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THE UNIVERSITY 
 
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THE 
 
 DEED OF SETTLEMENT 
 
 OF THE 
 
 SOCIETY 
 
 FOR 
 
 EQUITABLE ASSURANCES 
 
 ON 
 
 LIVES AND SURVIVORSHIPS, 
 
 AS THE SAME IS INROLLED IN HIS MAJESTY’S COURT OF 
 KING’S BENCH AT WESTMINSTER, IN THE YEAR 1765; 
 
 WITH 
 
 THE BYE-LAWS AND ORDERS. 
 
 TO WHICH ARE APPENDED 
 
 REPORTS 
 
 MADE ON VARIOUS OCCASIONS BY 
 
 THE COURT OF DIRECTORS, 
 
 AND 
 
 NINE ADDRESSES 
 
 By william MORGAN, Esq., F.R.S. 
 
 LATE ACTUARY OF THE SOCIETY. 
 
 LONDON: 
 
 PPvINTED BY RICHARD TAYLOR, RED IJON COURT, FLEET STREET. 
 
 1833. 
 
Digitized by the Internet Archive 
 in 2018 with funding from 
 
 University of Illinois Urbana-Champaign Alternates 
 
 https://archive.org/details/deedofsettlementOOsoci 
 
fA'Ba-3 
 
 
 
 CONTENTS. 
 
 
 
 5 
 
 H 
 
 c 
 
 Clause 1. The Preamble, setting forth the cause of the 
 
 establishment................ . 
 
 Cl. 2,. &c. And the premiums to be taken by the Society 
 
 Cl. 14. The establishment of the Society. 
 
 Cl. 15. ITie covenant of the Members to make satisfac¬ 
 tion to claimants . 
 
 Cl. 16. And to conform to the articles contained in the 
 
 Deed. 
 
 Cl. 17. Every person desirous of making assurance with 
 
 the Society, to sign a Declaration . 
 
 Cl. 18. And on making assurance to become a Member 
 Cl. 19. Fifteen to be Directors; of whom One to be Pre¬ 
 sident, and Two to be Vice-Presidents. 
 
 Cl. 20. Five Directors, quorum, &c. to constitute a Court 
 
 of Directors . 
 
 Cl. 21. To conduct the business of the Society.. 
 
 Cl. 22. A proviso in case of plague or contagion. 
 
 Cl. 23. Five to be Trustees,—and their office. 
 
 Cl. 24. The Directors and Trustees to be indemnified .. 
 
 Cl. 25. Their lawful acts bind all the Members . 
 
 Cl. 26. A Weekly Meeting of Directors for granting po- 
 
 licies. 
 
 Cl. 27. The compensation for the Directors’ trouble.. .. 
 Cl. 28. Directors extraordinary. 
 
 a 2 
 
 Page 
 
 Establish- 
 1 merit. 
 
 2-6 
 
 6 
 
 7 
 
 8 
 
 ib. 
 
 9 
 
 Directors 
 
 10 and Trus¬ 
 tees. 
 
 11 
 
 ib. 
 
 12 
 
 13 
 
 15 
 
 ib. 
 
 ib. 
 
 17 
 
 ib. 
 
 
IV 
 
 CONTENTS. 
 
 Directors 
 and Trus¬ 
 tees. 
 
 Actuary. 
 
 First Di¬ 
 rectors. 
 First Fresi- 
 dent. 
 
 Elections, 
 
 Quarterly 
 
 Courts. 
 
 Entrance- 
 
 money. 
 
 Page 
 
 Clause 29. Tlieir office . IS 
 
 Cl. 30. And recompense. ib. 
 
 Cl. 31. Directors extraordinary, how to be appointed .. 19 
 
 Cl. 32. One person to be Actuary... ib. 
 
 Cl. 33, &c. His office. ib. 
 
 Cl. 37. Appointment of the first Directors . 21 
 
 Cl. 38. The Lord Willoughby of Parham the first Presi¬ 
 dent . ib. 
 
 Cl. 39. Mr. Mores a Director for life . 22 
 
 Cl. 41. Mr. Mosdell the first Actuary . ' . ib. 
 
