The Sun.
London, England, 1838-06-25 00:00:00

NATIONAL ---LOAN FUND LIFE AS-
tl7ln't'N'CE SOCIETY.

• ( From •-tlie Bristol Miiror.)
A meeting was held-et the 'offices of the above Society, in
this city, on Thursday the 14th instant, to hear an exposition
of its principles, and to obtain the support and co-operation of
the leading gentle men of Bristol in approval, in carrying those
piinc:ples nits) effei tive epsretitee
Mr. KINGTON been unanimously requested to take
the Chair, said he complied with the requisition with same
degree of diffidence. as there were gentlexen present who
knew much ire re of the suliiset, and were more capable of
entering into it than I.imscif, bet he seas in a great degree
relieved by the preeeeee of Mr. Hampton, a gentleman con-
nected with the Society, who would state the views and ob-
ject; for which it :vas formed.
Mr. J. W. lI.AmProN said I shall not trespass much upon
your time in laying hefere you the objects of this Society ; its
princ. p:es are already- known to almost every gentleman here
pre-ein. I have had the honour and gratification of a personal
interview, and the privilege of a persoeal explanation with each;
the prospectuses of the Society have been also carefully
examined, and therefore my entering iota minute details, as I
was called upoa to do at a public meeting, held at Reading,
where a large portion of my auditors comprised a number of
retail tradesmen aid mechanics, would, among the mercantile
gentlemen of eminence and commercial ability now assembled,
and to whom the natu e and principles of life assurance must
be perfectly familiar, be supei fluous. I shall, therefore, limit
myself to a few important facts as connected with life assurance
in general, and the National Loan Fund inperticular. especially
as many gentlemen have done me the favour to peruse the re-
port of the public meeting held at Reading, and where the
particular features and advantages held out to the middle and
labouring classes were detailed at length. Mr. Hampton
here said that he must first observe that it was not the wish of
this Society to place itself in competition with other institu-
tions, and the true way to regard their holding public meetings,
&c., was an increased business to every office, by bringing the
nature and principles of life assurance more prominently for-.
ward. The most important features with regard to Life As-
surance, and the improvement introduced into our plan and
which demand your particular attention, are the following :
In the first place the fact is universally admitted that the princi-
ples of Assurance are those best calculated to provide for future
contingencies, being based upon the most equitable mathematical
calculation upon the average expectation of human life.
Secondly —Notwithstanding this admission, and the certainty
of this advantage, the limited number of persons insured in
proportion to the population, viz , about 80,000 upon a popu-
lation of 14 millions for England and Wales. Thirdly—The
enormous awns accumulated by various offices upon a most
limited business. Fourthly—The unbounded accumulation
and wealth to he acquieed by admitting the middle classes of
society, the most numerous and wealthy ie the aggregate in
the country, into the advantages of Life Assurance. Fifthly--
That the middle and lower classes are more disposed to be
provident and saving than ie generally believed, as proved by
their support of S icings Banks and Benefit Societies, although
th," former is restricted, and the latter extremely defective, the
accumulation in one, by small deposits, being in a few years 20
millions and a half, and the other having, notwithstanding their
deficiencies, 1,000,000 of deposits, and that, therefore, the ad-
mission of theee classes within the pale of Life Assurance is of
the most paramount importance. That, lastly, the National
Loan Fund having removed the great obstacle to the extension
of Life Assurance, viz., the risks of loss and forfeitures to those
possessed of no certain income, by introducing two principles,
viz., returning two-thirds of a man's payments to his relations
at his death, in the event cf forfeiture with any bonuses or
profits there may have been assigned upon his policy during
the continuance of his payments, and permitting him to bor-
row to the same amount under the pressure of misfortune, holds
out the certainty of its becoming in the true sense of the word
national, and, I may say, universal. That if Savings Banks
and Benefit Societies, checked as they are by restrictions, have
been able to do so much, the National Loan Fund admitting
within the reach of it; advantages the two numerous classes
above mentioned—and if the success of a Society, viewing it
conernercially, depends upon the amount of business done, its
accurnitlations must, in the course of a few years, be greater
than that of the richest society in the world, and that, there-
fore, the connection of an individnal with it in any way
must become highly advantageous. I will now call your
attention to a Feint connected with Life Assurance, which
has, I believe, neeer been publicly and prominently put
forward, and this is t.,e increased and increasing value of
human life ; although the tables upon which most offices have
been accumulating large cap tats, for more than thirty years
remain the same, and which theeefore is another guarantee of
the stability and continued prosperity of these institutions.
Wh en insurances on lives first began to be effected, in imita-
tion on policies, the premiums used to be inordinately high,
eight and ten per cent. being demanded for risks which might
- bore been adequately covered by four or five ; and when the
first enplication was made in Parliament for a charter of incor-
eporation by the Equitable Society, the law officers of the
Crown ret;seed to grant it, considering the plan dangerous and
visionary, altiseugh in the present day the tables are consi-
dered as very Since that period, however, the seience
has made rapid pro.zress, extensive tables have been calculated
upon the average of the true document of human life, of
which the Carlisle are considered the most liberal, ar.d the
most equitable, and which are soon used by the majority of
offices with success, having received the support and appro-
bation of such high names as Finiaison. Naylor, Milne,
Gi iffeth, Davies, Gorrpertz, Babbage, and mauy other eminent
mathernatieikins and actuaries, who gave evidence in their
Commons, appoint,l to examine into \lie workina.otit.l.lChory'
Societies, is 18'25 and 1827. Iu France, among the whole
population, the mortality annually during the 17th century
was one in 25. in 1781, one in 29, and during the
five years prered:ng 1835, one in 39. It is supposed by M.
