The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1865-05-02 00:00:00

Lama IL

A GLANCE AT AN IMPROVED OFFICE.
To Me Editors.

STIMULATED by the remarks you printed for me
in your last, a number of other offices have, I find,
supplied interesting particulars of their several plans.
The Englishman's toast, "our noble selves" leads
me to select, in the first place, whatever is
"provincial." And as the Nottingham office,
the GENERAL PROVINCIAL LIFE ASSURANCE
COMPANY, LIMITED," it a type, and in some
respects in faet a model of what may perchance any
day arise at our own doors under the auspioes of that
valuable aid and economy of capital, "The Com-
panies' Act of 1862," (under which, I am glad to
see your own extensive enterprise so happily re-
gistered,) I take it up for examination in pre-
ference to offices of perhaps greater importance, but
I venture to say not of greater promise. You must
be aware that "the Compaaiee' Act" was in reality
introduced for the purpose of placing Insurance
Companies and Banks under the regulations of the
Registration System; and that it applies with much
greater stringency to these than to any other trading
oompanies. And very proper too. Professing as
they do to cover risks and contingencies—husbanding
peoples' money for them in fact, and undertaking to
secure all sorts of provisions against sickness, old
age, and death, it is but right that they should
have a registered office or address, and be subject by
law to make known, whenever duly called upon,
who are their directors and shareholders, and what
is the state of their affairs, and to furnish returns
upon these points periodically to the Government
Registrar. These are the guarantees for the public,
and in fact popular safety in dealing with Companies
placed as it were under legal restraint in this
manner; and if on the other hand the shareholders
in these concerns cannot be held responsible for more
than the money they choose to subscribe towards
them, this again encourages speculators to embark
in and help forward many useful schemes like your
own "Church and Country Newspaper Company
(Limited)," so that we may hope through the proper
working of this Act to arrive at the grand result so
long desired in this country of being able to effect
the due distribution of wealth along with its accu-
mulation. Taking early advantage of the Act, Mr.
Edward Everett, well known in the Wesleyan con-
nexion, originated the General Provincial Office
at Nottingham, as manager, Mr. H. W. Smith of
the "Albert" being actuary. In a very able
prospectus, or address, the objects of the proposed
office were described as comprising all the most
approved principles now known in Life Assurance;
and this was admitted not only by the local papers,
the Nottingham "Review" and "Guardian,' but
by the Insurance "Mirror" and "Gazette," the
"Joint Stock Reporter" and "Monetary Times" of
London, all formidable authorities in their way,
since it is more the business of such Journals
rather to check and impress than to encourage the
legion of projects which, under the designation of
Insurances Offices, annually Come to grief in the
Winding.up Court, as tabulated in Mr. Hooper
Hartnoll's • Poet Magazine Almanac." Mr. Everett
brought to the work many years' experience
in Life Assurance; and as one of the authorities
above cited declares that every town ought to
have its "life" office, let its fire risks go
where they may, we are necessarily interested in
carefully reviewing the bran new advantages of
latest cut here introduced -for the good of the pro-
vincials. To introduce into their system every con-
cession and improvement compatible with perfect
safety, and to frame tables to meet every require-
ment were the avowed objects of the directors.
They therefore rendered their policies INDISPUTABLE.
They even made their policies PAYABLE DURING Jure
without extra premium, and this is a point so curious
that one is tempted to say, "How can it be
done!" Well, it is effected by applying the
bonus declared at each division of profits to '
the total extinction of the latter premiums
that would otherwise be paid on the policy '
were the assured to live to the age of Methuselah
—and not as in ordinary offices either apply-
ing the bonus to decrease earlier premiums, or
adding the amount of it to the sum assured. Many
old world people used to shrink with superstitions
dread from a Life Insurance, considering it a tempt.
lug of Providence, and setting a limit to their days.
