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on the present occasion is solely attributable to a measure which has been deemed necessary with reference to the prob. affecting the money market. Hitherto, viz. in 1836, 1841, 1846, and 1851, the calculations according to which the greater or lesser amount of bonus is regulated, were based upon the supposition that the rate of int. procurable upon the cap. [funds] of the So. would, through all time of its contracts existing, be not less than 3 p.c. p.a., a supposition warranted by the rate then obtainable with Gov. security. On the present occasion the actuary appointed by the So. has strongly recommended the directors to adopt at once the precautionary measure of calculating the bonus of 1856 upon the supposition that int. of money will not uniformly exceed 3 p.c. p.a.

The adoption of this advice of the So.'s actuary is the cause, and the only cause, for the reduction apparent in the present bonus. It is the effect of a general rectification which prudence dictates. Had the calculations been made on the present occasion upon the estimate of int. being 34 p.c. p.a., as on previous occasions, the bonus of 1856 would, as respects policies which participated in former surpluses, have been an increasing one as heretofore. And, if all things remain as at present, the bonus of 1861, and every successive one, will effect a larger and larger reduction of ann. prems.

It has been a characteristic feature in the management of this So. that the members have always had clear and explicit information upon all points affecting their interests.

The favourable mort. experienced by the So. was shown in a remarkable degree in the year ending 1868. The mort. indicated by the Carlisle T. was 105 lives; and by Hodgson's T. 90; whereas the actual mort. was limited to 63 deaths.

Mr. Hodgson died in 1870, full of years and honours. Mr. Stewart Helder is his able successor. Mr. Matthew Hodgson [grandson of the founder] is Sec.

From the statement of accounts and schedules made up in conformity with the Life Assu. Cos. Act, 1870, to 31st May, 1871, we gather some particulars of interest. For instance, in add. to the life pol. then in force as shown by the T. hereafter given, there were also in force 172 endowment pol., ins. £43,900, and yielding in prems. £2063. There were also in force 124 annuity pol., the ann. prems. on which were £754; and the ann. payments in respect of which amounted to £4976. "The extra prems. consist of together £452 5s. for residence or travel beyond the limits permitted by the So., and are for the most part of short duration; and of £350 16s. 3d. for assu. upon lives which are considered not to be fully up to the average standard. Both sums are entirely excluded from the valuation of prems. receivable. Regarding the "valuation of pol.” and "distribution of profits," the following details are given :

....

The principles to be adopted in the valuation and in the distribution of profits are, by the 31st rule of the So., fixed by the board of directors acting under the advice of the act. or con. act., and approved by the council of reference. Each pol. is valued separately. Pol. for the whole of life are valued by a prepared T. at the ages of entry for the number of years and months they have been in force. Reductions made in the prems., and additions made to the sums assured by previous bonuses, are valued at the ages attained by the members at the date of the valuation.

The profits are distributed amongst the members entitled to participate in the following proportion: (a.) As regards policies which were in force at the date of the last valuation. The difference between the ann. prems. which would be charged by the So. at the ages attained at the date of the last valuation, accumulated for five years at 3 p. c. compound int., and the sums that would be reserved at the same rate of int. and for the same period as the liabilities of such assu. (b.) As regards policies which were effected since the date of the last valuation. The difference between the number of ann. prems. paid accumulated at 3 p.c. compound int., and the sums reserved at the same rate of int. as the liabilities of such assu. The amounts so apportioned are either paid in cash, or appropriated to the reduction of the ann. prem., or to the increase of the sum assured, according to the option exercised by the pol.-holder at the time of making the assu.

The tables of mort. used in the valuation are:-(a.) For assu. for the whole term of life, a special T. derived from the ann. prems. charged by the So., such prems. being based upon the Carlisle T. of mort, with a per-centage added for expenses of management. (b.) For the other classes in which the contingency of life is involved, the Carlisle T. of mort.

The rate of int. assumed in the calculations is 3 p.c.

Provision is made for future expenses and profits in the amount set aside as the reserved value of the pol.; the reserve being such a sum as, with the value of the ann. prems. payable by the members, is equal to the single prems. which the So. would charge to assu. the lives of the members at their respective ages at the date of the valuation.

