The Sun.
London, England, 1839-03-27 00:00:00

EVENING EDITION.

LO N D N AN WESTMINSTER
MUTUAL LIFE ASSURANCE SOCIETY, for
Assurance en Lives and Survivoiships, for Granting Annuities,
Loans, Endowments to Children, anti for the purchase of Re-
versionary and other Interests.

PATRON'
The Most Noble the MARQUIS of 'WESTMINSTER.
HIRECTOaS.
llt. Vanglianßarnewall, Esq. Thomas Huxley, Esq.
enry John Beare, Esq. Cclona' Jourdain
os! M
Wph Bennett, Es
Ilaq. Henry M. Kemshead, Esq jor m. Bird Bleamire. Taverner John Miller, Esq.
los. Blunt, sen Esq. Sir Harris Nieholas,K. C. M. G.
Da vi
Edwards Broughton, Esq. Captain Rattray, R.N.
d Caldwell, Esq• P. Salomon, Esq.
1:13% Chas. Moreton-Dyer, Esq. Admiral Shippard
Ewart, Esq. Carson Thomson, Esq.
John Welstead, Esq., F. R. S.
barid Salo TRUSTEES.
rnons, Esq. I Sir Harris Nicolas, K. C.M.G.
Taverner John Miller, Esq.

-
AUDITORS.
Sydney S. Bell, Esq. 1 Frederick W. Caldwell, Esq.
George Robinson, Esq.
PDYSICIANS.
A.. Todd Thompson, M.D. F. L. 5.,'.3, Hinde-streol, Man-
chester-square.
Robert Willis, M. D., 25, Dover-street.
, ur Cocke,
Arth SURGEONS.
Ell+, Rolles-street, Cavendish-square.
do3eph Freeman, Esq., Spring-gardens.
William Fraser,
STANDING COUNIEL.
Esq.,
10, King's Bench Walk, Temple.
Sleszrs D SOLICITORS.
Messrs. ". ,-,`"33% Blunt lltrean,and Johnson, 42, Lothbury.
'.
and C. Kempson, 31, Abingdon-street,Westminstcr.
The Lendo BANKERS.
Westminster Bank, Lothbury and Waterloo-
place, and its branches.
It' Pres SECRETARY—Francis Ewart.
*veil est this Prospectus to the public, it Is unnecessary to
$ opt:tit:Pon the utility and importance of Life Assurance: the
a has'bml increase of Life Assurance Offices at once shows that as
tat , become better understood, it has been more generally adopted ;
lure delY as a prudent provision in the case of sudden or rema.
hansaeath p
but also as a convenient and necessary step in variotts
~.. :non* of life. - , l'n great object of those who adopt Life Assurance Is to combine
°aViere „ . .
eskiett _ security with moderate expense, and in considering this
tipon „irlt is of tho utmost importance to examine the principles
itot4waoOlch Institutions of this kind are founded. The existing
Commit" 'nal' be classed . under three heads, viz. Proprietary
tte co ea; ahich appropriate all the profits to the Shareholders, to
ayho, 'n_,Piete exclusion of the Assured; Proprietary Companies
and Mutual',vide the profits between the ;Shareholders and the Assured;
prehts a assurance Campania which distribute the whole of the
withoutrn„ng't tt;e Assured, who are mutual assurers to each other
ilefor",e.interrention of a subscribed capital..
It waste Life Assurance was so well understood as it is at pressen.
(hie pay Inniered requisite, in order,,to affind solid seasseeerfOr the
aecustt;neLnt °flosses, to have a perManent subscribed capital ; and
Park p ring the first consideration, the public, for the most
The pr griciertect Proprietary Companies, although no share of
capital, all'a was allotted to the assured. Undoubtedly a subscribed
hut the
ehargeo ei‘ai and enduring security consists in the rate of Premium
being a
t'ing correctly graduated with respect to the age, and
quire, Lading degree higher than what the actual mortality re.
',l4hscrib"" long as this is the case the security of a permanent
it is n ;2'4 ealatal will remain merely nominal ; in proof of which,
with,
so‘act Nvorthy of notice, that in all the Proprietary Companies,
caeitaisalcely
„ an exception, only a fraction of their subscribed
`hr 1,„- Paid up, they never having had occasion to make a call
the obt': than the first instalment; and for this nominal security
arising
re'rooPrietary Companies appropriate the whole of the surplus
thr_ ni the premiums, exceeding the risks, to the Proprietors.
the ois_ fvanatUre of Life Assurance became more generally known
one
aailor, ntae
aes of assuring in the old Proprietary Companies be.
iyete i . arent, and,
in consequence, new Proprietary Companies
_ nstituted
4'roptieto_ , 'whose plan is to divide the profits between the
old proh
." and Assured ; but everything that can be said against the
4 cuss to Companies, which take all the profits, applies, more
ProN: to the new Proprietary Companies,which take a part of the
Idatitt,,, ',ince a permanent subscribed capital affords no real or sub.
Fared befit oenefit for the enormous expense they entail upon the
The
that threat success of the " Equitable Society," is snfficient proof
rigor e& Principle of Mutual Assurance affords ample security to the
by the This security consists alone in the rate of premium paid
the setniired being rather higher than the rate necessary to meet
being "... demands upon the Society. The surplus, thus derived,
Pay theTnriately given back to the assured, they in the end only
W the sous
e amount of premium required by the actual mortality
IN w tY'
