Star.
London, England, 1824-08-12 00:00:00

ledge. of the business as to be able to decide on the eligibility of the
iecurities which may be infixed to hint. The best are frequendy
for large sums; and the beifefit of these cannot he olrained, but
by taking a Share In a Company which is able to advance this •
money required.
To persons•of Liege property it is also more advantageous to in-
vest by the purchase of Shares, than in purchasing Annuities
granted to themselves ; for a Board of Directors, habitually en-
gaged in the consideration of Securities, must necessarily, from
chair experience, be able to judge of those offered them better than
any ndividual. They have also the betieht of employing profes-
sional men, who have had much experience, and whose attention is
exclusively devoted to this particular branch of business. It, also,
it should on any occasion occur, that a security did not prove so
goodies was expected, the loss, being equally divided amongst a nu-
merous Proprietary, would be little fett.by any one, and would be
amply recompensed by the Profit on the other securities.
There is also a convenience in building Shares In a Public COOS.
pany Investing on Annuities, which cannot be enjoyed by an indi-
vidual laying out his money on Annuities granted to himself, vier
that when he has occasion for a sum of money, he has only to
bring as many of his Shares to market as he may require, and
them with the same facility as any other Stock. This he could not'
readily do with an Annuity, or part of an Annuity granted to him- •
/elf, and certainly net without considerable delay, expense, investi-
gation, and actual loss. , The selling of Shares, on the other hand,
is a perfectly simple transaction, and they are at any time readllj
convertible into cash.
A Proprietor disposing of his Shares may reasonably expect to
do so at a Preinium, from their securing him regularly a good di-
"idea(' ; whilst an individual could not in any case expect a Pre-
Mimi on an Annuity granted to himself; as it is always liable to be "
paid off for the originarsum invested, and there cannot be a erre
tainty of immediately finding a new investment. *tut Capital in a •
Public Company, which will naturally have numerous anplicasiuns,
may be kept in constant opera/ion.
A £5O share will consequently be estimated by the PmAtater,
not merely at 450, but as a security bringing in an 'Annual DIA.
dead from .13 to 13 10s. and the value set upon it will be in pro..
portion. Hence, the price of such Shares will naturally rise in the
sante manner as the Shares of other Public Companies which
realise a similar advantage-.
The Proprietor's Private Property in the British Annuity Corn.
pany will not be exposed to ally liabilities, as is the case in almost all
the Joint Stock Companies. This arises from the nature of its
operations.
There are only two ways by which Proprietors incur liability-e.
Ist. to the Directors ; 2d. to the l'oblic. liability to the Direc-
tors is guarded against by the conditions on which the Company is
formed and embodied in its deed of settlement. Liability to the
Public is avoided by the nature of the Institution itself. Purchasing
annuities, as already explained, is merely laying out money so as to
bring in a larger return than by the ordinary mode of loans.
By the Acts of Parliament regulating the Purchase of Annuities, .
it is required that when the transaction is completed, and the art': • ,
signed, the whole purchase-money, enen_ito the last farthing, 111111
be paid down to the grantor. . .
As investment of capital in making pirchasei is the only trans.
action which the Direittirs can legally effect, there is no way by
*Melt they can contract my debts to subject their own property,
end that of their Co-shareholders, to any liability, excepting for the
!tut of offices, salaries, and other contingent expenses of manage..
went. These must always bear so small a proportion to even the
annual income of the Company, that they cannot affect the eapital,
much les* involve any of the private property of the shareholders.
The exaenses of effecting money transactions in the form* of annul.
ties, as well as in the form of mortgage, are defrayed by the party
raising the money. Hence the British Annuity Company will have
no charges to pay to Surveyors, nor to the Solicitor and Coure.el,
for investigation of the title, and making nut the deeds.
As to the constitution of the Company, its aff Ors are governed
by eighteen Directors; and as the prelent Court is reduced in tim-
ber by death, resignation, disqualifications, or other causes, new
ones will be elected by the Proprietors. Five Auditors, from the
great body of Proprietors, are also elected by them ; and as any of
the present number die, resign, nr become disqualified, the vacancy
will be supplied. As to the calls which will be made for future in.
stahnenta, whilst they will be m ide as frequently as the demands
of the Public, and consequently the prosperity of the Company re-
quire, yet the convenience of the Proprietors will be consulted, not
only as to the amount, but also the periods of payment. Hoer.
ever, it cannot be too distinct', enfon:ed on the Proprietors of this
Company, that *hilt in Insurance Companies their prosperity is
indicated by only one call being made of a small amount, in this
Company its prosperity will be best evidenced by the directly op.
posite effect; since, in proportion to the demands of the Public for
money will be the amount of income; and if that amount he
large, and she income proportionate thereto, the dividend to the
shareholders will be greater, because the expense of the Inslitutidh
will be nearly stationary. t • •
To the Public this Institution will, it is hoped, be ofremidatahla
advantage. When a person who possesses an estate or Own" is
'any part of the United Kingdom desires to obtain an advancetbrteon
by way of annuity, instead "of being obliged to travel to Linton,
`perhaps from a distant part of the country, at considerable inetinve-•
science, he will merely have to send to the Secretary of this Cont.
pany for a printed form, which will be supplied gratuitously, Lodi.
eating the nature of the property, tine sum required,.and such other
particulars as will enable the Cout tof Directors to consider and de- •
termine on the business. If the general nature of the security be
approved, the Surveyors of the Company will then be deputed to
survey the property, provided the security offered be of such a Ds-
ture as to require it, and the expense of the survey will be borne by
the person applying for the advance. It' the report of the Surveyors
be satisfactory to the Directors, they will then notify their satiifac.
tion to the applicant, and the abstracts of his title must be forwarded
to the Solicitor of the Company, who, with the Standing Counsel,
will investigate the same. If the title he good, the deed will be pre-
pared, and the affair completed with certainty and expedition ; but
if the title be bad, then the expense of the investigation Must, as
usual, be borne by the proposed grantor. •
By this simple and intelligible process no unnecessary delay will
take place ;---the Shareholder, win be protected from all charges
which they ought not to sesrain--and the Public wilt be benefited
by an advantageous arid speedy
this Institution most
As the business proposed to he transacted by r
supply of eap:tal on eligible terms.
frequently come through the hands of Solicitors, printed forms
will be supplied at the (Ace, and the Directors will be happy to rt.i
cebte proposals to any amount, sod will at all times afford every ex.,
planation and assistance required.
J .1I ITCH ELL, Secretary.
36, New Liroad-street, Lon .loa, July 19,
•