 Cl. 42. His salary . 23 
 
 Cl. 44. And the manner of paying it. 24 
 
 Cl. 45. A yearly General Court for the election of Di¬ 
 rectors . ib. 
 
 Cl. 46. The Court of Directors to elect a President.... 26 
 
 Cl. 47. The President to nominate Two Vice-Presidents ib. 
 
 Cl. 48. Their office. 27 
 
 Cl. 49. A proviso in default of the President’s nomina¬ 
 tion. ib. 
 
 Cl. 50. Intermediate elections of a President . 28 
 
 Cl. 51. Intermediate elections of Directors . ib. 
 
 Cl. 52. How elections are to be made . 29 
 
 Cl. 53. Who shall have the casting vote . ib. 
 
 Cl. 54. Four Quarterly Courts in every year . 30 
 
 Cl, 55. And the business to be done thereat.. 31 
 
 Cl. 56. The first Quarterly Court to be holden the 2nd 
 
 of December 1762 . 32 
 
 Cl. 57. Entrance-money to be paid by persons becoming 
 
 Members . ib. 
 
 Cl. 58. How to be applied. 33 
 
 Cl. 59. The manner of dividing it amongst the Sub¬ 
 scribers, towards the establishment of the So¬ 
 ciety . 35 
 
 Cl. 60. The Subscribers to become Members and make 
 assurance upon (and for the whole continu¬ 
 ance of) their own Lives . 37 
 
CONTENTS. 
 
 V 
 
 Page 
 
 Clause 61. A proviso in case assurance upon their own 
 
 lives shall be refused. 38 
 
 Cl. 62. Security to be given to the Subscribers . 39 
 
 Cl. 63. Their executors, administrators, or assigns .... ib. 
 
 Cl. 64. The Subscribers, their executors, &c. twice a 
 year to appoint a committee to examine the 
 
 account of entrance-money . 41 
 
 Cl. 65. A Deposit to be made by the Members . 42 Deposit. 
 
 Cl. 66. Which, with the Premiums, is to be placed upon 
 
 security. ib. 
 
 Cl. 67. Forfeiture of policies by non-payment of the pre¬ 
 mium . 43 
 
 Cl. 68. Calls, when to be made. ib. Calls. 
 
 Cl. 69. And in what proportion.—Surrender of policies 
 
 on account of calls .45-6 
 
 Cl. 70. Dividends, when to be made,—to whom. 47 Dividends. 
 
 Cl. 71. And in what proportion.—A proviso for the Sub¬ 
 scribers towards the establishment of the So¬ 
 ciety .47-8 
 
 Cl. 72. Deposit to be returned at the expiration of poli¬ 
 cies . 49 
 
 Cl. 73. Claimants upon the Society to produce Certifi- Claims. 
 
 cates of death . ib. 
 
 Cl. 74. Power to the Court of Directors to grant annui- Annuities. 
 
 ties in lieu of gross sums claimed. 50 
 
 Cl. 75. Clerks, &c. how to be appointed . ib. Clerks, &c. 
 
 Cl. 76. A restraining clause against other Societies.... 51 
 
 Cl. 77. This Deed to be the plan of a Charter. 52 
 
 Cl. 78. Disputes, how to be decided. ib. Disputes. 
 
 Cl. 79. Conclusion, covenanting that every one executing Conclusion, 
 this Deed shall be firmly held and bounden by 
 
 every thing contained therein . 53 
 
 Bye-LaM^s. 55 
 
 Tables, Forms, &c. 99 
 
 Table,—Qualification for General Courts, and for the 
 office of Auditor. ib. 
 
VI 
 
 CONTENTS. 
 
 Page 
 
 Table,—Qualification for office of Director .. . .. 100 
 
 Remuneration to Members of General Court. 101 
 
 •-to Auditor.... ib. 
 
 --to Director. ib. 
 
 Form of Proposal. 102 
 
 -of Declaration. 103-104 
 
 -of Policy. 106-111 
 
 Certificate of Death. 112 
 
 Table of Premiums. 113-118 
 
 Division of Profits .1. 119 
 
 General Account of the state of the Society, January 1, 
 
 1830. 121 
 
 Table of Additions. 122-123 
 
 - of Values on the 31st of December 1829, of As¬ 
 surances existing on the 31st of December 1828, by 
 Northampton and Equitable Experience Tables.. 124—125 
 Ditto, by Northampton Table of all the Assurances ex¬ 
 isting on the 30th of September 1829 . 126 
 
 Reports and Statements. 127 
 
 Case. 161 
 
 Report,—made on the 7th of June 1832 . 176 
 
 ADDRESSES. 
 
