Towns > Edinburgh > 1846-1975 - Post Office Edinburgh and Leith directory > 1874-1875

THE
SCOTTISH PROVIDENT INSTITUTION,
6 St. Andrew Square, Edinburgh.
JOHN CAT, Esq.
JAMES CATHCART. Esq.
WILLIAM WATSON, Esq.
THOMAS STEVENSON, Esq.
JOHN MACFIE, Esq.
DIRECTORS.
STAIR AGNEW, Esq.
GEORGE HOPE, Esq.
G. M. TYTLER, Esq,
NORMAN MACPHERSON, Esq.
GRAHAM BINNY, Esq.
Sir WM. JOHNSTON.
WILLIAM SKISNEK, Esq.
JOHN AULD. Esq.
P. G. TAIT, Esq.
ANDW. RUTHERFORD, Esq.
THE DtllECTORS' REPORT to the Thirty- Sixth Annual Meeting was one of more
than usual interest, embracing not merely the usual narrative of the year's transac-
tions, but also a statement of the result of the Fourth Septennial Investigation.
The NEW BUSINESS was— 1745 1*0110168 issued for £980,560; of which £3000 were re-insured.
The Yearly Premiums oa these were £28,615, with £4603 of Single Payments. 204 Proposals for
£111,010 were declined. The Deaths in the Year were 216, and the Claims, including Bonus
Additions, £135,516. The subsisting A ssurances were 18,069, for £8,903,358. The Total Eeceipts in
the Year, including luterest, -nrere £353,613.
The REALIZED FUND, as at 31st December 1873, was £2,253,175, Ofl. 5d. ; the increase in the
year being £203,364.
The Septennial Progress is shown in the following Table.
After a brief account of the origin and history of the Society, and pointing out the leading part it
had taken in freeing Policies from all grounds of challenge, the Report detailed the procedure in the
FOURTH SEPTENNIAL INVESTIGATION,
which, as has been previously intimated, was made on the basis of the new Actuaries' Experience Thble
of Mortality. After careful examination of the whole investments, States of the Assets and Liabilities
had been prepared, which showed a SURPLUS of £376,677, 10s. Id. Of this, as on former occasionf ,
a third, or £125,000, was reserved to accumulate for division at a future Investigation, the remaining
£251,677 to be now apportioned ill terms of the Laws. ' The Committee are satisfied that not only
is full justice thus done to those Members who participate at the present Investigation, but that
ample provision is made for the progressive accumulation of Surplus for future participants.'
The additions to Policies now sharing for the first time vary (according to the values) from about 17
to upwards of 30 per cent. Policies, say for £1000, which now receive a second addition, have been
increased to sums ranging from £1250 to £1450.
In a few cases, Policies which have shared at the whole four divisions have beSn doubled.
SHORT STATEMENT OF PRINCIPLES.
THIS SOCIETY differs in its principles from any other Office.
Instead of charging rates admittedly higher than are necessary, and aftetT^ards
returningthe excess, in the shape of periodical Bonuses, it gives from the first as large an
Assurance as the Premiums will with safety bear — reserving the AVhole Surplus for those
Members who have lived long enough to secure the Common Fund from loss.
A Policy for £1200 to £1250 may thus at most ages be had for the Premium usually charged for
£1000 only; while by reserving the surplus, large additions have been given — and may be
expected in the future — on the JPoiicies of those who live to participate,
ITS TERMS are tlius well calculated to meet the requirements of intending Assurers.
They are specially adapted to the case of Provisions under Family Settlements or other-
wise, where it is frequently of importance to secure for the smallest present outlay a
competent provision, of definite amount, in the case of early death.
BeportB, with Table of Bates, and fall information, may be had on application.
JAMES WATSON, Managtr.
Edinburgh, May 1874.