On Post Office Savings' BanJcs, Sfc. 57 



The remaiuing portion of my subject, namely, that which 

 relates to Friendly Societies, and the establishment of Grovernment 

 life assurance and annuity offices, opens too wide a field of 

 inquiry to be entered upon at large to-night. But little is known 

 of the working of our Friendly Societies, and it may be considered 

 perhaps an evidence in their favour that we hear of no frauds 

 committed in connection with the administration of their funds. 

 In the interest of Friendly Societies, I took the trouble, some 

 years ago, to investigate the quinquennial returns furnished by 

 them under the " Friendly Societies' Act" of 1853 ; and I com- 

 municated the result in a report to the Government, hoping that 

 public attention might be thereby directed to the subject. The 

 report appears amongst the Parliamentary papers of the session 

 1861-2. I therein stated that if these self-governed societies 

 presented no more valuable contribution to the cause of social 

 progress than the practical education of their members in habits 

 of self-dependence and the constant exercise of the duties and 

 functions appertaining to the management of their affairs, they 

 would deserve the support of every true friend of the people. I 

 think so still, and that it would be undesirable to interfere with 

 or to discourage that feeling of independence and self-reliance 

 which induces certain classes of people co club together for their 

 mutual benefit, and to manage their own sick funds and annuities 

 in their own way. But it is entirely another question whether it 

 may not be desirable to hold out to the artisans and industrious 

 classes inducements by means of Government Assurance Offices 

 to provide against the wants of sickness or of old age, or for the 

 benefit of widows and children, in a way that is not exposed to 

 the risks which experience tells us are incident to the working of 

 Friendly Societies in the mother country. In so far as my 

 inquiries have extended, I do not find that the Government Life 

 and Annuity Offices have, as yet, answered the expectation of 

 their promoters ; but they are yet in their infancy, and as they 

 become better known, and their claims to public comfidence 

 become more clearly established, they may be found to develop 

 proportions commensurate with the aspirations of their w^armest 

 supporters. 



I append a progressive statement of these institutions in the 

 " United Kingdom," from their commencement in the year 1865 

 to the close of the year 1867. 



Progressive Statement of tlie Post Office Life Insurances and Annuities in 

 tlie tTiiited Kingdom for the years 1865 to 1867 inclusive (tlie first year 

 for England and Wales only). 



INSITEANCES. 



Year. No. of Policies Premium. Amount insured. 



1S65 ... 560 ... £1,333 ... £41,735 



1866 ... 1150 ... 2,698 ... 86,593 



1867 ... 1485 ... 3,458 ... 111,437 



1 



