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Mr. Campbell proceeds to the solution of his problem, and at length presents formulæ which

Easily supply the means of constructing T. by which it may be shown at a glance, in the case of an office expecting (according to average calculations) that a certain number (say 50) of lives will fall in the course of the year, what are the relative prob. of the number of lives actually falling being 50, 49, 48, etc., 51, 52, 53, etc. This being done, it will easily appear how, finally, we can form a T. showing, if the number on an average calculation be given, what is the prob. of the true number being found to differ from the calculated one by more than a given per-centage of its amount, which I conceive to be the best form in which the relation between the stability of an assu. bus. and the number of its transactions can be exhibited.

He eventually shows how the risk arising from fluctuations of luck becomes diminished as the number of transactions increase-becoming indeed, in the case of very large offices, an element of much subordinate importance to the fluctuations in the money market, which appear less reducible to law:

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Take for example, the case of an office which calculates upon losing 70 lives in the course of the year. The odds against the losses in the course of the year exceeding this number by 20 p.c.-that is being greater than 84, are about 24 to 1-that is a result which we may expect to occur only about once in 25 years. But, looking at the possible losses in a septennial valuation of assets, we shall have to look at the result of taking 490 (say 500) as the calculated average. The chances are about 5 to 1 against the losses exceeding the average by 5 p.c., and about 50 to 1 against their exceeding the average by 10 p.c. Again, in the case now contemplated, it is considerably more than 10,000 to 1 against the number exceeding the average by 20 p.c.; and the enormous ratio to which these numbers afterwards diminish, is just the mathematical expression for the certainty of which practice has assured us that the results of such contingent transactions on a sufficiently large scale will, within certain limits, compensate each other with unerring certainty.

We venture to suggest, what we have intimated at an earlier stage, viz., that the certainty of the results as above indicated must be dependent in some degree-where select lives alone are under obs.-upon the uniformity of the standard of selection adopted-a subject we shall treat of fully under MEDICAL SELECTION. The writer concludes his most instructive paper as follows:

I believe the foregoing pages will be of some interest in a practical as well as a theoretical point of view. No doubt those who are deeply conversant with the practical working of offices may acquire a kind of empirical knowledge of the relation between the stability and extent of such bus.; but even to the experienced it is thought that greater precision of ideas may be attained by the expression of this relation in figures; and moreover it is something to be assured that the stability thus experienced requires for its explanation no recondite principle of moral or physical laws, but is simply demonstrated by an arithmetical computation of the number of possible events between which there are no data for assigning preference of expectation.

For the sake of readers less familiar with the principles on which the reasoning with which we started is founded, it may be well to state the result of the present problem in its most elementary form. Take the case above supposed, where 500 is the average. The proposition is this: Out of various parts of the country, and from various occupations, etc., a number of people has been taken, of whom, according to the laws of mort. which (for the present) we suppose known with sufficient accuracy, 500 would die in the course of the year. For every combination of circumstances which would involve the death of a number greater than 10 p.c. of the above, there are 50 which would involve the number being below this limit. For every combination of circumstances involving the death of a number exceeding the 500 by 20 p.c., there are more than 10,000 equally prob. combinations of circumstances which will keep the number within that limit. It must be kept in view that the problem assumes-what of course is not quite realized the true ascertainment of the average law. This, no doubt, in the first form of the problem, is implicitly involved along with the oscillations about the average here investigated; but I think the assumption already made will be scarcely disputednamely, that it may be sufficiently ascertained in order to give the problem of the oscillations here treated a sufficient standing ground of its own. That being admitted, the stability of the results, practically important as it is, is simply the mathematical consequence, and the law of the oscillations about the average is that expressed by the above tables.

In July, 1866, Mr. Sprague read before the Inst. of Act. a paper: On the Limitation of Risks: being an Essay towards the determination of the maximum amount of risk to be retained by a Life Ins. Co. on a Single Contingency. This paper, it will be seen, leads right up to one of the most material points affecting the doctrine of averages in connexion with the practice of ins. The author tells us that the principles embodied in his paper "are by no means limited to life ins., but extend with suitable modifications to other kinds of Ins., as Fire, Marine, Hail-storm, Health, and Accidental Death." They are also applicable to the risks of mercantile transactions. He says at an early stage of his paper that it is not his intention to seek by the aid of the higher mathematics a measure of the rate at which the prob. decreases when the number of cases is increased:

