The Sun.
London, England, 1839-03-20 00:00:00

PATRON'.
The Most Noble MARQUIS of WESTMINSTER.
DIRECTORS.
Vaughanßarnewall, Esq. Thomas Huxley, Esq.
Joseph Heir Johntenn
Bennett,
E
Beare ,s
qE. sq. Colonel Jourdain
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 Rattray, R.N.
David Caldwell, Esq. P. Salomons, Esq.
11. Y. Chas. Moreton-Dyer, Esq. Admiral Shippard
William Ewart, Esq. Pearsnn Thomson, Esq.
John Welstead, Esq., F. R. S.
David Salomens, Esq. TRU ST Sr
I Sir Harris Nicolas, K. C.M.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, Hinde-stree', Man-
chester-square.
/lobed Willis, M.D., 35, Dover-street.

SURGEONS.
Arthur Coeke, Esq., Holles-street, Cavendish-square.
Joseph Freeman, Esq., Spring-gardens.

William Fraser, Esq COUNIEL.
~STANDING 10, King's Bench Walk, Temple.

SoLICITORS.
Messrs. Roy, Blunt t :teen ,and Johnson, 42, Lothbury.
G. and C. Kempson, 31, Abingdon-street,Westminster.
The Le BANKERS.
mlo ' Westminster Bank, Lothbury and Waterloo-
place, and its branches.
SEcRETAILY—Francis Ewart.
-
present this Prospectus to the public, it is unnecessary to
"yell uPon the utility and importance of Life Assurance: the
a Irprising increase of Life Assurance Offices at once shows that as
11,0 t has become
merely
better 'understood, it has been more generally adopted;
Y as a prudent provision in the case of sudden or prema.
Itluaridaeceta;t,:h:,:t ofb
boutlaiflseo. as a convenient and necessary step in various
complete security
of those who adopt Life Assurance is to combine
lete security with moderate expense, and in considering this
subject it is of the utmost importance to examine the principles
!Pon which Institutions of this kind are founded. The existing
companies may be classed under three heads, viz. Proprietary
Corne.,•
ee les 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
it
te Lifetlleintervention of a subscribed capital_
Assuraneewas so well understood as it is at present,
!eras 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
the
Parts preferred Proprietary Companies, although no share of
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 ai 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-
came arfarent, and, in consequence, new Pre;prietary Companies
were instituted, whose plan is to divide the profits between the
Proprietors and Assured ; but everything that can be said against the
old Proprietary Companies, which take all the profits, applies, more
or less, to the new Proprietary Companies,which take a part of the
iprofits, since a permanent subscribed capital affords no real or sub.
atantial benefit for the enormous expense they entail upon the
assured.
Tile great success of the " Equitable Society," is sufficient proof
that the principle of Mutual Assurance affords ample security 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
day the bare amount of premium required by the actual mortality
the Society.
If it were possible to ascertain exactly the mortality of the fu.
tune; Life Assurance might be reduced to a simple calculation,
devoid of doubt or speculation, and such a premium might be
,abarged as would place the stability of the Society beyond all ques-
tion, and at the same time leave no surplus to be accumulated.
1/4t as such knowledge is unattainable, the only data that are af-
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 mentality which might occur.
It is most essential in Mutual Assurance, that the Sca'a of Pre.
Mims should be graduated with respect to the different ages, with
e greatest nicety, to prevent an old life paying too little, and a
Young 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
is returned to the assured, though on the score of convenience, a
low premium, if a fair and reasonable surplus be preserved, is
always desirable.
Mutual 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
charged 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
affords, and of the moderate expense it imposes, is the mode most
benefieial to those who may be desirous of adopting Life Assurance.
A leading feature of this Society, will be to afford to the humbler
cot:ass the means of securing to themselves and their families a
by",,Zi." against sickness, old age, or' death, as well as by profiting
Dans, in the many opportunities of bettering their condi-
nt4leh the use of a little money affords.
evils :fit Societies have held out some resource against such
thessYtifs unfortunately, the constitution and management of
te 'flatitutions have in most instances been defective and unsys.
reastiri;:cei thea:m of their several investments has been so smalls
that th
seis, expenses of management have been disproportionate to the
has been so that, on the whole, the result of these Societies
nything but satisfactory.
Notwithstanding the extent to which Savings Banks are resorted
to, the Amounts of Deposits and Grants of Annuities are limited
ei Act of Parliament.
co,,‘lvh.le the Life Assurance Societies, hitherto established, offer
047foerable advantages to the upper classes, there is yet no Society
work.e°ting which puts its entire benefits within the reach of the
to see Particular
man. And these Societies are, fur the most part, confined
op
eaParticular object, which is thus burthened with the expense
ItP- rate
Management.
one
It:: with the view of supplying this defect, and combining under
t
goo__
en:geMent all the advantages which are derivable from Rene
L01,71)1 Savings Banks, and Life Assurance Societies, that the
RANelsI, and WESTMINSTER MUTUAL LIFE ASSU.
Ass p - SOCIETY has been established. The usefulness of Life
afferudiasice
1 all its forms and modifications, will be extended, by
tens,. /.1 evorY facility and accommodation compatible with the
titbit:. interest of the assured, and by avoiding all unnecessary and
issart,,a,r,y restrictions in the rules and regulations, which deter so
ay wltiteri°lll assuring their lives. It is not intended to be the means
Corn pas a few may be greatly benefited, as is the case in Proprietary
rsede but, Prins the contrary, to offer to the public Life Assu-
beonf the best ple, and on the most be terms, and it
Assure:" to embrace all the good features of the few Mutual
In the Societies that at present exist.
to
Vaasa formation of the tables the greatest care will be bestowed
to data te the rates of premium as to the different ages, according
the "Tirsd from the best sources of information ; and while
high, trenience oft he public is studied by not setting them too
not e stability of the Society will be constantly kept in view by
I,:"l'iims7.
!hem too low.
any ~,rn°c'ety will assure for the whole life, or for a limited term,
risorsei Crtiin '2O/. to 5' 000/. on a single life, joint lives, or sur.
grant immediate, temporary, deferred, and con-
Ann
uPo
terests ; ulties; will purchase Reversionary and other In-
t-saes .n grant Endowments to Children; •and will advance
ner of Polici •after the man_
gad es, or upon good personal security, -
Atno-s-nfiti, h Banks.
grantea t ether forms of Life Assurance, Policies will be
Oft the amount assured, to be received at the end of
a terns
but the hf Years, although the party assured may be alive,
thssigh assurance to be determined nevertheless by his death,
8° that ait should take place before the expiration of the term ;
person may himself enjoy the fruits of his prudence, and
secure a comfortable competency for advanced life.
In tl the same way the Society will grant a deferred annuity, to be
:Ja°Yed after the payment of a premium for a certain number of
Ts, a given age; and by paying a somewhat higher premium,
diee same Will be granted upon the conditie n, that if the party should
before he arrive at that age, a proportion, or the whole of the
Payments shall be returned by the Society.
In order to make Life Assurance available to the Industrious
Monthly, Quarterly, Half.
Classes, the premiums may be payable
Yearly, or Annually; and to obviate the necessity of allowing poli.
ties to drop in case of temporary inability to pay the premium, the
Society will advance on the security of the policy alone its estimated
'Cue. Premiums may also be commuted into a single payment, or
into a limited number of annual payments.

