2d. The amount of monies deposited in trust by order of the court of chancery, and of surrogates, to be invested or kept at the risk of the company, was $243,163.85. Of the above sum, the amount deposited in trust for accumulation, was $26,447.54. The accumulation which has actually accrued on this sum, the first day of January 1833, was $352.29. 3d. The whole amount of deposites in trust on the first day of January 1833, including that deposited by the chancellor, surrogates and monied corporations, was $2,475,523.29. For sixty days, $28,738.30. For five months, $244,037.15. For a year and over, $2,202,747.84; and of which $52,059.64, besides the $26,447.54 mentioned above, was in trust for accumulation; and the accumulation which had actually accrued on this latter sum, of 852,059.64, was $891.09. 4th. The amount of deposites by banks and other monied corporations in trust, was, on the 1st day of January 1833, $26,350. None of this was in trust for accumulation. 5th. The amount of interest which had accrued become due and payable on the deposites in trust, other than trusts of accumulation, computed up to the 1st day of January 1833, amounted to $36, 453.49. 6th. Nothing has been received by the company, and for which it is liable as guardian of the estates of infants, on the first day of January 1833, exclusive of sums to be accumulated. The amount received by the company, and for which it was liable as guardian of the estates of infants on the first day of January 1833, after the payment of the amount ordered by the chancellor, was $11,172.67. The accumulation of interest on the above amount, on the first day of January 1833, amounted to $835.33. When the money received as guardian is deposited with its other funds, at an interest of five per cent, the company being responsible for the deposite, no charge of commission or expenses is made against the fund: when there is a special deposite of stock, the charge would be per cent for receiving, and per cent for paying. 7th. The company have never received any funds as receiver, never having been appointed to the performance of that duty. 8th. There has been no ascertained death among the individuals whose lives have been insured by the company, since the commencement of its operations. One individual insured, has died, his policy having expired a few weeks. 9th. The whole amount received for premiums on life insurance, since the commencement of the company's insuring lives, was, on the 1st day of January 1833, $18,217.67, including interest credited to that fund. The whole number of insurances has been 183. The number of lives remaining insured by the company, was, on the first day of January 1833, 150, since increased to 159. The youngest of the lives insured in the office is aged 8, and according to the tables hitherto used by the company, has a right to expect to live 50, years. The oldest life is 55, and has a right to expect to live 17 years. The amount of premium varies annually with the advancing ages, and cannot be answered, except by reference to the tables. The amount received the last year for insurance of lives, ending the first day of January 1833, was $9,303.73. The amount of insurance effected by the parties, and for which the company is responsible in the event of death, is $454,550. 10th. There was nothing due on the 1st day of January 1833, on annuities from the company. 11th. The amount received for the sale of annuities on the 1st day of January 1833, was $13,996.73. The number of annuities was seven. The average time of the continuance of their lives, according to the annuity tables used by the company, is 13,33 years. The amount of annnities paid by the company annually, is $1,930. The trustees call with pleasure, the attention of the chancellor to the increase of lives insured in their office. The whole number of policies issued since the commencement of the company, to the 1st of January 1833, was 183. There were 65 policies running in June last; and at the present moment there are 159. The inquiries which continue to be made at the office, show how little the objects and benefits of life insurance are understood in this country, while what has already been done, gives the trustees reasonable hope, farther exertions will extend this part of their business. 12th. The amount of all dividends unpaid to the stockholders entitled to the same, on the 1st day of January 1833, was $1,158. 13th. To the thirteenth interrogatory the trustees beg leave to answer, that of this class of deposits, the company have none.The trustees have not been unmindful that the interest and convenience of depositors in trust by will, may frequently induce them to this species of deposit; and have, therefore, passed the following resolution for their government in all cases. Resolved, Where the company shall be appointed trustees, either by deed, or last will and testament, and no provision shall be made for their compensation, by the instrument creating the trust, the same commissions shall be charged as are allowed by law to executors and guardians. And where a discretion shall be given to the company, when so appointed trustees to receive themselves the trust money, as a deposite, allowing interest thereon, at a rate not. exceeding five per cent, the company, if they shall exercise the discretion so given, will not charge any commission on the payment, either of the principal or interest, of the monies received on deposite. 