I have to confess, indeed, that I do not consider the results of these investigations [in Probabilities] of much practical importance in their application to the theory of life contingencies. In fact, we must always be careful in reasoning on that subject, that we do not apply our mathematical conclusions too unreservedly; we must always bear carefully in mind the suppositions and limitations under which they have been obtained. For example, if we trace from year to year the number of deaths in the pop. at large, we shall often find greater fluctuations than the theory of prob. would lead us to expect-the fact being that our fundamental supposition of the prob. of death being the same in different years at the same age, is rendered untrue by the occurrence of unhealthy years, or years of scarcity and distress. And as the number of persons under obs. in a life ins. co. increases and becomes very large, we may expect that while accidental fluctuations arising from the paucity of members will become of less consequence; on the other hand, fluctuations may be anticipated from the same causes as produce them in the number of deaths among the pop. at large.

In the Assu. Mag. 1869 (vol. xiv. p. 439), appears the translation of an able paper by Dr. M. Kanner, Act. of the Frankfort Life Assu. Co.: On the determination of the Average Risk attaching to the grant of Ins. upon Lives. He opens his paper as follows:

An ins. office, which, in consideration of fixed prems., undertakes the payment of a sum on the death

of the assu., strictly speaking lays a wager with each of the assured, in which the stakes are proportional to the prob. of the happening of the two contrary events-his living and his dying.... If the number of the assured be sufficiently large, it may happen that the office on the whole neither gains nor loses. Of all the cases that may happen, this is always the most prob., if all the lives are ins. for the same amount and have the same prob. of death. Moreover, the prob. of this case increases with the number of the assured, so that it approaches without limit to certainty, if the number of the assured should become infinitely great.

He proceeds to reason the matter out algebraically, and arrives at the following general proposition:

For any amount of insurances, whatever may be the ages of the lives ins., and whatever the nature of the ins., the sums of the mathematical expectations of gain and loss for any interval of time are equal to each other, if only the prems. are calculated upon the supposition of the most prob. case. Finally he arrives at the conclusion, that

The risk to an ins. office is every disadvantageous possibility of a loss of any amount, and is therefore in itself indeterminate. But if we imagine any amount of existing ins. frequently repeated, so perhaps, that we represent to ourselves an indefinite number of offices all with the same amount of ins. in force, then will the total result in a given time for all the offices taken together show neither gain nor loss, if their number is assumed infinitely great. The individual offices nevertheless will have to show, some gains, and others losses, of various magnitude; and indeed all possible cases will appear in proportion to their respective prob. The limit of the ratio of the total losses to the number of offices represents the average loss, which is equal to the average gain; and herein lies the practical meaning of the average risk, as well as the justification of the term.

Again :

The principle of large numbers is the only true point of view from which to contemplate the law of mort.; and a law being adopted, all the prob. of death are also given, to which we must adhere in all our calculations, so that new hypotheses are neither necessary nor admissible.

From this simple consideration the whole theory of risk at once follows, as here introduced, inasmuch as we have adopted the prems. for the ins. against every possible loss as the measure of the danger, and have finally found these prems. to be identical with the average loss or average gain. If we chose to consider the deviations of the mort. from the prob. case as errors, then we have the average error, together with the given prob. of that error, exactly as in obs. of natural phenomena involving measurements, where the prob. of error are known, and no hypothesis must be made with regard to them as must be done by applying the method of least squares. The average risk is consequently equal to half the average error, because the positive errors or possible gains are not taken into account. The more practical aspect of the case will be treated of under RISK, THEORY OF. AWARD.-In Law an instrument embodying an arbitrator's decision on the questions submitted to him by deed of submission, or otherwise, following an agreement for reference. [ARBITRATION.] By 9 & 10 Wm. III. c. 15, it is provided that parties desirous to end a controversy may agree that their submission of the suit to arbitration shall be made a rule of any court of record; and after such rule the party disobeying the award is liable to be punished for a contempt of the court. But an award may be set aside for various causes, as corruption, informality, etc., by motion in court within one term after the award is made. When submission has been made a rule of court, it is not revocable by either party without leave of the court.