The So. effects no re-insurances and allows no commission.

The rate of int. realized on the L. assu. fund during the 5 years ending 1871 was as follows:-1867, £4 4s. 3d. p.c. ; 1868, £4 4s. 10d.; 1869, £4 5s.; 1870, £4 45. 10d.; 1871, £4 5s. 3d.

The Act., Mr. Stewart Helder, says, in his special report, dated Jan. 1872:

The So. continues to prosper. Since its institution it has returned to the members in bonus £839,325; it has paid for claims by death £867,786; it has on foot over 6000 pol.; the total sums assu. with bonuses are approaching £5,000,000; the ann. income, exclusive of the reductions made in the prems., is nearly £230,000; and the funds accumulating for the purpose of meeting future claims amount to £1,890,000.

In conclusion, I would remind the clergy and their families that by joining the So. they gain a profit which can be obtained in very few other offices, viz. the profit arising from the non-payment of any commission to agents; they gain a profit which can be obtained in no other office, from the low rate of mort. which prevails amongst the clergy, and which may safely be stated to be 20 p.c. less than that of the general community.

The following T. shows the growth of the So., and also all the necessary details of its financial position at each quinquennial investigation, so far as the L. department is concerned. The sickness funds are not included. It will be remembered that the ann. income of the So. is periodically very much reduced by the large application of bonuses to reduction of prem. :

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To those who understand the finance of L. ins. it is quite unnecessary to state, after perusing this T., that the So. stands second to none in Gt. Brit.

CLERGY MUTUAL ASSU. So., MORT. EXPERIENCE OF.-In a preceding art.-CLERGY, LONGEVITY OF THE-we have made reference to the mort. experience of this So. It does not appear that the entire experience has ever been reduced into the form of a mort. T. The following details relate exclusively to the clergy ins. in the So.; and present some points of considerable interest as regards surrendered and lapsed pol.:

TABLE SHOWING Experience OF THE Clergy MUT. Assu. So. from the DatE OF ITS ESTAB. IN 1829, TO IST JUNE, 1869.

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2017

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2088

38

2135

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2181

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133

250

371

506

702

865

1069

1237

1411

1632

1802

1927

2017

2135

2204

2302

2395

122

2427

143

2424

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The following is a re-arrangement of the data of the preceding T. into a form suitable for exhibiting comparative results :

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The annexed table shows the ann. percentage of mort. experienced by this So., as contrasted with that of the Carlisle T., and that of Experience T. No. 2: we number the cols. consecutive to those of the preceding T., for the purposes of the explanations which follow :

The Rep. of the directors for 1869 contained the following remarks concerning the results of the preceding tables :

Had deaths occurred in the Clergy Mut. Assu. So., since the date of its estab. in 1829, according to the rate of mort. experienced by the 20 assu. cos., the number of deaths would have been 1183 instead of 734; showing a difference of no less than 449 in favour of the Clergy Mut.; and consequently, by reason of a longer duration of life amongst the members of this clergy class so., a saving of £395,120 in excess of what would have been saved in the 20 L. assu. offices had the number of lives under obs. been the same as those stated in column 3 of the Table, the amount of each pol. being taken at an

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average of £880. This saving has been distributed quinquennially amongst members during 40 years as part of their bonus.

To put this most important fact of the lesser mort. amongst the clergy than amongst ordinary assured members in the clearest light, the case may be stated in the following manner. Let the number of lives in col. 3 be taken as being 10,000 at each age, then, where in col. 6 the number of deaths in one year would be 73, in col. 7 it would be 61; where 85 it would be 31; where 97 it would be 53; and so on at following ages. Should it be supposed that this much lower rate of mort. in the Clergy Mut. may have arisen from a more than ordinary scrupulous care in the admission of members, it is to be remarked that for several years past not more than 17 proposals for L. assu. have been declined in any one year; or, should it be supposed that it may have been occasioned by the So. having been on foot during a term of 40 years only, it is to be observed that nine out of the 20 offices whose combined experience is pub. by the Inst. of Act. have not been on foot so long.

