The Sun.
London, England, 1847-06-07 00:00:00

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F. FEIViLT.iON'O-Altilot,X; Ae.T.tary

NATIONAL ,LOAN, FUND LIFE ASSU-
RAN.'E SOCIFTY...
OFFICE, 26, 110:1-1ILL, LONDON,.
- Capital 500.9001. ,
Empowered by Actor srliament. •
The system of Deferred Annuitie.s, orije illy proposed by the N'tt-
done! loan Fund Life'Assitranee Society, for the, 'better advance-
ment of the objects of Benefit and ietioadiv soeieeee, havint received
the approbation of a considerable body < f Opt active . member% and
officers of those Institutions, ant this Directors oi the National Loan
Fund Solely having been urgeway solicited.. by them to eetttbiish
Branch Office in connection with, these societies encl, the Doerative
Classes generally, in which their services alight be succeesibily en-
gaged, a Committee ha+ been saucteseed by the Directors do open
communication with the different Sselettev, with the -view or snore
-ff-ctually d ssemittating the valuable rbeneflte amongst the Indus
trious classes, and a pia, has he.-ii•;roeosed wall that object.'
ADDRESS 1F THE COSIIIIT,TEIL
Many praiseworthy but ineffectual ttempts 'have been made to
bring within the "love and operation of the laws of mortality and
money the savings of the industrious classes, as well as various eal-
culstlons regul•sting their deeribution, having for their •.bjecd either
Immediate, 'contingent, or deferred benefits.
A slight examination, however, will '..lemonatrate that the con-
struetion of those sire ciations or societies is defective; and that in-
stead affor ling an easy access and a free choice of inieitment,
tunic` should he the privilege of every one, they conflneloo nar-
rowly the eestnnel through which a benefit can alone be secured ;
and, in propor' ion as their action is eircemscribed and embarrassed,
their utility is linited. For example, it is not to every individual
or to every class amongst the industrious community, that provision
in case of sickness is an object of such importance as to call for a
pecnulary sacrifice ; whi eto others such a provision appears more
attractive, and the loss of employment caused by sickness is a risk
against which they desire to ho guarded. For this andinttletts state
of things there is an effective and simple remedy ; that is ko say,
Instead of covering, by one weekly or annual payment; two ar more
contingent or deterred benefits, so to arrange it that each separate
benefit should have its separate peestribution. .
It is to not having observed thes rule, and to the association of
two dissimilar funnioni, and by contbundieg a sick ellowence and
an annuity fund in one and the self-same payment, that much of the
evils and mismatiagement has arisen amongst Benefit Societieli.
No mechanises can be so perfect for the management of a sick -
eeas-fand provision as that afforded by the constant sectional asso-
ciation and watchfulness of the several members composing it. By
this means a thorough and constant check is mutually ..xercisbd, and
none but the really sick are likely to become chargeable upon it.
lent the same perfection, or the same se-urity, is seldom attainable
where a fund is to be accumulated through a succession of years,
and where resulteere to bear out calculations, money investment
being in general beyond the experience of the industrious !lasses.
For these reasons it is clear that the fends destined for a provision in
sickness should be kept entirely distinct Iron the fund intendOd as a
provision for old age;
Ist Because the laws of sickness and mortality, though apparently
connected, do not depend on the same calculation.
2d. Because there are a great number who, in order to secure a
larger provision in old age are willing to take the risk of providing
for probable sickness on themselves.
3d. Because the responsibility of managing a provision for old age,
continued to a distant period is, in a great measure, incompatible
with voluntary associations, fluctuating laws, and individual. irre-
sponsibility, -and more exposed to a failure in the performance of
such a contract , that when undertake* on the same principles that
ordinarily govern commercial hodie•.
4th. Because the expenses of providing for sickness must, when
netted in the same payment with•provisien for old age, tend to dimi-
nish still more this provision : nor is it witiom or good policy to en-
danger the one for the sake of the other.