sure Were possible tei ascertain exactly the mortality of the fu.
deytopne Assurance might be reduced to a simple calculation, '
that. °f doubt or speculation, and such a premium might be
flop,led as
an would place the stability of the Society beyond all ques-
tie dat the s time leave no surplus to be accumulated.
,ii , same
foram
ii7mcn knowledge is unattainable, the only data that are af_
the
ire derived from the mortality of the past; the stability
. of
VriZil letY therefore requires that the premium shall be higher than
Proyio,.4 been ascertained by experience to be requisite, in order to
It ,:- against any increase of mortality which might occur.
taint:l6l.4ost essential in Mutual Assurance, that the Scale of Pre.
the g;_.nould be graduated with respect to the. different ages, with
Yotin.eatest nicety, to prevent an old life paying too little,. and a
this
ragaalle too much, or vice versa; for if the Scale of Premiums in
kle aPeet be properly regulated, it maters little whether such
eater acanewhat higher than it should bets ince the whole surplus
lea ned to the assured, though on the score of convenience, a
lts, PrevaitiM if a fair and reasonable surplus be preserved, is
kYs desirable.
ovettal Assurance possesses this great and prominent advantage
char„,_ °Prietary Companies ; namely, that the latter, either b. y
so,tito
ag too high a rate of premium may make Life Assurances dis-
sneii"' focus to the public, or, by charging too low, may resider
Atsvortain the responsibility of the Society; while, in Mutual
sto,r_aUce, the premium will always adjust itself to the a?tual
char tit of mortality, and no more nor less, in the end, will be
Toged than what the engagements of the Society will warrant.
ittlatil who attentively consider the subject, it must be evident. that
t
arror',,al Assurance, both on account of the complete security it
hsne;,. and of the moderate expense it imposes, is the mode mos
A ittal to those who may be desirous of adopting Lite Assurance.hler
Ntsetieading feature of this Society, will be to afibrd to the humbler
tiiivia,tba means of securing to themselves and their families a
°1 '''; a • rde th s well as by profiting
ti Nil gainst sn
ckness, old age, o a , a
°°,1,1,. 'Jane, in. the many opportunities of bettering their condi-
-14,1 ith the use of a little money affords.
Ns .et Sooletiett have held out some resource against such
,I4sc'l,ll,ti',„u„nr'rtunat I the constitution and management of
''rustieri "ir,ns h eYi
' stances been defective and unsys-
ave in m.ost in . that ,
ilia, no
st,to.are g,ount of their several investmen s
..
t has been so small,
has i a:eiyed , . ea of management have been disproportionate to. the
s
tits anata: ''' that, on the whole, the result of these Societies
Notwith.; —Mg but satisfactory.
are resorted
/4, the An.*anding the extent to which Savings Banks
.
limited
bY the Act-.4tnita of Deposits.
and Grants of Annuities are
of .
whilet.
.1 arliarnerit• hitherto established, offer
c(insielem,i,ne Life Assurance Societies,.
- the is yet no Society
oh a Sting which puts its entire benefits within
to g a'an. Andthese Societies are, a
f r the most part, confined
one at
thus burthened with the expense
°l.sePar t titular object, which is
It
isa ? Management. ' t
one matt! ith the view of supplying this defect, and combining under
keiotielagentent all the advantages which are derivable from Benefit
that the
tOapa,_savings Banks, and Life Assuaance Societies, , ,
ItAbre''N and WESTMINSTER MUTUAL Llt E ASSU. -
dist, SOCIETY has been established. The usefulness of Life
afr d'a, nee, in all its forms and modifications, will be extended, by
Iteril,."n.4 every facility and accommodation compatible with the
titbi,liri.nterest of the.assured, arid by arveoiudli,ntloan!sl uwnhniecchessdaertyeransdo
'anytit`r
fromyrestrictionstbineirtli\evreisileslt%d
not
intended' to be the means
e a
facs,svunarianyg
be
greatly 1,. eneated, as is the case In Proprietary
t'nnPanies ; but, on the contrary, to offer to the public Life Assu.
Vlante on the best principle, and on the most beneficial terms, and it
he found to embrace all the good features of the few Mutual i
gsturance Societies that at present exist.
_ In the formation of the tables the greatest care will be bestowed
hotograduate the rates of premium as to the different ages, according
oata, detived,from the best sources of information ; and while
g, Convenience of the public is studied by not setting them too
netol the stability of the Society will be constantly kept in view by
"'ling them too low.
l hi,
' a
will
5,7
.. .ociety i assure for the whole life, or for a limited term,
ti,,,;orir.i from 20/. to 5,000 k on a single life, joint lives, or sus*.
agon,'Pa l will grant immediate, temporary, deferred, and con.
1 tet,,,,_‘. Antmities; will purchase Reversionary and other In-
to:4'4, will grant Endowments to Children ; and will advance
