The British Press; or, Morning Literary Advertiser.
London, England, 1824-08-17 00:00:00

BOOKS OF PRACTICAL UTILITY.

This day is published, in 1 Bvo. price 12s. boards,
THE THEORY and PRACTICE of GAUGING,
fully illustrated by numerous Rules and Examples, and ren-
dered particularly effective by an extensive Detail of the L,egiala-
tive Regulations, and the official Directions of the Boards of Cus-
tom and Excise: with a Treatise on Cask Gauging, in all Depart-
ments, as now practised in the Pon of Loudon. Originally written
by Peter Jonas, late Supervisor of Excise ; a new Edition, very
considerably improved, and brought down to the present improved
Practice. By WILLIAM TATE.
London : Printed for Sherwood, Jones, and Co. Paternoster.'
row and Dring and Page, Tooley-street.
Where also may be had the following useful Works:-
1. A PRACTICAL on BREWING. and the
mode of using the Thermometer and Saccharometer rendered easy
to every capacity; the whole forming a complete Guide in Brew-
ing London Porter, Brown Stout, Reading Beer, and every other
description of Ale and Beer: to which are added, In :ructions
for making Malt, Tables of the Excise Duties, eke. ike. By
Alexander .Morrite, Common Brewer. Sixth Edition, w•th the
Laws relating to Brewers, Itc. . • price 10s. tki. in boards.
2. The LAW of AUCTIONS, or, the Auctioneer's Practical
Guide: to which is added, a comprehensive Summary of the Laws
of Distress; with an Appendix of Precedents. and a copious In-
dex. By T. AVilliamx, Esq. Author of Every Man his own
Lawyer." Third Edition, considerably enlarged by the addition
of the new Acts of Parliament, and the Decisions of the Courts of
Law since the publication of the former Edition. It truer largely
of the qualifications, responsibility, and duties of the Profession,
constituting the most useful work on the subject extant. Puce
6a. Bd. in boards.

8. TABLES of INTEREST, at Four per Cent. shewing by
inspection the Interest of any given Sum for any required number
of Days, from 1 to 365; with compendious Time Tables. By
William Tate, Accurately printed in Bvo. on a bold type, prise
14s. in boards.
4. The TRADER'S SAFEGUARD, and COUNTING-
HOUSE Gl'l DE ; containing the haws relating to Masters, Ap-
prentices, and Journeymen; the setting up and exercising of
Trades; of Bills of Exchange and Promissory Notes; Bank-
ruptcy ; Contracts and Agreements for the Sale and Purchase of
floods; Warranty, Payment, and Delivery; Carriage and Book-
ing; Usnry, Cheating, Ernbuzlement, Monopoly, Forestalling,
Partnership, Agency, Suretyship, and a variety of other Topics, in-
dispensable to be known by every person connected with Trade and
Business. By John Rolle, Esq. Barrister at Law. The Third
Edition, considerably improved, price Gs. boards.
h. The FA Mmy DYER and SCOURER ; being a complete
Treatise on the Arts of Dying and Cleaning every Article of Dress,
Bed and Window Furniture, Silks, Bonnets, Feathers, fte. whether
madeof Flax, Silk, Cotton, Wool, or hair; also Carpets, Cons.
terpanes, and Hearth Hugs. Ensuring a saving of eighty per cent.
By William Tucker, late Dyer and Scourer in the Metropolis.
Second Edition, price Is. fid. boards.
6. The 01I.NIAN'S VADE-MECUM ; being an useful As-
istant to the Retail as well as the Wholesale Dealer; showing, ail
arse view, the value of a Tun of Fish or Seed Oil, at any Price per
Cial:un: and the weight and value of any number of Gallons, at
any Price per Tun. To which is added, an Appendix, to find the
value of tbe Pound► and Half Pounds, In ing less titan a Gallon.'
Ry R. W. Whitton, Accomptant. Second Edition, in one volume,
price 7s.CJ. bound.
7. The PAINTER and VA RNISHER'S GUIDE; or a
Treaiu :, botio in Theory and Predict, on the Art of making and
applying Varnishes ; on the different kinds of Painting; and on
the Method of preparing Colours, both simple and compound!
with new Observatitms and Experiments on Copal, on the Nature
of the Substances employed in the Composition of Varnishes and
of Colours, and on various Processes used in the Art. By P. F.