And to be plain with them, this is precisely what
these audacious offices do. They calculate exactly
how long one has got to live, and thus allowing a
man his three score years and ten, they would begin
to reduce his premiums in the Nottingham office
back at his sixty-ninth year, and then they would
take off years downwards as he continued paying
onwards and upwards, until at the point of
survivorship where the two operations met, they
would hand him over the sum insured, for an there
were no more premiums to pay, it were no use keep.
ing him out of it—no one could have a better right
to it—and the only little difference there mi4hl be
to settle would be that under ordinary circumstances
be might still have to wait the event of death to
realise the amount—but this concession, as we under-
stand the matter, the General Provincial Office
allows him. Next their policies are made PAYABLE
TO ORDER, not oily rendering the legal transfer of
policies unnecessary, but making them negociable as
securities for loans, advances by bankers, &a. This is
one of the most momentous improvements possible;
for who does not know that absolutely nine-tenths of
the insurance transactions entered into have no
other object than that of miming the wind, and too
many are aware of what or whom they raise instead,
hampered by the legal and commercial or monetary
difficulties and expenses of this mode of borrowing.
Security must, in the ordinary case, be found in the
first instance, for the due and regular payment of
the premium, and two men have actually to be met ,
with who will consent to be taken bound for the
solvency of another throughout the remaining period
of that other's life, conscious as they must be that it
is not because affairs are so very flourishing with
him that he ventures on the expedient of borrowing
money at the dear and double rate of interest added
by an annual premium. But where the policy is
made payable " to order" it bears a current negoci.
able value, on which money may be obtained with-
out trouble; because many persons whose own lives
are perhaps not insurable would be glad to seek the
benefit of a favourable life policy, thus easily trans-
ferable, and not disputable. Then again, when a
man makes up his mind after some dread debate on
his mortality, and the uncertainty of human life,
either to executes will or insure his life, he has in
the latter case, more particularly after payment of his
first premium, that disagreeable feeling which
affects us almost every day of our lives—
" What • fool I've been—why this may be money
thrown away." And so it often is. I have known
many people who having paid a first premium,
never paid another. What happened then! Noth-
ing—only the policy was forfeited. But in the
"General Provincial" the policies are NOT LIABLE TO
BE FORFEITED, at least after three years—only pay the
first year's premium, and persevere in payment of
other two, and the assurer if temporarily unable to
pay up can borrow from the Company for the
purpose so far as the "present value" of his pre-
mium will admit; nay, should the assurer be
necessitated to stop paying altogether, they will
grant him a FREE POLICY for the "present value"
whatever that may be. They issue DEBT GUARANTEE
POLICIES whereby a creditor may insure the life of
his debtor for the amount of the debt; POLICIES ON
THE JOINT LIVES OF PARTNERS to obviate the necessity
of withdrawing any partner's capital from a mercan-
tile concern on his decease. And to induce the habit
of insuring early in life, and obviate the plea of de.
ferring till better able to dolt, POLICIES ARE GRANTED
AT REDUCED PREMIUMS FOR THE FIRST FIVE YEARS.
Then again EDUCATION POLIOIES are granted of flO
annuities for six years that persons may be helped to
send their children to school; and of £2O instead of
10 in the case of studenta. As also CHILDREN'S ENDOW-
MENTS of £lOO payable at 14 or 21 to cover apprentice
fee or marriage portion. BUILDING romciza are
granted where persona having borrowed from
a building society, or by way of mortgage, it
becomes desirable to free the representatives from
such obligations in case of his decease. ANNUITIES
are also granted immediate or deferred, on the usual
terms; as well as OLD AGE ANNUITIES ON JOINT LIVES
making provision for old age of husband or wife ; or
old age assurances enabling persons at a given age to
retire from busicess and enjoy "the calm serenity of
life's decay." One great improvement on annuity
practice f consider to be the annuities granted on
joint lives. If on the life of the husband alone, the
annuity dies with him, and there is nothing for the
surviving wife; but an immediate annuity on their
joint lives cures this defect whichever pre-dace:Lees.
This office does not practically add a year to the
rate of insurance by calculating from next birth day;
it reckons upon the age of the assurer to a month; it
arranges for the substitution of one life for another
if desired; it allows twelve months from a pre-
mium becoming due to prevent forfeiture on payment
of arrest.' and interest, only of course the company's
liability is suspended in the interim, and premiums
are payable within seven days of grace if quarterly,
within fifteen if half-yearly, and thirty if yearly.
