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Leader (1850-1860), 26th February 1859, Edition 1 of 2, Page 283, Untitled Article

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      Untitled Article

      THE BRITISH EMPIRE MUTUAL LIFE ASSURANCE COMPANY . The twelfth annual gieneral meeting of this Comr nariv was- ' held on Tuesday , February 22 , at Ridley ' s Hotel , New Bridge-street , Blaekfriars . There was a large attendance of . inembers . ; Mr . John Gover , Cbairmap . of the Board of Directors , presiding . ¦ .. ; The advertisement convening the meeting having The Secretary ( Mr . James Inglis ) read the report for the past year , as follows : — ^ The Directors submit to their constituents the following report of the business of the year 1858 : ^ -

      1 , 169 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 t .. ,.. ; .... 13 , 000 111 ditto not completed , for assuring — 34 , 610 22 ditto in progress , for assuring ......... ..... . 6 , 250 1 , 169 £ 274 , 150 Five annuities have been granted for . £ 112 9 s . The annual premiums upon the new business of the ye ar 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 , 659 , 555 . The accumulated fund has now reached £ 151 , 807 ¦ 12 s . ¦ ¦ ¦ ¦¦¦ ' ¦ . . ¦ ¦ " . ¦ ¦ • . . ¦¦ ¦ ; Seventy-five members have 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 inembers since the commencement of the 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 , { and Sanders ; also , one of the auditors , Mr . Thomas Gladwish . They are all eligible for re-election , and offer themselves accordingly . The foregoing report , showing 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 Secretary also read the balance-sheet of the receipts and expenditure of the year , which showed the Company to bo in a prosperous state . The Ohaiuman , in moving the adoption of .. the report and tho balance-sheet , remarked" that they contained a truthful statement of tho transactions of the Company during the past , year , and also of tho present position of the Company , so far as it could bo stated , at tho termination of the first year after the division of profits / Tho Company had * passed through another succossful year . Xts whole history , in fact , was a history of prosperity , and would boar , a favourable comparison with that of kindred institutions . The total number of policies issued from tho commencement was 10 , 838 , assuring the sum of £ 2 , 213 , 910 } tho total numbor of claims waa 383 , tho aggregate amount paid being £ 79 , 142 3 s . Od . Three bonuses had boon declared , amounting together to £ 53 , 807 16 s . 2 ( 1 . —* viz ., £ 23 , 102 10 b , lod . paid in cash , £ 10 , 033 8 s . lid . applied in reduction of premiums , and £ 20 , 131 . } £ > a . 6 d . reversionary . Tho . payments on account of death . claims and tho bonuses gave an , aggregate of £ 133 , 000 . After all those payments tho Company had still a very largo accumulated fund , and an income of nearly ' £ 00 , 000 a-yoar . ( Cheers . ) It

      would be observed from the report that the new business ,- ^ -that of the past year , —^ amounted to £ 220 , 000 ; and it 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 . tile 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 .

      The retiring members of the board , Messrs . Groser , Lewis , Millar , and Sanders , and the retiring auditor , Mr . Thomas Gladwish , haying been severally re-elected , Mr . Millar 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 .

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      LABUAN" . The establishment of trade -with Labuan seems __ to have given great satisfaction to the mass of the inhabitants of the countries and rivers from Sarawak to Sulu and Balungun * although looked upon with jealousy by the Government of Brune . The number of trading Bornean prahas which entered the harbour in 1856 was 467 , at 800 tohsy making , with the British and other vessels ( numbering 41 ) a total tonnage of 13 , 166 tons . The exports had risen in value to 20 , 080 * ., 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 , 563 * . ; birds ' -nests , 1 , 105 * . ; pepper , 887 * . ; beeswax , 818 * . ; camphor , gutta-percha , trepang : > pearls , and sundries . Tie . imports still exceed the exports , those of 1856 being valued at about 34 , 000 ? ., of which 13 , 238 * . was cotton goods , and 6 , 409 * . specie . The coal company has had to contend with serious difficulties in getting rid of the water in their slants ,, and this has told upon the revenue from the decrease iu the royalty received . In 1854 , 6 > 805 tons were said at the mines ; in 1855 , 1 , 394 tons ; and in 1856 , 5 , 539 tons . Although the production of coal in the market has been delayed bv these adverse circumstances , there is no doubt of its good quality , and that it can be supplied to a considerable extent , and may be increased to any amount , " relieving our lfiines at horine 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

      just confidence in the views which led to the formation of the settlement , and I trust that temporary and unforseen difficulties may not be confounded with the permanent principles upon which the . success of Labuan 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 , to give confidence , to open 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 the 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 2 elegraph .

