The Sun.
London, England, 1838-07-02 00:00:00

NATIONAL LOAN FUND LIFE ASSUR-
ANCE SOCIETY.
26, CORNIIILL, LONDON,
36, WESTMORELAND-STREET. DUBLIN; 45, SOUTH
CASTLE-STREET, LIVERPOOL ;
And 2S, CORN-STREET, BRISTOL.
Capital, 500,0001.
PATRON.—IIis Grace the DUKE of SOMERSET, F. R.S.

DIRECTORS.
T. LAMIE MURRAY, Esq., Chairman.
Col. Sir Burges.Camac, K.C.S. George Lungley, Esq.
John Elliotson, M. D. F.R. S. Kenneth Mackenzie, Esq.
C. Farebrother, Esq., Ald. .John Rawson, Esq.
H. Gordon, Esq. Joseph Thompson, Esq.
Robert Holland, Esq., M.P.
PHYSICIAN—J. Elliotson, 111. D. ,F.R. S. 37, Conduit- street.
SURGEON-E. S. Symes, Esq., Hill-street, Berkeley-square.
AcxtrAny—W. S. B. Woolhouse, Esq., F. B.A.S.
By the now prirwiples of Life Assurance in ;Ids Society, amongst
other advantages the assured in this Society will enjoy the follow.
.ng.t-
- 1. Moderate Rates of Premium consistent with security.
2. A Cash Credit on his Assurance to the extent of two-thirds
of the payments on his Policy or Deferred Annuity.
3. Two-thirds of the payments on elapsed Policies returnable at
death.

4. Two-thirds of the entire Pro !its and of the Guarantee Funs!.
divided annually.
5. Special Mims on each, Policy becoming a claim in favour of
the widow of the assured. '
6. Females assured at one year less than their actual ages.
7. Facility in effecting assurances.
Detailed prospectuses of this Society may be had at the Offices,
or any of the agents. _

F. FERGUSON CAMROUX, Sec.

DEFERRED ANNUITIES.
NATIONAL LOAN FUND LIFE ASSU-If-
ANt.E SOCIETY.
Capital, 500,0001.

PATRON.—His Grace the DUKE of SOMERSET, F.R.S.
DIRECTORS.

T. LAMIE Y, Esq., Chairman.
Col. Sir Borges Caniac, K. C.S. I George Lungley, Esq.
John Elliotson, M.D. F. [I. S. Kenneth Mackenzie, Esq.
C. Farehrother, Esq., Ald. John Ilawson Esq.
11. Gordon, Esq. Joseph Thompson, Esq.
Robert Holland, Esq., M.P.
Arnms,.—Professor Wheatstone, F. R. S.
PnyszerAN—J. Elliotson, M.D., F.R.S., 37 Conduit-street.'
Sulu:row—E. S. Syne% Esq., 38, Hill-street, Berkeley-squate.
Amu A ror--W. S. B. Woolbonse, Esq., F. R. A. S.. 26, Cornhill.
BANiotas.Messrs, Wright and Co., 5, Marietta-street, Co-
vent-garden.
TraNnms Cettr..vm.--W. Milhonnie James; Esq., Stone-build-
. • logs, Lincoln's Inn.
SO,'"'rreitc —Tours. Webbor and Bland, .13, Bedford-row.
DEFERRED ANNUITIES.

j. Amongst the several remedies proposed to mitigate or dimi-
nish the burthen of poor-laws, none has hithert,o been brought
fnrward or adopted that would either induce or afford facilities to
the able-bOdied members of society, to be ieimonsible for their own
support.

In• lt state of employment and health every one may be
assumed capable of self-support; competition has, no doubt, re-
oeeed the rewards of labour to the standard of existeoce, ren.
dering it the more necessary that the smallest surplus,
_over exi-
gencies, should be carefully husbanded, in order that, by the best
_ facilities. given to economy and the application of Means' to ends,
it may be rendered capable of supplying the deficienCies, caused by
want of employment, sickness, the several casualties of-life, and by
old age. Over the frequent fluctuations in the quantity of em-
.. pigment; tke employed have no controul ; and, as the cause is not
dependent on fixed laws, brit most frequently on the contingencies
which affect the quantity of money, their duration or occurrence
cannot be submitted to caleulation--at any rate the remedy is be-
yond their reach. Tke laws of sickness have been sufficiently as-
certained, for fixing a provision apportioned to the value of a given
contribution; but although such a prevision is not to be overlooked,
it is of trifling importance compared to the hardships re.oltirVorn
want of employment, and unproilded old age. Want of mi. -
ment, sickness, and old age, may fairly be_ classed under obe head,
via.:—a. state of non-productiveness. To those, th_refore, who
solely depend on their labour,, which is seldom too highly remune-
rated, it must be a matter of importance, out of their earnings
when employed, to provide for every period of non-productiveness;
from whichever oftho foregoing eausea it may arise. -
111. The twe institutions Open' to.tite productive classes. are Sa-
vings Banks and Benefit Societie; w-bose nature' and scope, v, nen.
examined, will be found to offer but a very imperfect remedy against
the evil, being institutions wherein the limited moans of this class are
not bst made applicable to their several ends.
Savings Banks aro of unquestionable utility, hu+ .acv Lfford no
contingent future advantage, and, besides, the *inn that can be
hoarded is incommensurate with the wants of 11,,c middle p
•
pro-
ductive classes. •
Benefit Societies propose to offer provision in sickness and old
age, but their construction will be found imperfect, and their plan
the least profitable application of the means of economy.

