178 Mb, Spens <m the FormaMon of a Friendly Society/. 



branch is of much consequence to themselves. For neither of these 

 provisions, however, would I propose its institution, nor even if sick- 

 ness were only of a temporary character. Such will not affect us 

 materially ; but I think it must be a general feehng among persons 

 whose income is derived from a salary, that permanent sickness would 

 leave their families almost totally unprovided for. They can provide for 

 them while healtli remains — they can provide for them in the event of 

 death ; but supposing they were struck with palsy or permanent blind- 

 ness, their families might be rendered destitute. No doubt it will be 

 said, that the chance of such calamities is comparatively small, and 

 this is fortunately true ; but it is no reason why we should not guard 

 against the consequences of such a dire disaster — it is rather cause 

 for thankfulness that the sacrifice for the purpose is small. If 

 rarity were to determine us, we should cease to insure our dwelling- 

 houses against fire, especially when, in consequence of the duty, we 

 pay for three times what the risk is accounted. The calamity for 

 which I wish provision to be made is much more serious ; and there 

 would be no need of paying out of the society more than the risk 

 requires — indeed, I wish to persuade you, that the object in view may 

 be secured in combination with a deferred annuity, to commence at 

 an advanced age, by payments not higher than some insurance offices 

 would charge for the latter alone. The object may thus, in some 

 sense, be secured for nothing. 



I might have preferred leaving the deferred annuity to be sought at 

 life insurance offices, or at least to have made a separate table for it 

 in the proposed society ; but it must be of great importance, as a set 

 off for a provision which, if commenced much earlier, is not likely to 

 continue beyond 70, to have one which is then only to commence : 

 thus, with the other guards which may be interposed, placing a check 

 upon parties seeking admission with any unfair views as regards the 

 sickness claim. The provision, however, for an allowance at an 

 advanced age, in whatever state of health, is obviously intimately in 

 accordance with the object of the proposed society. It is thus intended 

 certainly to provide for superannuation, and, no doubt, those who reach 

 70 in good health, are not incapacitated from old age ; but still to 

 many, if not to all, more rest is then better, and it is desirable, if 

 possible, to prevent any from being deterred by pecuniary considera- 

 tions from retiring from active business, if warned by the advancement 

 of years of the propriety of such relief, totally or partially. 



In regard to the contributions, I will not pretend to offer very pre- 

 cise calculations, but I will promise simplicity, and I think you will 

 be satisfied as to adequacy. The following are the annual contribu- 

 tions which would be required by the tables of the Higliland Society 

 and those of Mr. Ansell, for an allowance of £2 a week, or £104 

 a year in sickness, both temporary and permanent, up to 70, interest 

 being accumulated at 4 per cent : — 