AYRES, HENRY (for many years editor of Bankers Mag.), pub. in 1863: The Balance Sheets of Ins. Cos., or the real advantages of publicity examined by reference to the accounts of cos. presented to Parl. in June, 1863. This contains searching and sometimes caustic criticism on the official reports and manner of business of the life ins. offices in Gt. Brit. AYRES, WILLIAM, Act. of Hope Reversionary, from date of its formation to 1847. AZIENDA ASSICURATRICE [Ins. Co.] of Trieste. This Co. was founded in 1822 for fire ins. and for ins. on inland and maritime navigation. Its nominal cap. was then £150,000. It was increased to £200,000 about 1850, when the Co. entered upon the bus. of life ins. and granting annu. at fixed rates. A peculiar feature of this Co. is that it grants to persons who have not reached their 50th year, and who contract for a whole life ins., that their prems. shall cease when they attain 80, and that the sum shall be actually payable on reaching their 85th year-a most excellent provision. [AUSTRIA.]

In 1867 the Co. estab. a branch office in Lond. for fire bus. under the management of Mr. W. Ó. Funder. It was then announced that the subs. cap. of the Co. was 400,000; the paid-up cap. £120,000, and the reserve fund £180,000. In April, 1868, it was announced that the bus. of marine ins. had been added to the Lond. branch, and that Mr. Rudolph Bay had been appointed underwriter. We believe the experiment has been anything but a success; and recently legal proceedings were pending between Mr. Funder and the head office of the Co.

AZUNI, M. DOM. ALB.-A native of Sardinia, who became Judge of the Maritime and Commercial Court of Nice. He pub. in Paris in 1805; Droit Maritime de l'Europe, said to be taken, in very considerable part, from the very scarce work of Jorio-Codice Ferdinando. He was the author of several other works not coming entirely within our scope. His treatises on maritime law, though of considerable value, evince the spirit of the time, and the prejudices under which they were written, by their strong bias against England.McCulloch. We speak of him again under CONSOLATO.


BABBAGE, CHARLES, M. A., F.R.S.-The late Mr. Babbage was a mathematician and a philosopher; but his name is chiefly associated in men's minds with the invention of a calculating machine, and his abhorrence of itinerant organ-grinders. He was Consulting Act. to the Protector Life (No. 1) on its estab. in 1824.

In 1826 be pub. A comparative view of the various Inst. for the Assurance of Lives. This was one of the earliest works of a popular character on the subject of Life Ins. It was afterwards reprinted in the German language. In this work was contained a mort. T. deduced from what Mr. Babbage believed to have been the experience of the Equitable So. [EQUITABLE So. EXPERIENCE T.]; and another table showing the mort. of centenarians. [CENTENARIAN MORT. T.]

The Quarterly Review, on the occasion of reviewing the work (1827), observed: Mr. Babbage, we need scarcely say, ranks among the first mathematicians of our age: and is not merely an abstract calculator, spending his time in solving problems of transcendental geometry, constructing algebraic formula, or raising infinite series to the nth power, but a man of general science, of varied talent; and one who, to his other acquirements, adds that of being a good practical mechanist. We need no further proof of this last point than the machine which he has actually constructed for the computation of logarithmic and other tables, and which alone would entitle him to rank with such men as Herschel and Brunel. [CALCULATING MACHINES.]

The Edinburgh Review also had a critique on the work.

In 1827 Mr. Babbage pub. Table of Logarithms of the natural numbers from 1 to 108,000 -a work upon which he bestowed a vast amount of labour, and in its final production he paid attention to the convenience of calculators in various ways-in one especially, viz., by printing the tables on tinted paper. The work has been much used by computers both in this and foreign countries-the preface being translated into various languages.

In this same year he gave evidence before a Parl. Com. on Friendly Sos., and especially dwelt on the Mort. T. to be used for their calculations. [F. Sos.]

In 1829 Mr. Babbage addressed a letter to the Rt. Hon. T. P. Courtenay, urging upon him the importance of compiling and making public the mort. experience of the several then existing life offices.

In 1834 Mr. Babbage took an active part in founding the Statistical So. He had previously (1820) aided in the founding of the Astronomical So.

Mr. Babbage died in Oct. 1871, aged 80 years.

BABBAGE'S TABLES OF MORTALITY.-See CENTENARIAN MORT. TABLE; and EQUITABLE SO.'s EXPERIENCE TABLES. From this last a series of annu. values were deduced. ANNUITIES, HIST. OF-1826.


BACH, HENRY, late of Sheffield, was well known in South Yorkshire for some years as a most successful life agent. He represented the Trafalgar and the Unities. In 1856 he became joint promoter of the National Economic Life, which, however, was never fully estab. A good deal of pamphleteering went on between Mr. Bach and the Unities in 1856, of which a very good outline may be obtained from the pages of the Post-Mag. for that year.

