The British Press; or, Morning Literary Advertiser.
London, England, 1824-07-20 00:00:00

No. 6,745.

BRITISH ANNUITY COMPANY,
FoR TUE lot•ItC11Ais1; OF ANNUITIES SECURED oN
I'ROPEKTI' IN UREAT BRITAIN AND IRELAND.

Carl :AL TURD MILLIONS,

IN SINT! TNOUSAND SHARES or NINTY POUNDS NACU.
4:11:-Ilud untie, the Authority of an ACt of Parliament. June V,
34, New Brual-atreet, hoodou.
nisrcrons.
P=T ca no%E. F. 6. M.P. C:hairman.
13. M. liaa,.l:TT, Eq. M.P. Deputy Chairman.
!hare CCM William Newman, Esq.
I.6elas Dens's, Kaq. Sernilel Page, Esq.
1.1-vt-lien. Sir Refute I)onkin, colonel Palmer, M.P.
!Vaihaaiel Wm. Peach, Pim.
Mart Jana Jam Mai. William Powlint,
K 'P. I:4q. A. A. Suttees Eaty.
Magna,. Esq. Colonel Talbot. M.P.
~,,!I•lMcndlutai, Esq. .lotin Wilkin, Esq.

•U

[TONS.

Henry Clarke, Enq. - I John Harlot, Esq.
Itureee Dave:inert, Esq. Ihrid I.laean, Esq.
Timothy Francia Power, Esq.
wrens.
Sir William Kay, Bart., Price. Alarryat, and Coleman.
he John Peeling. Raft., Show, Barber, and Co.
Sten/franc —.lames Mitchell. Esq. A.M.
ST AN nt NO COVOSEL-44an.u..1 tiinUestofte, Esq.
So LTC-17ot —John TV ilks, Jun. Ely.
'Cue se avoid :it'llotoNs--(ientge Beale!" Halton, Esq. and
William Ilewieke Lynn, En+
Seavaeosta—Jseeph Ginn. ) sq., Edward l'sawn, l:sq., and
James Savage, Esq.
✓rutis or.wp.tislv has been established unfit r life
J. authority of a aneeial Aet of ritillSOOlt and I bccd of &atm
ca mmtsit of pital isthe purchase a
4•siror, the 0-144141) la No oismad, depyhold, and lemehold estates.
realties, *centre, upon
money in the Government funds, pariah bomb., harepine will,, and
other eligible proPerll.,
The notate of *nannies not being generally understond, it may
he desimbie to tow somewhat into detail in the .planation of
thee.
AS annuity Is a um of money annually paid by a person, who is
milled die Onutor, to another person who is denominated the
Grantee, in consideration of a sum of money paid by the latter to
the fanner, as %Pe crcham-moiley for the duty. This annual par-
t:mit is made dut the life of one or more individuals named by
the ranter, and on lie et tinction of the last life the annuity COON.
Thus, A pima to B LOW'. as the purchase of an annuity of 10111.
irer annum, payahle during the lives of C, D, and E. At the death '
ot the last aurvivor of these the annuity ceases ; but the purchase-
s', iney il not thereby lost, shier, in order to secure the return of
the 131001-,the grantee naiy Imm:ether sum at a moderate premium
1,11.1 Insurance (Wile. In this ease Ala the grantee, and 11 is the
grantor.
As to an investment of mane, in this way, although the [aegis's-
t....e has limited the rate of inherent to five per cent. on mongage,
ne..! all loam for a fixed petiod, it has never attempted w regulate
the terms of annuities between the parties, but has supply passed
.t 1n to direst the enrolment of the deeds, and to secure the pay-
e•ents sod the equitable protection of the rights of Allen:teemed.
The sabstancenf the acts fernierly flamed on. this subject is mho-
dad in the Act 53 (leo. 111. c. 141, which has been further ex.
plaited by the Act 3 Geo. IV. c. 92. Prior however to the former
of these Acts being passed, many Insurance Companies obtained
prime Act. for this puqusse. Since that period all purchases of
annuities; ham been effected on the authority of the General An-
nuity Aet.
By the law of the land, therefore, any sum whatever, which par.
tin Choose to agree upon, trey be legally secured for any period
aepreding on the e.mirge,ey of one, two, three, or any number of
lam, or theist,* survivor of them.
Daring the last war, the usual annuity panted for the sum of
Into/. Was 19W. a year, or ten me cent. ; and where, from the na.
tore of the security, it wan dependent on the life of the grantor, as
nierh mere was given as lOUS sufficient to pay the annual premium
for the imurance of the sum advanced, at an Insurance Office. By
this mod:, the person who advanked the money obtained an :glean-
ugeous return for its use, and was in no risk whatever of the loss
of his capital; for if the annuity wu paid oft by the grantor, then
;hewn:tee received his money back ; and if the grantor died with.
out paying it ell, still the grantee received it at the uffice at which
it was insured. .
Experience hat proved to the monied interest, that annuities on
angle lima, which can be insane& see highly profitable and silvan- 1
tepees, as well aa perfectly secure to the grantee.; but annuities
granted mean freehold and other perpetual securities, without the
iexe of insanntet, may be rendered equally, or even more min-
abk, and be much more inneerate :awards the grantor.
In sari cases the ennuiti a are totally granted to continue dar-
t /re the life-time of the last : univar of three m more perm/is. The
hams are selected by the inch...mai purchasing the annuity, who
oaturslly chooses luting email, of ine4 entalitininon-
That this hock mote erinveinmear Is very profitable can be
hotly deseenetrated. liner It Ism bean tenni by long and invaria-
ble experience, that although a anode life is of very uncertain du.
ration, yet in the ease of three or mare well-selected lives the
casualty ceases, and an average fixed period may be relied upon.
This peeled is generally not less than 60 years, but let it be