Duvillard that vi ccinetion has increased the mean duration cf
life 34-, though others hive asserted that this increased value
is more applicahle to infant life, and is not noticeable at a more
mature age. ers. Finlaison, however, in 1e,25, diseovered a
very great prolongetion of life ; his calculations were made
over 25,000 life annuitants, and showed the difference to be,
as compared with the previous' century as nearly as four to
three, and also a great ditleeence between the two sexes, the
advantage being in favour of females. As we progress in
eirirzation, the value of human hie must necessarily increase ;
one great cause of the deterioration of Lealth has gradually been
removed, I mean the habit of hard drinking, which prevailed
so extensively among all classes 20 and 30 years ago. This
habit astong the higher and middle classes of society has dis-
appeared alto ether, and although still very prevalent among
the lower, must gradually abate by Ow free of example,
the extension ef education, and the efforts which are un-
ceasingly being ,trade by the teachers of religion and mo-
rality, its ieducine ei snore rational line of conduct. For.
thermore, the helpmeets-tent in medical science, the bet-
ter arrangement of sheds and manufactories, as regards
ventilation. and the substiOnion of inechinesv for manual
labour, particularly in trad, s where human Li'e is greatly
ri-red, must naturally havo this tendency. I will finally call
your most psrtictilar attention to cur plan of deferred ennui.
ties, by which the poor man, by the weekly deposit of the
smallest sum, sill be put in possession of advantages which the
• defective principle of benefit societies have not only never been
able to give him, setting aside the constant waste and excesses
their monthly and yearly meetings lead to, but which, from
the rn mat eeteesive inquiries have made him a serious loser,
awl I cannot in this place do better than read you the com-
parison draws lin us bctaeen our principles and those of benefit
eseietiee. Mr. ilionoton proceeded to read from the pro-
spectus of the deterred annuities a comparison with benefit
societies, by which a poor man, by the smallest deposit, would
secure to hirneelf nearly double the annuity, with the option
of a sum of money or a pWi,•y, and which would not Le
granted by a benefit society. If any gentleman will look over
these tables, and compare them with those of benefit societies,
taking into account that his mean duration of sickness is only
91 days annually, lie will fled, at any age he may specify, that he
sill have nearly double the annuity with two options ; the con-
tini,:er.9y for s•ckness is at the same time amply provided fur,
and the prin,-ip'e of returni•ig two. thirds of payments at
deed!, the event of forfeiture, secures him from the
possihility of the smallest less with the certainty of the fullest
protection and profit a;..plicablo. to each contingency. I will
not &cell at leoesfli upon the great moral advantages which
make thernselvae apparent in a review of our plan. One of
the greatest ineen,iees to moral conduct is peace of mind.
When a man finds that his industry is made productive, the
fullest impulse is given to that industry ; that particular state
of mind reacts upon his constuct in general ; he devotes him-
self more to the comforts of home, forbears the gin-palace, to
which he is as frequently driven by the despair of' poverty as
incliu:•tiun, is able to give a better education to his children,
each new comer no longer regarded as another competitor for
a share of the scanty meal, and thus the moral principle, acting
upon each link of the great chain of human existence, will
gradually produce peace, harmony, industry, and good-will
between man and man, from the highest to the lowest; be-
tween father and son, between husband and wife, between one
human being and another—and as it is true that to be virtuous
is to be happy, so by enabling a man to secure his peace of
mind—to give the fullest impulse to his iudustry to rise in the
scale of society and to become happy—to be happy is, on the
other hand, to be virtuous. In conclusion, Gentlemen, the
object of this Society in this town is, by forming a local Board,
supported by the most influential names in Bristol, to create
feeling of confidence in its moral objects ; and, through
the influence of their names, extend it to every class in the
community.
Mr. Ilesieeoe's address was listened to with great attention.
fa the course of some conversation relative to the efficiency of
rates or tables ref die Society, between Mr. T. Sanders, Mr.
C. B. Fripp, Mr. George Jones, Mr. W. Morgan, and Mr.
H. A. Palmer, Mr. C. 0. Fripp stated, among other facts,
that he was disposed to have: a favorable opinion of the tables
of the Society, in consequence of their being somewhat higher
than office in which he was insured, and in which he bad the
lihshest c mfid
.11r. G. W. Hai.l, said be was glad to find that such
searching and apposite questions had been put upon the
subjece by individuals so competent to propose them as time
gentlemen present, who had devoted their attention in va-
rious ways el subjects of this kind. Since he had been
able to reflect he had been a decided friend to the prin-
ciple of Assurance,' which he coesidered a bound on duty
on a large proportion of society, and a means of contri-
buting most essentially to their peace, happiness, anal corn-
tort.
The opportunity of • being able to accomplish this
work of providence was, in his opinion, a distinguishing,
mark between civilized and savage life. How few, corn-
Railtively speaking had availed themselves of the oppor-
EIN si'SPlAlity 1 eighty thousand in a pepulation of fourteen millions!
there must be semething, deficient in a principle which,
valuable, attracted so few. The power of choice
‘A.-t e various modes of benefit now introduced brought
ct forward in a very different shape, and it was
?it*: •
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