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1304 THE LEAD Jfi B| [flo. 505, Nov. 26,...
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JOINT STOCK COMPANIES.
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MEDICAL, INVALID, AND GENERAL LIFE ASSUR...
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extent, is slate rock, and the transit o...
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BAILWAY INTELLIGENCE.
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of the City, to connect the Great Northe...
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iMWtOVBO I'ASSBNGEIt ACCOMMODATION IN TI...
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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Transcript
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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.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
General Trade Beporttradh Continues, In ...
Sugar has been rather active in the week , and prices have advanced 6 d . per curt . Other articles have been generally steady , with a good demand for consumption . The cotton , market * in spite of the very loose crop in the United States , continues firm . The ¦ wool market is in the same condition . At the public sales of foreign and colonial wool , in the week , the attendance of both home and foreign buyers was .. large , and the biddings for the finer descriptions improved . Sydney and Port Phillip qualities were sought after , and prices were better . Gape wools had also been in greater request . For the materials of clothing , then , the demand continues good , notwithstanding very large supplies . The multitude , in fact , needs clothing , and the increased demand isan evidence that civilisation is increasing and extending . We may be quite sure , in consequence , that our manufacturers are well employed .
1304 The Lead Jfi B| [Flo. 505, Nov. 26,...
1304 THE LEAD Jfi B | [ flo . 505 , Nov . 26 , 185 Q
Joint Stock Companies.
JOINT STOCK COMPANIES .
Medical, Invalid, And General Life Assur...
MEDICAL , INVALID , AND GENERAL LIFE ASSURANCE SOCIETY . The 18 th annual meeting was held at two o ' clock on Thursday , at the Head Office , Pall Mall , Sir Thomas Phillips in the chair . Mr . C D . Singer ( the Secretary ) read the usual voluminous reports on the Home and Indian business , the auditors ' report , and the financial statements . The various documents read received the unequivocal approbation and approval of the meeting . It appeared by the directors * report that during the twelvemonths ending 30 th June , 1859 , the number of proposals received was 1 , 133 for assurances amounting to £ 659 , 526 10 s ., of which 920 were accepted for sums amounting to . £ 539 , 126 10 s ., and 784 have resulted in policies assuring £ i 17 , 328 2 s . 2 d ., producing in annual premiums from new business . £ 17 , 983 Js . Id . The total amount assured during the last five years . was £ 2 , 482 , 798 16 s . lid , being nearly half a million sterling per annum . The mortality in respect of European assurances has occasioned , during tae year , eighty-three claims on sixty-seven lives assured for £ 26 , 241 5 s . lid . The total number of polices now in . force is 6 , 110 , assuring . £ 2 , 601 , 925 , and the present amount of annual premiums is . £ 112 , 627 17 s- The totalincome being £ 121 , 263 7 s . 7 d . Tiro ' . total accumulated : ' iuuls on the 30 th June last , as shown by the auditors' report , amounts to . £ 251 , 835 5 s . 9 d- The tvo directors who retired by rotation were Thomas Stevenson , Esq ., F . S . A . and Robert Bentley Todd , M . D ., F . R . S ., and the two auditors retiring were John Stirling Taylor , Esq ., and Joseph Wliitehouse , Esq ., who being eligible were re-elected . Mr . G . Gkenville Ma ^ sel sought some explanation from Mr . Tait , tho Secretary of the Indian Branch , with regard to the business transacted in India in the year ending the 30 th of June , 1857 , previous to the mutiny , and that for the year which closed with the 30 th of June in the current year . As one of the directors of the " Agra Bank , " front having spent nearly all his life in India , he knew well the difficulties that the society had had to encounter , and therefore he imagined it would be exceedingly satisfactory to the Shareholders , and to their friends in India , to learn , from the figures appertaining to those two periods , how far the society had rallied from the financial efFects of the mutiny . Mr . Tait afforded the requisite information , saying that during the period of the mutiny , as the tf ) ellu and other banks censed to transact business , and from those channels they procured the great mass of their business , the number of policies issued fell , as they might imagine , to a small number ; but the business transacted during the . year ending June , 1859 , when public , confidence hud been greatly restored , was only 10 per cent , less than that of 1857 , testifying , unmistakably , that the resources' of the company were nearly tlio same as beforo the mutiny ( cheers ) $ in fact hp whs confident that they would transact a larger business than at any former period , as , since the close of the financial year , there had been a preat augmentation of business . ., Mr . Mansiol said it afforded him much pleasure to inform the shareholders , from the beat sources of information , that the prospects of the- Company in India were never brighter . The pacification of the country , the construction of railways , and the consequent augmentation of commerce , combined with the univeraul good conferred by tlio large sums disbursed by the company in tlio payment of claims , must all alike materially tend to benefit the society . ( Hour , hear . ) The Indian branch was managed by gentlemen of the very highest standing and inilueuce . and their administration of its affairs was most excellent . Douhtlcas , Mr . Wilson would succeed in restoring tho , finances of India to something like a raUoilal equilibrium ., and the tirae could not bo fur distant ¦ when India . would present a fur . better field for
j British enterprise than during any former period of her history . ( Hear , hear . ) The Chaibman , in proposing a cordial vote of thanks to the Indian directors for the great zeal and ability with which they had conducted the affairs of the company , remarked that the occurrence of such a disaster as that which had befallen this and other assurance companies , had never entered into the calculation of their originators , for such a circumstance was almost without precedent in historical . annals . ' Taking a review of the general business of the company at home and abroad during the last three years , it appeared that the assets of the company had been augmented instead of deteriorated , to the extent of £ 20 , 000 , as compared with the amount . at which they stood in the years 1857 . This statement was gratifying , and taken also in connexion with the fact that a large sum , of money disbursed , must have been of the greatest advantage to the recipients . ( Cheers . ) Their thanks were most especially due to the Calcutta , and Madras branches , and their secretary , Mr .