Tifigray. Second Edition, illustrated with Plates, Bro. 12s.

ANEW IMPROVED SHADOWLESS LAMP,
for Table, Drawing, and Dining Rooms, on a superior
principle, which has not been EQUALLED by any other person
in London, for its simplicity, brilliancy of light, and WITHOUT
SHADE, which gives light equal tonic candles, at the expense of
One Penny per Hour, in Genuine SPERMACETI OIL, with-
out smoke or smell ; he bring AN IMPORTER. SELLS AT
REDUCED PRICES. Sinumbra, French, English, and every
description of Lamps may be purchased. Compare and judge for
yourselves. The principle of his IMPROVED LAMP to be pur-
,' ohaactl only at SMETHUIRST'S. 138, New Bond-street, the ori-
' peal Lamp and Genuine Oil Warehouse, and real Impmver of
Patent Lamp., for which he has obtained FIVE SEPARATE
PATENT:4 PROM HIS MAJESTY, begs most respectfully
to acquaint the Nobility, Gentry, and the Public, that may have
occasion to purchase Grecian, Roman, or Chandelier Lamps, &c.
to view the largest Collection in London, of the most elegant pat-
tern., for every purpose where light is required, of HIS OWN
:MANUFACTURE, at his Repository and Show Rooms, as
above: he being determined that no person shall undersell him, if
the articles are of equal quality. Those persons who honour him
with their 0111 CM may rest assured of receiving GENERAL SA-
TISFACTION. LAMPS of every description Let out on Uire
for Balls, Routs, lee.
N.B. To prevent ileeeption, it I. particularly necessary to ob-
serve the name SMETHURST. l&t, New Bond-street, a white-
fronted house, the corner of a gateway.

- -
A!IIS COMPANY has been established under the
authority of a special Act of Parliament said Deed of Settle-
ment, for the profitable investment of capital hi die purchase of
annuities, seemed upon freehold, eopyhold, and leasehold mate.,
money in the Government funds, pariah bonds, turnpike tolls, and
other eligible property..
The nature of annuities not being generally understood, it may be
desirable to enter somewhat into detail in the explanation of them.
An annuity is a sum of money annually paid by a person, who is
called the Grantor, to another person who is denominated the
Grantee, in consideration of a sum of money paid by the latter to
the former, as the purchase-money for the duty. This annual pay-
ment is made during the life of one or more individuals named by
the grantee, and on the extinction of the last life the amenity mum.
Thus, A pays to B 1,000/. as the purchase of an annuity of 100/.
per annum, payable during the lives of C, la. and li. At the death
of the last survivor of these the annuity ceases ; but the purchase-
money is not thereby lost, since, in order td secure the return of
the 1,00111.,the grantee may insure that sum at a moderate premium
in an Insurance Office. In this cue Ais the grantee, and Bis the
gra-our.
As to an investment of money in this way, although the Legisla-
ture has limited the rate of interest to five per cent. on mortgage,
and all loans for a fixed period, it has never attempted to regulate
the terms of annuities between the parties, but has simply passed
Acts to direct the enrolment of the deeds, and to secure the pay-
ments and the equitable protection of the rights of all concerned.
The substance of the Acts formerly passed on this subject is embo-
died in the Act 69 Geo. 111. c. 141, which has been further ex-
plained by the Act 3 Geo. IV. c. 92. Prior however to the limner
of these Acts being passed, many Insurance Companies obtained
private Acts for this purpose. Since that period all purchases of
annuities have been effected on the authority of the General An-
nuity
Act.
By the law of the land, therefore, any sum whatever, which par..
ties choose to agree upon, may be legally secured for any period
depending on the contingency of one, two, three, or any number of
lives, or the last survivor of them.