Impressed with these =victims, and with an intimate knowledge
of the diseuesiond passing within the bosom of many of the existing
Friendly and Benefit Societies, the parties whose names are here-
unto attached, have had several meetings. with a view of proposing
or adopting a remedy,for those and other evils ; and in this manner
to give an ad litional force to the principles of brotherhood, unity,
and mutual aid, on which friendly_societies are based, by guarding
them from the risks of sudden dissolution.
After much diligent search amon.rist the combinations ingeniously
proposed frem time to time for the attainment of one of the principal
objects of Friendly and Benefit Societies, they have found none equal
in simplicity and comprehensiveness of design, as well as forethought
and sympathy for the wants of the industrious classes, as the plan
proposed by the National Loan Fund Life Assurance Society. It is
true that the author of that plan has tarnished an argument against
provision in sickness; but, without concurring in the immediate ex--
pediency of abandoning a provision in sickness, no one can read the
other pout of the plan itself, without being flatly sa-isfled that the
conven ence and safety of Friendly and Igenefit Societies will be
greatly secured and consulted, by separating the payment of a sick
allowance from an annuity for old age.
A deputation having waited on the directors of the National Loan
Fund, who met in the handsomest manner the overtures made to
them for the establishment of a separate of ice for the transaction of
business connected with Friendly and Benefit Societies, and the in-
dustrious classes in general, resolutions have been entered into, con-
etituting the undersigned as a Committee, with power to add to its
number, for the protitulgation of the benefits contained in the an-
nexed nrospectue, under the guarantee of the Capital or the Society,
and which, without interfering with the numerous objects connected
with the institution of Benefit and Friendly Societies, will in their
ajsege;
itnheoilrasapgheeraendotaudtvilettrysitaytdwahffieohrdnoathrinogteueptiotno
opinion
the"n gworkingeaty
the pTrzsoernn
as nayurl itahsoma adequately secured too
rtdheerillo.f.
Foresters.
John Fus3ell, C. 11„ Ancient Order of Foresters
John H. Gordon. D ' .S. Ancient Order of Foresters.
James Hale, D.C.R., Ancient Order of Foresters.
Henry Hunt, P.G., Manchester Unity of Odd Fellows.
Joseph Nugent, Pro. C.S., Manchester Unity of Odd Fellows.
Joseph Reeks, 11.0. F. Order of Old Friends.
Samuel Tirnbrell, D.C.R.. Ancient Order of Forester'.
DEFitIRRED ANNUL TIES.
Example.:--A Verso'. aged 24 next birthday, by the annual
pay-
ment of 1/. or quarterly payment of 75., or monthly payment
eoefivi2sn.gni
2di,
,tt,
may secure, on attaining the age of 60, the option'of re-
l 0!. 19s. 2d.; Cash down, 1071. 3s. ; or a Polley
on his Life, 137/. 17s.
Example.—A person aged 26 next birthday, may secure, on at-
taining the age of 60, an Annuity of 101., with the other options, by
the annual payment of 11.65. sr a single payment of 221. 173.3 d,:
or on payrnen., of 61. 14s. ad.. for disparity, he will be entitled to
the same benefits by an annual payment •of las. 11d., the same as
or age 20. ,
ExaMple.--A Person aged.3o'oext
.PlythOity, by: the annual pay-
ment of 11. 65., or quarterly payment of 75., or monthly payment
of 2s. 2d., may secure on attaining the age of 65, the option of re.:
ceiving Annuity, 18/. Os. 4d.; cash down, 1481. 125. ; or a policy on
his life 1751. is.
Exam- le.--A: person aged 35 next birthday, by the anntial pay-
ment of U. 65., or quarterly payment of Is:, or monthly payment
of 2s. 2d., may secure. on attaining•the age of 65, the option of re-
ceiving Annuity, 181. Os. 4d. ; cash down, 1481. 12s. ; or a policy on
his life, 1751. 115.