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and so rapid since 1825, for the differences | a second from the Pelican. The claim was do not correspond with the increase of resisted, and the decision was in favour of wealth and population at either of the rest- the office. Insurance also is occasionally ing points. The paucity of companies fifty employed as a part of the machinery of years since was partly owing to the difti- marriage settlements, and the more freculty of obtaining a charter so long as the quent resort to it by the landed interest old-established societies were able to per- might rescue many an old family from besuade governments that insurance business ing gradually impoverished and broken could not be conducted in a manner favour- up: able to the national interests without a mo- In a pamphlet printed for private circunopoly. Thus, in 1803, the Globe had a lation, Mr. Twopeny, whose experience as hard battle to fight against the Royal Ex- a conveyancer entitles him to speak with change and the London Assurance, and confidence on the point, sketches the hiswas obliged to pay 100,0001. into the Trea- tory of an estate of 10,0001. a-year, under sury before their resistance was overcome. the system of charges for younger children; Another retarding cause was the high rate and shows that, in the course of three geneof premium exacted by all the early com- rations, it will be more than half eaten up panies, not excepting those which were with mortgages, and probably sold. He anxious to deal in a perfect spirit of good then draws the contrasted picture of three faith. Some took one set of tables, some tenants for life successively insuring their another; but whether they used those of lives to the same amount for portions, and Breslau, Carlisle, or Northampton, it has the result, of course, is that, although each since been made clear that the average value of them must submit to a personal sacrifice, of life, as regards persons accepted after all but the first are benefitted in point of examination and inquiry by an insurance actual income, whilst the inheritance is deoffice, considerably exceeds any deduced scending unimpaired. * or deducible from the mortality of a town. To hope to cure selfishness and improviThe offices themselves bave supplied the dence by expatiating on the benefits of inmost trustworthy materials; for besides surance, is like trying to catch sparrows by Mr. Davis's Tables,' containing the rate of putting salt upon their tails. When such mortality amongst the members of the means are available, the object is virtually Equitable, and Mr. Galloway's, based on obtained. We believe, however, that many the mortality amongst the members of the delay, and eventually abandon, the intenAmicable, we have the Experience Table, tion to insure on account of the embarrasscompiled from data furnished by seventeen ing situation in which they are placed when offices in pursuance of the resolution of a they have to select an office. Is a propublic meeting in 1838.*
prietary, a mutual, or a mixed system the The celerity with which office has fol most eligible ? Given the age, sex, and lowed office within living memory is also habits of the individual, which promises the owing to the extension of life assurance to largest and safest return at the lowest contingencies seldom contemplated by rates ? What are the solid advantages of those who first planned or resorted to it. the bonus, in all its tempting varieties? Is The case of Godsoll and Co. against the it best to bave it in money down, in the Pelican shows that so early as 1803 it had shape of a reduction of premium, or in that been converted into a useful security for of an addition to the sum payable on death? trade. Godsoll and Co. were Mr. Pitt's Ought the division of profits to be annual, coachmakers, and when their bill exceeded quinquennial, or decennial? Lastly, how, 10001, they insured his life. His creditors when the inquirer has discovered an office as is well known, were paid by his grateful which exactly suits his case, is he to arrive country, and the coachmakers received at an unhesitating conviction of its soltheir money with the rest ; but, not satis. vency? fied with one payment, they tried to exact In the preface to his Actuarial I ables,
Carlisle Three per Cent.,' Mr. Thomson,
the eminent actuary, says: So many * A valuable paper on the best mode of repre- tables have recently been calculated on senting the duration of life by statistical returns the Carlisle observations, and so many was contributed to the • Transactions of the Statis. tical Society,' by Mr. Chadwick, December 18th, actuaries acknowledge the soundness of 1813. Sir Henry Halford used to say that the ave.
that basis for life assurance and annuity rage duration of human life had increased a full lustrum in his time; and the Registrar-General's * Observations on the Result of the present Returns show that it is still sufficiently on the in- Mode of Providing Portions for Younger Children erease to require a constant revisal of the rates of by a Charge on Landed Estates. By William Two. insurance.
peny, Esq., of the Middle Temple, Barrister,' 1854.
calculations, that I look forward to the follows that a Cumberland or Westmoreday when the Carlisle tables will be ad- | land statesman' ought to pay a far lower mitteid as sufficiently accurate to justify premium than an inhabitant of London ; their general adoption.' Until that day and that a gentleman who would engage arrives, it may be as well to bear in mind to remain all the rest of his days in Mathat premiums calculated on those tables deira, ought to be charged little more than are lower on the younger lives, and higher half as much as a resident in Northampton on others, than when calculated on the or Liverpool. Northampton tables. Elderly people, there- More than one expedient, however, has fore, may be excused for avoiding offices been hit upon for favouring or protecting which have adopted Mr. Thomson's stand- long-livers. Indeed, it is to be apprehended ard of accuracy; and, according to Mr. that the desire of compensating them has Babbage, the average age of insurers is sometimes caused a dangerous forgetfulness forty-six.