BACHELOR TAX.—In 1695 a tax was levied on all bachelors over 25 years of age, ranging from Is. for an ordinary person, up to £12 10s. for a duke. The tax was at first imposed for 5 years, and produced £258,094 or £51,618 p.a. It was prolonged for 15 months, but was carelessly collected, and produced very little. The Roman Censors frequently imposed fines on unmarried men; and men of full age were obliged to marry.-Vossius. În 1711 several offices were opened for ins. bachelors-insuring a sum of money in the event of their remaining bachelors a certain number of months.

Dr. Price was in favour of the Bachelor Tax, and apparently would have extended the principle to the female portion of the community. He says (1771):

One of the properest objects of taxation in a state is celibacy. I doubt not, but that by a fund supplied only from hence, the end I have in view might have been easily accomplished; and consequently the very means of paying off the debts of the nation, rendered at the same time the means of increasing its chief strength by promoting pop. in it.

In 1785 bachelors were subjected to a double tax on their male and female servants. [MORTALITY TAX.]

BACKHOUSE, WILLIAM, pub. in 1778, A Dissertation on the Value of Life Annu., deduced from General Principles, clearly demonstrated, and particularly applied to the Schemes of the LAUDABLE and AMICABLE Sos. of Annuitants for the benefit of Age. [ANNU. ON LIVES.] [WIDOWS' FUNDS.]

BACON, LORD FRANCIS, "Greatest, wisest, meanest of mankind," pub. in 1625 Essay on Usury. [USURY.] And in 1633, The Historie of Life and Death; with Observations Naturall and Experimentall for the Prolonging of Life. [LONGEVITY.]

BAD HEALTH.-Persons of admitted bad health are not insurable by life offices otherwise

than as diseased or impaired lives; nor are they admitted to HEALTH Ins. at all; and very rarely to ACCIDENT Ins. [CONCEALMENT.] [DISEASED LIVES.] BADDELEY, MR. WILLIAM, C.E., occupied a considerable portion of his life in making various improvements in manual fire engines, and the apparatus connected therewith. The improvements which we are about to detail extended over a period of 42 years of his life:

(1). Improved stopping-board, for damming up water in street gutters for use of fire engines, A.D. 1820. (2). Iron gutters and sunk tanks, to supersede the necessity of breaking up the street paving, 1820. (3). Portable cisterns to be attached to plugs, for the same purpose, 1820. [Adopted by the Lond. fire engine estab. in 1836, and awarded a silver medal by the So. of Arts in 1838] (4). Improved floating fire engine, 1827. [Adopted by the Emperor of Russia in 1840.] (5). Improved fire engine for steam boats, 1827. (6). Improved hose suspender, 1829. (7.) Beating springs for fire engines, 1829. [Adopted in floating fire engines by the Lond. F. E. estab. in 1838.] (8). Improved portable fire escape ladders, 1832. (9). Improved suction cocks for fire engines, 1833. (10). Horizontal double-acting fire engine, 1833. [Since extensively adopted by various makers of steam and manual fire engines.] (11). Improved suction pipe for waterside fires, 1833. (12). Improved handle for street fire cocks, 1836. (13). Improved engine lamps, superseding the use of links, 1836. [Used by the Lond. F. E. estab., etc.] (14). Improved three-way stand pipe, 1837. (15). Hose reel applied to fire engines, 1837. [Used in Birmingham and Lond.] (16). Stationary, capstan-worked fire engine, 1837. (17). Fan spreader for fire engines, 1841. (18). Blow-off cock for fire engines, for shifting hose, letting off water in frosty weather, 1842. (19). Cabinet fire engine, designed for the Duke of Rutland's picture gallery in Belvoir Castle, 1844. [Since extensively adopted.] (20). Portable fire engine (hand-pump), 1844. [Adopted by the Lond. F. E. estab. in 1848-49.] (21). Farmers' fire engine, 1847. [Commended by the Jurors of the Great Exhibition, 1851.] (22). Improved valved suction strainer, 1862. [See Young's Fires, F. Engines, etc.]

Mr. Baddeley prepared special reports on the Lond. fires for the years 1850, 1, and 2— prob. for other years also.