It is highly important, also, from the rapid progress of emi_
tration, and the consequent great increase of Colonial trans.
actions,,
that Life Assurance should be extended as far as prac-
t.
foreign settlements. It has been a subject of
rcab
anxiousle to
our
consideration in what manner and how far such a
desirable object can safely be carried into effect., In addition to the
Unlimited liberty of residing in any part of Europe, this Society
wlll, under certain regulations which appear In the following
de-
tails, allow persons to visit and reside in those Colonies beyond the
confines of Europe, where the climate is not decidedly unhealthy,
'without charging any extra premiums.
DETAILS. ,
ii,lfembers of the Society to consist of persons
ofassu lint,: their own
es, or the lives of others, for the whoaleasoterirrang
Iqon.Members to include those who, their Own lives,
avitishtitet lives of others, for the whole tethrmeironfwnlilfier,rem, may not
tiie
li,_ ° become Members, or whood assure
~;: of others, for a limited pertwiht:nsfhtahllecsoinirtiienture. to pay
1,171 Premium without sharing in the pro .
emit c scale of premium for members, who willdibneereyntaletleedremteonttheef
life „e. Profits, al all be so much above the or
the "L").
stouP°pany
leave a reasonable surplus to guarantee the claims
53,7cletY ; while that for Non-Members, who continuep
roximate a.
-eu premium without sharing in the profits, sha
pai.4"l3, to the ordinary decrement of life as to leave a small cure
PI to be added t the general fund of the Society.
Pros'
profits of the .SOCiety, at the expiration of the first five
-, and every succeedint year, to be estimated, and the average
Pratt* one year to be annually distributed by a reduction o. f the
the pmiums, Sr by a bonus added to the policy, at the optionualf
e "'lured, to those members who shall have paid five annu
al
Pre ;
•na thus always leaving in the hands of the Society, as a
uarantee fund, the average profits of four years.
A teneral meeting of Members and Shareholders shall be holden
„.
4t. the end of the first three years, and every year afterwards,
it' receive a report of the affairs of the Society, and to elect Direc-
"
A•°.lember and A n
Insured oitors
ti the room of those retiring by rotation.
•
the amount of £lOO, or Proprietors of 5 shares, to have I vote, 1
250, •r 10 shares. to have 2 votes,
500, or 20 shares, tohavo 3 votes,
1,000, •r 30 sbares,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.
ran,
In order to avoid heavy losses, whilst the Society is in 'ta in-
.
)_‘l Y, the amount to be insured upon any life shall net exceed
00/ during the first three years; after which the Society shall
be t liberty to assure any sum not exceeding 10001.
thisl'e""S. not mariners by profession, whose lives are assured by
thee'
CSooucric:y, shall be at liberty to reside in any part of En_''i'e. and to proceed by sea in time of peace, without a license from
of Directors ; id vithout paying any additional pre-
wiltuhnoro,
tf.ryr
taolladnatyii,pgarttheo-pfolLi'cuyr.ope to any other part of Europe,
at Ailietrtiers who have paid five entire annual Premiums shall be
reside in any part of North America, the British
have ncluded,) not south of Virginia ; and Members who
paid ten entire annual premiums shall be at liberty to reside
In any purl of Australia, Van Dien-.en's Land, Cape of Good Hope,
awe.—_