 Address delivered at a General Court, holden the 7th 
 
 of March 1793. 183 
 
 - delivered at a General Court, holden the 3rd 
 
 of December 1795 . 197 
 
 - delivered at a General Court, holden the 24th 
 
 of April 1800 . 210 
 
 -delivered at a General Court, holden the 7th 
 
 of December 1809 . 228 
 
 - delivered at a General Court, holden the 5th 
 
 of December 1816 . 243 
 
CONTENTS. 
 
 VI1 
 
 Page 
 
 Address delivered at a General Court, holden the 2nd of 
 
 December 1819 . 257 
 
 - delivered at a General Court, holden the 3rd of 
 
 March 1825. 269 
 
 - delivered at a General Court, holden the 3rd of 
 
 December 1829 . 287 
 
 - delivered at a General Court, holden the 2nd of 
 
 December 1830, on resigning the Office of Actuary .. 297 
 
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THE 
 
 DEED OF SETTLEMENT 
 
 OF 
 
 THE SOCIETY, 
 
 AS INROLLED IN THE COURT OF KING’S BENCH, 
 In Hilary Term, 5 George HI. in the Year of our Lord 1765. 
 
 all persons to luI)om tl)ese presents si^all 
 
 COin0, We, whose names and seals are hereunto 
 subscribed and affixed, severally send greeting. 
 
 from mature consideration it appeareth, 
 that many advantages and great benefits, may arise, 
 and be secured to great numbers of persons in par¬ 
 ticular situations of life and circumstances of for¬ 
 tune, from the establishment of a society, to be 
 composed of such persons as shall be qualified and 
 willing to become mutually contributors for Equi¬ 
 table assurances on lives and survivorships, upon 
 premiums proportionate to the chance of death at¬ 
 tending the age of the life to be assured, and to the 
 
 B 
 
 Membr. 1. 
 in Orig. 
 
 Preamble. 
 
2 
 
 EQUITABLE SOCIETY. 
 
 time such assurance is to continue: anD 
 such assurances may and will, with safety to the 
 assurers, and equity to the assured, be made in 
 manner herein after specified (that is to say) 
 
 Premium of 2. For the assurance of the life of any healthy 
 
 assurance i i p t^* i ^ 
 
 for the age Doy ot the age ot Jidght years, whose occupation 
 of Eight. hazardous, for a single .year, upon pay¬ 
 
 ment of a premium^ of One pound ten shillings and 
 sixpence for every One hundred pounds assured; 
 and for the whole continuance of the life of such 
 boy, upon payment of an annual premium of Two 
 pounds four shillings and ten-pence for every One 
 hundred pounds assured: 
 
 Fourteen. 3. For the assurance of the life of any healthy 
 boy of the age of Fourteen years, whose occupa¬ 
 tion shall not be hazardous, for a single year, upon 
 payment of a premium of One pound eleven shil¬ 
 lings and nine-pence for every One hundred pounds 
 assured; and for the whole continuance of the 
 life of such boy, upon payment of an annual pre¬ 
 mium of Two pounds seven shillings and seven-pence 
 for every One hundred pounds assured: 
 
 Twenty. 4. For the assurance of the life of any healthy 
 boy of the age of Twenty years, whose occupation 
 shall not be hazardous, for a single year, upon pay- 
 
 ^ These premiums have been in many respects altered. See 
 Tables of Premiums. 
 
THE DEED OF SETTLEMENT. 
 
