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Leader (1850-1860), 4th June 1859, Edition 1 of 2, Page unpag., Untitled Ad

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  • Departments (1)
    • REPORT OF THE DIRECTORS TO. THE SHAREHOLDERS OF THE EUROPEAN ASSURANCE SOCIETY,
  • Adverts (6)
  • Text (3)
  • Transcript

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      Untitled Ad

      rBESE . NTEI ) AT THE ANNUAL CESERAIi MEETING , 1 IKI , 1 > AT THE OFFICES OF T 1 IK SOCIETY , IN o . 2 , WATERLOO PLACE , PALL MALL , LONDOX . ON TUESDAY , 31 ST M . U , ISS'X rnllE DIRECTORS , in presenting their Report -L for the year 185 & , have " . pleasure in being able to lay before the Shareholders and Members of the Society tlio following Statement of its position and prospects : — ¦ During ; the past year 1 , 415 new Life Policies have been issued by the Society , producing . an annual reve-mie of £ 13 , 1 . 7 . ) 11 ' - And during * the same period , 0 (} 4 new Guurun- ' tee Policies , producing . .-. : 2 , f , ( C 7 < V Tliiilncw IJeveivuc therefore , acquired during the year , wits . £ 10 , 7 < y IS S These amounts include the Premiums p _ u 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 .-65 , 430 17 s . 0 d ., exhibiting , atr inerease over the surplus of the previous year of £$ 77 IDs . 3 d . On the . 'Ust of December , 1858 , ' ' the ltcveuue of the Society arising from Policies then in force , was £ 105 , 000 11 s . ad . The Cash and Invested Assets amounted to £ 2 * 20 , 780 0 s ., M ., in addition to the Capital not called up , which amounts to £ 101 , 70 S , and is subscribed for by upwards of 050 Shareholders . ¦ After a long ' and careful negotiation , the Society has , under the powers of the 104 tli sept ion of the Deed of Settlement , succeeded , in acquiring the business of fhe "European Insurance and Annuity Company , " tho premiums derivable from which , have , added an Annual Income of £ -tO , 000 'to the Society ' s Kevomio 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 tho business of another Society , having n largo revenue and a considerable invested fund . Tho Iteveimc of tho society will 'bo greatly nugmonted by thesis acquisitions , but iho ' Aunual Expenditure will not bo materially , if at all , increased . Various circumstances have hitherto combined to prevent tlio further reduction of expenditure , 1 o which the attention of the Directors hns been anxiously directed , but they are uow engage'I < ipon a revision of every department , \\\ iu a view to the introduction of a rigid system of economy , from which they expect the most bonollofnl result .- ' . Applications , us tho Shareholders nre aware , have , from time , to time , ' been iniulu io various departments of the ( iovermnenf , fur their sanction to tho acceptance of tho Society ' s guarantee in cases of Government Employes , but . in every case the heads of departments , wliili ' t admitting the value , of the Institution , and of the principles on which it rusts , were unable to uive the requisite hnu . ction , by reason of there being no authority by Jnw for such ucccptaiKv . legislation on this point wiiH therefore necessary . The . Directors iiIbo found by experience that the . acq'ils ! - tlon' of new business wiih seriously Impeded by tho inline adopted in the l > eed of Sottleinent . The title " 1 ' eoplc ' n I ' roviiK'iil , " led to the riiipposltion that the Soelet . y dealt , only In small assurances , intended for the convenience of f he ' lnditstrlnl classes ; it . therefore nppoaivd essential tothe Intercuts ol' the Society that this mlsitpprelMMiglon Hhould be removed , The ue | iilslll . > n of the business of the ' European Iiifftiraueo anil Annuity Company , " a Cinnpiuiy of old standing , ami incorporated under two spreiul Ai'ft * of 1 * iirlim > i « 'pit , all'onleil a favourable opportunity for providing for the ubpvu important objects . The Directors , therefore , utter full consideration , duuincd Ir expedient to apply to Purlinlimit accordingly ; and u Hpnclnl Act , 'i'i 'X It * ., on ]) , xxv ,, received tho Itoynl Assnnt on tho Will April lust , and cninc Into opei ' iitlou mi tho Uth . May liintaut . Ity vlrfm-of thin Act tho Society linn adopted tho name of tho " Kuropeuti Aw ' rturance Society , " i | ml I" now In a position to transact gunrnntoo buMncHH with every de )) iirtineiit of ( iovernniont . Am no other Company oim oiler the smno advantages , by I lie (• oiiibhnillon of lAl ' v Assurances ut rcducoil rates with k'klollty ( iunrunt'ee , the Directors feel JuslKled In anticipating a large I no reuse in 111 «• ( iuai'anlei' branch , After the ordinary bus | nc « H of tint Annual General Moct-Ing shall he concilium ) , tho meeting will he declared special , to alter the tlilrty-olghtli clause of the Deed of Sell lenient , wherein ihe Directors , are empowered to create a ( Itiarnntcc Fund mil exceeding . Ulo . niio . Tills Fund , In torwa of tho Act of I ' nrllnnu ' nt , Im now required to bo lucruufloil to C ^ o . ihio , mid the sanction of tho Shareholders \ h requested Io the . Increase of Hiich KeHervp Fund \\\ tei'mu of tho ( finhtouulli Hoctlon ol ' tlui Woi'lety ' H Act .

