The Sun.
London, England, 1828-03-26 00:00:00

LIFE ANNU'ITIES' REPEAL BILL.

The CHANCELLOR of the EXCHEQUER moved
the third reading of the above Bill.
Lerd ALTHORP wished to say a few words on this
occasion. When he (Lord Althorp) represented to the
House that the system of Life Annuities which had been
for some time acted on had cost the country about 8,000/.
a week, he was told that this statement was certainly ex-
aggerated, and he now wished to explain the principle on
which Mr. Finlayson founded that assertion. Mr. Finlay-
son, taking the year ending the sth of January, 1827, in
comparison with that ending the sth of January, 1822,
found, by calculation, that there was a loss of 8,0001, a
week. He assumed that the contract might exist for 60
years—that was to say, that the last life, in all probability,
would exist for 6Q years, and consequently that this finan-
cial operation would be in being 60 years hence. He then
assumed the mean averages of lives to be seven years, and
calculated the interest at four per cent., and taking these'
data, he arrived at the conclusion, that a sum of
32,000,000!. less would lie redeemed from the national
debt, by adopting the plan of life annuities, than if the
stock given for them had been allowed to accumulate
during that time. An Hon. Friend of his (Mr. Baring)
had stated, that Mr. Finlayson, in showing this lose, had
omitted to charge the interest which would accrue on the
consideration paid for these annuities. This, however,
was a mistake, for Mr. Finlayson certainly did take into
his calculation the whole of the accumulation of interest
on the consideration so paid.
Mr. H. GURNEY observed, that the system was a fal-
lacious one, and gave to young purchasers, who were not
likely to die, a great advantage.
Mr. HUSKISSON said, if lie mistook not, no person
could become a purchaser of a life annuity under 35 years
of age.
Lord ALTHORP found in the list of names of annui-
tants who were not dead now, and who purchased in 1809,
some persons who were 54 years of age.—(Hear.)
Mr. HERRIES said, no person could purchase an an-
nuity who was under 35 years of age. It had been insi-
nuated that he (Mr. Berries) had said something against
the professional character of Mr. Finlayson ; but he had
done no such thing. The observation alluded to fell from
the Hon. Member for Montrose. He, on the contrary,
bore his humble testimony to the merits of Mr. Finlayson.
There was one important point connected with this sub-
ject, well worthy the attention of the House and the coun-
try. lie alluded to the fact, that a very material and most
gratifying change had taken place in this country with re-
spect to the average duration of life. The tables published
by order of the House exhibited this fact in a most re-
markable degree. These tables proved the extraordi-
nary fact, that, in the course of the last forty years,
such a change had taken place in the condition of the
people, that the decrease of mortality in Great Britain
was from one in forty to one in fifty-six. This was
one of the strongest proofs 'that could be adduced to
show the improvement in the state of the country.
might in some degree interfere with the public
spoetoi
itTni
chteserwei
snetnc,rteh, a su
te d
still nigt arriv iut ys t ofb et hae
of
fo
gratificationfa r a s these a
tioi naul-1
rce
who took a correct view of the subject. It might also he
proper for bin, to observe, that from all the data which
they had examined for the purpose of ascertaining the dif-
ference between the value of male and female life, it was
found to_be_l-10th in favour of female life.

Mr. HUME observed, that lestafalsei;prmsion should
go abroad, in consequence of what had fallen from the
Right Hon. Gentleman who had dwelt on the alteration
which had taken place in the last 40 years, it was right to
state that much of it was attributable to the introduction
of vaccination, and different modern improvements is me-
dicine. lie otaglit also to recollect, that eighty or ninoe„tre
years ago, scarcely five or six years passed witliouotois,
ry.
epidemic or other raging in different parts of theLve,
_v
p`
rt
In 1782, a remarkable disease was prevalent in every • r
tlwrelbre
of Europe, and carried off great numbers.
because the
ing thirty years, it might turn out
presenterroneous,
situation
feared, that if any calculation were founded osila the cause the
might not continue in
its
ight Honourable
for the ensuing thirty years..
Theurnej had thrown
Gentleman spoke as if he (Mr.
hadil not, however, done
a reflection on Mr. Finlayson•
Hei yson's work, and that
so. He had attended to Mr•
Fir'thaeorist, since he gave the
gentleman showed that he
no
founded. He hoped
that his Majesty's Ministers 'cl'ancs,sould not allow much time to
intervene before they reconsidered
‘'
these tables, because an
data on which his deductions
Committee tool: on the subject, Tip?
which the Finance Com
impression had unfairly gone out with.. respect to the view

Finance Cenimittee'did not disappro‘ eof granting pui-
ties, but they objected to,the terms on which they:were
granted, and wished the system to cease until the table
were revised. He lisped Ministers would soon lay proper
tables before the House, because the best mode of redeeming
the national debt, to whatever extent the reduction might
go, was by granting annuities founded on correctly-cal-
culated table=.

Sir J. NEWPORT, to show how guarded Government
ought to be in granting annuities, instanced the Irish Ton-
tine of 1773, 1775, and 1777,; of the three classes which
had benefit of survivorship, not one was yet extinct.
Mr. MONCK perfectly agreed with his Hon. Friend,
the member for Montrose, that though it was highly proper
that other tables should be framed, yet they ought never t•
abandon the mode of redeeming the national dcibt by grant-
ing annuities.
After a few observations from Mr. V. FITZGERALD., the
Bill was read the third time and passed.
PASSENGERS' REGULATION BILL.
Mr. HUSKISSON moved the Order of the Day for
bring up the report on the above Bill.
After a few words from Mr. IlumE, Mr. HusmssoN.
Sir JAMES GRAHAM, Sir J. NEwrowr, and Mr. WAR-
BURTON, the Bill was ordered to he engrossed, and ma
third time to-morrow.