« AnteriorContinuar »
number is 168. The several causes of death in general bear the same ratio to the general mort. as in home risks, as deduced from the large experience of the Standard Assu. Co., given in their pub. reports. The main differences are, that inflammatory diseases of the lungs and violent deaths are nearly twice as frequently the causes of mort. in the Brit. possessions of N. America as at home; and pulmonary consumption also somewhat more frequent, but dysentery rather less so.
In hot climates at large, those diseases which are usually held to be produced, or at least promoted by climatic exposure-fevers, liver disease, cholera, and dysentery-account for 458 deaths in every 1000 of the total mort.; in temperate climates for only 195, or less than one-half the proportion in hot countries. On the other hand, inflammatory diseases of the lungs account in hot countries for only a third of the proportion of deaths which they occasion in temperate lands, viz. 31 in 1000 in place of 99; and pulmonary consumption and malignant diseases are similarly circumstanced: the proportions being 99 and 262 in 1000 against hot climates. It is worthy of remark that head diseases do not appear to be more frequent causes of death in hot climates.
These ratios, however, differ in different hot climates. The most remarkable differences occur in comparing India with the West Indies. In the West I. there have been 108 deaths; in the East I. 97. The relative differences will best appear from the following T.:
The learned Prof. proceeds:
The peculiarities among East I. risks are brought out even more strongly when the attention is confined to military life. Diseases of the head are, among Indian officers, only one-half the proportion observed in the West I. Consumption is very rare, there having been only 1 death from this cause among 50 deceased officers. Inflammations of the lungs do not appear at all in their list. But the four great causes of tropical mort.-fever, cholera, dysentery, and liver diseaseaccount for 640 deaths in 1000; and violent death, partly referable to the mutiny, accounts for no less than 195.
These differences may be owing in part to European lives in Europe being select, and partly to climatic causes destroying in early life those who might otherwise have been left to die of pulmonary disease, both acute and chronic. It remains to be seen, from a more minute examination of the data in possession of the Co., what share in the differences indicated may be owing to either of these, or to other causes; and whether there are any points at the period of proposing assu. which may supply a guide to the Co. to the specialities of risk thus indicated.
Since this period more elaborate investigations have been made, and we venture to look forward to the time when the same liberal spirit which has characterized the previous acts of the management will cause the publication of this larger experience of the Co., for the benefit of the entire Ins. profession.
COLONIAL LIGHTHOUSES.-In 1855 was passed the 18 & 19 Vict. c. 91—An Act to Facili tate the Erection and Maintenance of Colonial Lighthouses, and otherwise to amend the Merchant Shipping Act, 1854. This Act provides that wherever any lighthouse, buoy, or beacon has been, or may hereafter be, erected on or near the coast of any Brit. possession, by or with the consent of the legislative authority of such possession, Her Majesty may, by Order in Council, fix such dues in respect thereof to be paid by the owner or master of every ship "which passes the same, or derives benefit therefrom," as Her Majesty may deem reasonable; and may vary or repeal the same. [LIGHTHOUSES.] COLONITIS [Kolonitis] Colitis.-Inflammation of the colon: a term employed as synonymous with dysentery.
COLONIZATION ASSURANCE CORP. --This Co. was projected in 1849, and was founded in Lond. in 1850, for a novel purpose, viz. the carrying on of L. ins. in connexion with colonization. Its authorized cap. was £100,000, in shares of £10. About £28,000 was subs. The orig. prospectus said:
This Co. is formed to estab. a new system of colonization, by which the cap. of the emigrant is preserved entire. This great object is effected by enabling him to pay for his land out of the profits realized from its cultivation.
Under the Co.'s system, the emigrant receives from the Co. land selected by himself, under a lease and pol., calculated according to the number of acres and period of time-life, years, or both-agreed upon. The lease confers possession, and the pol, entitles him to absolute ownership at the end of the term, by regular payment of the rent during the interval.
The arrangements made with H.M. Gov. will enable the Co. not only to divide a handsome profit, but to render such assistance to their settlements as to insure prosperity. The nature of the tenure gives an entirely new security to the Co., unattainable by landlords in this country, since the holder has an equally powerful and new motive for improvement and punctuality.
The system, with all its details, has been framed, with the aid of experienced colonists and able actuaries, so as to insure to the Co. the most perfect security, and to the emigrant the soundest information, the fullest freedom of choice and action, and, above all, a constant and abundant supply of labour.
The Co.'s bill for incorp., having been previously submitted to H.M. Gov., is now before Parl., and restricts the liability of proprietors to the amount of their subs.