During the last war, the usual annuity granted for the suns of
1,0001. was 100/. a year, or ten per cent. ; and where, from the na-
ture of the security, it was dependent on the life of the grantor, as
much more was given as was sufficient to pay the annual premium
for the insurance of the sum advanced, at an Insurance Office. By
this mode, the person who advanced the money obtained an advan-
tageous return for its use, and was in no risk whatever of the loss
of his capital; for if the annuity was paid off by the grantor, then
the grantee received his money back ; and if the grantor died with-
out pa tog off, gill the grantee received it at the office at which
it was
Eitphstp peered to the monied interest, that annwides on
single Vas. wadi an be insured, are highly minable and ad.'s',
tailplane at
siatzeleedy awe to the s but simnines
granted awn and sate perpMnal seaside% 'Jibes: the
engem of ten wits nary, se ass mots peat-
able, end beamed max moderate amide thii passe
In such eases the annuities ate innteigis he ;1611.11611-
lng the life-dee of the last etheithe of er =see poste. The
lives are selected by the indlviinel penhiebeg the newlty, who
naturally chooses young persons aped eismilbudom,
Irertiii
' That this latter mode of Investannt is very CAR be
clearly demonstrated, since ft has been found by inverts.
hie experience, th- t although a angle life is of say 'n du.
ration, yet in the case or three or more well-ado lives the
casualty ceases, and an average fixed period may be relied upon.
This period is generally not less than 60 yearn. bet let it be
assumed to be only 36 ; by refening.to tables of onnyesnd interest
it will be seen that 1/. per annum, Improved at 5 per cent., will
amount in 36 years to 287/. 6s. 11 id. ; and therefore IL 10a. per
annum, regularly paid and improved at that rate, will In the same
time amount to 1,0051. Ils. 4Ad. If 1.0001. be lent at 6 per cent.
interest, the individual who makes the loan obtains 50L a year, and
when the loan is repaid he receives hark his 1,000/.; but if. another
person lay out 1,000/. in the purchase of an annuity of 331. 10s. per
annum, payable for 56 years, he will have an equal advantage, foe
if he lay by IL 10s. a year to accumulate at compound interest, it
will, as hos been already seen, in 56 years, more than replace the
1,0001. invested.
If, therefore, a portion of the annuity be laid aside to form an
accumulating fund adequate to replace the capital by the end of
the probable expiration of the annuity, the remainder may be con-
sidered as the sum given for the use of the money. Besides this
advantage, as the annuities are frequently paid off, the whole sum
laid aside as an accumulating fund at the paying off forms an addi-
tional source of profit, by adding to the amount of the original
capital.
But if, instead of receiving tit annuity of 33/. 10s. for 1,0001.,
and none are granted so low, he receive 1001. per annum, then it is
evident that not only at the expiration of 56 years he will obtain
, back his 1,0001., but every year he will immediately derive an ad-
vantage of 461. 10s. per annum, which he can obtiffn only by this
mode of investment.

it may, however, be inquired by some persons, why should indi-
viilitals prefer to raise money by this method on their estates and
property, which, whilst it is advantageous to the grantee, must
surely be burdensome to the grantor? To this question it is
replied, there are ample and important reasons, in addition to the
difficulty of procuring money at S per cent. for any given length of
which induce many individuals possessed of undoubted free-
hold and copyhold securities, as well as public bodies, to prefer
raising money by way of annuity. For example, it a gentleman
raise money by mortgage, he cannot generally be secure against
being called upon to repay it for more than six months, unless
under particular circumstances—as for instance, front its being trust
money. Ile is therefore placed at the mercy and caprice of the
lender. The money he was of course in want of, or he would not
have borrowed it. and it may be difficult in so short a time as six
months to repay it. It may have been expended in the improve-
ment of his estate, or In each a speculation that it may be a very
unfavourable time to sell his property. 'Whit . he applies for a
fresh loan, he is subjected to unusual difficulty and suspicion, even
from the circumstance of his estate being already mortgaged for the
very sum he is called upon to pay offi Hence it may he impossible
to obtain the money, and he sutlers the coneequelices, which are
not unfrequcntly sale or foreclosure. But In the case of raising
money by granting annuities it is different; for oolong as the grantor
continues to pay the annuity granted, he cannot be called upon to
pay off the purchase.money, although he may do so when he finds
it convenient, upon giving a short notice, or paving a small fin..