Tflit-Mr . Stkeeter seconded the motion , and it wae carried unanimously . Mr . Tait briefly returned thanks . The Indian directors were gentlemen of eminent social position and of large experience , and after the difficulties they had had to encounter they would be pleased to learn that their IaSours were fully appreciated at home . It would be gratifying no doubt to the shareholders to learn that their society transacted the largest life assurance business in the eastern hemisphere ( Cheers ) -. The business in India was rapidly increasing , and the funds likewise .
The Chairman adverted to the . claim which this and other companies had upon the Government for compensation for the losses which they sustained throngh the mutiny . The Government had appropriated £ 1 , 000 , 00 . 0 to compensate such as had been thereby damnified ; and surely , seeing that the losses had been sustained through the paid servants and soldiers of the Government , the claim they were about to support by a memorial was both oh moral and legal grounds unanswerable . A disaster so liorribie as a general massacre had never entered into their business calculations , and he confessed he saw no difference between the Government compensating their own servants and ussurance offices . Such risks were entirolj T out of the Ciitug-iry oi ilio jioj ; i . r ; iui . u-ri .-l : s .
Mr . JlACPitKitsoN intimated that the Government intended to replenish the funds of societies established in India , for ' thc benefit , of civil and military servants and their . w-i . lows , though Jit a former period they had repudiated all claim for succour , even if their condition became insolvent . This augured well for the success of the application of the directors , lie considered that the life assurance offices possessed u strong claim for compensation . A vote of thanks to the Chairman , the directors , and the Secret dry terminated the proceedings .
Extent, Is Slate Rock, And The Transit O...
extent , is slate rock , and the transit of slates from the quarries to the shipping port of Carnarvon is effected by means of the Nantile Uailway , which runs through the quarries , the present cost being 2 s . 8 £ d . per ton for carriage from the quarries to the ship . Another railway , however , of only one-half the distance , has been projected from the quarries to the sea , which , will ultimately lead to diminished cost of transit , and facilitate the removal of all the waste rock to the sea . In the detailed prospectus will be found reports from the managers of tlie Bangor , Penyrorsedd , and Halvotly Quarries , and an admirable and most convincing statistical statement , showing a profit , within two years , of at least . £ 10 , 000 per annum , or 20 per cent , on the capital , which will be gradually augmented year by year as the workings are extended , the supply of slate rock being literally inexhaustible . Mr . William Jones , of the firm of Jones Brothers , of Wharf-road , Cityroad , and Pimlico , slate merchants , has also added his testimony to the foregoing , and by his opinion has stamped a high value on the property of the company . The directors are all well-known . City uien of high standing , and the appointments of the company appear unexceptionable ; and , in all respects , the manner in which this undertaking has been placed before the public reflects the highest credit on all concerned ; the most scrupulous exactitude seems to have been observed in all its details . — Mining Journal .