The first Deed of Sett. of the Co. bore date 31 Dec., 1849; but this was cancelled, and another D. of Sett. bearing date 22 March, 1850, was substituted in its stead. This deed set forth the bus. or purpose of the Co. to be as follows: To purchase, to exchange, to surrender, and either for cash, or for ann. or other periodical payments, either determinable or not determinable with life, or for other considerations, to sell lands, tenements, and hereditaments, in the colonies and dependencies of the Brit. Empire, or any or either of them, and by lease or license for any such consideration as aforesaid to
confer the right of mining, quarrying, brickmaking, limemaking, building, farming, depasturing, and cutting timber, or any or either of them, or any other right or nprivilege in or upon any such lands, tenements, and hereditaments, and also to carry aforward emigration to the colonies and dependencies aforesaid, or any or either of them, to convey or procure to be conveyed thither emigrants, and to obtain the prems. or bounties, whether in money, land, or land scrip, which shall become due, and such other profit or remuneration, if any, from any source whatsoever as can be obtained for or by reason or means of the introduction or conveyance of such emigrants as aforesaid.
In 1850 the Co. obtained a special Act of Parl., 13 & 14 Vict. c. xxi.-An Act for Incorp. the Colonization Assu. Co., and conferring certain privileges on the said Co. This Act received the Royal Assent June 10, 1850. It recites the D. of Sett., and then proceeds: And whereas the operations of the said Co. are likely to be productive of great benefit to the various colonies and dependencies of the Brit. Empire, and such operations would be greatly facilitated by conferring on the said Co. a more complete incorp., and a more ample right of taking and holding lands in a corp. capacity, than can be respectively obtained under the said Acts [for regis. and incorp. of joint-stock cos.], or either of them, and by removing and modifying in favour of the said Co. certain of the obligations and penalties which are by the said Acts, or one of them, imposed; and it would further facilitate and greatly encourage the operations of the said Co. if certain exceptions in favour of the said Co. bearing some proportion to the progress of such operations were made in the provisions of a certain Act [5 & 6 Vict. c. 36] intituled, An Act for regulating the sale of waste land belonging to the Crown in the Australian Colonies; and of a certain Act [9 & 10 Vict. c. 104] intituled, An Act to amend an Act for regulating the sale of waste land belonging to the Crown in the Australian Colonies, and to make further provisions for the management thereof; and it is expedient that such facilities and encouragement as aforesaid should be afforded to the said Co.
It is then enacted that the Co. be incorp. with perpetual succession, "and be acknow. ledged as such in Gt. Brit. and Ireland, and in all the colonies and dependencies of the Brit. Empire," and should have a common seal, and the estates and effects of the said Corp. should be the fund out of which the contracts, engagements, and liabilities of the said Corp. should be provided and satisfied. The Corp. may purchase and hold lands "to any extent " in the colonies and dependencies of the Brit. Empire (sec. 2). The liabilities of the shareholders among themselves not affected by incorp. of Co. (s. 4). The cap. of the Corp. not to be increased beyond £100,000 without consent of Treasury (s. 6). Power to Governor of Western Australia to issue land scrip to the Corp. in respect of emigrants (s. 8). Land scrip may be taken in payment for lands purchased by the Corp. (s. 9). Act not to repeal existing law regarding disposal of public lands in colonies and dependencies (except in Western Australia); and Corp. not to extend its operations to any other colony without permission of the Sec. of State (s. 12). Act to be cited as "The Colonization Assu. Corp. Act, 1850," (s. 14); and to be a public Act (s. 16).
The promoters of the Co. were Mr. Jas. Huggins and Mr. Wm. Wood. Mr. Mark Dyett was the orig. Sec. of the Corp., and he was succeeded by Mr. Charles Stewart Bailey, who, we believe, was succeeded by Mr. Pemberton. In 1850 the Corp. pub. and circulated: Report of Western Australian Agent.
The hist. of the Corp. is a remarkable one. It appears that the orig. managers of the enterprise, at a very early stage, invested its funds in the purchase of a considerable estate in the neighbourhood of Freemantle, Western Australia, and this produced a lock-up of its resources. The directors retired in disgust; the shareholders abandoned the project in despair-but the land remained; and about the close of 1869, or after nearly twenty years, began to be of considerable value: hence the dormant Corp. has been restored to animation, and those of its former sponsors who were alive speedily came back to it, and it is again a going concern."
