LIVERPOOL AND LONDON AND GLOBE INSURANCE COMPANY.

New Zealand Times, Volume XXIX, Issue 4128, 13 June 1874, Page 5 (Supplement)

LIVERPOOL AND LONDON AND GLOBE INSURANCE COMPANY.

ff Extract from the “ London Review” of the 28 th February, ||v‘ publishing the following Report of the Annual Meeting fe of the Company, held in Liverpool, on the 25 th Feb. last. Ja'vV ■

f In this issue we present our readers with the ‘full freport of the meeting of the Shareholders in this Comwpany,. which took place at Liverpool on "Wednesday last, | arid also complete accounts of the transactions of the f Company during 1873. For two or three years past the | Liverpool and London and Globe has been a mark of mingled with admiration. The enormous losses I'-paid by it as the result of the Chicago and Boston fires llwere the wonder of the insurance world. At homo its Reputation has never faded, and to the peoplo of the ||United States, as distinguished from the agents of rival |cora panics, it has only risen higher in estimation by the Ijmflinching front it displayed in the face of colossal losses, Hand the” prompt manner in which it has met its claims. E). The operations of the Company during the past year S'have, in spite of all the favorable anticipations of those who Pcould understand its operations, nevertheless been watched ; with the greatest interest. It was felt that exertions ifand ability of no ordinary character would be required to lost ground, not in solidity, for that lias not been I'impaired, but as a commercial and dividend-paying institution. ’ As the accounts show, the hopes of the Sharefcholders havo been more than justified. It is not necessary to dilate upon the means by which the gratifying fyesults illustrated by the accounts have been arrived at, Ijjut simply to appeal to the figures as a proof of the wisdom Ipf the management. - On the Fire Account, £1,1Q5,732 ||yas received as net premium for 1873, whilst for the same the net losses were only £551,70-4, or 47 per cent. |The balance carried to profit and loss, after deduction of fall expenses, was £299,417. The valuation of the Life |and Annuity business shows a surplus of £84,251. On of-the securities, they have shown a surplus value fpf about £60,000 ; and the total results of the profit are such, that after a dividend of 10 per cent, the General Reserve Fuud is made up to £600,000.

H It is apparent that this result of the operations of the could only havo been arrived at by the most 'careful management on the part of the Directors and offi;cers of the Society. It is a source of just pride to the ■English assurance world that the leading Fire Office of §Great Britain should be able to pay £BOO,OOO in losses on itWo fires, and yet, within two years, by indefatigable care and patience, recover lost ground in the manner exhibited by ;he account now presented to the Shareholders and 'the public. W e observe some important modifications in ihe form in which certain items in the balance-sheet are treated as compared with past yeai*s. The management is Highly to be commended for the clear manner in which Ifchese items are put down, and can challenge criticism to point out another company in which such enormous losses lave been met with ease, and yet within two years producing a balance-sheet which is clear beyond previous years, and also showing a large profit, fairly earned and well distributed. Too much praise cannot be given to the resolution of the Directors to increase the Reserve Fuud. a strong reserve in proportion to the business of the even another Chicago fire could hardly do more |han cause a temporary disturbance of the equanimity of the Shareholders. 7rA * The present position of the Liverpool and London and &lobe s, as regards annual income, as follows: —Life ] Premiums, £245,000 ; Purchase of Annuiiies, £24,000 ; Interest on Life Assurance and Annuity Accounts, £116,000; together, £385,000 from tho Lifo Business alone. The Fire Income is £1,169,000, and Interest from various other sources, £67,000, making a gross income from all sources of £1,621,000, an income which places it at the head of English Assurance Offices in annual revenues. It cannot bo other than a source of satisfaction to outsiders, as well as those connected with the Company, that the administration of this enormous income should result in the gratifying balance-sheet now fiid before the Shareholders. The vote, passed by the Shareholders, of increased remuneration to the Directors, Irorn £2,100 to £4,000 per annum, if supplemented by corresponding acknowledgments to the staff, is not only f raceful, but well deserved. §v.- .