They adopt A HALE CREDIT SYSTEM of a liberal kind
for payment of the first seven years' premiums; and
assess the surrender value of policies of three years'
standing and upwards at one-third of the premiums
paid. INVALID LIVES refused by many offices are
ASSURED. A Boars is declared every three years,
when the whole profits with the exception of a
reserve fund are divided among the assured; and
this bonus once declared is never forfeited from
incapacity to pay premiums. But it may be appro-
priated in four different ways—as an addition to the
sum assured—as a present payment, value in cash—in :
reduction of current —or as already described of latter
premiums so as to render the polioy payable daring
life. On deposit of the policy the Company also
ADVANCES LOANS to &large per centage on premiums
of not less than five years' standing; as well as on
personal security in connection with Life Assurance
in the usual way. It even grants mow= nem of
annuities TO INVALIDS, require* NO =Tea PREMIUM
for FOREIGN RESIDENCE intime of peace and none from
volunteers, or, for that matter, military men them-
selves when not on duty ; and exacts no extra fees
of any kind. Claims are payable within three
caleadarsopsitli! of roof of death, bet aporties items-
diatety on tnst. CLERGYMEN AND MINISTERS
of all denominations are assured at reduced rates.

ft

Have I not just reason to call this then a Rudd
I insurance office? I at least lave found few ado
have so carefully embraced all those points ise
improvement that meet the objections and obetrnts
tions in the way of life amearance ; and as •
judiciously, carefully, and beneficially construe:4pol
scheme, I cannot help walling this young Provisald
Office success.
Newspaper Pre s Training College, May I.
CALCULUS.

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the confession of Constance Emily Kent would holt
, but they have been in a great measure eclipsed by thle
appreciated, and the minds even of Soatheue
general thrill of horror excited by the announcement et
the assessination of Abraham Lincoln, the attempt en
, outrages. It needs no keen perception to discover whisk
. an instinctive horror our ooantrytnen have of the Ida.
' of political assassination, as manifested here on no
, receipt of this intelligence. Not a soul, as far as I tott
perceive, has attempted seriously to palliate, much leo
to justify the deed. Even the staunchest friend" of the
south reprobate it in unqualified language, while general
sympathy has been expressed for the victim, mingled
with admiration for hie character. All the
ecentricities and failings of Abraham Lincoln are tele
gotten, and it is only remembered that he served kis
country honestly and determinedly in a cause which les.
above all other men, had a right to consider just. and.
moreover, that he was the first American who iniluoneed
the majority of his countrymen to root out the curse et
slavery from among* them. Further intelligenee
anxiously awaited, in order to learn something definite
of the motives of the assassins. Very few people ant
willing to believe that the leading men ot the South
had any complicity in the matter, for nobody can
imagine any good that could be intended to accrue te
Mite Southern cause from such atrocities. It is thermion
hoped, and believed, that the conspiracy wee merely
the insane and devilish revenge of isolated fanatic.; who
may perhaps have been ruined by the war.
The crowds which always 31= the approaches Is
the House of Commons on Bu y were destined ea
Thursday to wait a long time for a comparatively small
gratification. It is true that Mr. Gladstone spoke kw
upwards of two hours and a hal!' but it is also true
that he never introduced less irrevelant meteor int*
his great fisoal statements. It is all very well le
talk of " finanoe made musical" by the genius of the
of the Chancellor; but those who waited so anxious*
last Thursday did not come down to the House to hest
merely a batch of figure; and perhaps many of then
would have rather listened to the sarcasms of Disraeli.
The reception which Mr. Gladstone met with on rising
was even warmer than emit of previous and
when he spoke eloquently and feelingly of lriliCobden
and his labouni, the applause of the closely packed
house was loud and sympathetic. It Is most probable
that the Budget will pass almost unchallenged, and
that the discontented members who would rather have
seen the Malt-tax repealed or redacted, instead of the
duty on tea being lessened, will have no better place to
grumble than the hustings, where they will find sufficient
sympathy. Among the public out of the House the
Budget has been well received. The reduction of the
tea duty by one half is felt to be a great and beneficial
concession to the poor, as it hi pretty generally recognised
that whatever will save a few pence in the wife%
marketing will do something for domestic comfort,
Concerning the reduction of the Income-tax to 4d., I
have beard it sarcasticelly remarked that the cheers
which followed Mr. Gladstone's announcement of his
intention on that point were very like 'one word frit
the country and two for the members themselves."
However, everybody agrees that the peyote of 1000010.
tax had an overdue olaim for some alleviation, and even
the lower classes will not seriously begrudge the relict
given. The remaining prominent feature of the Budget,
the reduction of the Fire Insurance duty, was of course
expected in obedience to the resolution of the House ot
I Commons, and has excited little remark, though it
considered a satisfactory measure.