      Untitled Ad

      FOR MUTUAL ASSURANCE . METROPOLITAN LIFE ASSURANCE ; .: SOCIETY , No . 3 , P 1 UXCKS STltEKT , 1 JAXK , 15 . C . ES T A B LISHEJ 1 1 S 3-3 . DlKKCTOl . 'S . Daniel Burgos , jun ., Ksq ., Eraser } i . JJenshmv , Ksq . Bristol . . foliu . T ^ aurence , Ksij . Jamefl Dawson , Ksq . William - )¦ I ^ escher , Ksq . Francis . ! . Delafosse , Ksq . Sir J . Puxton , 31 . 1 ' ., ( . 'hats-I'Yan ' cis Fox , Ksq-. worth . Kichnrd Fry , Ksq ., IJver- ( loor < xf Pearcc , IJsq . pool . Joseph l ' ease , Ksq ., Diirlnjg-William C ! rant , Ksq ., Ports- ton . mouth . Henry Sturt , Ksq . Ccorge-Marker , Ksq . J . Ingram Travel's , J ' . sq . Sir Itenjiiiuin Ilawes , K . C . I 5 . Joseph l . ' nderwooil , Ksq . Kx-DiKPjCTons ( by rotation \ Peter Cator , Ksq . ; James I . loyd , Ksq ., IJirinlnglium . ( Joorge \' aughan , Ki-q . / 'lif / siciuii—Dr . Fox , : to . Now Mrond-Htnvt . Smyi'OH—John Hilton , Ksq ., F . K . S ., in , New Uroad-rttroet . llnnl'et'A—Messrs . Williams , Deacon , anil Co . SoliriU . ir .-i— Messrs . Amory , Truver . < , and Smith , - . '" p , Ihrogmorton-street . ADVANTAGKS < > K " aSsT I ! I N ( J WITH TINS SOCIKTY . 10 cr » ioink-ul manageineiit , no paid agents being employed , and no oominlsfilon allowed . The application of the wholeuf the prollls to tlit rcduvtlon of Hie premiums of iueii \ berrf of live your * utinnlliig or upwards . 'I'lte guarimleeof an uccuninjaii il fund exceeding' t > ' ( ' iii , 'i oo . A gross annual Income , CMO . OOi ' . During Its ex | sti'iici > the Society has pnid In claliiiH , without n single Instance of dispute , £ . Wi , iiiiii . And has returiied to ^ inemberri In reduction ol' iliclr annual premiums , . V , jm . uim . The sums iiHHiirod by existing ]) ollcies evcei d C : ( , « ifm # . » mifi . Forthe voar ending the It II or April , iMto , un nUatemont ha * been dViTari . 'd at the rate ol-. " it per cent . IVi'Monrt desirous of becoming members of Ihls Society would llnd It ailvantiigeoim In lodge jhrlr proiwmito on or bufoi'c tlH . ' . - ifli of July ) H ' . \ I . I ' rospi'cHises nml full p . irlli . 'iilars inny be obtulin'd on application to Juno J . 1 S . MI . II HXItY M A 1 ISH A I-, Actuary .

