CHAMBERS'S INFORMATION FOR THE PEOPLE. 



principle in 1706. At the time when it was set up, 

 no calculations as to life existed ; and the con- 

 ductors were accordingly obliged, for many years, 

 to proceed in a great measure at random, charging 

 the same premiums or annual payments for all 

 ages under forty-five ! The rates charged by the 

 several offices are very various, and in general 

 they have been found sufficient for the risks. In 

 most instances, the companies divide large profits ; 

 while the mutual offices have realised equally 

 large surplusages, which they have divided 

 amongst the insurees, in proportions according to 

 the sum assured and the duration of the insur- 

 ance, or upon some other principle preferred by 

 the insurees. 



POST-OFFICE ANNUITIES. 



The government system of life-insurance is con- 

 ducted in conformity with an Act passed in 1864, 

 whereby the Postmaster-general is empowered to 

 insure the lives of persons of either sex, between 

 the ages of 16 and 60, for not less than 20, or 

 more than .100. The persons whose lives are 

 insured by the Postmaster-general have direct 

 government security for the payment of the money 

 at the proper time. The insurances are effected 

 at certain post-offices, lists of which can be ob- 

 tained at any post-office, and the payments may 

 be made fortnightly, monthly, quarterly, or annu- 

 ally, thus bringing the advantages of life-insur- 

 ance within the reach of all, the payment of 

 2s. 2d. per fortnight, commencing at the age of 30, 

 insuring the payment of the sum of .100 at death. 

 Insurers are allowed to pay their premiums 

 through such post-offices, opened for that purpose, 

 as may suit them best ; but they must provide at 

 their own cost such certificates of birth or baptism, 

 or other evidence of age, as shall be required from 

 them ; but they are not required to pay any fee 

 for medical examination ; or to pay the cost of any 

 inquiry which the Postmaster-general may think 

 fit to make with regard to their health, habits, 

 age, and occupation ; or to pay any fee for the 

 issue of any contracts which may be made in 

 accordance with their proposals ; or to pay any 

 postage for the transmission of their proposals, or 

 for the transmission of any correspondence aris- 

 ing out of such proposals between them and the 

 Postmaster-general ; inasmuch as a provision 

 for all such costs and charges is included in the 



premiums which they are required to pay, in 

 accordance with the tables framed for the pur- 

 pose for the insurance of their lives. The num- 

 ber of government insurances thus effected was 

 over 3600 at the commencement of 1874, the sums 

 insured amounting to more than .280,000. It is 

 to be regretted that the labouring-classes do not 

 make a more extensive use of the facilities thus 

 provided for making provision, in case of death, 

 for those dependent on them. 



With the view of protecting the public from the 

 tricks of fraudulent insurance companies, an Act 

 was passed, in 1870, whereby every new insurance 

 company is required to deposit the sum of ,20,000 

 with the Accountant-general of the Court of Chan- 

 cery, before being allowed to commence business, 

 this sum being returnable to the company when 

 the amount of funds from accumulated premiums 

 paid in reaches .40,000. If the company trans- 

 acts business in other descriptions of insurance, 

 all the moneys, accounts, and other matters con- 

 nected with the life-assurance department must 

 be kept separate, as though that department 

 formed a distinct company. Each life-assurance 

 company is bound to furnish annual Reports of its 

 condition, also acturial Reports every five or ten 

 years, to the Board of Trade. There are also 

 clauses relating to amalgamations of companies, 

 legal rights of share and policy holders, &c., the 

 whole forming an effectual protection against the 

 future establishment of fraudulent companies, 

 like those which, in previous years, did much to 

 bring the system of life-assurance into disrepute. 

 The number of companies furnishing Reports, in 

 compliance with the Act, during 1873 was 130. 

 Of these, 128 were passed as satisfactory by the 

 Board of Trade. The remaining two Reports were 

 not accepted by the Board of Trade, and have had 

 to be amended. 



The funds possessed by several of the life-assur- 

 ance offices are of large amount. The Equit- 

 able, of London, possessed, at the end of 1872, no 

 less than ^4,018,935, 75. 3d., after deducting 

 claims due or unpaid. In like manner, the Law 

 Life-assurance had a fund of ^5,512,566, 55. 6d. ; 

 the National Provident Institution, .3,205,055, 153. 

 4d. ; Standard Life-assurance, ^4,220,309, 143. 

 6d. ; and the Scottish Widows' Fund, .5,439,201, 

 133. 5d. Several other companies possess funds 

 ranging from one to two and a half millions 

 sterling. 



The rateable rental of property in England and 

 Wales assessed to the poor rate was ,133,769,875 

 in 1880. The total sum raised by poor rates 

 during the year ending Lady Day 1881, was 

 l 4i34o,sg2. More than one-third of this amount 

 was, however, expended for other purposes, such as 

 police rates, and for school-board purposes, &c. 

 The actual relief to the poor amounted at the 

 same date to 6s. 3d. per head of the estimated 

 population, while the sum levied as poor rate 

 was equal to IDS. 3d. per head. The number of 

 unions and parishes at the same date was 647, 

 and the total paupers numbered 803,126. In 

 Scotland, the sums received for the relief of the 

 poor in 1880-81, amounted to ,939,367, and the 

 number of poor receiving indoor relief was 8683 



612 



in 1882. The total average weekly expenditure 

 per head of ordinary inmates of all the poor-houses 

 of Scotland was 45. lid. in the half-year ending 

 3Oth June 1882. The total number of poor-houses 

 at the same date was 63, with accommodation for 

 15,432 inmates. Ireland had 589,849 paupers in 

 1 88 1, and the poor rates amounted to .965,128. 

 The number of indoor paupers at the same date 

 was 363,844, and of outdoor 226,005. 



The position of life-assurance in 1880 may be 

 gathered from the following statistics : the total 

 amount insured in all the offices was .425,000,000,. 

 and the total assets ; 136,000,000. The annual 

 charge for premiums was ^13,603,721 ; the total 

 income from all sources was about ^20,000,000^ 

 and the amount paid for claims ^10,535,074. 