Tiib Pike nix Life Assukance Compakt' have announced a further issue of shares for the purpose of extending the marine insurance department . Already in active operation , this branch of the establishment is making steady progress , but with tlio view of strengthening the position of the capital it is proposed to offer the remaining portion of the unallotted shares , so as to bring the tdtal up to , £ 200 , 000 . The shares are . £ 5 oach ; application to be accompanied with a deposit of £ 1 , and a further payment of £ 1 per share is to be made on allotment , it being anticipated that no additional call will be required . Tho extraordinary profits realised by tho Hon . Col . Douglas Pennant , from the celebrated Penrhyn Quarries , amounting , it has been stated , to between , £ 100 , 000 and £ 200 , 000 per annum ; and by the present owners from those of tho late Mr . Assheton Smith , at Llnnbvris , have invested the Bamgor Slate Quarries witli fin interest unequalled by any others in tho known world . Tlio remarkable series of slate veins in these quarries produce slates for all purposes superior to those of any olhor group in tho principally—hence tho extraordinary demand for Banyor slates , which demand is still annually Increasing , and which doflos the most strenuous efforts of capital and labour adequately to supply . In our advertising columns will bo found a prospectus of tho Talysarn Slate Company , which lias bocn established for the purpose of extending tlio working of tlio freehold aluto quarries , long known a 9 tho Talysarn Quarries , for many years the property of , and worked by , tho late eminent and wealthy goldsmiths of Ludgatoliill—Bundoll , Bridge and Co . Those quarries , which are on the ldoutioal veins of slate traversing tho Penrhyn and Xtlanboria Quarries , wore partially developed by their late owners , and are now to be worked on a scale commensurate with their roal importance , by which in a few years they are likely to rival tholargost quarrlos in the county . The whole estate , which is upwards of 70 acres In
Bailway Intelligence.
BAILWAY INTELLIGENCE .
Of The City, To Connect The Great Northe...
of the City , to connect the Great Northern line with a large and convenient terminus close to the Bank of England . It will pass by the side of Gray ' s-innroud to a station at Gray ' s-inn , thence by a viaduct across Holborn-valley to Smithfield , thence near " !* .-i ! - ! i ! f . nM , ' wit ' i a # ™ . Is sti ? T < m at Fore-street , and so across Ijoiiiloii-wali to a large availably area at the back of Tokenhouse-yard , within 340 iect of the Bank . The route , which is brought forward with the concurrence of the Great Northern Board , will be above ground through the whole distance .
The Cexth . vl Oure Raiuvat Company , on the 1 st Sept ., called up 2 s . 6 d .. per share , on the strength of a contemplated amalgamation with the Oude Railway Companj * . According to the report re ^ gently issued by the latter , this cannot be done , and some of the shareholders urge that the . call ought therefore at least to be returned . The Brighton Uailway traffic return shows this week an increase of £ -1 , 085 . ' Parliamentary notices have been given with reference to a new railway through the northern part
The ordinary general meeting of the proprietors of the Eastkkn Bexgai , Haii-way Company . took place on Wednesday . From the report which was adopted it appeared that the works were proceeding with all the rapidity possible , but some djHieulty had been experienced in obtaining possession of the land . It had been determined not for the present to attempt the construction of the bridge across the Ganges , on account of the gre .-it expense . In consequence of a slip of land having been granted by the Government , the company ' s station would be extended to the River Ilocghly , and near to Calcutta . Owing to the large amount . paid in advance , there would be no call during tha present ycar . ^ The directors had appointed Mr . Jlawkshaw , C . K , in . the place of the lamented Mr . Brunei , as consulting engineer . .
....... At the special meeting of the Gkkat ^ estehx Uaiuvay of Canada Co . mi-anv a . resolution was brought forward for allowing the directors to exchange the mortgages held by them lor aJoan ot £ 250 , 000 to the Detroit and Milwaukee Uailway . Company fora like amount of preference shares to be issued by the latter company , who wo . ' , grunt a fresh mortgage of their property . Ihc suujeet led' to soiho discussion , but the resolution , was carried by a largo majority .
Imwtovbo I'Assbngeit Accommodation In Ti...
iMWtOVBO I ' ASSBNGEIt ACCOMMODATION IN TIIH MiiuxxiiUKANBAN . —The announcement of a proposal to establish an Knglish Steamship Conipuny m t «» Mediterranean lias been favourably received , ^ ns it will supply a want long folt , ami which l < ronoii traders and travellers are tlio first to recognise . TheMosBugorlosImporiales have virtually the whpio Mediterranean coasting trade In their hands , witn tho exception of the Marseilles , Malta , and Alexandria lino , and , as is generally the ease whuro thoro is no competition , thu accommodation is ut ' tlio worot description , uud tho charges are most exorbitant If to theso dlsngrooablus bo added the fact , t iac the officers and ctows are surely civil , and often impertinent to Euglish and Amaricau ladles , it win bo readily understood how all who have occasion w travel in the Mediterranean arc dlspdsed to welcome an English company , which will onsuru niodoraco charges , punctuality , civility , and cleanliness . ijw following correspondence has also appeared in in «
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Citation
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Leader (1850-1860), Nov. 26, 1859, page 20, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_26111859/page/20/
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