The following adv. appeared in Jan., 1870, bearing the signature of Ulysses Latreille, "Acting Sec.":
COLONIZATION ASSURANCE CORPORATION.-A.D. 1850.-Notice is hereby given, that the annual general meeting of proprietors in this Corporation will be held at the Company's office, No. 139, Gresham House, Old Broad Street, in the city of London, on the 26th day of Jan. inst., at one o'clock precisely, to receive the accounts and balance-sheets, and reports of the directors and auditors, for the year ending 13th Dec., 1869, to transact the other ordinary business prescribed by the D. of Sett., and to consider the position of the affairs of the Corporation generally.-Dated this 10th day of Jan., 1870. In April of the same year a general meeting of the proprietors was held for the purpose of making new laws, regulations, and provisions; and for repealing some of the previous ones.
Out of the resuscitation of the Corp. a suit in Chancery has already arisen, Kimber v. Barber [decided by the Lord Chancellor on appeal from the Master of the Rolls, Nov. 1872]; but as the transaction only relates to dealing in shares by outside parties, the Corp. is not in any way affected by it.
COLORADO, INS. LAWS OF STATE OF.-No special ins. department appears to exist at present in this State. The revised statutes of the State (1868) contain the following provisions regarding ins. asso. :-1. Agents of foreign ins. cos. to signify acceptance of appointment to the county clerk. 2. Penalty for carrying on bus. without license not to exceed 300 dols., or imprisonment in county jail for term not exceeding six months; or by both fine and imprisonment. 3. Ins. cos. of other States to pay a territorial tax of I p.c. on the prems. of the preceding year, and return list of ins. Agent personally liable. There appears now to be a further tax of about I p.c. to the county on all life prems. COLUMBIA, DISTRICT OF U.S., INS. LAW OF.-The city of Washington, the capital of
the U.S., is by law made into a separate district, which is placed under the control of the Federal Gov. All the separate states and territories are, for internal or domestic purposes, regulated by their own laws. Hence it comes about that the city of Washington, i.e. the district of Columbia, has a distinct ins. law. This is found in the Act 2nd March, 1867. Power is given to license, tax, and regulate agencies of all kinds of ins. cos. But it is provided that the tax shall not exceed 1 p.c. on the prems. received. For the license a fee of 10 dols. is charged. There is no ins. department. COLUMNAR METHOD [COMMUTATION METHOD].—This is a technical designation, applying to the arrangement of preparatory T. for annu. and L. ins. calculations. But for the controversy which has arisen regarding the priority of invention, a few lines would dispose of the subject, as being too technical for popular elucidation.
The construction of the Commutation T. is effected by combining in a peculiar manner the rates of mort. and int. ; and, as in the T. adapted to the old method, any rates that are most approved of, as regards these elements, may be employed. But whatever may be the rates of int. and mort. made use of, the demonstrations and formulæ, being generalized by the employment of symbols, will be equally applicable to all T. of the same form. -Gray, 1842.
In T. arranged on this method there are two sets of columns, designated respectively, from the purposes to which they are applied, “annuity" and "assurance" cols. They are distinguished by letters, arbitrarily chosen, placed on the top; and there is in each a value corresponding to each year of age. The letters designating the annu. cols. are D, N, S; and those designating the assu. cols. are now C, M, R. By means of T. so arranged the value of any benefit may be found, whether it be constant, increasing, or decreasing. By actuaries this is frequently designated as the D and N system.
It seems hardly necessary to state that some of the earlier exponents of L. contingencies did not proceed upon this plan; the inquiry of origin, therefore, assumes the form of chronological investigation.
Taking the range of authors on life contingencies from Halley in 1693, De Moivre in 1725, and later; Simpson in 1742, Kerseboom (in Holland) in the same year; De Parcieux (in France) in 1746; Hayes in 1746; Hodgson in 1747; Stonehouse in 1754 ; down to and including Dr. Price in 1771, it has never been claimed that any of these approached the Columnar method in the introduction of the monetary element into life tables.
In 1772 we reach the first writer to whom the advantages of the Columnar method presented themselves. This was Dale, an Englishman, of humble origin, and a very superficial knowledge of the subject of L. contingencies-but he arranged his formulæ in the Columnar method. This was in his work, Calculations deduced from First Principles, etc., of which we have already given an account under ANNUITIES ON LIVES. His claim to be the originator of the Columnar method, although now very generally admitted by the best authorities, has been ignored until a comparatively recent period. This may have arisen from his work being so little known.
In 1779 Mr. Wm. Morgan pub. his Doctrine of Annu. and Assu. on Lives, etc. In explaining his mode of checking annu. values, he says: In making these calculations it will be convenient to dispose the operations into the following order:
The author further says:
In consequence of this arrangement it will be always found that the product of every number in the 2nd col., multiplied by the number even with it in the 3rd col., gives the number even with both in the 4th col.; and this forms a proof, during the whole progress of the calculations, that there has been no error in any of the preceding calculations.