Prom ietors of Leesehold Property are, for like reasons, induced
to prefer raising money by annuity to mortgage ; and it also fre-
quently occurs that they are unable to obtain money by mortgage
at all, although the duration of their interest in the property may
be amply sufficient fur securing the payment of the annuities they
are willing to grant.
Proprietors of shares in roads, nimbi, bridge, and other public
works of this nature, when they may deem it an unfavourable time to
sell., are able to give good security fur an advance of money by way
of annuity, to such an efitent as the value of their shares will cover.
Parishes are unable to raise money by mortgage, because they
cannot give a power of sale, and csn.only grant a security on
the rates from time to time as they come in. It is also deemed
inequitable to lay the whole burden of defraying the expense of a
church, or other public object, the benefit of which is to extend
over a long period, upon the present inhabitants. They therefore
raise money by annuity; and slums: every local Act of Parliament
directs or recognises this mode of obtaining money by parishes.
The proprietors of unincumbered but entailed estates cannot raise
money by mortgage, as they have only a life interest in the pro-
perty. It is frequently impossible to cut off the entail, and some.'
times a proprietor does not desire to do so ; hence, when money is
raised, It must be by way of annuity ; and such an annuity is
granted as will remunerate for the use of the money, and pay the
premium for the insurance of the life. „
In Scotland, a large proportion of the Tani is entailed ; and the
entail being perpetual, it cannot be cut off by any swans. In that
part of the !Inked Kingdom all securities on and are registered,
and take priority in the order in which they are registered ; and the
system of registering is universal throughout the country. and is
reduced to such a degree of simplicity, that it may at once be sten
if any n:.d what sums ofitioney have bean raised on the security of
an estate. Such securities are therefore very desirable, and the
British Annuity Company bus already had applications from Scot-
land for money to a very coosidetable amount.
All persons deriving at income In: life, or for lives, secured on
land, by marrisge settlement, attachable pensions from Govern.
intent, money in the funds, or other good securities depending on
life, must. from the nature of such securities, when they raise loo-
ney, de it by way of annuity. As in suds eases insurance is ye.
quired, the parties raising the money must grant an annuity to such

lan moan' as will insurethe money &delisted, and yield arenaga
i aeration for its use.
(100 d Irish Securities will also meet with the consideration of the
British Annuity Company, wherever they are ofilired in until'.
turbed and reacantile distracts • and the proprietors Will now have
the opportunity, by means of juis Company, ofribmitifog money the
their estates, which they have hitherto been unable to procure, and
at low rates of interest yet unknown iii the *Mar kingdom.
To prevent unnecessary trouble to appiscantn it is proper torte,
that this Company does not advance money in purchase of annuities
on mere personal security, but only of arinititlemseenred on property.
It is therefore the opinion of the Ditectort of thin Company,
founded on investigation and evidence obtained from public moods.
as well as the best possible sources of private Information, that the
i umpany will be endbled to invest the whole of its capital, and to
divide annually at least from h toff per cent., besidts leaving a'filnd
for contingencies. For many years there have been annually
effected and enrolled in London, ors an average, 1,8011 annuities, be-
sides those secured on freehold p#opMty and copyhold estates of
larger aunutil value than the annuities granted, and exclusive of
annuities granted on land and other property in Scotland and Ire-
land. The sum so invested In the purchase of annuities within
the last three years, and enrolled in London, has been from three
millions and a half to four millions sterling.
During this period, which has been a time of peace, the rate pee
cent. obtained, after defraying Insurance where necessary, ha;
been tram 7 to 13 per cent., according to the nature of thy securi-
ties ; and it is theretisre confidentl• anticipseed, that a great public
Company, trammeling its business on equitable terme, wiLljteve
such nurnerous offers as to enable it to select the most undeniable
securities, and to improve its capital mvre advantageously than ittr ...
possibly be done by any private individuals.
That the public wanes strongly called for the m.,eldisionent of
such a Company as :La 140116C11,. is es idenced Prom the immense
amount oibusiness transacted in this way for many years put by
private agents.
