86 TRANSACTIONS OF THE CANADIAN INSTITUTE. [Vov. VIII. 
I have not found one solvent. Their premiums need not be so large as those 
of the old line companies, becanse they need less loading, as the expense 
of getting business is largely thrown on the contributories. Moreover, I do 
not think it necessary to value their liabilities at so low a rate of interest 
as the stock companies have lately adopted—much to the disadvantage 
of their clients who are concerned as profit-sharers. I am not of opinion 
that the rate of interest obtainable on investments will soon be further 
reduced. It is, however, not my intention to discuss the affairs of assessment 
companies now, and I have designedly forborne to examine the rates and 
reserves of the large societies, which I suppose have actuaries of their own. 
I will therefore pass to the consideration of sick benefit assurance as practised 
by fraternities, inviting special attention thereto. 
I was engaged last spring in valuing the assets and liabilities of a set 
of lodges formed for this business, and found a very undesirable state of 
affairs. As there seems to be a movement for the extension of such insur- 
ance, some words of information and warning may be of public benefit. 
IT intend to treat of the subject from the fraternal standpoint, though joint 
stock accident companies have slid into something very similar, for, whereas 
they at first paid claims for such accidents only as broken limbs, bruises or 
sprains, they now consider diseases accidents, and assure against death or 
disability from smallpox, diphtheria, and twenty or thirty other ailments. 
The various trade-guilds of the Middle Ages were accustomed to sup- 
port their members in sickness and to provide for the burial of indigent 
initiates, but, in modern times I think the first organized attempt to meet 
loss from illness was made by the Independent Order of Odd Fellows, 
Manchester Unity. This body had the good fortune to secure the services 
as corresponding secretary of Mr. Henry Ratcliffe. He made and published 
the first investigation into the sickness and mortality of the order in 1846-48, 
and completed two others for 1856-60 and 1866-70. The monetary tables 
deduced from this last experience remained standard until Mr. Wm. Sutton, 
actuary to the Friendly Societies, Registry Office, shewed that the sickness 
disclosed in 1876-80 was distinctly greater than that of any standard pre- 
viously accepted. (Digests of the quinquennial returns of these societies 
to government had been made by Mr. F. G. P. Neison* and by Mr. Finlai- 
son.t) Meanwhile the Ancient Order of Foresters Friendly Society resolved 
in 1878 to tabulate their experience for 1871-75, employing Mr. Neison. 
I understand that there has been a subsequent valuation for 1876-80, 
but the tables for 1871-75 are the latest Foresters’ I have at command. 
I have, however, the report of Actuary Alf. W. Watson on the experience 
of the Manchester Unity for 1893-97, published in 1903. 
* Contributions to vital statistics,1846. 
+ Parliamentary return, 1852-3. 
t See statement on his page 89. 