1. Because sickness itself is .not a calamity of equal pro'.,s'e
duration to the fluctuations in the quantity of employs..'..nt
and other casualties, and misfortune, against which they offer
no protection.
2. Because, out of a given means, the sum laid aside for sickness
mast diminish the provision for old age.
3. Bemuse many must contribute to the sick fond who never
become chargeable upon it, and the value of such contribu-
tions is lost to themselves and families.
4. Because
nee ,isanty be inc4udeain any lirotection against such' an oe-r
currence.

IV. Various observations have been made on tho duration of
sickness, amongst the industrious classes, from an early period of life
until its close. Those most in use are,—the sickness'amongst the
benefit Societies in Scotland, given by the highland Society ;—the►
sickness amongst the labourers in the East India Company's Ser-

vice ;—thesickness amongst persons employed in Cotton, Silk,
Wool, Flax, and in the Potteries, by the Factory CO.mniSioireis ;
—and the sickness amongst the English Benefit Societies, from 're-
turns made to the Society for the Diffusion of Useful Knowledge.
These results, though varied, show- how inconsiucrame is roe
amount of sickness during that period of-life, between the ages of
20 and 65, when each individual is.mores immediately thrown on his
own resources ;—they are as follows

Class of Persons. I ParioY.

'Average A verap, yearly
amount of Sickness in the
Sickness. period.

MSHighland Societies' return it Z
East India Company's labourers 20 to 05'
Factory Commissioners—
•
Cotton 21 to 61
Wool, Yorkshite 2t to ftl
Ditto, Wectof Eng'antl 2l to SI
Flax, Yorkshire ..'21 to t t
Silk
Society for DilTo•ion of Usetik
Knowledge

Months. Days,
Di 4.
9 O.

Days
11
6, I-15

7 27 1
10 t 2) I
8 13
1 1
11 4 .J

18 21

Thus, it appears that the highest expectation of sickness, amongst
males, is twelve and a half days, and the lowest six days, in each
year frottithe age of twenty to sixty-five; its mean duration, in-
clusive of accidents of all kinds, would be nine and a quarter days,
daring which, from these causes, an individual may expect to be ab-
stracted from productive employment throughout a period of forty-
five years: while, it may be observed, his religious observation of
the seventh day, in which he " shall do no work," has diminished
his productiveness, by its recurrence in the same period, six years
and 156 days.

V. From the foregoing facts it must be obvious that provision in
sickness, or a Health Assurance by means of a separate contribu-
tion, is unnecessary, more particularly as such separate contribu-
tion roust tend to waste the resources out of which the industrious
classes have to provide for the future. It also in effect throws the
burthen of the permanently sick on one class exclusively, instead of
society at large; who are thus called on for an act of benevolence,
While they are scarce able to do justice to the claims of their own
families. Besides this, no compensation is given out of the contri-
bution for a provision in sickness and old age to the families of
those who never reach the age of (15, though death should happen
immediately preceding it ; and, if an assumed hypothesis is correct,
that sickness before death is not snore than five weeks, and taking
bed-lying-payatporw.ek, it wilt not unfrequently happen the
only return a man may obtain as a long and steady contributor to a
Benefit Society, will not exceed bos., a sum scarcely equal to one
year's payment at a shilling per week, while by his death he leaves
his family entirely unprovided for.
VI. It is to remedy these defects, inherent in the constitution of
Benefit Societies, that the National Loan Fund Life Assurance
Society proposes to submit a plan of Deferred Annuities on a new
principle, which will not only afford a more.amplc provision for old
age, and protection against sickness and misfortune—but in addi-
tion, the means, at all times, of putting his energies in motion, and
in the event of premature death, a better protection to his family.
The plan proposed will embody several essential objects :-
1. To secure an increased provision for old age out of a given
saving, by applying it exclusively to the purchase of a De-
ferred Annuity.
2. To render the purchase of a protection in sickness unneces-
sary, by enabling the purchaser of a Deferred Annuity to
withdraw or borrow two-thirds of his previous payments.
3. By the use of two-thirds of all his payments when required,
to limit misfortune and want of employment, and extend
the power of productiveness by an increasing command, in
each year, of capital, so that, while providing for old age,
each succesive contribution renders him more secure against
present misfortune.
4. To afford, at the age at which the Deferred Annuity would
emrllenee, without reference to his then sta+e of health, the
option of receiving, instead of his Annuity, its value in
in°neYi, according to the value fixed on the contract, or a
larger sum Payable at his death.
b. In the event of death before the age at which he would
be entitled to his Deferred Annuity, to return two-thirds of
his payments to his family [or such fixed Life Assurance as
may be settled on tho contract].
6. In all such cases where the power of productiveness
either from disease or accident, to enable the assured on
equal terms to convert his Deferred Annuity into a present
Annuity.

VII. Nothwithstanding the obvious and manifold advantages of
this plan over every other hitherto proposed, for securing present
and future competence to the industrious Population, still more
striking advantages will be exhibited by contrasting its prospective
provision for old age with that offered ;
by Benefit Societies. This
arises from the non-abstraction of a
fi.ven sum for a separate bene-
fit in sieknos, which protection, by the opera ion of the Losn
Fund on the Deferred Annuity, is not only more ample, but other
misfortunes are provided against, which if calculated, and a sera-
rate contribution made for each, whose duration equals that of
sickness, the purchase of them would entirely absorb the means of
providing for old age, while such a system must tend to discourage
productiveness, and afford no protection to a family in the event of
premature death. The object this plan embraces is to open faci-
lities to the efforts of self-support, to stimulate the independence of
one class above the forced benevolence of another, while it recom-
mends itself to the latter by ditnin6hing the burtisen of Poor-laws,