must nowdopend on the IranUneHs of the directors , the confidence of tho shareholders , and the activity , zeal , and respectability ot » t »

      numerous agente . , . , ,,,,,, The resolution wns thon unanimously carried , iuiu tho business of tho general mooting concluded . An Extraordinary General Mooting was then li « it for tho purpose of passing tho resolution muntumui in tho report of tho directors . The Chairman proposed a vote of thank * to mo manager , which being sot-ondod by Mr . Foster , MJ ., was cordially and unanimously carried . Mr . Ci . ia . iANi > roturnod thanks . Mr . Fi « r . i > moved a vote of thanks h ) tho Uiuitnmn , which being received ™> d passed with aceiamution , tho Chairman roturnQd thanks , and tlio mooting separated .

      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 prosperity 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

      of such a company ( hear , hear ) . But it was A pleasing thing to find that the view of making money had not been the feeling of the directors ¦ th * Z . had been that fine and ana ftononnJtoffiKg wnfch was characteristic of Englishmen to act with abSitv and honour in that which was of a purely trust na ^ ture ( hear , hear ) . With regard to Mr Clelanfi the manager , he felt bound to say Mr . Cleland nossessed 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 adootion of the report ; and the hon . gentleman sat down amid much cheering .

      was an increase in the profits there as compared with the previous j-ear , and he trusted that soon 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 fox' its prosperity . No one was more sensible than himself of the impropriety or danger ot using exaggerated expressions in reference to such an undertaking ; and ho spoke advisedly when ho declared that in his firm opinion this Society wns based on a safe and satisfactory foundation ( repeated cheers ) . He was anxious , also , to place on record tho high opinion he entertained of the efli " oiency and high qualities of tho dircotors , and of liis fHena , the manager . He had had , at various times , occasion to meet with many gentlemen , and many bodies of gentlemen , and he could assure the

      shareholders that he never , in tho whole course , of his life , had had . anything to do with a body of persona whoso business it was to deal with tho property of others who proved themselves to him to be more efficient , or to have a greater desire to promote tUe interests and welfare of those for whom they wore trustees , than tho gentlemen to whom ho had alluded ( hoar , hear ) . One thing ho would add , they had not been mprconury , and this ho now could i ? ay without any motivp imputablo to . himself * their zeal and ability had really boon extraordinary , and surely tho allowance had not boon a largo sum to bo distributed as foes amongst fifteen or eighteen directors for tho conduct of tho business

  • Citation
    • Leader (1850-1860), June 11, 1859, page 728, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2298/page/20/