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Article THE GENERAL ASSURANCE ADVOCATE. ← Page 4 of 7 →
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The General Assurance Advocate.
appears that even these have not been fully provided for , but have been partly paid out of the first premiums received , there being at the same time an absence of any information regarding even the nominal capital or the number and names of the proprietors to whom the assured might look for ultimate security . In describing their ' assets' some companies put down the amounts which they have out upon security under the
single word ' investments ; ' with some the item is ' investments in Government and other securities , ' and with others there is a more specific detail , inasmuch as ' railway bonds , ' or ' loans to railways , ' ' loans on mortgage , ' and ' loans to assurers , ' are separately mentioned . The Royal Insurance Company of Liverpool , with a paid-up capital of 173 , 560 / ., has 224 , 662 / . out in railway loans ; and the North of England Fire antl
Life Insurance Company , out of assets amounting to 29 , 423 / ., has 14 , 443 / . ' invested in railways ' The Sheffield , Rotherham , and Chesterfield Company has also 14 , 103 / . employed in the same manner out of 26 , 712 / . of assets . Almost invariably the preliminary expenses , and especially the law charges , have been heavy . In the Engineers' Assurance Society , 'hese expenses figure for 3 , 252 / . The subsequent charges in these returns
also are for the most part large when compared with the business transacted or to be expected in the infancy of such establishments . The Star Fire Insurance Company , with an apparent yearly business Of about
9 , 000 / . in the shapeof' receipts , 'have paid their directors 520 / . The office expenses of the India and London Life Assurance Company , including rent , salaries , printing , advertising , & c , have been 3 , 398 / ., against premiums received of only 3 , 267 / . The Medical , Legal , and General Mutual Life have expended 5 , 451 / . since June , 1846 , and have received in premiums 3 , 511 / . The English Widows' Fund and General Life Assurance
Association have received in premiums since 1847 the sum of 1 , 487 / ., and their assets are 902 / . The Merchants and Tradesmen ' s Mutual Life , in the same period , have received 1 , 878 / ., and now show a balance of 1 , 795 / . Out of capital and premiums , amounting to 13 , 359 / ., the Catholic have assets remaining of 5 , 610 / ., of which 913 / . consists of ' furniture . ' Out of 3 , 285 / ., the Mitre appears to have not more than 1 , 000 / ., but there is
a payment , nevertheless , ' on account of dividends . ' The Professional show about 2 , 310 / ., remaining out of 6 , 598 / . As respects the amount of liabilities in the shape of outstanding policies , very few of the offices give any statement . The British Empire Mutual Life , with policies to the extent of 140 , 886 / ., describe their assets to consist of loans on mortgage , 4 , 538 / ., and a balance at their bankers ' , 668 / . In the general
construction of each balance-sheet , so complete is the absence of any regular form , that it would be almost impossible to draw up any comparative table of the position of each office . Indeed , in the most common items every conceivable variety of expression occurs , even when the things to be expressed are identical . Thus we have , ' counter-assurances , ' ' re-as-
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
The General Assurance Advocate.
appears that even these have not been fully provided for , but have been partly paid out of the first premiums received , there being at the same time an absence of any information regarding even the nominal capital or the number and names of the proprietors to whom the assured might look for ultimate security . In describing their ' assets' some companies put down the amounts which they have out upon security under the
single word ' investments ; ' with some the item is ' investments in Government and other securities , ' and with others there is a more specific detail , inasmuch as ' railway bonds , ' or ' loans to railways , ' ' loans on mortgage , ' and ' loans to assurers , ' are separately mentioned . The Royal Insurance Company of Liverpool , with a paid-up capital of 173 , 560 / ., has 224 , 662 / . out in railway loans ; and the North of England Fire antl
Life Insurance Company , out of assets amounting to 29 , 423 / ., has 14 , 443 / . ' invested in railways ' The Sheffield , Rotherham , and Chesterfield Company has also 14 , 103 / . employed in the same manner out of 26 , 712 / . of assets . Almost invariably the preliminary expenses , and especially the law charges , have been heavy . In the Engineers' Assurance Society , 'hese expenses figure for 3 , 252 / . The subsequent charges in these returns
also are for the most part large when compared with the business transacted or to be expected in the infancy of such establishments . The Star Fire Insurance Company , with an apparent yearly business Of about
9 , 000 / . in the shapeof' receipts , 'have paid their directors 520 / . The office expenses of the India and London Life Assurance Company , including rent , salaries , printing , advertising , & c , have been 3 , 398 / ., against premiums received of only 3 , 267 / . The Medical , Legal , and General Mutual Life have expended 5 , 451 / . since June , 1846 , and have received in premiums 3 , 511 / . The English Widows' Fund and General Life Assurance
Association have received in premiums since 1847 the sum of 1 , 487 / ., and their assets are 902 / . The Merchants and Tradesmen ' s Mutual Life , in the same period , have received 1 , 878 / ., and now show a balance of 1 , 795 / . Out of capital and premiums , amounting to 13 , 359 / ., the Catholic have assets remaining of 5 , 610 / ., of which 913 / . consists of ' furniture . ' Out of 3 , 285 / ., the Mitre appears to have not more than 1 , 000 / ., but there is
a payment , nevertheless , ' on account of dividends . ' The Professional show about 2 , 310 / ., remaining out of 6 , 598 / . As respects the amount of liabilities in the shape of outstanding policies , very few of the offices give any statement . The British Empire Mutual Life , with policies to the extent of 140 , 886 / ., describe their assets to consist of loans on mortgage , 4 , 538 / ., and a balance at their bankers ' , 668 / . In the general
construction of each balance-sheet , so complete is the absence of any regular form , that it would be almost impossible to draw up any comparative table of the position of each office . Indeed , in the most common items every conceivable variety of expression occurs , even when the things to be expressed are identical . Thus we have , ' counter-assurances , ' ' re-as-