There can, therefore, be no doubt that thin Conform'', gowned
by fixed principle*, will obtain the preference, aid be ab e saran-
tageouely to invest any amount of' capital. Persons possessed of
good seeunties may now fairly calculate en Jost ms 4 liberal eon-
duct, and an immediate advance of money a am as the securities
have been approved of by the Directors and nd advisers
of the Company. This will prevent say unp publicity to
the transaction. incurred by application 10 primanigants, who are
under the necessity of offering the securities to munweenn indivldie4/s,
who again discuss them with their &deniers, in order ureaworms
to advance the sum required. By applying to a Beard of Direc-
tors, the transaction is made known to no persons, but coufiden.
Linty ; and only to them and their MSc ice,
Money, by this Intltution, will b Aso advanced at a more
moderate rate, and the Grantors will be exempted from vexatious
and exorbitant charges of every description.
To the Proprietors of-this Company, the investments which they
have made comae fail of becoming advantageous. In the first
place, it must be admitted that them is a greater advantage in it.
vesting money In annuities than in- the public funds, in conse-
quence of the prelim high price of the Stocks. The 3 pee Cents.
are now net far from Usk in the motet t and yet it is only eight
leen ago that they were at about 641. t and in th event of a war,
or of any other nefavoindble pallid contingency,. the stases may
rapidly fall to SOL again. A perms, therefore, who now buys into
the funds, will not only obtain a very low interest for his capital,
but is subjected to the hazard of a Ica of from 30. to In Per mat en
his investment. This risk is avoided by inv in Annuities ;
for whether they be paid off by the Grethen, ge who her he die sail
the money be received from the Insurance Ones, the full original
capital is replaced.
A pemon having a few hundrel pounds, which be wishes to in-
vest in annuities, will do it to the best advantage by tab* aims
in a public Company, as lie cannot have such a esepsint bow..
ledge of the business as to be able to decide on the al M* of the
securities which may be offered to him. The bat ass fve.
questly for large sums; and the benefit of them eannok be °Maned,
bat by lOW s Atte in a Company which is able to advance the
money
To its= bays proym* k looks IS mirastogasworat in.
vgroL:ii Ow Fare** or ithroils, Gres ipaii=samaaitirs
ea shosoceives I for a Boatllve lbw
gaged to tboomaideration of semalffir. Nen amolosidly..kamtheir
expaimm, be able to judge of thiielßlifilatalZ7i=comi.owathlth ally
individatil; 'They hare also the bowie ar
men, who have had much mid whom attamipi is es.
=Atm* to this "Womb of business. If, also,
Sil any Imisilea wait. *lt . a gravity did a* prove so
as good ssist *Foetid. the loos halm divided amongst a
nommar Froprioraty, would bilk* kiely any oast. lad would
be arapigrotiaspamea by the }wok* dm**, socuridos.
Thimila OW a piscrenience In bolding adores in a piOhc cow.
pray IN irmesities, whirls alai* be *joy* by am indi-
vidual gal lila ma* ea asmititioo grata* illy
thol hosetimim tar a saam Kaman he ie-
as maw ist his abases to market abs may ratlike, adl
Zias
widish, nose Wag as say whet mak This he laid net m-
ap de vial 0 olawalty, or pan of as ammity granted * himself,
sal vessitay net miasma coaskieraide dday, expect* laillihis.
dm. mad am* lava The *Wog of
they
at
the whir al* $
a peribetly simple traamiction, and they are at any timo **ay
convertible into cash.
A proprietor
Sdisposiag of his shares may reasonably meet as
do so at a prrauum, from their moving him regularly a good di.
*load ; waft an Individual meld not in any case expert a pre-
mien as aft mushy granted to himself ; as it a always liable. to
be Wise the wienal sum invested, and there cannot be a ter.
gaifliuselimesly Soiling a new investment. But capital in a
Company, which rill naturally have numerous applicatices,
may be kept is constant operation. .
A. MC there will consequently be estimated by the pureblitlt,
not merely at UM. but as a security bringing in an annual dividend
from 31. to 3/. Ids. ; and the value net upon it will be in proportion.
Hence, the priorof Inch shares will naturally rise in the same man-
ner as the shares of other public Companies which realize a similar
advantage.