He concludes the chap. thus: And as by these methods the calculations are rendered pleasant as well as expeditious, I hope that ere long some person will undertake them, choosing for his guide the Northampton T. of obs., which perhaps is better fitted for use than any other!
We have given this specimen of Mr. Morgan's arrangement chiefly in view of the remarks of Mr. E. J. Farren, which will follow under date 1844.
In 1785 Professor Tetens, of Kiel, in his work on L. Annu., etc., pub. at Leipzig, says: The methods of computation hitherto applicable to these subjects either lead to nearly correct values, being methods of approximation, or else they give such values quite correctly. Recourse was had to the former, because the latter appeared diffuse and laborious. But they are not so when one is but provided with the auxiliary tables which appertain to the calculation of int.
By means of a new auxiliary T., which can be made in accordance with the T. of mort. by which it is to be reckoned, and at the rate of int. proposed for its foundation, the whole labour, as well for L. annu. as for the mean duration of life, may be reduced to one division. The preparation of that T. requires nothing more than an easy addition when regard is had to the duration of life only, but demands somewhat more trouble if it be extended to the calculation of life annuities. It would not, therefore, be desirable to make it for one single annu. of the kind. But then it gives simultaneously all values of life annuities, as well as all durations for every age at once.
He appends a specimen of his plan as applied to Sussmilch's T. of mort, remarking, "It is a model for others of a like description":
After giving some further examples, Tetens says:
I consider this method the most excellent of all, especially because one may also use the so prepared auxiliary T. with much advantage in the valuation of joint L. annu., as I will show hereafter. Besides, as col. C gives some trouble, one can deviate from it in regard to single L. annu. by an easier arrangement.
This latter he then proceeds to describe. Did he borrow the idea from Morgan? He admits his knowledge of the work of that writer, but says of Morgan's method, "I have not found it so easy or short as not to have had reasons for devising yet another, and for preferring this latter method." This seems clear and conclusive.
The arrangement of Duvillard's French table pub. in 1806 embodies the Columnar principle; and Dr. Farr appears to consider him entitled to the credit of the improveMathieu has given for some years in Annuaire de France a T. deduced directly from Duvillard's new column. It is the development, as Mathieu remarks, of a shorter T. in Duvillard's works.
The next person for whom the honour of the invention is claimed is Mr. George Barrett, of Petworth. [BARRETT, GEORGE.]
In 1810 Mr. Francis Baily pub. the first vol. of his famous work, The Doctrine of Life Annu. and Assu., etc. The 2nd vol. did not appear until 1813; and it was in the appendix to that vol. that Mr. Barrett's name was brought so prominently forward as the inventor of the Columnar method. Mr. Baily says:
In order to preserve some record of Mr. Barrett's prodigious labour, as well as to explain the principles upon which his tables are constructed-principles which open a new and a wide field to the analyst, and which greatly abridge the labour of computation in some of the most intricate problems that occur in the science,-I drew up the following memoir, etc., etc.
The public are indebted to Mr. George Barrett, of Petworth, in Sussex, for this easy, expeditious, and ingenious mode of determining and arranging the value of L. annu.; and it is with his concurrence that I have drawn up this paper to explain the principles upon which it is founded, and to point out the advantages which attend it. I have been the more induced to enter upon this subject since it gives me an opportunity of perpetuating the name of one who, by his labours on this subject, has deserved so much from every person that is interested in the science: and at the same time of making known to the world the astonishing and beneficial effects that may be produced by perseverance and attention in so laudable a pursuit.
We have, in our art. ANNU. ON LIVES, under date 1812, spoken of an attempt made by Mr. Baily in that year to draw the attention of the Royal So. to Mr. Barrett's method, but without success! This circumstance will be again referred to presently.
Mr. Milne, who has by some been regarded as the champion of the old method, was not slow in discovering the advantages of the new. In the art. on Annu. in the 7th ed. of Ency. Brit., 1813, he, speaking of Mr. Baily's work, says:
In an appendix to it. . . . formula were given for calculating from T. of that kind [commutation T.] the values of temporary and deferred L. annu. and assu. When the annu., instead of remaining always the same, increases or decreases from year to year by equal differences, with considerably greater facility and expedition than the same things could have been done with by the T. and methods of calculation in previous use.
This is an impartial testimony of the highest value; and Mr. Gray has since pointed out that this testimony was based upon Barrett's method, "and gives but a faint idea of their capabilities in their improved form."