      Untitled Ad

      LONDON OHABTEEED BANK OF AUSTRALIA . INCOKI'OUATKD 1 » Y ItdYAI , ( . 11 A Iff Kit . P A I D - U P CAl'l T A I ¦ „ , 7 0 0 , 0 00 / . < ti . vnoiAN —Dl . NCAN lM . 'N'll . VII , Kriij . Di'PLTV . Cu . viUM . VN-WIKI . IAM FANKDKHAIJS , Khij . <> rnci : rt —i ; , CANN ( J \ -STltKKT , ICC . TKTTKKS of CltrcmT nml HILLS « . l " ij KXCMAN'O 10 are granted on thu UranclK-H of thM Manic nt MYDNKY , MIOIJtOCKMC , OKKLOMI , JM A IJ VDOKOUOII , AKAItAT , uud UAIJ-AUAT . DUAKTS of the Australian Uolonkm neKotlalriluml hciiI for collect lun . . Uy or < l < r of thci Cpml , U . M . UliLU , rti-crotiiry .

      Untitled Ad

      DISTRICT SAVINGS BANK ( I , I M ITK I '/ . ,., .. ,, , Cnn : r () rrici :- ( l ? , KI-KKf STKKK'f . I- o . Mid . N , 1 .. C CAIMTAL , jI \ 3 O , O 00 . With power to IncreaM' In <> m' . MilMmi . I'HKSIDKN'I " . Tho Klght lion . KAIM ^ ol- Sll UKW .-MI 1 1 . Y auf . Delioslls Ifocelved of One IVnny ( Hid np \ val''l . * , ami lutrrestnllow . il al tlierul . ioflli iMTCiiLjieriinumn on rttinnt oJ Five SlilllhiH" » " < l itj »»\ 'it ) - * lH . I . NVK ST . MK . NT DKI'A UT . M KNT . InveslinentH are received froiii XH » and ujiwardH , upon Wllli'h Illti'l-eHl lH IllloWdd IIS folluWH ! --Kor one . 'Monlh , with notlcti < : I o percent . I ' m-Two Moiilht J . " . per cunt , ^ For Three MoiiIIih -I in p « T ei- ; il . , , ..- , ' For Six Monthrt " . | | £ C € onf . , ¦ ' - ¦ > ep 0 Mll , foru , mvr pw' ^^ jvir ^ iS'vrivrriA ^^ ww ^^ ' / - \ : Q •¦•• ^ - ! 1 2 v # ^ 3 bw * , ¦ J 'Ti