In passing through Lincoln's Inn, on Friday, In
answer to an inquiry for whom the Chapel bell wee
tolling, I was painfully startled with the intelligent* ei
the death of Mr. Pbillimnore, Q.C., who expired st his
country seat on that day. It seemed but as yesters
day that I listened to his eloquent voles and saw
his familiar face, glowing with enthusiasm, as WWI
its wont over some striking peroration upon the
great eventa in our national history, on which Its
delighted to lecture, and which he understood so well.
For many years Mr. Phillimore has occupied the plan
of reader in constitutional law and legal history to the
Inns of Court; and I am sure I express the sentiments
of every student who has attended one of Mr. Pali.
more's lectures ;then I state that few gentlemen con.
netted with the bar of late years commanded more
esteem and respect. To others as well as myself who
have occasionally dropped into "Hall" on Wednesday
afternoons for half-an-hour to hear Mr. Phillimore, and
take notes of his carefully-arranged references, he will
be greatly missed, and his loss will be felt in other
'
respects • for of all the readers in the Inns of Court he
appeared to be most popular among the students. His
gentlemanly courtesy and affable demeanour made him
many friends. He was one who took so mash delight
in all that he wrote that it seemed to appear a pleasure
which he almost regarded as • personal compliment to
himself to answer a student's inquiry, or to render any
service in the matter of affording information. I have
not yet heard who is likely to be appointed by the
Benchers to continue the course of lectures announced
for the present term—but the honourable society to
which Mr. Phillimore belonged will havesome ditficalty
In finding a worthy successor.
Mons. Blondin, who made his first appearance in this
country at the Crystal Palace some years ago, is to have
• benefit there next Monday. The money that he must
have gained during the lest lialf-dosen years mast be
something enormous; but a good-natured friend of his
has shown him how to disburse a large proportion of it.
It would almost seem that Blondin understands the
dizzy journey on a rope better than the path of oom.
merce ; that he can keep his balance on a cord stretched
over Niagara better than he can keep a balance at his
banker's; that be can walk more steadily with • sack
over his eyes than when hood-winked by • partner in
trade. Be this as it may, his path is a most perilous one
even in his own line, or rather on it. The most prominent
exponent of high art, in his own peculiar walk, the only
wonder is that Blondin before this has not fallen •
sacrifice to his towering ambition. I shall never forget
the thrill of terror which ran through • large assembly
when Blondio, on his first appearance at the Crystal
Palace, with a sack over his bead, pretended to stumble.
It was most cleverly done, and the immense sea of up
turned faces evinced a "sensation" only less in its in-
tensity than would have been occasioned by his falling a
bleeding corpse at their feet. Are we less sensation.
loving now than then? I fear not.
The absurdity of mob • periodical as the Day of Real
trying to keep pace with current eventa la singularly
evidenced by the number published lest Wednesday, but
bearing the date of April 29. The editor (Mr. Hain
Friswell, author of "The Gentle Life," and the writer
of the Family Herald leaders for the lest iii yrrs),
contributes • weekly paper which be calls 'The
Whispering Gallery," supposed to be &running cowmen.
tery on recent event.. He tells us—under date of April
29, I repeat—that it is rumoured that General Lee
would surrender; that negotiations are to he opened
with Mr. Lincoln, dm.; but, naturally enough, there is
not a word about the &gemination of the President.
Again, he tells us that the Csarewitch has been eeriously
ill, bat that "happily the sufferer has since partially re-
covered, and is now, we believe, out of danger." This
comes of the conductors of penodioala, which are not
only published three days before they are doted, bat
which go to press a week before they are issued, trying
to compete with newspapers. The idea of 'Th.
Whispering Gallery" is • repetition of rumours and
statements, something like the "Echoes of the week"
(which Mr. Friswell, by-the-ye, wrote during Mr.
Silas absence in America); but the sooner mach
"echoes" and " whispers" die away the better. Mr.
Dickens long ago discovered that his I losialiold
Narrative became always stale and ridiculously wrong
before it was issued, and twiny editors and writers have
I discovered the same thing since. Far better it is to
leave the newspaper writers to do their own work in
their own way. The Whispering Gallery" may be
well done, under the circumstances in which it is
written, but it is necessarily an abetted failure.
SPECTATOR.