It is material to notice also the following two points, viz. that the average duration of pol. taken out in this So. of clergymen during 40 years was 12 years,-5509 pol. having been under obs. as risks during an aggregate of 68,588 years,-whereas the average duration of the lives under obs. in the 20 offices was only nine years; and also that out of 734 deaths of clergymen in this So. more than onethird of them took place after 60 years of age.

There has just been prepared [1873], jointly by Dr. W. H. Stone, the medical officer of this So., and by Mr. Stewart Helder, a paper, On Some Points in the Medical Hist. of the Clergy Mut. Assu. So. From this we draw some facts supplemental to the preceding, and of equal interest. The authors say:

It was from the first obvious to both of us that the mere record of deaths and causes of deaths for each year, or for any stated period of years, would be worthless, if not misleading, unless closely collated with the number of insured members at each such period. This necessarily involves a work of great labour, which we hope in time to accomplish. But for the present we propose to give a general preliminary sketch of prominent points in the early history and mort. of the So., reserving for a later communication the details above referred to.

They then proceed :

It should, however, be observed that the business of the office is not limited exclusively to clergymen ; their near relations, male and female, and also their wives and the near relations of their wives, being eligible. But the number of females and laymen thus admitted is proportionally small, and hardly sufficient to justify separate tabulation. In each case the deaths are not much above 50 on a total of

over 1000.

Of the first 90 L. pol. issued by the So., we are told, 65 have become claims; 6 have been purchased; 5 have been forfeited by non-payment of prem.; and 14 are in existence at the present time.

It is worthy of remark that out of these go pol. three deaths only occurred in the first 10 years, when by the Carlisle T., 11 might have been expected; and 11 deaths in the next succeeding 10 years, when by the same T. 12 might have been expected, making in all 14 deaths in the first 20 years against an expect. in the same period of 23. It is also worthy of notice that out of the 65 deaths 10 took place over the age of 80, 26 over the age of 70, and 45 over that of 60. Altogether the average age at entry of the 65 pol. which have become claims was 384, and the average age at death 66, making the average duration of each pol. 274 years. The total amounts originally assured were £38,800, and the ann. prems. payable thereon 1211 165. 11d.

The average age at entry of the 14 pol. still in existence was 33, and the average present age 76, making the average duration of each pol. 42 years; the average duration of the surrendered pol. was 8 years, and of the forfeited pol. nearly 2 years.

There is then given a T. following out in detail the causes of death of those who have died of the first 90 policy-holders. Then a T. showing the deaths during the first 20 years of the So.'s existence. These (mirabile dictu) were only 68 in all-65 males, 3 females. The following T. shows the causes of death in order of frequency:

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This cannot be considered other than a favourable rate of mort.; especially does the remarkable scarcity of deaths in the early years bear evidence to the care employed in selecting the first lives; and also to the practicability, without elaborate papers of questions, of forming a generally correct estimate as to the value of individual proposals. The first ten years only give a result of one death in two years; and it is not until 1840 that the ann. death-rate mounts to the moderate figure of four. It remains within the decade until 1847, and the first 20 years only give an ann. rate of between three and four deaths.

4.

The medical questions at this date were singularly simple, five in number, asking respectively as to 1. Smallpox. 2. Gout. 3. "Asthma, fits, or any disorder which tends to shorten life." "Violent inflammatory attacks, or spitting of blood." 5. General good health. Some modern offices, which occupy four folio sheets with various medical queries and certificates, would probably stand aghast at this reticence. But it seems to have been more than sufficient for protection; aided, doubtless, by a certain mutual intimacy of assurers and assured, and much also by the highly accurate and conscientious tone of the replies.

It is also remarked as somewhat singular that in a constituency almost entirely com

posed of males, the first death occurring was that of a female. "Indeed, from some cause which does not seem very obvious, the proportion of female deaths during the early years was large.' This death was in 1832; the 2nd death was in 1834, the 3rd in 1836. Here is a T. of the earliest deaths after completion of ins. :

The only diseases which occur twice are fever and phthisis; "for under this heading no doubt the vague return of induration of the lungs should be classified."

Duration of pol. Age at Death.

Years

I

Cause of Death.

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Cynanche.
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Fever.

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Inflammation of bowels.
"Induration of lungs"
(Phthisis).
Uterine.
Consumption.