of the fact, that the entire system rests The theory of societies formed of or for upon the opposite principle of making the particular classes or professions is, or ought long.lived pay for the short-lived. If, to be, that the chances of life vary accord- after the lapse of a sufficient number of ing to sex, occupation, and babits ; that years to test the estimates, it is found that there are material variances between the the rate of premium is bigher than is reaverage vitality of soldiers, sailors, clergy. quired to meet the liabilities accruing or men, lawyers, doctors, mercantile men, accrued, the surplus accumulations are dismarried women, single women, and widows. tributed under the name of profits. This Gideon used to say, 'Never grant annui- is a very delicate operation; and almost ties to old women; they wither, but they every office takes credit for the soundest never die ;' and if the proposed annuitant and most liberal method of performing it. coughed, he would call out, “Ay, ay, you The mutual assurer or shareholder has an may cough, but it sha'n't save you six obvious right to a sbare, for he is a partner months' purchase. If his doctrine be well in the enterprise ; and if the funds fell founded, ladies of a certain age ought to short, would have to contribute towards be able to insure their lives at a lower rate the deficiency. The primary constitution than any other class of the community of the proprietary companies includes no But no company-not even the Scottish such right; but they would stand little Widows' Fund Society'-has been founded chance against their rivals, mixed or muwith exclusive reference to them; and the tual, unless their terms were equally tempt. offices with professional designations are ing. Thus, the prospectus of one of them seldom, if ever, literally and strictly what sets forth :might be inferred from the name. Again, the duration of life varies greatly Assurance Company, the operation of which
One distinctive feature in the Standard Life according to the place of residence. Dr. has contributed in a marked degree to the great Price proved that, on an average of six success of the Institution, is the mode pursued years, there died in London 1 in 201; in in the division of profits among the assured, and Northampton, 1 in 26}; in Madeira, 1 in the directors request attention to its peculiar 50 ; in Liverpool, 1 in 27; in Ackworth, advantages. The divisions are made at intervals Yorkshire, 1 in 47. When, in 1829, the of five years, and the system is such that the Government, inconsiderately, misapplying whose policies are maintained for the longest
greatest benefits are derived by those members Mr. Finlaison's tables, offered annuities on
period; in other words, those who pay most the lives of men of ninety, at the rate of premiums. Persons who effect assurances as a 621. a-year for 1001. down, agents were provision for their families, or from other prudespatched by speculating capitalists—the dential motives, can thus look forward to inJate Marquis of Hertford being one-to creasing advantages as they advance in life,– discover hale nonogenarians. They were
each period of division they may survive bring. found most abundant in Westmoreland, divided profits at five periods—1835, 1840,
ing additional benetits. The Company have Cumberland, and the rural districts of Scotland ; where the late Mr. Philip Cour: 1845, 1850, and 1855.' tenay, M.P., and Q.C., made so successful They first give examples of the applicaa collection of them during the Reformtion of the bonus as an addition to the sum Bill agitation, that a provincial paper de assured; from one of which it appears
that scribed him as an emissary of Lord Grey's, a policy opened in 1825 for 10001, had commissioned to select recipients of the received, by 1855, additions to the amount peerage, whose age would enable them to of 11521. making the sum assured 21521. carry the measure without proving a dura Then come examples of the application by ble incumbrance to the Upper House. It the payment of the amount in cash :
* According to this method, if the person, in lieu thereof, thereby realizing a present gain assured does not wish the sum in his policy in- of 3771. 28. 1d., without prejudice to any future creased, he may surrender the bonus, and take bonus; the further addition made in 1854 was its value in cash; that is, instead of the amount 1561. 138 4d. being paid with the sum assured at death, such • The profits are divided, as stated above, a sumn will now be given as the directors may every seventh year; two-thirds being appropriconsider equivalent to it in present value. ated to the policies for the term of lite, payable
* In the case of a policy of 10001. opened without interest at the death of the a-sured; and before 15th November, 1825, for instance, the remaining third being aided to the subscripassuming the party to have assured at the age | lion capital stock of the proprietors, who are of 35, and to have attained the age of 65 last alone responsible for any loss the Company may birthday, the sum of 665l. 158. 2d. would be incur, -do liability attaching to such of the given for a surrender of the bonus of 11521., assured as are not proprietors, notwithstanding while the policy will continue to receive its that they partake so largely of the profits.' share of profits, at future investigations, as if the surrender had not taken place.