 3 
 
 merit of a premium of One pound ffteen shillings 
 and six-pence for every One hundred pounds as¬ 
 sured ; and for the whole continuance of the life 
 of such boy, upon payment of an annual premium 
 of Two pounds fifteen shillings and four-pence for 
 every One hundred pounds assured: 
 
 5. For the assurance of the life of any healthy Thirty, 
 man of the age of Thirty years, whose occupation 
 shall not be hazardous, for a single year, upon pay¬ 
 ment of a premium of Two pounds four shillings 
 
 and six-pence for every One hundred pounds as¬ 
 sured ; and for the whole continuance of the life 
 of such man, upon payment of an annual premium 
 of Three pounds twelve shillings and three-pence 
 for every One hundred pounds assured: 
 
 6. For the assurance of the life of any healthy Forty, 
 man of the age of Forty years, whose occupation 
 shall not be hazardous, for a single year, upon 
 payment of a premium of Three pounds and two 
 shillings for every One hundred pounds assured; 
 and for the whole continuance of the life of such 
 man, upon payment of an annual premium of Four 
 pounds twelve shillings and two-pence for every One 
 hundred pounds assured: 
 
 7 . For the assurance of the life of any healthy Fifty, 
 man or woman of the age of Fifty years, whose 
 respective occupations shall not he hazardous, for 
 
 B 2 
 
4 
 
 EQUITABLE SOCIETY. 
 
 Sixty. 
 
 Sixty- 
 
 seven. 
 
 a single year, upon payment of a premium of Four 
 pounds four shillings and eight-pence for every One 
 hundred pounds assured; and for the whole con¬ 
 tinuance of the life of such man or woman, upon 
 payment of an annual premium of Five pounds 
 eighteen shillings and four-pence for every One hun¬ 
 dred pounds assured: 
 
 8. For the assurance of the life of anv healthv 
 
 J y 
 
 man or woman of the age of Sixty years, whose 
 respective occupations shall not be hazardous, for 
 a single year, upon payment of a premium of ^ix 
 pounds four shillings and ten-pence for everv One 
 hundred pounds assured ; and for the whole con¬ 
 tinuance of the life of such man or woman, upon 
 payment of an annual premium of Fight pounds five 
 shillings and two-pence for every One hundred 
 pounds assured; 
 
 9. For the assurance of the life of any healthy 
 man or woman of the age of Sixty-seven years 
 whose respective occupations shall not he hazards 
 ous, for a single year, upon payment of a premium 
 of Seven pounds eighteen shillings and one penny 
 for every One hundred pounds assured ; and for 
 the whole continuance of the life of such man or 
 woman, upon payment of an annual premium of 
 Eleven pounds eighteen shillings and eight-pence for 
 every One hundred pounds assured: 
 
 ® See Rve-Law 29. 
 
THE DEED OF SETTLEMENT. 
 
 5 
 
 10. For the assurance of a life of anv interme- ii>termcdi- 
 
 *' ^ ate ages. 
 
 diate age, within any of the periods afore-mentioned, 
 upon payment of a premium so much greater than 
 the premium herein before assigned to the least ex¬ 
 treme, and so much less than the premium herein 
 before assigned to the greatest extreme of each re¬ 
 spective period, as the chance of death attending 
 such intermediate age shall be greater or less than 
 the chance of death attending the extremes of 
 that period within which such intermediate life 
 shall fall. 
 
 11. For the assurance of the lives of girls, and Hazardous 
 
 assurances. 
 
 of women®* under Fifty years of age, and of men 
 whose occupations shall be hazardous, upon pay¬ 
 ment of such advance in the premiums above men¬ 
 tioned, as shall be adequate to the hazard, and 
 agreeable to the nature of the cases respectively: 
 
 12. And for the assurance of any of the lives Assurance 
 above mentioned for a number of years certain, of years, 
 upon payment either of an annual premium during 
 
 the continuance of the said number of years, pro¬ 
 portionate to the chance of death attending the life 
 to be assured, and to the time the assurance is to 
 continue; || or upon payment of a single premium, Membr. 2 . 
 equal to the value of the expectancy of receiving 
 so many of the said annual premiums as is the 
 
 “ Females arc assured on the same terms as males. See Rye- 
 Law 8. 
 
6 
 
 EQUITABLE SOCIETY. 
 
 number of years for which the assurance shall be 
 made. 
 