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      The London , Tilbury , and Squthenp Railway . —The Metropolitan Board of Works have entered into arrangements with this company as to the manner of carrying tho main drainage works across tho Barking Branch of tho railway , which will materially facilitate the operation of executing the worlds . The levels c-f tho soffits of tho construction are to be rospoctivoly 18 ft ,, and 18 ft . 5 in . above tho datum of tho section , and tho works over the railways to be oarried over in such a manner as may bo approved by tho engineer of tho railway company . The Metropolitan Board arc t , o pay the company the sum of 5 , 000 / . as compensation' for all loss and inconvenience , and for executing the noces * - sary alterations of tho railways . The openings over the railways are to bo in eaoh case not less than 25 ft . span on tho square .

      Rknt * Guarantee Society—Tho annual mooting of this company was held yesterday at tho oflicos , C . N . Johnson , Esq . . in tho chair . Tho roport road showed a steady progress of tho aooigty during tho yoar , and a dividoncl was proposed , at tho rate of a per cent , per annum upon tho paid-up capital , which waa nn increase' over tho proceeding year . Tho report arid accounts wore unanimously adopted . Tho lion . "William Napier was re-elected ft director , nnd J . II . Lloyd , Esq ., Q . C ., was elected in tho place of W . S . llougkinsqn , Eeq ., who resigned ,

      Portuguese Gold Mines . —A Lisbon letter says : — " 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 . " Telegraphic Communication 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 whe 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 tc develop the resources of their property , such as th « Burra Burra and the Kapunda . Great as has already been the sums of money appropriated in dividends , and the colossal fortunes which have beer realised bv individuals from this source , yet it is clear that mining in Australia is only in its infancy and that equally remunerative returns may be expected from localities which are now only springing up into existence in the ' mining world . Victoria and identified with

      New South Wales are more closely 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 assisted * 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 . ——Min ' mg Journal , Feb . 12 . returns of the

      Victoria . —By the statistical colony , it appears that commerce continues to exhibit 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 ba lance 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 , Peb : 12 . .

      The Public Debt . —A return to the House of Commons , presented in pursuance 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 , 062 14 s . Id . ; annual charge , £ 27 , 017 created in

      7 s . 6 d . ; also amount of Exchequer Bonds , 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 into 3 per Cent . Annuities , £ 3 , 333 , 250 ; annual charge , £ 100 , 997 9 s . 6 d . ; also a loan of 5 , 555 , 416 13 s . 4 d . ; annual charge , £ 168 , 329 2 s . 6 d . Also a loan of £ 5 , 376 , 458 6 s . 8 cl . ; annual charge , £ 162 , 906 13 s . 9 d . In 1847 and 1848 nil . Tho total addition to the public debt during those ton yoni's is thoreforo £ 29 , 048 , 785 19 s . 3 d ., and the annual charge created in respect thereof £ 1 . 083 , 773 5 s . 9 d .

      Russian Loan . —The Commercial Gitzatto of Berlin states that it has good authority for boljoving that tho Russian Government are negotiating a loan ot £ 5 , 000 , 000 . with Messrs . Rothschild . Tub Pout oy London . —The general business , of tho Porb during tho past wook has boon vory inactive , and , compared with last wcok , there has been a considerable decrease . The number of vossols announced inwards at tho Custom-house as haying arrived from foreign ports amounted to 124 . There wore 6 from Ireland and 148 colliers . Tho entries outwards amounted to 112 , and those cleared wore 89 besides 15 in ballast . Tho departures for the Australian colonies have boon eight vessels—viz ., two to Sydney of 1080 tons , two to Port Phillip ° f 2 878 tone , one to Adelaide of 400 tons , ono to Hobart Town of 071 tons , and two to New Zealand , B 78 tons i making a total of 0 , 810 tons .

      Untitled Article

      No 466 , February 26 , 1859 ] THE LEADER . 283

  • Citation
    • Leader (1850-1860), Feb. 26, 1859, page 283, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2283/page/27/