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THE MUTUAL LIFE INSURANCE…

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THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK, VISIT OF THE BRITISH MANAGER TO WALES. On Wednesday, the chief agents of the Mutual Life Insurance Company of New York for North and Mid-Wales together with a number of local gentlemen assembled at the Wynnstay Hotel, Machynlleth, for the purpose of meeting Mr D 0 Haldeman, the general manager of the Company for the United Kingdom, who had arranged to visit this part of the country in order the better to come in contact with his Welsh agents and their superiors. There were present Mr H Fletcher Campbell, Provincial Agency Manager, Rev D T Hughes, Mr Edmund Gillart, chairman of the Urban Council, Mr John Rowlands, sol:citor, Coun- cillors R Owen, Evan Reese, T Parsons, Messrs D E Davies (Carnarvon), manager for North and Mid-Wales, J T Jones (Llanbrynmair), inspector for the Montgomeryshire district, J E Jones (Con- way), inspector for the Conway district, F Maldwyn Edwards, J Davies, J R Jones, J H Evans, D Hughes, and E H Evans (Dyffrvn), local repre- sentatives. THE COMPANY was incorporated in the year 1842 and commenced business in February of the following year. Many years before the Company commenced business in Great Britain, its career in the United States bad been watched with the greatest interest by, and secured the admiration of, the highest insurance authorities in England. That step was eventually taken in January, 1887, on the urgent representa- tions of Policyholders residing in this country, and the success the Company has met with in the United Kingdom has abundantly justified its action. In 1888, the year following the opening of the British Branch, the proposals tendered represented assurances of £ 325,700. In 1890 the amount was £608,150, and last year (1900) £1,916,652, the premium income for the branch being Õ£521,673, exclusive of £45,980 received for annuities. The scope of the Company's business in Great Britain is equally suggestive of its widespread popularity. While embracing all classes from the Cabinet Min- ister to the artizan, the Company has in a special degree won the confldeuce of the wealthy. One hundred of this class are insured for no less than £1,582,B97, an average of £ 15,828 for each person. Not included in this category is the holder of an investment policy for £ 50,000, who, in addition to protection for that sum, draws a guaranteed income of 3 per cent. on the large annual premium payable. From the outset it has been the endeavour of the Company to give its British policyholders all the local advautages and conveniences obtainable from the best of the British Offices. Thus, every policy issued in the United Kingdom is subject to British law. Income tax is allowed off premiums due, on production of the usual evidence of title to such allowance. While thus possessing all the advantages of in. surance in a British office, the British policy- holders of The Mutual of New York fully partici- pate in the profits derived from the American business, on the same footing as American policy- holders. THE FIFTY-EIGHTH ANNUAL REPORT ,of the closing year of the nineteenth century con- tinues to show solid progress and increased busi- 'ness. The Funds in hand have increased by £4938642 and on the 31st December, 19CO, reached a total of £ 66,506,695. As shown by the :accounts deposited with the Board of Trade, these are invested in mortgages, Government bonds and .carefully selected railway and other securities of a 'high class. As evidencing the care exercised in -the investment of these funds, the market value of fthe securities exceeded their cost or book value by £ 4,269,636, in addition to this the Company realised a profit during the year of £559,919 on investments. The net interest realised during the year was at the rate of L4 5s Id per cent., and if tthe. profit. on securities were added, it would increase the return to zC5 3s 4d per cent. The 'premium income rose from £8,657,863 to £ 9,215,543, an increase of £557,680, and the interest receipts from £2,592,653 to £2,666,781. The total ordinary income was thus increased by £631,808 to £ 11,882,324. The income ifrom all sources amounted to £ 13,018,126. The total payments to policy-holders in claims, annuities, bonuses, and surrenders amounted to J65,404,560, being a decrease of £135,660 from last year's figures. Although the claims by death were well within the expectation in 1899, they were still more satisfactory in 1900, amounting to only £ 3,074,498 as against £3,293,008 in 1899. This fact is evidence of the care exercised in the selec- tion of risks, and the favourable mortality ex- perienced by The Mutual. Surrenders have decreased from £886,448 to £785,530, while the bonuses paid show an increase of £ 23,675. 74,525 new polices, assuring £35,474,049, were issued and paid for during the year, an increase of 7,327 policies and z62,030,378 in sums assured. The number of policies in force at the end of the year was 439,440, representing assurance of £234,074,030 an increase of £ 18,212,112. The Guarantee Fund and divisible surplus now stands at £11,614,378, an increase of £ 1,320,220. It is gratifying to be able to report that the Com- pany's Head Offices for the United Kingdom, rebuilt on their own freehold, have been completed, and the great inconvenience experienced at the temporary ^offices in Cheapside has thus been removed. The contrast between the space which was sufficient to accommodate the London staff in 1887, when the Branch was opened, and to-day, is very marked, and is a notable indication of the progress of the Company.