ON THE NATURE OF INSURANCE. 259 



in those professions which bring the successful to afflu- 

 ence, I do not see the justice of allowing them to escape. 

 I have little doubt that an increasing sense of right and 

 wrong will banish this unworthy practice, either by 

 failure of givers or receivers. A barrister cannot offer 

 an attorney commission on the briefs which he brings, 

 nor can a physician pay an apothecary for his recom- 

 mendation ; a jury never receives a hint that the plaintiff 

 will give commission on the damages which they award ; 

 and the time will come when the offer of money to a 

 person whose unbiassed opinion is already the property 

 of another, will be deemed to be what it really is, 

 namely, bribery and corruption. It is one among many 

 proofs how low is the standard of collective morality ; 

 and how easy it is for honourable individuals to do in 

 concert that from which they would separately shrink. 



It appears, then, from all which precedes, that the 

 ordinary risks of an insurance office are alterations of, 

 and mistakes in determining, the rate of mortality, and 

 reduction of the rate of interest : which are guarded 

 against by assuming a rate of mortality beyond all 

 question greater than exists, and a rate of interest below 

 that which the funds will yield. At the peace of 1815, 

 every insurance office used the Northampton table at 

 3 per cent. This was at a time when the real rate of 

 interest was higher than at present, and the offices must 

 have made considerable profit. It was well known that 

 they did so ; and, accordingly, new offices were formed, 

 and have continued to be formed up to the present 

 time, some upon lower premiums than others, and most 

 of them returning all or part of the profits to the in- 

 sured. At the same time, an opinion has become very 

 prevalent, that it is possible for such offices to maintain 

 their ground at much lower rates of premium than 

 those in use ; a notion which I proceed to examine. 



Mr. Finlaisgn, whose experience in such matters is 

 well known to the public, and for whose opinion I en- 

 tertain a high respect, stands foremost among those 

 who contend for low rates of premium, having pub- 

 s 2 



