The Sun.
London, England, 1839-03-25 00:00:00

DIRECRS.
R. Vaughanßarnewall, Esq. Thomas Huxley, Esq.
Henry John Beare, Esq. Colonel Jourdain
Joseph Bennett, Esq. Henry M. Kemshead, Esq.
Major Wm. Bird Bleamire. Taverner John Miller, Esq.
Jos. Blunt, sen. , Esq. Sir Harris Nicholas,K. C. M. G.
R. Edwards Broughton, Esq. Captain Rattrap, R.N.
David Caldwell, Km. P. Salomons, Esq.
Hy. Chas. Moreton-Dyer, Esq. Admiral Shippard
William Ewart, Esq. Pearson Thomson, Esq.
John Welstead, Esq., F. R. S.

TRUSTEES.
David Salomon, Esq. I Sir Harris Nicolas, K. C.lll. G.
Taverner John Miller, Esq.
AUDITORS.
Sydney S. Bell, Esq. I Frederick W. Caldwell, Esq.
George Robinson, Esq.
PHYSICIANS.
A. Todd Thompson, M.D. F. L. S. , 3,* Hin le- sire Man-
chester-square.
Robert Willis, M.D., 25, Dover-street.
SURGEONS.
Arthur Cocke, Esq., Holles-street, Cavendish-square.
Joseph Freeman, Esq., Spring-gardens.
STANDING COUNIEL.
William Fraser, Esq., 10, King's Bench Walk, Temple.

SOLICITORS.
*leSSrs. Roy, Blunt Ustcan ,and Johnson, 42, Lothbury.
Messrs. G. and C. Kempson, 31, Abingdon-street,Westminster.
EA NNE RS.
The Lando Westminster Bank, Lothbury and Waterloo-
place, and its branches.
SECRETARY—Francis Ewart.
In present this Prospectus to the public, it is unnecessary to
-iNvell upon the utility and importance of Life Assurance: the
s trprising increase of Life Assurance Offices at once shows that as
t has become better understood, it has been more generally adopted ;
'tot merely as a prudent provision in the case of sudden or prema-
t tire death, but also as a convenient and necessary step in various
transactions of life.
The great object of those who adopt Life Assurance is to combine
complete security with moderate expense, and in considering this
cohiect it is albs utmost importance to examine the principles
upon which Institutions of this kind are founded. The existing
Companies may be classed under three heads, viz. Proprietary
Companies which appropriate all the profits to the Shareholders, to
the complete exclusion of 'the Assured; Proprietary Companies
Which divide the profits between the Shareholders and the Assured;
and Mutual Assurance Companies which distribute the whole of the
profits amongst the Assured, who are mutual assurers to each other
Without the intervention of a subscribed capital..
Before Life Assurance was so well understood as it is at present,
it was considered requisite, in order to afford solid security for the
due payment of losses, to have a permanent subscribed capital ; and
security being
the first consideration, the public, for the most
Part, preferred Proprietary Companies, although no share of
,
the profits was allotted to the assured. Undoubtedly a subscribed
capital
all paid up and safely invested, is a security as far as it goes;
but the real and enduring security consists in the rate of Premium
charged being correctly graduated with respect to the age, and
being a trifling degree higher than what the actual mortality re-
quires. So long as this is the case the security of a permanent
subscribed capital will remain merely nominal in proof of which,
it is a fact worthy of notice, that in all the Proprietary Companies,
with scarcely an exception, only a fraction of their subscribed
capitals is paid up, they never having had occasion to make a call
for more than the first instalment; and for this nominal security
the old Proprietary Companies appropriate the whole of the surplus
arising from the premiums, exceeding the risks, to the Proprietors.
As the nature of Life Assurance became more generally known
the disadvantages of assuring in the old Proprietary Companies be-
°at" aPparent, and, in consequence, new Proprietary Companies
Were instituted, whose plan is to divide the profits between the
Proprietors and Assured ; but everything that can be said against the
o d.Proprietary Companies, which take all the profits, applies, more
or less, to the new Proprietary Companies,which take a part of the
Profits, since a permanent subsejibed capital affords no real or sub-
stantial benefit for the enormous expense they entail upon the
assured.

