Page 162 - Canadian Dominion Directory 1871 - Partie 1-fusionné

MONTREAL.

INCORPORATED BY ACT OF PARLIAMENT.
OFFICES: 38 King street, Hamilton; 27 St. Francois Xavier street, MONTREAL.

HUGH C. BAKER, Esq., President, j JOHN YOUNG, Esq., Vice-President.
THOS. M. SIMONS, Esq., Secretary.

Hon. Jos. BOURRET, Chairman. WM. WORKMAN, Esq.
J. G. MACKENZIE, Esq., Vice-Chairman. GEORGE E. CARTIER, Esq.,M.P.P.
HEW RAMSAY, Esq., Manager.
Solicitor.—L. T. DRUMMMOND, Esq., M. P. P., Solicitor General.
Medical Adviser.—ARCHD. HALL, Esq., M. D.
THOS. RAMSAY, Esq., Secretary.
tS" See also Card under the head of HAMILTON, page 96.
THE FOURTH ANNUAL MEETENG^TttirCOMPljNiTwaa held on the 5th AUGUST, 1851,
when a lengthened Report was read, which gave great satisfaction to all present. The following ex-
tracts will be read with interest:
The number of Policies issued in the year ending the 30th April, 1851, was 278, assuring £113,722
3s. 5d., and creating an additional income from premiums of £3,174 19s. 9d.: the excess upon the
business of the preceding year being 45 policies, £9,980 8s. lOd. assurances, and £13611s. 9d. income.
The business actually in force (all policies upon which renewal payments were due and unpaid
having been cancelled) was comprised in 665 Policies, assuring £274,867 2s. 2d. upon 582 separate
lives, two Annuity bonds, securing £160, and one Endowment bond for £100, the whole yielding an
income, exclusive of the interest upon the invested means of the Company of £7,930 lls. lOd.
The Receipts of the Company during the period embraced by this report, have been, £14328 16 4
Balance on hand, 30th April, 1850, 10468 5 1
Total, :. £24797 1 7
And the Expenditure for the same period, . . . . • . . . £ 6664 11 9
Leaving a balance of 18132 9 10
£24797 1 7
Which was thus distributed:—
Cash, ' . . £ 48210 9
Cash at Agencies, . 464 3 3
Investments, . 12610 19 11
Investments on Policies, 3624 2 1
Real Estate, 641 10 10
Office Furniture, 132 1 3
Interest accrued on investments to April 30, 1851, 177 1 9
£18132 9 1
The Company had been considerably over two years in existence before it sustained what is popu-
larly but erroneously termed a " loss," and for the period embraced by the last Annual Report, but one
" claim " by death matured, and that only for a trifling amount. During the past year three policies
have become claims on the Company, covering the sum of £1650, all of which were paid upon the re-
ceipt of the required proofs of death and ownership, and without the delay provided for in the condi-
tions of assurance.
In the preliminary valuation of the resources and liabilities of the Company, to ascertain the amount
of profit available for distribution, the Board has continued the cautious system explained last year:
that portion only of the income which arises from premiums having been included, and which repre-
sents the actual value of the risk undertaken by the Company.
In preparing the new tables, care has been taken to regulate them so as to secure to the assured in
equitable proportions, the important advantage of the higher rate of interest at which this Company
can make its investments. Thus the young assurer, who may reasonably look for long life, will find
the new tables of this Company comparatively more advantageous to him than the assurer of increased
age; for while the rates of the generality of British and American offices will be found on an average
to exceed them from 6 to 10 per cent., at some of the earlier ages the excess is as great as 18 per
cent.; so that a policy for £1180 could be secured in this Company at the same yearly cost as one for
£1000 in another Company, without depriving the party assured of his right to share in the profits
which even an average success must render equal to those of other Companies.