      Untitled Ad

      , KKPOlii' OF TJIK DHtKCTOKS . AT THE NINTH ANNUAL dKNPZUAL ii MKJETIjSG Of the Proprietors , held on Friday ' tliu-. ' . i / th May , 18 S ' . ) , at the Society ' s Utlice . The Directors liayo much pleasure in placing before ^ the Shareholders , at this the Ninth Annual General Meeting-, the following- state-. Dicnt of the progress of the Society during the past year . Up to'the 31 st December last ( the close of tlie flnanckil year ) 334 proposals had been accepted , and ' polfcius . issued , yielding an income of £ . J ,: &u !» s . 10 d ., Since which date 188 policies have been issued ; yielding an income of £ 3 , G 2 L las ' . 7 d ., and the total number of policies issued tlie Society since the date Of tho last ltcport is : W 1 , >' : ducing- an income of £ ( J ,. 'J 30 IDs / 7 d . The Directors are happy to announce that' they have , accepted the transfer of the business of two J , ifc Oftice .-v producing an income of upwards of M'l , W 0 per annum . After a careful investigation and estimate of value , these negotiations were concluded upon terms which the Directors trust will prove highly advantageous to the Society , a large , additional income having been thus secured , and an extended and valuable connexion and agency established without any increase in tlie current expenditure of the . office . It will bo observed that the claims have been more numerous than in the preceding ' year ; hut the directors hare pleasure in stating that the mmibi-r does not exceed the average to be expected to fall due from year to year , considering the increased business of the Society . The present income of the Society does not . by any ineaiin indicate the amount of business that linn been transacted since its formation , owing to the number of pnlicli" < which year by year have become lapsed ; but the directors unhappy to state that although a diminution of income Iimh been thereby caused , a large prollt has l » eii " reallsei , 111 - amount received in premiums in respect i . f such policicii having been more than Hulnelcnt to pay Jill the claims thai have arisen since tlie formation of the Society . The directors have , however , much pli-. ismv In informing the shareholders that after making allowauci- l \> v all lapse * to the present date , the . income of the Society now nnuittiil .- * to Cl . i , ( Hiu por annum . Mr , IIenry 1 ' aull , M . I ' ,, is the Director who n-tlres by rotation , and that gentleman oiler ' s himself for re-election . Your Auditor * , Mr . Win . Clelaml and Mr . I ' . < i . < iivvll ! . \ also retire , and being , eligible , olft-r ( IiciiihcIvch lor reelect lini . Tin- Director * , in ooneliiHion , hnvo only again to cinuii'atuluto the Shareholders on tho position ami piwpi'HM of th . « - Society ( anil trust that the latter will mushier that III ' foregoing statement . IntitHIc * them In nu doinyi , and loiirtmire them that aided l . iy that s-. ealons co-opi-raiioii on Ihe part ol the ShaivllolderH In their respecllvn locallili ' . - ' . which has In several Instances ho ninterlally nsslstol the I Hi l « U' « In tlirii - I'X-ril'tlonU , they llMVi ; tlld J ' llI lOrtl t'Olllldellce III I lie collf Him" ! and entire i ) i-oHpi ; rlly of the Society . KDWAItDS . HA IINKS , >' ' •'•'¦ ' '/'" ' ' . ' .

      Untitled Ad

      LAW PROPERTY AND LIFE ASSURANCE SOCIETY . : i 0 , ESSEX STKKKT / STUAN'D , LONDON . CAPITAL , 4-250 , 000 . DIUECTOJtS . Kalph T . Brockman , Folkes- I E . E . P Jvclsey , K .-sq . 1 he tone . I Close , Salisbury . Edward Wm , Cox , Esq ., 30 , John Mead , Ksq ., ~ i , . Kiny ' a-Jtussell-square . . bench-walk . Temple . George Frederick Fox , Esq ., II . i ' aull , Esq ., M . P ., M Bristol . Devonshire-place . Auditor * . — 'William Cleland , Esq ., Waterloo-place-, 1 ' . G . Grevillo , Esq ., 2 fS , St . Swithin's-lane . Medical Officers . — Nicholas McCann , Ksq .. M . D ., . >) Parliament-street ; Henry Thompson , Ksq ., M . 15 ., l ' MC . CS ., 10 , Wimpolcrs-treot . ConsfUtiny ActiMri / . —V . G . -P . Neisou , Esq ., F . S . b . Secretar / i . —Edward S . Barnes , Ksq .

      Report Of The Directors To. The Shareholders Of The European Assurance Society,

      REPORT OF THE DIRECTORS TO . THE SHAREHOLDERS OF THE EUROPEAN ASSURANCE SOCIETY ,

      Untitled Article

      k POLITICAL , LITERARY , COMMERCIAL AND FAMILY WEEKLY NEWSPAPER , ' ' . ¦ . . AND . . ¦ ¦ . . RECORD OF JOINT STOCK COMPANIES , BANKS , RAILWAYS , MINES , SHIPPING , kc ' __

      Untitled Article

      VOL . X . No . 480 . ] " . SATURDAY , JUNE 4 , 1859 . Price j ^^!? : ^ vIKS ! ' ^ CE

  • Citation
    • Leader (1850-1860), June 4, 1859, page unpag., in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2297/page/1/