net Of stx'al'olieles, or upon good personal security, after the man.
Autacaot,ch des,
Mnte4 gfot Other forms of Life Assurance, Policies will be
a terra
~t. the amount assured, to be received at the end of
het the ID' Years, although the party assured may be alive,
th"gh 'tassaurance to be determined nevertheless by his death,
'0 that
_1 should take place before the expiration of the term
secure
,7.olierson may
himself enjoy the fruits of his prudence, and
La thgeesrafortable competency for advanced life.
:n_i°Yed afta:ne Way the Society will grant a deferred annuity, to be
re ---r the pa of premium for a certain number of
th .at a gi,. Payment a .
e ew, 'en aZe ; and by paywhat hi her premium,
ng a. rme . g . _
tie
oreber le be granted upon their
onditir n, that if the party shouie
PaYrnent ,be arrive at that age, a proportion, or the whole of the
Ia or',riall be returned by the Society.
tt'assat 4,,e' to make life Assurance available to the Industrious
teases
';•ne Premiums may be payable Monthly, Quarterly, Half.
saes .(n‘,' Annually;
S'asi islet lu case of atemporary inability to pay the premium, the
tale: ' will advance on the security of the policy alone. its estimated
or
lot` . I Pren'inuis may also be commuted Into a single payment,
it ire number of annual payments. .
er • lii"'l . • from the rapid progress of emir
ration important, also,
of Colonial trans-
aetio , and the consequent great increase
ed
far as prac-
tieabli', that Life Assurance should he extend
as
a subject of
0 ailxioe, t° our f,,ri^ll settlements. It has been
far such a
(1551,. i' eousideration in what manner and how . .
tai dble übiect
carried into effect. In addition to the
wila,itea
liberty, can safely be .
part of Europe, this Society
taul_, under
certain
of residing
ginwhaincy
which appear in the following de.
toll'i alio, lietsorist regulations ild
reside in those Colonies beyond the
‘vithir'n" °I. turope to visit
the climate is not decidedly unhealthy,
°-'t chargin-
g any extra premiums.
kerob
DETAILS.
own
h' es "3 of the Society to consist of persons assuring ring their
IcoilThe lives of others, for the whole term ofi
life.
lves
't th►
"icinhers to include those who, assuring e ,
with ' he
of the whole term of I.f.e, mays not
ti to 1, others, for
their own lives, or the
`es ceortle Members or who assure
'if
Others, . .'
• and who shall continue to pay
tts.o pr el's, for a limited period,
4, erniorn without sharing in the .
profits of the Society.
titled to t e en, th ,'eale of premium for irembers, who will be en
're 'tints Si, ' 1 above the ordinary decrement of
t, as to i , all be so muc i
upon
qe , . care a reasonable surplus to guarantee the claims
to
pay
o fiaede'etY ; while that for Non-Members, who continue
1k tie„ ,I'erniurn without sharing in the profits, shall approximate
sur-
laei,,-rIY to the ordinary decrement of life as to leave a small
11,1417 to be added to the general fund of the Socieft
ytho first five
y,a,alirtifits of the Society, at the expiration o
the average
P,rofit, r1,,41 every succeeding year, to be estimated, and
reduction of the
;0144 i‘ "e year to be annually distributed by a
;Afore
)reiniums dded to the policy, at the op
of
assure , ,orby a bonus a
e d five annual
Prer,i ", to those members who shall hav- pal
Society, as a
6tiara„,rns l thus always leaving in the hands of the
A 'nee fund, the average profits of four years.
al thte4i,ral meeting of Members and Shareholders shall be holden
to reee,,,,. 'nd of the first three years, and every year afterwards,
.
tars „--i., e ',report of the affairs of the Society, and to elect Direc-
le -" Auditor • .s.
Int_r_ 1 3in ..,,e room of s those retiring by rotation.
th:e i 11811 red to
al"lnt, Of £lOO, or Proprietors of 5 shares, to have I vote
250, or 10 shares. to have 2 votes,
50e, or 20 shares, tohave 3 votes,
1,000, or 30 shares, to have 4 votes,
2,000, or 50 shares, to have 5 votes,
4,000 and upwards, or 100 shares and upwards to
have 6 votes.
fancy,
er.der to avoid heavy losses, whilst the Society is in its in.
loon; the amount to be insured upon any life shall not exceed
be at liberty
the first three years; after which the Society shall
.1) therty to assure any sum not exceeding 50001.
this ese""B, not mariners by profession, whose lives are assured by
rope,
_eietY, shall be at liberty to reside in any part of Eu.
the anti to
Pi oceed by sea in time of peace, without a license from
Nstn:in'n. ts. 'if
Directors ; Iliaithout paying any additional pre.
Without , any part of Europe to any other part of Europe,
A. d'lvalidatin-
ia the policy.
St
,(.71nbers who have paid five entire annual Premiums shall. .be
setti.tenrry to reside in any part of North Amiiica, the British
0' Merits included,) not south of Virginia; and Members who
in a vl'a,,id tea entire annual premiums shall be at liberty to reside
I'.
"t " Australia,• ' Land, Cape of Good Hope,
wkiiiii...._ Vas themes s