—The foil wing figures show the large amount done during the year in the United Kingdom by the Company 3,857 pro- posals were submitted for £1,916,652, of which 3,186 were completed for £1,431,892, the new premiums received amounted to £ 61,419, the con- sideration for annuities received was £45,980, the premium income (excluding annuites) was £521,673, making a total premium and annuity income of £ 567,653. That life insurance is an investment that combines excellent results with most complete security is an idea that the public has been slow to grasp. In previous reports attention has been drawn to the constant endeavour of The Mutual to develop the investment side of the insurance policy, and with this object in view, it is continually devising new forms of investment insurance, the results of which have led some of the leading financiers in the United Kingdom to look upon life insurance from an entirely new standpoint, as is evidenced from the fact that one hundred of the leading men in Great Britain hold insurance in The Mutual for no less than £ 1,582,897. Every policy now issued by the Company embodies an exceptionally liberal scale of guaranteed surrender values and other options, specially adapted to the circumstances of persons who, with every desire to keep their polices in force, find themselves unable to do so. Mr D E Davies took the chair at the meeting, which was held in the Wynnstay Hotel, and in intro- ducing Mr Haldeman said that beyond a doubt he was the busiest man in Europe and it was a difficult matter for him to find time to visit the Principality of Wales and he was very sorry that Mr and Mrs Haldeman could not stay longer and visit the beautiful scenery of Wales (hear, hear). They were all very pleased to see Mr Haldeman amongst them and they would piobably be treated to a lucid explanation of the working of The Mutual. Without any further words he called upon Mr Haldeman to address them (hear, hear). Mr Haldeman said that he was pleased to be there that afternoon though it was a long journey from London. He could lay claim to be a Welsh- man if he went far enough back (hear, hear). One of his ancestors was named Jenkins and came from Carnarvonshire. His wife was of Scotch descent and her grandmother was reputed to be the first white child born in Philadelphia. What they wanted to do that day was to say something about The Mutual and something about the mode of con- ducting the business. He hardly knew whether it was necessary for him to say much about The Mutual. It was a company which he thought had a wonderful past, and he trusted that it would have just such a wonderful future. It was in 1843 that a few gentlemen formed them- selves together inaugurating a new idea as regards life insurance. It was a purely mutual organisation and until they had a certain number agreeing to insure their lives they could not write a policy. As soon as they had a sufficient number they did write a policy and some of those people were on the books of the Company at the present day (hear, hear). And now after fifty-eight years of insurance the policies showed over zC3 for every XI paid in (hear, hear). The funds of the Com- pany in 1843 were £ 6,731, and last year these funds had increased to the extent of £67,000,000 (hear, hear). It was scarcely necessary for him or any- one to say anything about a Company with figures like that. During the fifty-eight years of its ex- istence the Company had received from policy holders in premiums and by way of consideration of annuities the sum of £161,013,576 17s 5d had returned to the policy holders £ 111,317,895 18s 9d, and had in hand over £67,000,000, so that after paying all expenses they bad in hand more money than paid out, and some £62,765,000 had been paid over to living policy-holders (hear, hear). They knew something about the Company from the other side of the Atlantic but the question which pressed home to them was what was the Company doing in the United Kingdom. He returned from the States to open the British Branch on New Year's Day of 1887 and modest quarters were taken at 16 and 17, Cornhill, London. They paid their deposit of £ 20,000 into the Court of Chancery, and he had a letter of credit in his pocket for £ 1,000. He used about half of that sum and had never to call upon the other side since. To-day they had an income which he thought no one need be ashamed of for it amounted to half a million of money ster- ling. In the year following the opening of th British Branch the proposals tendered represented assurances of £325,700, and in 1900 £1,916,652 had been received. At present they had most gratify- ing results to show. Mr Haldeman went on to show by individual insurances how the Company were paying and dealing with their clients, and quoted the letter of a leading Banker who having insured in the Company, stated that the Company's method was as good a way of saving money as any other (hear, hear). If a banker could make a statement like that there must be something