The alternative is almost always given of
paying a sum down, of paying a propor, The following are additional illustrations tionally higher premium for a limited addressed to the meanest capacity :- number of years, or of paying a lower rate
upon an understanding that the insurer is * A policy was opened with the Company in not to share in the surplus proceeds or 1826 for 20001. on a life then aged 45. The profit. He may, therefore, easily suit policy has received additions to the extent of himself, whether his present income be an 31901.; but the party wishes to get quit of his increasing or a decreasing one, whether he bonus additions; on what terms can he do so? prefer a known sacrifice and no risk, or a He pays an annual premium of 741. 158., and by chance of future repayment dashed by a surrendering 6711. 185. 2d. of his bonus he will trifling admixture of uncertainty. get quit of all future payments, have an addition It would be beyond our province if we of 15181. 18. 10d. to his policy, and will continue were to recommend one office as more to receive further additions at each investigation trustworthy than another. But we may he may survive.
A person aged 40, who assured in 1830 for venture to throw out a hint or two for the 10001. has received bonus additions to the extent
guidance of the unsophisticated ; and espeof 867l. He pays a premium of 321. 98. 24., but cially we should advise them to make wishes to apply the bonus in extinction of the thorough inquiry into the characters and annual payment. He can redeem bis future circumstances of the directors of any young premiums by surrendering 5021. 118. 8d. of his society before dealing with it ; besides bonos, leaving 3641. 88. 44. to be paid along with satisfying themselves of the accuracy of the the sum assured at death, and will receive further calculations on which its prospectus, if additions at each investigation he may survive. • A person aged 55 opened a policy in 1840
more than ordinarily flattering or magnilo
• The fact,' for 500l., at an annual premium of 261. 143. 7d. quent, is reported to be based The bonus additions to this policy, amounting to
remarks the writer in the 'Encyclopædia 1731. 108., if surrendered to the Company, will Britannica,' 'that within the last twelve reduce the premium by 15l. 08. 9d. annually for years 513 offices have been projected, and life, making the future annual payments 11l. 228 founded, does not give us much 138. 10d.'
primary confidence in the soundness, speak
ing generally, of anything new in the way The accumulated fund of The Standard of assurance.
Most of the failures seem to exceeds a million and a half. The Rock, have been caused entirely by reckless another first class proprietary company, extravagance in the management' By established in 1806, which boasts of a large reckless extravagance in the management' and increasing fund of upwards of three the writer probably means, that new offices millions sterling invested in real and go- commonly begin by outbidding the old vernment securities, promises similar advan- offices. Thus, in 1825, it was announced tages.
on behalf of one office, that every feature
of its plan was marked by a decided con· As evidence of the great advantages afforded tempt for all the petty advantages which to assurers in this office, the directors select an swell the profits of other offices.' A second instance of a 500l. policy, effected in 1806, upon offered to insure at ten per cent., and a which 5851. 78. 6d. had been paid for premiuins. third at twenty per cent., less than The several bonuses made to this policy, payable its predecessors in the field,
Few of these on its becoming a claim, amounted in 1947 to lasted long; but it will be remembered 6411. 18. 8d., for the redemption of which bonus the assurer received 4651. 28. 7d. in cash, and that it may take fifty years to demonstrate then, wishing to extinguish all further premiums the illusory nature of a scheme, and an ou the policy, paid to the Company 881.08. 6d. insurance Office, therefore, can hardly lay
claim to the respectability of age, until it Lord Eldon said of Acts of Parliament,
prescriptive condition rendering void the
Persons whose lives are assured in this office late years contested claim without (not being seafaring persons by occupation) may grounds of suspicion amounting almost to go by sea, during peace, direct from any part of moral certainty. Whenever they have Europe, tv any other part of Europe, or during acted on the opposite principle, they have
war from any part of Europe to any other part generally found juries steadily opposed to of Europe where there may be no danger by them, as in a well-known case against the
reason of hostilities, or may proceed to or from
Europe by steam-vessels, to or from any part of Westminster, in which the strenuous ex
America, north of Washington (the capital of ertions of Lord Kenyon failed to procure the United States), and east of the Mississippi a verdict for the company. In a more re- river, and reside in the above-named places, uncent case, the Imperial resisted the claim less there be danger by reason of hostilities.' of a Mr. Scott's representatives, and persevered until three adverse verdicts had
