THE LONDON AND LANCASHIRE LIFE ASSURANCE COMPANY.

New Zealand Herald, Volume V, Issue 1445, 6 July 1868, Page 3

THE LONDON AND LANCASHIRE LIFE ASSURANCE COMPANY.

The fifth annual meeting of the shareholders iu this company was held at the London Tavern, on Wednesday, April 8, 1863, P. W. iiussell, Esq., iVI. P., iu the chair.

Mr. W. P. Clirehugh (the manager) hrving read the notice convening the meeting, the directors' repor!", of which the following is a copy was taken as read : —

" The number of proposals received during the year was 620, assuring J256,150. Of these 475 policies were issued for £'190,750, producing a new premium income of £5,784 2s 2d. The premiums on the declined and not completed cases, which formed so large a proportion of the new business, would have amounted to over £2,000. The new premiums during the five years show an annual average amount of over £8,000. The total income of the year was £28,610 16s 4d.

" There have been nine deaths during tlie year, and the amount paid and provided for is £4,400, rather less than the claims of the previous year, and much under the mortality as shown by the tables.

" The accounts, as certified by the auditor, shovr, after payment ofihe above claims (£4,400) re-assurances (£4,603 Bs. 7d.), surrender values, and all expenses, together with 5 per cent, interest to the proprietors, a balance of £10,000, enabling the directors to add to the accumulated fund forty-three per cent, of the net premiums. The total additions made to the accumulation, fund equal 41 per cent, of tlie net premiums received since the commencement, which must be regarded as a most satisfactory feature of the conpany.

" Tlie directors retiring, and who are eligible and offer themselves for re-election, are the following : —Mr. Alderman Dakin, Lightly Simp*on, Esq., and Thomas Stenhouse, Esq "'.The directors think they may congratulate the proprietors on the progress made during the first five years. They believe the foundation cf a profitable and growing business has been laid, and that during the next quinquennium it may fairly be expected that the valuable and influential branches and agen'cics established throughout the country will materially help in extending the business of the company. " In conclusion, the directors, in thanking the various boards and zealous representatives for their exertions during the year, would again urge on all connected with the company to aid the management by recommending the office to the notice of their friends and connections. " T?. W. Russell, Chairman. " W. P. Ciibehtjgh, Manager."