The gret success of the Euiable ," is sucient proof
that th principle of Mutual" Assurance affords Society ample secuffirity to the
assured. This security consists alone in the rate of premium paid
by the assured being rather higher than the rate necessary to meet
the actual demands upon the Society. The surplus, thus derived,
being ultimately given back to the assured, they in the end only
Pay the bare amount of premium required by the actual mortality
in the Society.
If it were possible to ascertain exactly the mortality of the fu.
tore, Life Assurance might be reduced to a simple calculation,
devoid of doubt or speculation, and such a premium might be
arged as would place the stability of the Society beyond all ques.
'Low, and at the same time leave no surplus to be accumulated.
but as such knowledge is unattainable, the only data that are al.
forded are derived from the mortality of the past; the stability of
the Society therefore requires that the premium shall be higher than
What has been ascertained by experience to be requisite, in order to
Provide against any increase of mortality which might occur.
It Is most essential in Mutual Assurance, that the Scale of Pre.
Miums should be graduated with respect to the different ages, with
the greatest nicety, to prevent an old life paying too little, and a
3'°nog one too much, or vice versa; for if the Scale of Premiums in
this respect be properly regulated, it matters little whether such
scale be somewhat higher than it should be, since the whole surplus
returned to the assured, though on the score of convenience, a
low premium, if a fair and reasonable surplus be preserved, is
sows premium,
desirable.
ovMutual Assurance possesses this great and prominent advantage
over
Proprietary Companies ; namely, that the latter, either by
charging too high a rate of premium may make Life Assurances dis-
advantageous to the public, or, by charging too low, may render
uncertain the responsibility of the Society; while, in Mutual
Assurance, the premium will always adjust itself to the actual
amount of Mortality, and no more nor less, in the end, will be
c iarged than what the engagements of the Society will warrant.
To all who attentively consider the subject, it must be evident that
Mutual Assurance, both on account of the complete security it
anbrds, and of the moderate expense it imposes, is the mode most
beneficial to those who may be desirous of adopting Life Assurance.
A leading feature of this Society, will be to afford to the humbler
classes the means of securing to themselves and their families a
Provision against sickness, old age, or death, as well as by profiting
by 41)1141 oars, in the many opportunities of bettering their condi.
on, Which the use of a little money affords.
teßenefit Societies have held out some resource against such
;unfortunate, the constitution and mangement o
I,,Zihtlititutions have inly most instances been defective and unsys-
f
that tine the amount of their several investments has been so small,
'urns re expenses of management have been disproportionate
Societies
to the
has be ceired : so that, on the whole, the result of these
N,„ °. anything but satisfactory.
to "'withstanding the extent to which Savings Banks are resorted
b Amounts of Deposits Annuities are limited
and Grants of
the Act of Parliament.
While
e0,,_.. the Life Assurance Societies, hitherto established, offer
0 ~siderable advantages to the upper classes, there is yet no Society
n a footing which puts its entire benefits within the reach of the
workingto man. And these Societies are, f,,r the most part, confined
°ne Particular object, which is thus burthened with the expense
uf separate management.
It is with the view of supplying this defect, and combining under
°ne management all the advantages which are derivable from Benefit
Societies, Savings Banks, and Life Assurance Societies, that the
LONDON and WESTMINSTER MUTUAL LIFE ASSU-
RANCE SOCIETY has been established. The usefulness of Life
Assurance, in all its forms and modifications, will be extended, by
affording every facility and accommodation compatible with the
general interest of the assured, and by avoiding alt unnecessary and
arbitrary restrictions in the rules and regulations, which deter so
many from assuring their lives. It is not intended to be the means
by which a few may be greatly benefited, as is the case in Proprietary
Companies ; but, on the contrary, to offer to the public Life Assu-
rance on the best principle, and on the most beneficial terms, and it
will be found to embrace all the good features of the few Mutual
Assurance Societies that at present exist.
In the formation of the tables the greatest care will be bestowed
to graduate the rates of premium as to the different ages, according
to data, derived from the best sources of information ; and while
the convenience of the public is studied by not setting them too
140, the stability of the Society will be constantly kept in view by
not fixing them too low.