'owned to be only AN; by referring to tables of compound interest
a will be seen that 11. per annum. improved at 5 per cent., will
amount in 56 years to 237/. livi. 11101. ; and therefore 31. Ilk pea
annum, regularly paid and improved at that rate, will in the same
urine amount to 1,0054 14s. 4(d. If 1.0001. he lent at 5 per cent.
mairest, the individual who rakes the loan obtains:se/. a year, and
when the lean is repaid he 'mires back his 1,000/.; but if another
person lay out I,lltlot- in the purchase of an annuity of XV. loM. per
',nom, payahtc for fiti years, he will have an equal advantage, for
eke lay by 3/. DK ayear to accumulate at compound bin:rest, it 1
Lib ss hav been already seen, in 56 years, more than replace the',
leek busted. •
If, Inmates, a potion of the annuity be laid aside to form an ,1
savamalating had adequate to replace the capital by the end of
the probable expiration of the annuity, the rennin der may be eon.
rarred as the sum glwen for the use of the money. Besides this
s'isatage, as the annuities are frequently paid or, the whole sum
lai,ll.ile am an accumulating fond at the paying off forms an addi.
%eat source of profit, by adding to the amount of the original
espial.
But if, instead of receiving an annuity of 53/. les. for 1,0001.,
ad none are granted .0 low, he r.crive lOW. per ann ..... , then it is
trident that not only at tit..• expiration of 56 rears he will obtain
Irk hts 1.00111., but every year he will imenedietely derive an ad-
aintag, of flit leg. per annum, which be can obtain only by this
modes( investment.
It may, however, be inquired by sonic persons, why should indi-
viduals petrel to raise money by this niethod on their estates and
Mma. *high, whilst it is advantageous to the grantee, mum
lig 'IY be burdcretonto to the grantor? Tu this question it is
Miled, there are ample sad important reasons, in addition to the
diiiindry of mocurine money at 5 per cent. for any given length of
two, which induce many individuals possessed of undoubted free-
bald aid copyhold securities. as well as pobl,c bodies, to prefer
raising meter by way of annuity. For example, if a gentleman
rose money by mortgage, he cannot generally be secure against
mi,er WIN! upon to repay It for more than nit months, unless
Ivan panicularciltunistances—as for instance, from its being trust
money. Ile is therefore plaent at the mercy' and caprice of the
lender. Th. money he was of course in want of, or he would not
have borrowed it, and it mar be difficult in so short a time as six
amnia to repay it. It may have been expended in the improve.
Duna het eatate, ST ill such a speculation that it may be a very
fa outside time to sell his property. 1/'/ten Pie applies for a
fresh lean, he ii, saldn toil to unusual ailSettlty and simpicion, even
from the circumstance of his esuite being already mortgaged for the
very sum he is called upon to pay .far ilowe it may be impossible
to obtain the money. and he suffrri theconsequences, which are
not unfrequentiv sale or foreclosure.ure. Hut in the ease of raising
, mg;:2o, byeen te:t,..6140 anmyeati.eittea.
irit is different;
Ile
so long as the
luny grantet . le cannot be called
loiritinisio
ilitaLod thet
perchnee-n;Oney. although lie may do so when
Ca.. evi'venient. upon giving a short notice, or paying a small
toriennsed Leasehold P i for like induced
t" W 111111 warty are, reason,,
; money by annuity to morfgage ; and it also fre-
quently occurs that they '
at au,
a_
__ althoughto;, the duration of their intereat in the property may
~ aim
eflii lent for securing the payment of the annuities they
"" to grant.
imrkimPiei.„2l( of therm in rosda, canals, brides, and other public
in sell7are'anlleahne, !lien they
may deem it a, unfavourable time
to
n 7 ofannenv give ;rood security for an ate ante of money by
•, , to such an tuna as the value of their shares will
wee
Perishes :re unahle to raise money by mortgage, because they,
t.44,,lnixratealititfrease late of sale, and 'can only grant a security on
I,,,luitabi,
to that in nine so obey come in. It is elan damned
eacitattdrn_amoz,;i.:ol4.%4'
itt,hre whole h..rden of defraying the expense
I.liiiiie object, the benefit of which is to
Patel,,, rims.,
iloag period, ut.in the prownt Inhabitants. They
Parim,,,,, , , • i""7 liv annuity ; and altims: every local Act of
Nashel. ' ""Lis Of rito;puses, this mode of °lA:jinni; money by

rep a
I•rieco-
"'",Y I.r
Pry. I*
'.^,es al r •
4•11,
ai 11

...iitutiincumberrd km entailed males cannot raise
they hare or.ly a lie interest in the pro•
impor.iblo to rut ~tr Ow entail, and some-
: Joel not d••sin. to do so ; hence, when money is
he by ,4%I* uf• annuity ; atid such an annuity is
o.:n:o..ran• but the use of lite nionty, and pay the

.11e fits
a Lod rinipertioil or ow is er.tailed ; and the
e4m.ut rut 11. t Ull4. 111 111:13
• all .tveisr 'lie, 0., la:ul7,re
to the urd,r in whieli Arts rt•gistereil ; and the
i+ tinitersal thtuegliont the country, and is
,„ 'lt ;-v, th.it it *nay at once lw
, :tk:c warp 1..0 raised in, the security of
A„ hcr, I,‘re t ry tl-sirable, and the
1 a."lulunY hat altvail) had applications from Scut-
?cry ,:elmidel:thle
ron% ao meanie tiir life, or for liv!-+, sccured on
I nlarr;
.3ite *rule:nen!, attachable pen ions from Govern.

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