Page:The Cyclopedia of India (Specimen Issue).pdf/132

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President llcCall, from a clerk in the oﬂice oi the lnstnance Superino tendent oi New YorkStahe. became himseli insurance Superintendent. afterwards Comptroller at a Can» E253 and then nearly :4 years ago t (it this Companmvery 'tion ‘5 strong ’ty. aim “mo: in; ‘ ' t c a mmnds before thwe who know him and before the world as aman oi absoluteand fearless honesty, a man whoienlge is wrappid hnepcin the sec. teas prograao t on! y. The Sega-fork Lite Ins§:n§¢ Corn a e mern [Ship in civilizedrg country in the world. and tiles its annual report with each one of these Governments. Years ago the figures entering into the annual statements ol the Company were described as stupen- dous. but still they continue to in- crease. in (act the ﬁgures can only be properly understood by reduc- irg them from a yearly to a weekly or even a daily basis. Theincorne [or the year 3904 was over 30 crores ol rupees. Thepaymentstopolicy~ holders in r904 were over til crates of rupees. The assetsoi theCom- y areover tat crores oi rupees. e reserves to provide dividends. etc.. are over it mores oi rupees. The Compmy invests no money in stocks. President Hchll in an address said :r-"Trust Funds 0! a Lite lnsursnte Com y must not he risked in sperm tionand so I predict that. re rdlas oi the per- mission t by the laws oi the several totes and Governments under which we are operating. the New York Life Insurance Company will never 'n be the owner at stocks." e Company sold in too: all its stocks. and quoting from its present try-laws. the Con:- ny cannot make any loan on or investment in what are commonly known as Industrial enterprises. nor can the Company invest in or loan on stocks. People who take lite insurance want to know that their money is inveted mostsecnre» ‘ly and most safely. The New York ife don that. its bylaws make it impoan’hle to do otherwise. Some asked—“ What is the

deﬁniteprornise to payonﬁxed

THE CYCIDPEDIA OF INDIA.

dates (1) interest and (2) principal. Stocks carry no deﬁnite promise to pay at any date either interest or principal. A bond is an enlarcihle obtigadomand stocks are not on eniorcihle obligationnhey re resent whatever equity remains ter all outstanding hard obligations have been satisﬁed. Ol the vastnggre te oi mote than 250 million do invested in bonds by the Company, not one dollar of interest is In default. a showing as remarkable as it is creditable. The Company is a hintnal Company, its polic uhold- ers own the Compan an alone receive the proﬁts of t e Company. The Company is mnnaged by the liey~holders through a Board oi rustees. The Trustees consist of 24 elected persons who are responsible to. and srethe direct representatives 0!, the hey-holders ol the Com- pany. management at the Com- pany's aﬂairs is carried on by six standing Committees approved by the Board ol Trustees. and are as {album—tr) A Finance Committee; (a) An Executive Committee: (3) An Agency Cmnmittee: (4) A Loss Committee: 5) An Auditing Com‘ mittee: (6) n Olﬁce Committee. These Committees have in hand the detailed management of the chairs oi the Com y. the duties of each Committee 'ng deﬁned and each Committee havin to make regular reports to the lul rd once a month. The Trustees manage the Corn y's affairs. thereiore. through ittecs appointed by them. solely for and in the interest of policy-holders. The marvellous success oi the New York Life pa s tribute to the wisdom at t c Trustees now and in days gone by. As the protector of one million lamilies. the New York Life's watch. word is "Publicity." its annual statement gives a schedule 0! everv mortgage held by the Company with an exact description 0! the propert on which end! mortgage is hel. and welcomes any communications with reference to these properties. properties owned exclusively by the Company include some very ﬁne ' ' in New York. Paris. Bud: Pesth. Berlin, Vienna. Arns~ terdarn and Iontreal. In 3884 Hr. C. Seton Lindsay came to Calcutta and opened out an agent: with one of the leading mercanti e ﬁrms of the city. He then

travelled through the East opening out the Company's work in China, japan, Java and the Straits Settlements. returning a year or two later and starting a Branch Oiﬁcc, from which he controlled the whole work of thﬁe countries. To Mr. Seton Lindsay is due the foundation of the work in the East which. with hard work, great tact (and added to these. a charming mortality). he made so secure. ly in 1892 under medical advice he decided to give up the management, and handed over to Mr. George Lane Anderson the con- trol oi India, Hannah. and Ceylon. Proof of the growth 0! the work is nrecord 0136 lacsol business in the first three months oi 1905.which 'ves some idea of the success that 5 been achieved and ot the (pos- sihilities ot the future. Ilr. no. Lane Anderson. in addition to the onerous duties of his appointment as representative oi the Company. has iound time to encourage Vol- unteering amongst the Euro assistants ol the Banks and er- eantile ﬁrms, starting a Cycle Com- pany. which now numbers nearly ity members: he is a ﬂunicipal Commissioner. Honorary Presidency Maﬁtmtemnd a leading Free-mason in ngnl. and at present Deputy District Grand ﬂaster ol the Grand Lodge at Bengal. The Company under him has active branches in Bombay. Rangoon and Colombo. and gives employment to some hundreds of agents throughout India. Burmnh an Ceylon.

Mr. JOHN NlCOLL. Chairman ol the Indian Jute Mills Association. comprising all the jute mills in and near Calcutta, was born in the County of Form. Scotland. He was educated at the Arhrosth Academy. Arhrosth. and began his business career in that place in the Bank 0! Scotland. item which he was tune ferred to the Dundee Branch in i885. Two years later hecameout to indie onthestad'ofMasrs.Th0&M& Co, Ld., Merchants, &c., and alter

'n h the Various - mgnm house he Wm sole charge in 1898. Through his energy and management the business of the ﬁrm has largely increased. and theynowcontrolovayoooloomsand do a ﬂourishing business in the jute spinning and manufacturing trade.