In 1862 he gave evidence before the Select Committee on Fires in the Metropolis, of which the following is an outline :

I have for the last 40 years devoted myself entirely to the study of the protection of life and property from fire, I have studied it as a matter of science, independently of any business connexion. I am aware that it was the intention of the late Sir Robert Peel, when he introduced the new Police Act, that the protection against fire should be undertaken by that body, and it was only the difficulty which presented itself at that time, and the hostility of the fire offices, coupled with the great expense, which induced Sir Robert to postpone the measure.... It was only a question of time when it should be brought about. £60,000 I believe would be sufficient, at any rate for a beginning, to give very efficient protection to the metropolis. Without some new organization, if the fire brigade was done away with, there would be an increase of loss? Decidedly so. You are aware of the establishment of the Fire Escape Asso.? Yes, I have been an inspector of the so. for 17 years. It is I believe a very important adjunct to the present arrangement for the protection of life and property? It is a very valuable inst., and would have been still more valuable if it had had free scope. The men are a very superior class of men, and they render most essential services at the fires. They have extinguished in their incipient stages a very large number of conflagrations, and would have done more so, but that the police frequently interfere to prevent them, at the request of the brigade. In any arrangements which were made for the Metropolitan Fire Brigade, would you consider it desirable to amalgamate the Fire Escape Asso. under the Police? I would make but one force. At present we have four bodies of men at fires: my opinion is there ought to be but one.

The four bodies referred to by Mr. Baddeley, we presume, were the firemen, police, fire escapemen, and volunteers. The Royal So, for protection of Life from Fire presented Mr. Baddeley with £250, in token of its esteem for his services. He died in 1867, aged 61. BADEN, ANDREW, SENR., late Superintendent of Imperial Fire. He entered the office as a junior in 1810, and passed through the various departments. In 1823 he became Fire manager, and continued in harness until his death in 1867, at the good old age of 74. BADEN, ANDREW, F.I.A., Act. and Sec. of Imperial L. since 1867. Mr. Baden was trained to the bus. in the same office, which he entered as a junior in 1839, under Mr. Samuel Ingall. In 1848 he was appointed Assistant Act. of the Co. In 1863 he was selected from among a number of candidates for the position of Act. to the Lond. office of North Brit. and Mercantile. On the retirement of Mr. Ingall from the Imperial L. in 1867, Mr. Baden returned to that Co. and became its chief officer. We wish him a long incumbency. In 1871 Mr. Baden read before the Inst. of Act. a paper On the Equitable Apportionment of a Fund between the Life Tenant and the Reversioner. An important practical question very ably handled. The paper, and an abstract of the discussion thereon, are printed in vol. xvi. of Assu. Mag.

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BADEN, GRAND DUCHY OF.-The pop. in 1861 was 1,369,291; and its density 234 to the square mile. This State publishes ann. exceedingly valuable statistics of its social condition and progress. The ins. of buildings is obligatory on the inhabitants, and has for half a century been carried on under the authority and support of the Gov. The value of property in buildings ins. about 1850 was estimated at £27,813,000—or an average of £20 175. for each inhabitant. The average rate of prem. was 138 p. 1000-or 25. 9d. 100. The Gov. were not supposed to make any profit on the transaction.


BADENACH, WALTER, Captain of the Bengal Army, pub. in 1826, Inquiry into the State of the Indian Army, with Suggestions for its Improvement, and the Estab. of a Military Police for India. [INDIAN ARMY.] BAGGAGE INSURANCE (PASSENGERS).-The ins. of passengers' baggage, as distinct from merchandize, prob. has been practised for some considerable period, although there were no offices specially devoted to the bus. It was a risk undertaken by underwriters. With the great increase in travelling incident to modern times, offices have come to be founded, making this a special department of their bus. The following may be named: 1851.-Maritime Passengers Ins. Co.

1845.-Travellers and Marine Ins. Co.

The following is the scale of prems. charged by the Travellers and Marine for each £100 of passengers' baggage accompanying its owner on single voyages to the following places:

Australian Ports and Tasmania, 30s. to 40s.; Africa, West Coast of, 20s.; Algoa Bay, 45s.; Bordeaux and Ports in Portugal, Ios.; Boston, New York, Philadelphia, and Halifax, 17s. 6d. to 25s.; Baltimore and Charleston, 17s. 6d. to 30s.; Brazils (by Mail Steamers), 17s. 6d. to 25s.; Buenos Ayres and Monte Video, 20s. to 30s.; Belize and Honduras, 30s. to 45s.; Batavia and Singapore, 45s.; Bahia, Pernambuco, and Rio, 25s. ; California and Vancouver's Island, 70s.; ditto, via Panama, 45s.; Cape of Good Hope and Mauritius, 25s. to 30s.; Canton and Hong Kong, 50s.; Cuba and St. Domingo, 45s. ; Canaries, Azores, and Cape de Verdes, 10s. to 25s.; French Ports in the Mediterranean, IOS. to 20s.; Gottenburgh and Copenhagen, 12s. 6d. ; Holland (by regular packets), 5s. ; Hambro' (by regular packets), 7s. 6d. ; Indian Ports and Ceylon, 30s. to 40s.; Italian Ports, Mediterranean Islands, Greece, Alexandria, Constantinople, and Smyrna, 20s. to 25s.; Lisbon and Ports in Portugal, Gibraltar, and Cadiz, 15s. to 17s. 6d. ; Lima, Valparaiso, and Callao, 45s.; Madeira, 12s. 6d. to 20s.; Mobile and New Orleans, 40s. ; Memel and Ports in Prussia, 30s.; Natal, 60s.; New Zealand, Ports in, 45s. ; Overland Route to India and Ceylon, 25s.; ditto to Singapore, 30s.; ditto to China, 40s. ; ditto to Australia, 30s.; Quebec and Montreal, 25s. to 40s.; St. John's, N.B., 25s. to 35s. ; Spanish Ports within the Straits, 12s. 6d. to 20s.; Sierra Leone, 20s. to 30s.; Syria, Ports in, 20s. to 30s.; Shanghai and Ports in China East of Hong Kong, 70s.; St. Petersburgh and Russian Ports, 32s. 6d. ; Vera Cruz, 55s.; West Indies (excepting Cuba and St. Domingo), 20s. to 30s.; Coasting Risks in the United Kingdom according to distance, 35. 4d. to 10s.

NOTE--The above rates apply only to Steamers and Ships classed A 1 at Lloyd's, or 3-3ds in the Veritas, and do not cover war risks. Special rates were named on application for inferior classed vessels; or for first-class vessels where the cargo or any considerable portion of it was a dead weight, as iron, salt, rails, or coals.

BAILEE. A person to whom goods are entrusted for a specific purpose.

BAILEY, ARTHUR HUTCHESON, F.I.A., one of the Vice-Presidents of the Inst. of Act., and for some years one of its Hon. Secs. Mr. Bailey commenced his ins. career in 1841 in Protector (No. 2) under Mr. Jellicoe. In 1847 he went to the Eagle (following Mr. Jellicoe). In 1855 he became Act. and Sec. of Equity and Law; and in 1861 he entered upon his present appointment of Act. to the Lond. Assu. Corp. Mr. Bailey enjoys a high reputation as an act., and is accordingly consulted on many important matters arising out of the affairs of ins. offices. He has been especially so consulted by some of the highest legal authorities in connexion with the recent difficulties of the Albert and European.

In 1861 a paper was read before the Inst. of Act. On the Rate of Mort. prevailing amongst the Families of the Peerage during the 19th century. This paper was the joint production of Mr. Bailey and Mr. Archibald Day. It was printed in vol. ix. of Assu. Mag., and has most deservedly attracted much attention, both in this and other countries. [PEERAGE, MORT. OF.]

In 1862 Mr. Bailey read a paper before the Inst. of Act. On the Principles on which the Funds of Life Assu. Sos. should be Invested. The paper is printed in vol. x. of the Assu. Mag. We shall have occasion to speak of it under INVESTMENTS.

In 1869 Mr. Bailey read before the Inst. of Act. a paper On the Rates of Extra Prem. for Foreign Travelling and Residence; and the same was printed in the Journal of the Society (vol. xv.). The paper is one of great interest as well as of real practical value. [FOREIGN RESIDENCE.]

In Dec., 1871, Mr. Bailey read a paper before the Inst. On Insolvency in Life Assu. Cos. The paper came at an opportune moment, when the minds of the actuarial profession were much drawn to the question, and offered some important considerations and suggestions on the subject which it treated. [INSOLVENCY OF INS. Asso.]

In add. to the preceding, Mr. Bailey has at various times contributed letters and obs. on points of ins. hist. and practice, which will be found scattered through the vols. of the Journal of the Ins. of Act.

BAILEY, CHARles Stuart, was Sec. of the Colonization Ins. Co. in 1850. After that he joined the Western as Supt. of Agents. He followed that Co. to the Albert, where he occupied a similar position.

BAILMENT (from the Fr., to deliver).-A compendious expression to signify a contract

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