14th. On the 1st day of January 1833, there were no debts or demands known against the company, outstanding and unpaid, other than have been mentioned in answer to the foregoing interrogatories, either absolutely due, or payable on any contingent event; nor is it known that any are claimed, not admitted by the company. 15th. There had been no bad debt made by the company on the 1st day of January 1833, in any of its operations since the commencement of its business, nor are there any bad debts due to the company, known or believed to be bad, or on which loss is at pre sent apprehended; nor is there any debt due to the company, on which interest has been due for more than a year, or for a longer time than may be accounted for by accidental circumstances, want of notice, sickness, absence or death, which in all transactions, interfere with absolute punctuality, excepting in the cases already mentioned. The company have declared four dividends on the capital stock of the company, one on the 1st day of July, 1831, of 3 per cent; and one on the 3d day of January, 1832, of 3 per cent; and one on the 1st day of July, 1832, of 3 per cent; and one on the 1st day January, 1833, of 3 per cent. The names and residences of the trustees are, Nathaniel Prime, New-York, do do Thomas W. Ludlow, do Samuel Thompson, Isaiah Townsend, Albany, do do do John Rathbone, jr. New-York, The trustees annex five by-laws, which are the only by-laws which have been passed by the board since the last report. The board beg leave, in conclusion, to state that the sums loaned on stocks and bills receivable, excepting what it may be necessary to hold, for the purpose of meeting sudden demands, they consider as temporary investments, till the amount can be re-invested on bond and mortgage. During the past year the board have not been obliged to decline, for the want of funds, any loan they considered perfectly safe, and coming within those prudent rules which they have adopted for the better security of the funds deposited with them in trust. In saying this the board do not mean to refer to applications made by citizens of other States, of which they have, with one exception, declined the whole. The board submit the balance sheet laid before them on the 3d January, 1833, a similar balance sheet being presented to them monthly by the offi cers of the company. Loans, Amount brought forward,...... $1,000,000 00 On bond and mortgage, In the city, at 6 per cent,....... $129,205 34 .... In the city, 7 per cent, In the country, 7 per cent, Bills receivable, 200,826 84 2,500 00 743,027 84 26,000 00 1,101,560 02 At a meeting of the Board of Trustees, held January 24th, 1833, PRESENT, Wm. Bard, Pres't. John G. Coster, Tho's. J. Oakley, James McBride, Tho's. Suffern, John Duer, Isaac Bronson, Walter Bowne, Stephen Whitney, Tho's. W. Ludlow, Wm. B. Lawrence. Resolved, On motion of Mr. Thomas Suffern, seconded by Mr. John Duer, that the Board, having heard the report to the chancellor, prepared by the president and secretary, approve the same, and direct the president to sign it in the name of the trustees, and transmit it to the chancellor. Thursday, the 24th day of January, 1833. Extract from the minutes. E. A. NICOLL, Sec'y. At a meeting of the Trustees of the New-York Life Insurance and Trust Company, held the 3d of April 1832, the following bylaws were added to the by-laws of the company: No. 1. No loan shall be made by the company, on security of village or country real estate, beyond half the value, as nearly as can with reasonable diligence be ascertained, of the property offered as security. No. 2. No interest shall be allowed to remain due longer than six months, on any bond and mortgage to the company, without a foreclosure or suit being directed by the president, unless the Board direct a longer delay. No. 3. The company shall not, under any foreclosure or judgment, become the purchaser of mortgaged property, by bidding beyond the amount that is due to the company, of principal, interest and costs. No. 4. If the company become the holders of real estate by purchasing under foreclosure or judgment, the company shall sell the same, as soon as principal, interest and costs can be realized. No. 5. Excepting for the purposes of securing suitable offices and conveniences for the conduct of their business, and for the purpose of securing themselves against loss of money due to them by the way of mortgage or] judgment on the property so held, the company shall hold no real estate whatever, directly or indirectly. Extract from the minutes. E. A. NICOLL, Sec'y. |