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BIRMINGHAM-95 Colmore Row.

DUNDEE-6 Panmure Street.

MUTUAL ASSURANCE WITH MODERATE PREMIUMS.

Scottish Provident

Institution.

THE following are the Results reported for the Year 1882:—

New Assurances, £1,031,965, with £40,402 of Premiums, of w
£7430 by Single Payment.

Net Premiums received, £423,724.-Total Income, £601,072.
Realised Funds (increased in year by £307,797), £4,509,730.

EARLY PAYMENT OF CLAIMS.

A RESOLUTION WAS SUBMITTED, PROVIDING FOR PAYMENT OF CI
One Month after admission of proof of Death.

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15

Fu

a hundred Offices in the kingdom not 1...
four (all of much longer standing) have
fund. This was given with the caution wh
we have always wished should characterise a
statements. I am now in a position to state t
not more than two Offices are possessed
which, as do ours, exceed Four and
Millions of Pounds. These two are also nat
Scottish Offices. Their names will, no doubt,
once occur to you. And without wing
appear unduly to magnify our own Institution
may just add that it is now possessed of a me
larger Accumulated Fund than either of them}
at the same stage of their history.

MR. FERGUSON OF KINMUNDY, in moving the adoption of the Report, said THE REPORT just read is probably one of the most satisfactory ever presented to you. That in an ordinary year, without the stimulus of an approaching division of profits, or any other specialty to influence business, the large sum of One Million and Thirty Thousand Pounds of New Assurances should have been effected, is a matter for mutual congratulation. The business, moreover, has been of a safe and genuine character, being entirely a Home Business, and not inflated by large sums on one life, requiring to be reassured in other Offices; and it has been obtained at an exceptionally low cost, as I shall afterwards show. Another feature worthy of note is the moderate ratio of Claims to the Annual Income. These Such are the salient points in the busis Claims were in all £235,213, against an income history of the last year. They tell of stabili of £601,072, evidently a very low proportion. and they point to progress. The increase of This statement leads up to a third, and that the business is not purchased at the expense most gratifying feature of the Report, namely, that security. As the one extends the other is b the Realised Funds of the Institution have been in- up. The million of New Assurances is back creased in the year by the large sum of £307,797,-up by an increase of £307,000 to the fut their amount at the close of 1882 being £4,509,728, and thus extension and financial strength against subsisting Assurances of £15,350,000. hand in hand. This, I need not say, is a very high proportion, particularly for an Office in which, from the low average age of the members, the premiums will continue to be drawn for a lengthened period.

He then referred to the cost of manageme which is greatly under any Office doing a large p gressive business, and which has been steadily f ing. In the Board of Trade Report, in 1874, 1 It was stated in last year's Report that "the cost was stated at 12.5 per cent on the premiur Accumulated Fund has increased in the last nine Last year the ratio was 9'4 per cent to premiur years by upwards of Two Millions," and that "of and to the year's income 6.6 per cent only. Mr. JOHN COWAN, Beeslack, seconded the motion; which, with the Resolution for earlier Payment of Claims, was unanimously approved of.

THE ADVANTAGES which this Institution offers to Assurers are:-
A greatly larger original Assurance-generally as much as £1200
£1250 for the Premium charged elsewhere (with Profits) for £1000 only.
The prospect, to good lives, of very considerable additions- no sha
of Profit being given to those by whose early death there is a loss.
EDINBURGH, April 1883.

JAMES WATSON, Manager.

HEAD OFFICE: 6 ST. ANDREW SQUARE, EDINBURGH.

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