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PROVINCIAL INSURANCE COMPANY. The 19th annual meeting of the shareholders of this Company was held at Wrexham, on Monday last. Mr. Thomas Barnes, Chairman of the Board of Directors, presided. There were aglarge number of shareholders present. Mr, Robert Williams (the secretary), having read the notice convening the meeting, the report and accounts, which had been circulated amongst the shareholders, were taken as read. The directors report was as follows The Directors now present to the Shareholders a Report of the operations of the Company for the year 1871. In the Fire Department the gross Premium Income was C64,667 15s. 8d., out of which the sum of £ 7,523 9s. 5d. was paid for Re-Insurances and the Losses were -239,981 14s. 9d. In the early part of the year the Directors finding that the business of the Company's Branch in Scotland con- tinued unprofitable, resolved to close it. It is. however, gratifying t@ observe, that notwithstanding the conse- quent loss of Premiums, the Fire Income has only slightly decreased. In the Life Department the Premiums on New busi- ness were £3,353 15s lid., while the entire Income of the Department, after deducting Re-Assurances, was £41,582 9s. lid. The sum of Cll,970 12s. 9d was added to the Life Assurance Fund, which now amounts to 2165,528 7s. 2d. The Quinquennial Valuation of the Life business was made by the Consulting Actuary during the year, the result of which is given in the following letter received from him. The CHAIRMAN, in moving the adoption of the report, said he thought that the remarks he made in doing so ought to be of a congratulatory character, because the real position of the company had decidedly improved. Upon the face of the accounts, it might be supposed that the company had not made progress and did not stand in any better position than it did last year, but such a deduction would be incorrect. Though the amount of income was somewhat less than it was last year, it was, as regarded good business, decidedly better. By closing the business they were doing in Scotland, they had sacrificed an income of from zg4,000 to t5,000 a year, but they had nearly made it up with business that was likely to prove much more profitable. In some other departments, also, they had cut off business which, while it had contributed to swell the income, was not so profitable as they could wish. They had, in fact, been more select in the class of business they had done; and, the income being now from busine'ss of a better class, he thought he might say that the company was in a much better position, and had made real progress. The claims, as compared with last year, showed a decrease of something like £ 2,000. The position of the company with respect to losses reported in the current year was exceedingly promising, the amount being something like £10,000 less than in the corresponding period of last year. Considering that for several years in succession they bad had bad years, he thought that according to the law of averages, they might fairly look forward to some years of losses considerably below the average, in which case the accounts of the company would present at the end of next year a very much more favourable aspect than they did now. They had begun the year well, and they could only hope that they would go on well to the end. The losses last year were much of the same character as in the previous, except as regarded cotton mills. There was nothing very striking in any of them. He was glad to say that the expenses were less than they had been, and would be still further reduced, and the directors thought they saw their way to a saving during the current year in the expenses of the Fire Depart- ment of about XI,000, which would go far towards the payment of a fair dividend. In the Life Department, the business of the year had been rather less than in the previous year. The falling off had been chiefly in one district, which had been greatly affected by the col- lapse of the Albert and European Companies. The life business, as would be observed from the report of the actuary, was in a very sound condition. There had been a slight increase in the claims, but they were not beyond what might reasonably be expected from calculations based upon the tables. The company generally, as far as the directors could see, was going on in a favourable way. They had had to fight under adverse circumstances. The public knew that they had had losses in years past, and he trusted the public would very soon know that they were rapidly making them up. As to the result of the actuary's valuation of the Life business, it would be observed from the report that there was a surplus of 9,1,454 5s. 10d.. Of this, the report stated, about C450 was at the disposal of the shareholders. It bad been a question with the directors what they should recom- mend the shareholders to do with it; they had not a very strong feeling on the subject, but thry thought that, under the circumstances, it would be the wisest and best plan to declare a dividend of 2{¡ per cent. After referring to the appointment by the directors of Mr. Wilson Edwards as a member of the board, in the place of Mr. James R. Barnes, retired, and expressing his confidence that Mr. Edwards would render very efficient service to the company, the chairman concluded by moving That the report and statement of accounts be adopted." Mr. T. Griffith said nobody "could have listened to the chairman's exact and clear account without being in possession of all that he could wish to know as to the real state of the company. He rejoiced exceedingly that a small dividend was offered to the shareholders (ap- plause). There were now, he thought, bright prospects for the Provincial Company. The report was then unanimously adopted. A number of resolutions were then unanimously agreed to, including a vote of-thanks to the secretary. Mr. Williams, the secretary, said he was much obliged to the shareholders for their cordial recogni- tion of any services he had rendered to the company. It had been his fortune to serve the company now for something more than eighteen years, and all he could say was that during those years he had done the best he could. The services he had rendered might not have been very valuable, but they had been faithful (ap- plause). With regard to the last three years, they had been services rendered under no ordinary difficulties- difficulties caused not only by the losses they had sus- tained, but also by an opposition, not of the most scru- pulous character. However, they had got so far on in the battle, and had not been greatly worsted; on the contrary, as far as prospects were concerned, they were better than they had been for the last eighty years. He begged to add his testimony to the deservedness of the vote as regarded the officers of the company. He could state positively that the staff were as good as any staff that could be selected and with regard to one of them, My. Francis, he ought to say that he had been to him a most faithful co-adjutor, and had assisted him in every possible way, at every possible sacrifice of time, comfort, and personal convenience. The proceedings terminated soon after.








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