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@uflaun gfifiurauce warlluratluu {EH l5 unit-is) mganimtion of the company consists of a. governor,
Q Q: ' . 5‘51: deputy governor, and a court of twenty-four directors. The
,.c____.u-__*_ V governor to hold the office is. required to be the owner of '
92% c“, , fi‘l $0.000 of the company’s stock; the deputy governor 57,500, and
fiafigfizfigg each director $5.0m. The owner of 52,500 of its stock is entitled
‘e ’ " H , to one vote, $5,00o two votes, 5154100 three votes, 82‘;,ooo {our ‘
__—’ 7—7 ” votes, and so on, each $5,000 giving him an additional vote. l
0.9 H E London Assurance Corporation is the oldest organization ‘ E3911 departmcnt ”f ““5 business i5 kept entirely separate and dis-
5 of its kind doing business in this country, and the oldest, with tinct, oven the investments are made and held Lllstlnct in the differ-
two exceptions, in the world. It was, under the authority of 1 on. departments at i'lI‘C, marine and life insurance. Each branch
the Act of Parliament, 6 (3:0. I, Cap. xviii. on junc 22’ 1720’ in- I r1fl)iisti1t‘,~:s {Liv} hears its own eizpcnses, instcart of being charged in i
: corporaicd by royai Chm-Lu- from His Majesty King George the 13 oiic Scncrai account. the capital stock of the corporation is l‘
I First for the assurance of ships, goods and inercliandiscs at sea or 543451175"): one-half, "1' 323417375 “l Wine“ 15 paid in cash, and il
ll going to sea. By anotiier royal charter, dated April 29’ [721’ the . the lJ'JJ‘JJICt: at the call of the court 01 directors. The gross funds, ..
i, London Assurance oi Houses and Deeds from hire was einpmv'cred 1. li)’ ”mm“: ’1‘“; "{ Doccmhcr 3”" 1379,were515,886,110. Ofthis j
to grant assurances upon lives, and also against casualties or :icci- ‘ 952740795 1‘31”“‘55 1° ”1’3 “(0 ‘hiiffinmmi 56197075 ‘0 th" marine, l
dent; by fire. Subsequent Acts of Parliament {or the regulation at ; 11"": Ll“ balance, 55:52""2’37: is H'C amount available for the pay- ‘
the attairs of thcsc corporations were passed from time to time; and l ‘ "“7” "f tire 105505! should “”511 3” ”1“”‘llloui‘ 51”“ ever he required, I
l by the Act of 16 \Vic. Cap. i., the two chartered corporations were i l‘ which is; not at all probable or even prosumnblc, as the corporation ! “J
consohdatcd into one stock company. . i does comparatively a Vcry small business, and that in the most con- l
> ’ Thus. 10‘. over a century and a halt, this veteran association has 1 servativc manner. Conservatism, in tact, sccins always to have been l
furnished absolute indemnity to the army of policy-holders who l ‘ “5‘ guiding ”4‘”? The fire premium lm‘flmc tor 1879 amounted to 1’
‘ wisely trusted it to protect their property from tire and their wives i ‘ 31:09:57.1! “I'M ”13,1155“ “'0” O‘HY 9505:9530: 01‘ 3110111 53.1)cr 05m- l
1 and children from poverty. It has without interruption through l of the pl'cllllllllt‘u the entire cxpcnsc o1 management, including .
i these one hundred and sixty years carried on the, busincgs for which I commissions paid, looted up p529,435, or a little more than 31 per
‘ it was organized, and laida foundation and huilded nstructure that {.1 1 cent. The par value oi the shares is £25, on which £12k; is paid”
is as enduring as the eternal hills. It is no wonder, however, that l: and the market pricc 15 1500 P“ share, "r 550 P“ cont. /
L the corporation should have been managed with great care from the i r There. can be no question that a” a sound, ““9”” and well man
ll start, when we consider that for the privileges granted it by royal ; 'l aged compeny, the London Assurance Lorpomtion ‘5 the equal '
ii charter it was required to pay into the exchequer of the Crown the i ll any institution .01 11'”: knld 1“ the ‘Vé‘il‘l- ‘ j
1“ sum of $1,500,000 within ten months from the date of its organiza- l l; It began husniess ”l we UHMCd btatcsrm 1872’ and on Jan. I
l} tion, and that a default of thirty days in the payment of this money i H 188‘: 119'"1'355F:L”"“ ”“5 country amounting ‘0 '51728-7150?'787
l involved the forfeiture of its charter. How many insurance com- i l the total liabllmcs were only 5441’505'67’ “final 9?“ It a '
l panies of our time could or would pay such a consideration for the M él‘l‘il_iil°5 Ci 5845199741: or the 3558“ over 0116 Mllllon D0111 ’,.
if privileges granted under their charters? Another peculiarity in its i h m U' 5' government nonds. '
ii charter, which differs from any similar organization) is in reference ‘ ii
’i to its capital stock. I i
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