Avieorships ;
This Society will assure for the whole life, or for a limited term,
It?Y sum from 204 to 5,0001. on a single life, joint lives, or Bur-
will grant immediate, temporary, deferred, and con-
tZ,ts "t Annuities; will purchase Reversionary and other In-
; will grant Endowments to Children ; and will advance
net beans
Policies, or upon good personal security, after the man_'e°teh tanks.
grantedn I'4 other forms of Life Assurance, Policies will be
a terra r the amount assured, to be received at the end of
but the °f years, although the party assured may be alive,
so that
though assurance to be determined nevertheless by his death,
it should take place before the expiration of the term ;
Seetire a Person may himself enjoy the fruits of his prudence, and
comfortable competency for advanced life.
enjoy a same way the Society will grant a deferred annuity, to be
Yeas:" after the payment of a premium for a certain number of
the a given age ; and by paying a somewhat higher premium,
eie b7nsvill be granted upon the condition, that if the party should
pa before he arrive at that age, a proportion, or the whole of the
Irnents shall be returned by the Society.
ei In order to make Life Assurance available to the Industrious
yeass.,es, the Premiums may be payable Monthly, Quarterly, Half.
Y, or Annually; and to obviate the necessity of allowing poll..
sc i
7;to drop it., case of temporary inability to pay the premium, the
ltlety will advance on the security of the policy alone its estimated
e• Premiums may also be commuted into a single payment, or
• a limited number of annual payments.
It is highly important,
oration also, from the rapid progress of emi_
ac„ ; and the consequent great increase •f Colonial trans-
't. that Life Assurance should be extended as far as prac-
cable to our foreign settlements. It has been a subject of
anxious consideration in what manner and how far such a
desirable object can safely be carried into effect. In addition to the
Inerreiteu,,
liberty of residing in any part of Europe, this Society
„ ; under certain regulations which appear in the following de-
allow persons to visit and reside in those Colonies beyond the
s'enfirres of Europe, where the climate is not decidedly unhealthy,
Without charging, any extra premiums.
DETAILS.
I. , of tho Society to consist of persons assuring their own
'yes, or the lives of ethers, for the whole term of life.
0r ICie,n-Members to include those who, assuring their own lives,
'aCe, lives of others, for the whole term of life, may not
lives
to become Members, or who assure their own lives, or the
a: of
ethers, for a limited period, and who shall continue to pay
filed premium without sharing in the profits of the Society.
he scale of premium for members, who will be entitled to the
ei-t."re Profits, sl be so much above the ordinary decrement of
thee a*, te leave a roessonable surplus to guarantee the claims upon
as; while that for Non-Members, who continue to pay
as
r:.`" Premium without sharing in the profits, shall approximate
pui,,"early to the ordinary decrement of life as leave a small sir_
The to be added to the general fund of the Sooiety.
°. Profits of the Society, at the expiration of the first five
i7ars, and
every succeeding year, to be estimated, and the average
t°„fi °f one year to be annually distributed by a reduction of thef
_"re Premiums, or by a bonus added to the policy, at the option o
`le assured, to those members who shall have paid five annual
Pre assured,
ms ; thus always leaving in the h§hds of the Society, as a
guarantes fund, the average profits of four years.
at A. general meeting of Members and Shareholders shall be holden
to ;n7 end of the first Since years, and every year afterwards,
to„"eire a report of the anirs of the Society, and to elect Direc-
and Auditors in the room of those retiring by rotation.
tubers insured to
the amount of 4:ioo, or Propricters of 5 shares, to have I vote
250, or 10 shares. to have 2 votes,
501, or 20 shares, to have 3 votes,
1,000, or 30 shares, to have 4 votes,
2,000, or 50 shares, to have 5 votes,
3,000 and upwards, or 100 shares and upwards to
have 6 votes.
3000/.
fancy; the
to avoid heavy losses, whilst the Society is in 'ts in.
/, the amount to be insured upon any life shall net exceed
rope Persons, not
during the first three years; after which the Society shall
he at r
'betty to assure any sum not exceeding 50001.
mariners by profession, whose lives are assured by
Society, shall be at liberty to reside in any part of Eu.
thec,
oaund to proceed by sea in time of peace, without a license from
pre-
with "I.°
11 of Directors ; rawithout paying any additional pre-
any part of Europe to any other part of Europe,
t invalidating the policy.
Settle
li rty to beMembers who have paid five entire annual Premiums shall be
at
reside in any part of North America, the British
have meats
ents included,) not south of Virginia ; and Members who
„ . ten entire annual premiums shall be at liberty to reside
laid
Part
°f Australia, Van Diemen's Land, Cape of Good Hope,