Towns > Glasgow > 1828-1912 - Post-Office annual Glasgow directory > 1866-1867

150 ADVERTISEMENTS.
ENGLISH AND SCOTTISH LA
LIFE ASSURANCE ASSOCIATION.
ESTABLISHED 1839.— CAPITAL ONE- MILLION.
TRUSTEES.
The Hon. Lord Benholme.
The Hon. Lord Jerviswoode.
William Smythe, Esq. of Methven.
The Hon. J. A. S. Wortley, Q.C.
Edward K. Karslake, Esq.
William Dtjgmore, Esq., Q.C.
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DIRECTORS IN EDINBURGH.
James Adam, Esq., S.S.C.
George Clerk Arbuthnot, Esq. of Mavisbank.
John Beatson Bell, Esq., W.S.
John Cook, Esq., W.S.
Alexander Hamilton, Esq., LL.B., W.S.
Anthony Mdrray, Esq. of Dollerie, W.S.
Ralph Erskine Scott, Esq., C.A.
Jambs Steuart, Esq., W.S.
FOURTH DIVISION OF PROFITS.
A SPECIAL GENERAL MEETING of the Proprietors was held on Friday the 4th May, 1866,
to receive the Report of the Fourth Investigation of the Affairs of the Association as at
Christmas, 1865.
Prior to the Valuation, a strict scrutiny of the Securities on which the Funds of the Office are
invested, both in England and Scotland, was undertaken by Committees of the Directors in London and
Edinburgh. The position of each transaction was carefully examined, and in every case
IN WHICH LOSS OR DEPRECIATION HAD OCCURRED, THE AMOUNT, AS FAR AS COULD BE ASCERTAINED,
WAS WRITTEN OFF.
The Valuation of the Policies has been made by John Hill Williams, Esq., F.I. A., the Actuary
of the Association. Each Policy has been valued separately, and the Net Premiums only have been taken
into account. All the calculations have been made in duplicate, and the results compared and finally
settled with great care.
From the Actuary's Report, and the relative Statements and General Balance Sheet, it
appeared that the Assets and Liabilities of the Office, as at Christmas 1865, stood as follows: —
TOTAL ASSETS, including the Present Value of the Net Premiums, £1,462,578
TOTAL LIABILITIES, including the Present Value of the Sums Assured
and previous Bonus Additions, £1,399,360
Leaving a Free Divisible Surplus of. £63,218
without encroaching on the Reserve for future Expenses and Profits.
In Accordance with the Provisions of the Deed of Constitution and the Resolutions of previous
General Meetings, the Meeting proceeded to appropriate the declared Surplus in manner following : —
1. To The Assured:— To provide for the following REVERSIONARY BONUS ADDITIONS to
all Policies entitled to participate in Profits : —
(1.) An Addition to all Participating Policies, effected for the Whole Term of Life and in force
at the date of Investigation, of a REVERSIONARY BONUS at the rate of ONE-AND-A-HALF
PER CENT. PER ANNUM on the Sum Assured, for every Full Annual Premium paid
since the previous Division of Profits.
(2.) An Addition to the Endowment Policies, entitled to participate in Profits, of a REVERSION-
ARY BONUS at the rate of ONE PER CENT. PER ANNUM on the Sum Assured, for each
Full Annual Premium paid since the previous Division of Profits.
The Present Value of such Reversionary Bonuses, £55,831
2. To The Proprietors : — Ten per Cent, of the Divisible Surplus, to be appplied by way of
Increase, during the next Five Years, to the Ordinary Dividend on their Snares, 6,321
Making a Total of, , £62,152
And leaving a Balance to be reserved of, 1,066
£63,218
The REVERSIONARY BONUS ADDITIONS may be converted, at the option of the Policyholders, into
1. An Immediate Cash Payment of the Present Value of the Bonus, or
2. An Equivalent Reduction of Premium for the Remainder of Life, or during the next Five Years.
The Bonus Additions are not deferred, but vest immediately on declaration.
The NEXT QUINQUENNIAL INVESTIGATION will take place at Christmas, 1870.
Policies effected during 1866 under Full Annual Premiums will be entitled to Five
Years' Bonus Additions at the Division of Profits then to be made.
Nine-Tenths of the Profits are divided among the Assured every FIVE YEARS, New
Entrants participatlng at each Division.
BRANCH OFFICE: — 105 St. Vincent Street, Glasgow, James Wilson, Secretary.