There is an awkward vagueness in the been given against the office. The courts proviso, “unless there be danger by reason of justice have laid down, that fraudulent of hostilities,' which would be a question concealment may consist not merely in for a jury; and we have heard of a memomitting to answer every specific question ber of the Yacht Club who, for fear of infairly, but in the suppression of any ma- validating his policy by going beyond Euterial circumstance peculiar to the indivi. rope, when his vessel struck on å rock off dual whose life is the subject of the policy. the African coast, clung to her till she Thus, a policy on the life of the Duke of sank. It might be a question whether he Saxe Gotha was declared void on the did not thus bring himself within the proground that the general debility of His viso against suicide, which runs thus :Serene Highness had not been communicated to the insurers. Independently of Assurances made by persons on their own this train of decisions, the ordinary terms lives, who shall die by duelling, or by their render the validity of the contract condi- own hands, or by the hands of justice, become tional on the truth of the preliminary de- main in force so far as any other person or per
void so far as respects such persons; but reclaration in every detail; so that what sons shall then have a bona fide interest therein,
acquired by assignment, or by legal or equitable / banks were offering nine or ten per cent. lien, upon due proof of the extent of such interest for deposits, it was useless to dwell upon being made to the satisfaction of the directors.' the Duke of Wellington's sage axiom, that The Atlas goes a step further, and pro- for bad security. When showy commodi
exorbitant interest is only another name mises to be generous on an emergency:
ties are offered at ridiculously small prices, Assurances made by persons on their own
it is vainer still to prove that they could lives will be void if they die by the hands of not be profitably sold for double the money justice, by duelling, or by their own act, whe- unless they were stolen. There will be alther sane' or insane : but should the families of ways, as Mr. De Morgan remarks, gentlesuch persons be left in distress and poverty, the men eager to walk in the brightest of boots directors, in their discretion, will make such al- to the cheapest of assurance offices. But lowance, in respect of the policies of the deceas
we trust we have said enough to put even ed, as they may deem just and reasonable ; or
upon should a policy have been assigned or deposited
their guard ; and we are not as a security for money due, and have been in without hope that science and enterprise, force for five years, then the Company will hold with perhaps a little opportune aid from itself liable for a sum not exceeding the amount the legislature, may eventually succeed in advanced, and interest due thereon at the rate placing on a sound basis, not admitting of of 5 per cent. per annum.'
illusion or deceit, a system so admirably
calculated to advance both private happiMr. Francis says that there was once a ness and national prosperity. company which altogether omitted the suicide clause, and that a man, after opening a policy with it, invited the directors to dinner with a numerous party. When the Art. III.- Popular Music of the Olden cloth was removed, he rose and said : "Gen.
Times; a Collection of Ancient Songs, tlemen, it is fit you should be acquainted
Ballads and Dance ľunes, illustrative with the company. These honest men are of the National Music of England. tradesmen to whom I was in debt, without
By W. Chappell, F.S.A. London, 1859. any means of payment but by your assistance; and now I am your humble ser. To persons who judge social phenomena vant. He pulled out a pistol and shot by standards taken within the limits of himself. If the omission of the clause at their own actual experience, the taste for tracted many customers of this sort, no
music that is so conspicuous in modern wonder it has been restored or retained.
England seems a remarkable novelty, not The Volunteer Rifle Corps' have ex altogether compatible with the national cited serious apprehensions in the unwar- character. Scarcely thirty years have like portion of the community; and large elapsed since the normal John Bull was odds have been offered that the members supposed to entertain a manly abhorrence will hit more English than French within
against the sing.song that delighted more the next twelvemonth. But by insuring frivolous foreigners, and the present genein the Sun they may fearlessly encounter ration has not yet forgotten the animadthe terrors of the practising ground :- versions of the Chestertields and Stevenses, • Military Risk.- Persons whose lives are as.
who encouraged, in fashionable and literasured in this office are assured ayainst all risks ry circles, the want of sympathy with they may be exposed to while engaged in the sweet sounds, already to be found in the militia or in any yeomanry or volunteer corps
multitude. But now music is the rage acting within the United Kingdom of Great everywhere, -if, indeed, the word “rage' Britain and Ireland, without extra premium.' can be applied to a steady predilection,
which extends over all classes of the BriTo declare all policies indisputable from tish public, and gives no signs of evanesthe day of execution, or to waive all re
Two opera-houses, and sometimes strictions on travelling or residence, might three, compete with each other for the do harm in a moral and social sense by en patronage of those persons who love the couraging fraud. We prefer the middle dramatic form of the art ; nr does the course adopted by many offices, of specify employment of the Italian larruage dimiing a probationary period—commonly five nish the enjoyment of a large mass who years-after which policies shall be deem would consider themselves very respected indisputable and the insured may travel able scholars if they possessed a grammati. or reside where they like.
cal knowledge of their own tongue. The The gullibility of mankind seems bound- epicure, who seeks those delicacies less less and inexbaustible. When joint-stock appreciated by the profanum vulgus, finds