Again we are told, "On exa-
mining the diseases to which
death was due, we find even
more than the usual large
predominance of phthisis, to
which 16 are attributed.
we add the number 7, due to
other lung affections, the total
of 23 represents a fraction more than one-third of all the deaths."
Then the following:

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30 5

[CONSUMPTION.]

The 15 cerebral cases give a total of 120 years four months of life, which furnishes an average of 8 years for each life. It is prob. that the number here tabulated is hardly sufficient to give a fair estimate, and that the whole mort. of the So. for brain diseases will prove much more favourable. Certain forms, indeed, seem a natural termination of aged lives, and therefore figure more in the later statistics.

The deaths from diseases of the digestive system are too few for numerical analysis, and are chiefly remarkable as consisting of what may be termed adventitious disorders rather than any of the principal morbid processes in this department. There are 3 hepatic, two malignant cases, and one of cynanche. Fevers give a total of 5 cases, one being remittent. Cardiac disease gives the remarkably low number of two, abscesses, accidents, and unknown causes of death being of similar amount. Őther diseases appear singly or are entirely absent. With regard to this latter point it is worth notice that so common a complaint as bronchitis only appears once on the T., and that gout, hernia, and renal affections are absolutely unrepresented.

We are promised a "future communication" from the same gentlemen, which we shall look forward to with much interest.

CLERICAL, MEdical, and GenERAL LIFE Assu. So., founded in 1824, with an authorized cap. of £500,000, in 5000 shares of £100 each, on which there was paid up £2 10s.; but this last-named sum has been increased by bonus add. £7 10s., so that the paid-up cap. now stands at £10 p. share.

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The first document issued by the promoters was: "Prosp. for the Estab. of a new Assu. Office, with improved arrangements." A copy before us bears date April, 1824, and says:

Amidst the great and valuable estab. of this country, there are none more extensively conducive to the interests of the public, and the benefits of individuals, than well-conducted L. assu. offices. The increase of sos. of this kind, during some years past, stands in proof of this fact; and instead of evincing that a sufficient number of such inst. already exists, it shows that their utility is more justly appreciated, in proportion as the advantages of this mode of securing property are more generally understood. The system is still in its infancy. From the want of an accurate knowledge of its benefits, and of the ready method by which they are attainable, the assu. of lives has hitherto been very limited. When its principle shall be fully comprehended, it may be presumed that its manifold advantages will cause it to be more generally adopted.

The very important truth cannot be too widely disseminated-it ought to be distinctly known in every family, and to every member of society, that by the yearly payment of a moderate saving, persons may secure to their wives, their children, their helpless relatives, or their friends, an adequate provision against the pecuniary distress which might be produced by their death. To the Clergy, who hold their preferment for the term of their lives; to the members of the Medical profession, whose incomes depend in a great measure upon their powers of healthy exertion; and to all persons possessing only a life int. in their property, the practice of L. assu. recommends itself not merely as a matter of expediency, but as a bounden duty. In case of marriage settlement, L. assu. may often be particularly advantageous.

....

The promoters proceed to say, that it is presumed that the advantages of L. assu. may be extended more effectively to the public at large, and in a more especial manner to the respective classes above mentioned, by constituting a new assu. co., to be called, The Medical, Clerical, and General Life Assu. So.

The principles on which the So. will be conducted are the same as those of other similar inst., with only such add. and improvements as, it is presumed, will augment its general utility. The Medical, Clerical, and General Assu. So. does not stand forward in the character of a rival inst.-seeking success by derogating from the merits of its contemporaries; it presents itself as an associate, engaged in the united and laudable endeavour to diffuse more widely the great benefits which may accrue to various classes of society from this most valuable mode of securing property.

The proposed cap. was to be one million [afterwards wisely limited to one-half that sum], and the shareholders were to receive int. "at not less than 3, nor exceeding 5 p.c. p.a., on the sums actually advanced," and a proportion of profits. The inst. was to be placed under the direction of a body of gentlemen, "whose characters and property will be a guarantee for the integrity of its proceedings." "Its practice will be liberal and comprehensive.' We now reach the "special feature" of the Co., as orig. conceived: The common usage of excluding from the benefit of L. assu., or exposing to a forfeiture of their

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