in it, and ten years later the same gentleman wrote I have pleasure in stating that I am well satisfied with the results of my in- surence in The Mutual Life Insurance Company of New York." Mr Haldeman gave illustrations of several policies which had matured in the United Kingdom. Amongst others was a whole life policy premium limited to ten years. When the ten years distribution was up a reversionary bonus of no less than X2 16 10d per cent per annum was added to the policy, or the policy and bonus could have been surrendered for 93 per cent of the premiums paid. He also referred to an investment policy for £5,000 taken out by a gentleman ten years previously. This policy was increased by z6500 each year in oase of death so that in ten years it was worth £ 10,000 as a death claim, whilst at the end of ten years several options were given and the bonuses amounted to z63 3s 8d per cent per annum. In short he could have surrendered it for cash amounting to £1,591 10s, and in addition have a policy for j65,000 payable at his death and an income of E300 as long as he lived. This policy carried with it other valuable options and it served to show how The Mutual had such a large business (hear, hear). These he regarded as really wonderful results for a whole life. He may say that the Company had got good business and the Company were satisfied with the progress made. The home office were of the same opinion of the branch in Great Britain and meant to stick to, stand by, and to cultivate the British connexion (laughter and hear, hear). They had now a freehold building in the city of London, and it was second to none in the city. When he bought the site he was offered £ 20,000 clear profit and they said We won't ask you what you paid for it, Mr. Halde- man" (laughter and hear, hear). If any one present owusi an acre of land in Corn- hill they would not require to do any more work. The question wasfnot how much they were going to give for the property, the real question was to get it. They may ask why and how The Mutual had attained to this position-what was the explanation they could give for the increase of business which bad been built up in fourteen years without any amalgamation of other business and which brought in an income of £ 500,000. It was no small achievement. They had amongst their policy- holders men of all classes from the artisan to Cabinet Ministers and they had 100 policy-holders holding between them no less than £ 1,582,897 or an average of £ 15,828 for each person. They wrote a policy this year for £ 50,000 and that gentleman paid them every year £ 4,000. In the face of any outside criticism these figures spoke for themselves. He was not permitted to give the names of the gentlemen holding big policies, but he used the term Cabinet Ministers" in a plural sense. Going on to address the agents be said that he was proud of the men who worked for the company, and taking the agents of The Mutual as a body there were not a finer set of men employed by any company. Before sitting down he paid a warm compliment to Mr Davies, the district manager, whose energy on behalf of the Company they all appreciated. Mr Campbell having addressed a few roads to the agents Mr Edmund Gillart briefly alluded to the instructive character of the address giyen by Mr Haldeman. He had never heard the subject presented in so lucid and interesting a fashion before-(hear, hear)—and they were pleased to have the pleasure of meeting Mr Haldeman. Mr John Rowlands also spoke, and alluded to the value of insurance as an investment, a point which he in common with others had not sufficiently con- sidered. He hoped that they would have another meeting of the same character and that business would follow to the advantage of the Company. After what he had heard that day he should ven- ture to praise The Mutual. Councillor Evan Reese said that the subject was not quite new to him for a couple of years ago it was discussed by some gentlemen staying with him, and one of them, Mr Yoxall, M.P., had since been insured. Mr Haldeman said that with one exception the present year was the best they had ever had, and the cost of working was less. In proposing a vote of thanks to Mr Haldeman, the Rev D T Hughes said that once people were convinced of the importance of insurance, he had no hesitation in saying that the best Company would go up by leaps and bounds and he thought that the Mutual was deserving of the best success (hear, hear). Councillor Parsons seconded the proposal, which was carried, and Mr Haldeman replied. The company afterwards sat down to an excel- lent dinner provided by Mr Davies of the Wynnstay Hotel, and they were joined by Dr Edwards of Cemmaes Road. In proposing the health of Mr Haldeman," Dr Edwards said that his experience went to show that the working man who was insured was more independent and had more self respect, and no doubo the principles of insurance developed those traits in a man, and they would find that these were not the men who cried for state aid but the weaklings. Mr Haldeman replied, and Mr Campbell also spoke. Mr Haldeman then gave the health of "Mr D E Davies, the manager for the district," and once more paid him a warm tribute for his labours.

». CO RUES PON BEN CE.

TOWYN READING ROOM.

.— GUARDIANS AND PIGS.

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