THE EUROPEAN ASSURANCE SOCIETY.

Grey River Argus, Volume IX, Issue 632, 5 February 1870, Page 4

THE EUROPEAN ASSURANCE SOCIETY.

At the adjourned meeting of the European Assurance Society onNovember ,18, the report of the ' special committee appointed on Nov.' 10 w&s presented. . The committee " were of opinion that there had been jjrossmismtinAgetneut and reck- j lessriess in purchases and amalgamations with other companies, and an enormous and iin justifiable "expenditure;?' T^y condemned "the want of .proper . vigiit ance on the part pf the directors, and. the gretit pn wer acquired by the " general manager, which power had been : :very < . f re-; quently exercised improperly.''.. Thsy. therefore rocorainende^ au, entire change in the management 1 bf^the'-Bpcieit^, arid a' cjJI of 10a a share to pr<»diiceT a .reserve fund which should justify puWic cpnfi-. donee. The repprt ww.adoptbd, *V resignations ofthe : board were accepted, with tbe exception of thdse^of Sir H. F. Smith, Dr Read, and Mr Hanspri,whp are tp form part of the new board,. The resignation of the general manager was also . accepted. The new directors .will be Messrs J. Brown Westhead, M.P,,'Aldermap Carter,, M, P., A. BrUtpwe,: J. T Field, Chiide, E. Hjjaley, and t lie Hon. Auberon jferbertr' " : ; •' ; v ' !y ' 1 "' ! - '