In 1815 Mr. Milne pub. his famed Carlisle T.; but he made no use of the method of which he had spoken so highly two years previously.
In 1821 Mr. W. Morgan pub. a 2nd ed. of his Doctrine of Annu., etc., but he enters no claim to be the originator of the Columnar method, notwithstanding his knowledge of the attention which had been drawn to the subject.
In the 3rd Appendix to Mr. Charles Babbage's Comparative View, pub. 1826, that learned writer refers to Barrett's method, as expounded by Baily, and says, "As several of the T. at the end of this vol. are computed on those principles, the following investigations are subjoined." He shows the advantages of the method in a very succinct
In 1825 was pub. Mr. Griffith Davies's Tables of Life Contingencies, etc., "the whole carefully calculated, arranged in a new form, and illustrated by practical examples." Mr. Davies's tract did not explain the use he had made of Barrett's method, nor the amplification he had made therein. [See hereon Davies on Annu., preface.]
The following example will explain the arrangement of the Carlisle 3 p. c. T. for single lives, on Mr. Davies's plan, except that col. C is not usually included in the completed T. He introduced the M col. :
The mode of placing cols. N, S and M, R "one step up" is known as the "terminal" arrangement, as distinguished from the "initial" arrangement, which places the D, N, S cols. on a line with age o, and the C, M, R cols. one step lower. The former plan has been abandoned by later computers. It will be observed also that the cols. commence with the youngest, instead of the oldest age-a change introduced by Barrett, and commented upon, we think somewhat unjustly, by Mr. Farren.
It will be useful to give a brief popular description of the construction or purpose of each of these cols.
Col. D.-The number in this col. opposite any age, say 4, is equal to the product of the number represented by the mort. T. to attain the age of 4, into the present value of I due at the end of 20 years. And, generally, the number corresponding to any age in col. D is equal to the number who complete that year of their age, multiplied by the present value of £1 due at the end of as many years as are equal to the age.
Col. N.-This col. is formed from col. D, by inserting opposite to each age in N the sum of the numbers opposite all the higher ages in D. It follows from this that the last N in the T. is o; also, that the first N is equal to all the Ds, except the first.
Col. S.-This col. is formed by inserting in it, opposite each age, the sum of the numbers in N opposite that age, and all the higher ages. It differs from D in including at each age the number corresponding to that age in the preceding col. It follows from this that the last S is o, and that the first S is equal to the sum of all the numbers in col. N. The preceding are the annuity cols. We now come to those termed the assurance cols. Col. C.-This col. is formed by inserting opposite each age the product of the number who die in the following year of their age, by the present value of £1 to be received at the end of a number of years, which is equal to one more than the age in question. This col., which is essential to the theory of the T., is frequently omitted from the completed T. It is used only for the construction of col. M.
Col. M.-This col. is derived from C, precisely as S was derived from N.
Col. R.-This col. is formed from M, in exactly the same manner as M was formed from C.
In the Companion to the [Brit.] Almanack, 1840, appears a paper by Prof. De Morgan, in which the comparative merits of Barrett's and Griffith Davies's claims are disposed of as follows:
About 30 years ago, a Mr. George Barrett presented to the Royal So. a method by which the calcu lation of life contin. was very materially facilitated. This method the So. did not think worthy of pub.; and it was accordingly given to the world by Mr. Francis Baily, in the appendix to his wellknown work on Annu., with some severe remarks on the omission just alluded to. It was certainly an unfortunate want either of examination or of judgment, which caused the Phil. Trans., the depositary of the writings of many eminent inquirers on this particular subject, to miss a contribution which would have done honour to any one of them. This method of Barrett was rendered still more commodious, and we believe extended, by Mr. Griffith Davies, in his Tables of L. Contingencies, a work now unfortunately out of print.
In Mr. Barrett's orig. method, which is still followed by some Act., are three cols. only, answering to D, N, and S, which by aid of the first three formula [set out by De Morgan] give C, M, R. The great principle of the method, viz. the formation of T. by which deferred, temporary, and increasing benefits are as easily calculated as those for the whole of life, belongs to Barrett as much as the invention and construction of logarithms to Napier. On the other hand, Mr. Griffith Davies, by the alteration presently noted, and the separate exhibition of M and R (he has not given C, which is of little use in practice, though essential to the theory), has increased the utility and extended the power of the method to an extent of which its inventor had not the least idea; and has all the rest of the claim in the matter which is made for Briggs, in the adaptation of logarithms to practical use.
In the Companion to the Almanack for 1842 Prof. De Morgan continued his paper of