 Joint lives 13. And for the assurance of any number of 
 
 and survi- . . 
 
 vorships. joiut lives of any persons, and of the life of the 
 survivor of them, either for one or more year or 
 years, or for the whole life of the survivor of the 
 said joint lives; and for the assurance of the sur¬ 
 vivorship of a younger life or younger lives, of the 
 ages herein before mentioned, beyond an elder life 
 or elder lives, for one year only, or for any num¬ 
 ber of years certain, or for the whole continuance 
 of the joint lives of such younger and elder per¬ 
 son or persons, upon payment of an annual or 
 other premium proportionate to the chance of death 
 attending the several ages of the persons upon 
 whose lives, or upon the survivorship of whose 
 lives, such assurance shall be made: 
 
 Establish- 14. 30(0121 fenoto pe, that We, whose names 
 and seals are hereunto subscribed and affixed, being 
 well convinced and satisfied that the terms of as¬ 
 surance above recited are equitable, and being will¬ 
 ing and desirous to procure every of us to ourselves 
 respectively, or to our several and respective exe¬ 
 cutors, administrators and assigns ; and to assure 
 to others who shall unite themselves unto us, the 
 advantages and benefits that may arise and be had 
 from establishing ourselves into a society for the 
 assurance of lives and survivorships upon the terms 
 
THE DEED OF SETTLEMENT. 
 
 7 
 
 aforesaid, 1)3^0 consented, promised, agreed, under¬ 
 taken, and covenanted, and llO hereby consent, 
 promise, agree, undertake, and covenant, every of 
 us for ourselves respectively, to and with all and 
 every other of us to become, by mutual contribu¬ 
 tion, Assurers of Lives and Survivorships, and to 
 become Members of, and to enter and erect our¬ 
 selves into a Society, by the name of §>OCt0tp 
 
 far ©quitable assurances on Utoes anD §)ur= 
 
 iUbOrSi)ipS, upon such Terms, Premiums and Con¬ 
 ditions, and with and under such Constitutions, 
 
 Laws, Rules and Regulations, as are herein before 
 recited, or shall be hereafter in these presents ex¬ 
 pressed and declared: and for such time and term 
 to continue Members thereof, as shall be signified 
 in the Policies of assurance to be made out and 
 delivered to every of us respectively at the time and 
 in the manner herein after for that purpose men¬ 
 tioned. 
 
 15. 91 nil also from the motives and for the con- covenantor 
 siderations afore-mentioned, We, the said sub- berstlTake 
 scribers, DO voluntarily hereby severally mutually to^dl^im-^" 
 and reciprocally consent, promise, agree, covenant, 
 and undertake, by contributions, in such propor¬ 
 tion and upon such terms as are herein after agreed 
 upon, expressed and declared, to pay and satisfy to 
 each other of us, or to the executors, administrators 
 or assigns of any of us, who, in manner herein 
 after mentioned, shall be claimants for any sum or 
 
8 
 
 EQUITABLE SOCIETY. 
 
 and to con¬ 
 form to the 
 articles 
 herein con¬ 
 tained, 
 viz. 
 
 Every per¬ 
 son desiring 
 to insure, to 
 sign a De¬ 
 claration ; 
 
 sums of money which shall become due to any of 
 us, or to the executors, administrators or assigns 
 of any of us, for or in respect of such assurance, 
 all such sum or sums of money as shall so become 
 due by virtue of such assurance. 
 
 16 . gnti for the better forming, fixing, and esta¬ 
 blishing our said Society, and governing and regu¬ 
 lating the same, and the proceedings thereof; and 
 the more effectually to make provision for pro¬ 
 ducing and securing to every of us the several good 
 and beneficial ends and purposes thereby intended ; 
 We, the said Subscribers to these presents and 
 Members of the said Society, 1)0 by these presents 
 consent, and severally covenant, promise, agree, 
 and undertake, every of us for ourselves respectively, 
 to and with all and every other of us, to observe, 
 perform, abide by, conform to, fulfil, and keep, all 
 and singular the Articles, Clauses, Provisos, Powers, 
 Conditions, Laws, Constitutions, Ordinances, Re¬ 
 gulations, and Agreements herein after mentioned 
 and contained (that is to say) 
 
 17- every person desirous of making 
 
 assurance with the said Society, shall sign or exe¬ 
 cute a Declaration in writing (in the presence of 
 two credible witnesses^ who shall attest the same) 
 setting forth the Age, State of Health, Profession, 
 
 One witness sufficient. Sec Bve-Law i. Sect. 2. 
 
