REPORT OF THE DIRECTORS OF THE LIVERPOOL AND LONDON.

Wellington Independent, Volume XVII, Issue 1724, 13 May 1862, Page 5

REPORT OF THE DIRECTORS OF THE LIVERPOOL AND LONDON.

FIRE AND LIFE INSURANOE OOMPANY. To the Twenty-sixth Annual General Meeting of the Proprietors, held pursuant to the Provisions of the Deed of Settlement, on the 13th day of February, 1862, in the Public Sales Room, Liverpool and London Cham' bers, Liverpool. * The events of the year 1861 have pressed with unusual severity on the interests and resources of Fire Insurance .Companies. That pressure, however, has demonstrated that the ability of those institutions is equal to the heaviest strain and that the almost unlimited confidence reposed in them, is fully warranted. The Liverpool and Londou has had to meet its share of the disasters, but the large addition to its revenue enables the Directors to render notwithstanding, the following not unfavourable account of the year's experience and results. CAPITAL. There has been a further issue of Capital to the extent ot £100 cf Stock, and the amount in the hands ofthe Proprietors is now, therefore, £189,002. FIRE DEPARTMENT. The Premiums received for Insurance against Fire amount to £360,130 19s. 9d. Whilst those for 1800 were 313,725 12 7 Showing an increase in the year of £i 6,405 7 2 The Directors conceive that these figares, coupled witb the fact, that to the augmentation of the Premiums, all tbe Branches, with one i trifling exception, ha?e contributed, will be! deemed satisfactory by the Proprietors. They know how frequent and how serious Fires have been, and will recognise in the important progress now registered, the best evidence that in all things and at all times, the reputation ofthe Company has been cared fov, and the public confidence secured. Iv the deliberations consequent on the Great Fire in London ; the Directors considered that they should best dis charge their obligations by endeavouring to obtain a moderate increase of rate, but along witb it to promote important improvements in the construction and character of risks by means of an immediate reduction in Premiums on the improvements being completed. In the first instance they did not succeed, but there has ultimately beeu established a scheme of charge for the Mercantile Insurances of London, based upon that principle. Its beneficial operation iv Liverpool and elsewhere, not for the Insurance Offices only v but for all interests, has been amply tested and established, and it would be a matter for deep regret if from any cause, its influence should be crippled, and tbe effectual separation of Buildings, in the confined spaces of the Metropolis, now commenced, be stopped or retarded. Thhe Losses of the yeai are £249,313 19s. sd. LIFE DEPARTMENT. A large Life Business has also been transac ted. T.ie number of Life Policies issued is 754, insuring £448,562, and producing in Premium £13,793 13s. Od. The account shows that the total received from this source was £135,974 2s. 3d., and the amount of claims paid £75,132 9s. 2d. Ofthe Annuitants, 13 have died, to whom £273 7s. 4d. was annually payable, and 51 new Bonds have been issued, under which the annuities are £1,960 13s, 10d.— The tot il sum now payable in Annuities is £21,271 17s. 2d., and the Balance at the Credit of the Department at the close of 1861 is <£762,'<62 15s. 9d. Against that of iB6O 707,785 7 3 Showing an addition 0f. . . . ,£5_,477 8 6 to the Life Reserve as the result of the business \ ofthe year.

:= „;TTT7T, 77^7,, „.,- n,,, .lir.f'i'ifl BRANCEt ESTABLISHMENTS AND AGENCIES. The Proprietors will not fail to perceive that much of the improvement now noted is to be ascribed to the activity and zeal of those, who at greater or less distance? from the centres of operation, labour earnestly and ably to advance the interests ofthe Company in their respective localities. It would be easy to name several who have eminently distinguished themselves, but it will probably be sufficient to say, that such exertions are not unobserved. The return of Renewal lists, with every receipt taken up, is by no means infrequent, and is the strongest testimony to efficiency which an agent can produce. In such cases the rule is general, that the conesponding list of the /ollowing year is a longer and more imposing document. RESERVED SURPLUS FUND. This Fund is increased by £275, and its amount is vow £216,421 lis. lid. PROFIT AND LOSS. The Balance at the credit of this account is £200,496 3s. 9d., and from it the Directors propose to take tbe same dividend which the Propiietors have received for several years, and when that has been paid the Balance of undivided profit will be £144,218 19s. 9d. Of the the dividend now declared, one-third was paid in anticipation onthe Ist Septembpr last, and the remainder, for which warrants will be issued in due time, will be payable as usual, on tbe Ist of March. The following Table exhibits the amouDts at the credit of the several Funds of the Compauy:— Capital „189,002 Os. Od. Reserved Fund 216,421 11 11 Life Fund 762,262 15 9 Profit and Loss 144,218 19 9 £1,311, 905 7s. sd. This large sum is satisfactorily invested, and such part as is held by the Boards abroad is certified by trJem to be amply secured. The Board is now rble to report that tbe Lancashire Company entirely failed in the endeavour to set aside the Guarantees they had given on risks in Valparaiso, under which claims had been made. Their liability has heen estab. lished, and after some difficulty the Board has succeeded in having it referred to Arbitrators, to determine what sum, in conformity with the principles laid down by the Vice-Chancellor, that liability amounts to. In the course of a very few weeks the award is expected, and a termination to proceedings of a painful and costly character will then be arrived at. The Board has had to regret the loss of an old and valued member of the Direction, in the death of George Holt, Esq. At the establishment of tbe Company he was elected its Chairman, and continued in that office till the end of 1839. Since that time the Company has had the advantage of his judgment and experience, in the superintendence of its affairs. Throughout the entire period he evinced a warm interest in the welfare of the Institution, and his loss is proportionately felt by his colleagues at the Board. In conclusion, tbe Directors feel that they may congratulate the Proprietors on this ending of 1861. Throughout nearly its whole course, continual demands have been hade upon the Funds, to an extent which threatened to exhaust the entire Premiums of the year. Towards its close, however, a change was experienced and a valuable illustration was afforded of the real nature of a Fire Insurance Buisness. It is not to .be judged of by the events of a day, or weet, or month. Its profits are not intended for the speculative or fearful, but for those who have confidence in the principles on which such institutions rest, and are willing to abide tbe issue. Tbe is no instance of a company that has attained by gradual and steady growth, the magnitude of the Liverpool and London, being seriously inconvenienced by the occurrences of a single year ; there is no feature in the Liverpool ancl London itself to make it more liable than others to that contingency, there is much on the contrary, to implant faith in its future, for those who know its constitution, and are acquainted with its history ; and iv its decided progress, year by year, there is the most con* vincing evidence that it fulfills faithfully and satisfactorily its various trusts, The Directors, therefore, look back, with some pride, on the successes of tbe past, and forward in strong hope, for yet greater things. GEORGE GRANT, CHAIRMAN.