Age CO. Age '45. Age 30. I Age 3.5. Age 41.
X. s d. X. s. d. X. s. d. s. rt. £.
1 13 1 l 10 6 2 4 4 2 10 11 2 18 8

Age 45. I Age 50.

£. s. d. X a. d.
394 4 4 2

DEFERRED ANNUITIES.

By the operation of the same new principles, the Society is
enabled to afford to the public a plan of DEFERRED ANNUITIES
far more advantageous than any hitherto offered, whereby an
individual, by the contribution of a very small annual,
monthly, or weekly saving, may secure either a comfortable
provision for himself in advanced age, or at his option, a large
sum of money, or a policy to his family at his death.
The industrious classes, hitherto obliged to resort to Savings'
Banks and Benefit Societies, will find in this scheme a far safer
and more profitable application of their savings. This Society
is enabled, by judicious and accurate calculations, to afford a
Deferred Annuity of a much greater amount than has hitherto
been offered, beside. the option of exchanging this annuity
when payable, for a large sum in cash, or a still larger Policy,
payable without premiums at death ; while, by giving to the
purchaser, at any time preceding the stipulated term of the
Annuity's commencement, the power of borrowing two-thirds
of all previous payments, it removes all risk of forfeiture from
inability to continue premiums, besides affording an ample re-
source during sickness and want of employment ; and, should
the purchaser die bofore arriving at the stipulated period, two-
thirds of his payments will be returned to his representatives.
The purchaser has also the power of converting, on equal terms,
his deferred into a prese It Annuity.
The followinc, tables are a specimen of the great and varied
advantages which the judicious application of a small saving can
secure through the Society.