THE DEED OF SETTLEMENT. 
 
 9 
 
 Occupation, and other circumstances attending the 
 person or persons whose life or lives shall he pro¬ 
 posed to be assured; which Declaration shall be 
 the basis of the contract between the said Society 
 and the person desiring to make assurance with 
 them : in which declaration, if any artful, false, or in which if 
 fraudulent representation shall be used, and the Iny fraud, 
 same shall at any time thereafter be discovered, 
 from thenceforth the sums which shall have been the sums 
 
 . ^ ^ paid to be 
 
 paid to the said Society on account ot any as- forfeited to 
 surance so fraudulently obtained, shall be forfeited 
 to the use of the said Society ; and all claims to be ^easT 
 made on that behalf shall cease, determine, and be 
 void, to all intents and purposes whatsoever. 
 
 18. every person making assurance Every per- 
 
 with the said Society, shall, at the time of making 
 such assurance, by mm or herseli, or by his or her Member, 
 sufficient attorney lawfully authorized, subscribe and 
 seal this present Settlement, or sign and seal a 
 Declaration or covenant, that he or she doth volun¬ 
 tarily enter into and become a Member of the said 
 Society; and will so continue during the whole 
 time or term of such assurance^ : Hlltl that, during 
 the whole time or term of such assurance^ he or 
 she will bear and pay his or her part or share and and to bear 
 
 . . . their pro- 
 
 proportion of any sum of money, which, during portion of 
 such term, by virtue ot the regulations herein after 
 
 ^ Explained by an order of a General Court, 27th of June, 1770. 
 See Bye-Law 1. Sect. 7. 
 
10 
 
 EQUITABLE SOCIETY. 
 
 contained, shall or may be imposed on, or called 
 for from the Members of the said Society, in pro¬ 
 portion to their several interests therein, in manner 
 and lo ob- herein after mentioned : aint* will conform and sub- 
 conltitJ- mit to, observe and keep, all the present herein 
 contline?/*^ Contained Constitutions, Rules, Laws, Ordinances, 
 and Regulations, whereby the said Society is pro- 
 and such as posed to be governed and carried on ; dlSO all 
 ^adl^iLe- such other Constitutions, Rules, Laws, Ordinances, 
 and Regulations, or Bye-Laws, as shall hereafter be 
 made in manner herein after directed. 
 
 Fifteen to 3[nti for the more orderly and effectual ma- 
 
 ors,^whereof the affairs of the said Society, there 
 
 PrTsMent shall, duriug the continuance of the said Society, 
 b^vicr-^ be, of those members of the said Society who shall 
 AfcSrT* assured by || and with the said Society in the 
 sum of Three hundred pounds or upwards upon 
 (and for the whole continuance of) their respective 
 lives^. Fifteen persons who shall be called 
 of the said Society: HllJ of the said fifteen Directors, 
 One shall be Jpr^SlD^nt, or shall exercise the office 
 of President; and two shall be 
 or shall exercise the office of Vice-President of the 
 said Society: which said Directors and Officers, or 
 persons exercising the said offices, shall be severally 
 and respectively chosen, and shall exercise their 
 
 ® Extended to persons assured on the lives of others. See Bye- 
 Law 2. Sect. 2. And the qualification increased at different 
 times. See Table B, at the end of the Bye-Laws. 
 
THE DEED OF SETTLEMENT. 
 
 11 
 
 said several and respective offices in manner herein 
 after mentioned. 
 
 20. any Five or more of the said Directors, of whom 
 
 whereof the President, one of the Vice-Presidents, stitute a 
 or one of the Persons exercising the said offices, Directors, 
 shall always be One**- (except in case of any conta¬ 
 gious sickness, which case is herein after particu¬ 
 larly provided for) being assembled together (in the 
 place appropriated to and generally used for that 
 purpose) in consequence of a summons from the 
 President, or person exercising the office of Presi¬ 
 dent of the said Society; or, in his absence, from 
 one of the Vice-Presidents, or persons exercising 
 the said office of Vice-President; or, in the ab¬ 
 sence of the said Vice-Presidents, from Three of 
 the Directors of the said Society (which summons 
 shall be left at the dwelling-house, or usual place 
 of habitation, of every Director of the said Society 
 for the time being who shall be resident within the 
 bills of mortality of the city of London^ at least 
 Three days before the day appointed for such as¬ 
 sembling), shall be called 3[ COUtt Of 
 of the said Society. 
 
