LIVERPOOL AND LONDON AND GLOBE INSURANCE COMPANY.

Globe, Volume XXII, Issue 2004, 27 July 1880, Page 2

LIVERPOOL AND LONDON AND GLOBE INSURANCE COMPANY.

The forty-fourtk annual general meeting oi the proprietors of this company was held May 19th, at the offices, Dale street, Liverpool. Mr H. B. Gilmour, the chairman of the company, presided. The report which having been printed and circulated amongst the proprietors, was taken as read, was as follows : The directors have pleasure in submitting to the proprietors their report and accounts, shewing the company’s p sition on the 31st December, 1879. Fire Department.— Owing to the_ early period fixed for the annual general meeting, by the original deed of settlement, it was impossible to get the accounts of distant foreign agencies up to the 31st December of the years reported upon; at former meetings, and although the reports gave twelve months’ transactions for each agency, the directors, feeling it to be desirable that all their accounts should close at a uniform date, obtained your sanction last year to hold fnture meetings at a later date. This has enabled fhem to presen 4 - their entire accounts on this occasion up to the close of the year, and in this form they will in future be rendered. The company, during the year, has had to meet the difficulty of a rapidly increasing and severe competition, resulting in a decrease of rates and a diminution of the profits hitherto obtainable. It is, howevfr, with satisfaction, that, notwithstanding this difficulty, they are able to report an increase in their net revenue, after deducting the small amount of premium, for the time exceeding twelve months for the distant agencies, which the change of system gives in this year’s accounts. The premium income for the twelve months under the old system would have been £1,070,067, or .£53,172 in excess of that for the former year ; under the new system after deducting the sum paid for reinsuring surplus risks, it amounts to .£1,076,458. The losses, paid and outstanding, amount to £1663,998. The account, without the addition of interest, shows a surplus of .££8,034. the total surplus, including interest, being £1169,149. Life Department. —During the year the company has received 785 proposals to insure the sum of £131.511. 559 policies have been issued for £339,631; 102 proposals are not yet completed for £50,250 ; 94 proposals have been declined for £41,630. The premiums on new assurances during the year amount to £11,346,. the total premium income, after deducting the amount paid for re-insnrance, being £229,042. One hundred ard four annuity bonds have been issued for a consideration of £51.612, granting annuities amounting to £4617. The holders of 89 annuity bonds have died during the year, relieving the company of the annual payment of £4267. The funds of the department now amount to £3,051,921. The profit and loss account, after paying the Globe perpetual annuities for 1879, leaves a balance of £210,890. Ot this amount the board cf direction have carried £50,000 to the general reserve and fire reinsurance fund, and it is proposed, subject to the approbation ot the proprietors, to pay a dividend for the year of 10s per share, together with a bonus of 6s per share. On. the 22nd November last an interim payment of 5a per share was made on account, and, if approved by the meeting, warrants for the balance, viz., 11b per share, wifi be issued payable on the 22nd instant.

The funds of the company will now stand as follows Capital (paid-np), £245,640; general reserve and fire re-insurance fond, £1,350,000 balance of profit and loss, after payment of dividend for 1879, £62,634 ; Globa 6 per cent, perpetual annuity fund, £1,102,800; life and annuity funds, £3,051,921. The directors have aeain to thank their repre* sentatives at home and abroad for their continued exertions on behalf of the company.