The proprietor's private property in the British Annuity (km-
, pony will not be exposed to any liabilities, as is the case in almost
tomtit stock Companies. This arises from the nature of its
There are only two ways by which proprietors incur liability-
-Ist, to the Directors ; 2d, to the public. Liability to the Three-
tors is guarded against by the conditions on which the Company is
formed and embodied in its deed of settlement. Liability to the pub.
lie is avoided by the nature of the Institution itself. Puchasing
annuities, as already explained, is merely laying out money so as to
bring in a larger return than by the ordinary motif of loans.
By the Acts of Parliament regulating the purchase*" annuities,
it is required that when the transaction is completed, and the deed,
signed, the whole purchase-money, even to the last farthing, shall
be paid down to the grantor.
As investment of capital in making purchases is the only trans-
action which the Directors can legally effect, there is no way by
which they can contract any debts to subject their own property,
and that of their co-shareholders, to any liability, excepting for the
rent of offices, salaries, and other conungent expenees of manage-
ment. These must always bear so small a proportion to even the
annual income of the Company, that they cannot affect the capitol,
much less involve any of the private property of the shareholders.
The expenses of effecting money transactions In the form of an.
nuities, as well as in the form of mortgage, are defrayed by the
party raising the money. Hence the British Annuity Company
will have no charges to pay to Surveyors, nor to the Solicitor and
Counsel, for investigation of the tide, and making out the deeds.
As to the constitution of the Company, its affairs are governed
by eighteen Directors; and as the present Court is reduced in num-
ber by death, resignation, disqualifications, or other causes, new
ones will be elected by the proprietors. Five auditors, from the
great body of proprietors, are also elected by them ; and as soy of
the present number die, resign, or become disqualified, the vacancy
will be supplied. As to the calls which will be made for future in-
stalmenta. whilst they will be made as freouently as the demands
or the public, and consequently the prosperity of the Company re-
quire, yet the convenience of the proprietors will be consulted, not
only as to the amount, but also the periods of payment. How-
ever, it cannot be too distinctly enforced on the proprietors of this
Company that whilst in Insurance Companies them prosperity is
indicated by only one call being made of a small atnount, in this
Company its prosperity will be beat evidenced by the directly op-
posite effect ; since, in proportion to the detuaods of the public for
' mane y will be the amount of income; and if that amount be liege.
and the income proportionate thereto, the diviWend to the share-
holders will be greater, because the expense of the Institution will
be nearly stationary.
To the public this Institution will, it is hoped, be of considerable
advantage. When a person who possesses an estate or property Li
any part of the United Kingdom desires to obtain C 3 advamoe
thereon by way of enrol*. instead of being obliged to morel 14
London, perhaps from a distant part of the country, at coneider_
able inconvenience, he will merely have to send to the Secretary of
this Company for a printed form, which will be supplied gratuit-
ously, indicating the nature of the property, the sum required, and
such other particulars as will enable the Court of Directors to con.
eider and determine on the business. If the general nature of the
security be approved, the Surveyors of the Company will then be
deputed to survey the property, provided the security offered be of
such a nature as to require it. and the expense of the survey will
be borne by the person applyii ; for the advance. If the report of
the Surveyors be satisrmtory to the Directors , they will then notify
their satisfaction to the applicant, and the abstracts of Ms title
must be forwarded to the Solicitor of the Company, who, with the
Standing Counsel, will investigate the same. If the title be good,
the deed will be prepared, and the affiir completed with censioty
and expedition; but if the title be bid, then the expense of the
investigation must, as usual., be borne by the proposed gamer.

-•
Ily this simple aril ins titgi:tle process no unnecessary dclav will
takc place ;.—th; ....archolders will lie protected from all char' . •
which 0,7 ott•rl3 rot to sustain .and the public will be benefltiM
by an au .at .sgeous and speedy supply of capital on eligible terms.
As the Isdsint-ss proposed to he transacted by this Institution
must frequently corm throustis the hands of Solkitovs, primed
forms will be stilipli_ll at the office, and the Pirecturs will be
harpy to receive pmposals to any amount, ar=il will at all tini:►
allurd every explanation and assistance required.
JAMES 311TCHELL, Secretary.
36, New Broad-sireM, London, July 19, 11124.