 21. 2EI)at such Court of Directors being so as-to conduct 
 
 the business 
 
 sembled, shall have power to order and direct the of the so¬ 
 ciety, 
 
 ^ Altered as to the necessity of the presence of the President, 
 or one of the Vice-Presidents. See Bye-Law 1. Sect. 10. 
 
12 
 
 EQUITABLE SOCIETY. 
 
 to receive 
 proofs of 
 dearhs, 
 
 and order 
 payment ( 
 Claims. 
 
 Provision i 
 case of 
 plague or 
 contagion. 
 
 affairs of the said Society, according to the Rules, 
 Directions, Ordinances, and Regulations herein 
 after particularly mentioned; Ot according to such 
 Bye-Laws, Regulations, or Ordinances, as shall at 
 any time or times hereafter be made by a General 
 Court of the said Society: Hlltf before such Court 
 of Directors shall proof be made, by all those who 
 shall be Claimants upon the said Society, of the 
 death of those persons under whom they claim: 
 anl) after proof so made, such Court of Directors, 
 shall have power to pay, or order the payment 
 of any sum or sums of money, which shall or 
 may be claimed, and shall be due, by reason of 
 the policies granted by, or entered into by the said 
 Society ; or which shall or may otherwise become 
 due and payable from the said Society. 
 
 22 . STijat if at any time the city of London^ or 
 the parts adjacent, shall be visited with the plague, 
 or any other contagious sickness, then, and in such 
 case, any Three of the said Directors, being so as¬ 
 sembled together, shall be, and be called a Court 
 of Directors of the said Society; and shall exercise 
 all the powers before mentioned, in the same man¬ 
 ner as if the said Court had consisted of Five Di¬ 
 rectors, and that the President, or one of the Vice- 
 Presidents, or one of the persons exercising the 
 said offices, had been of the number : aull the said 
 Court of Directors shall and may, during the con¬ 
 tinuance of such sickness or contagion (it it shall 
 
THE DEED OF SETTLEMENT. 
 
 13 
 
 appear to them that the fund or affairs of the said 
 Society shall require it) reduce the payments of the 
 several and respective sums of money, which shall 
 become due by reason of the deaths which shall 
 happen in such a time of public calamity, to any 
 sum not less than one quarter part of what shall 
 have so become due : auD for the remainder of the 
 said sums which shall have so become due, and 
 which shall not then be paid, credit shall be given 
 to the respective claimants, their executors, admi¬ 
 nistrators and assigns, in the books of the said 
 Society; the said remainder of the said sums 
 due, together with interest for the same at the rate 
 of Three pounds per centum by the year, shall be 
 paid to the said claimants, their executors, admi¬ 
 nistrators, or assigns, as soon as the affairs of the 
 said Society will admit thereof. 
 
 23. the said Directors' shall, by a majority t rustees of 
 
 - c \ A.’ At,' 'a Ji Society* 
 
 ot votes, irom time to time nominate and choose and their 
 Five persons, who shall be and act as Trustees for 
 the said Society ; which said Trustees shall be con¬ 
 tinued only during the pleasure of the Court of 
 Directors of the said Society, and shall be remove¬ 
 able thereby; dUD all contracts entered into, and 
 securities taken, or given by the said Society, shall 
 be entered into, taken, or given, by and in the names 
 of the said Trustees, or by and in the names of 
 Three of them at the least ; HUX) all policies, con¬ 
 tracts, securities, deeds, and writings, touching or 
 
14 
 
 EQUITABLE SOCIETY. 
 
 concerning the said Society, shall he signed, exe¬ 
 cuted, taken and made, hy or to them, and in their 
 names, or hy, or to, and in the names of Three^ of 
 them at the least; HUtl the said Court of Directors 
 shall have power to remove any of the said Trustees 
 from their said trusts: HHU in case any of the said 
 Trustees shall be so removed^ they who shall be so 
 removed, shall, upon the resolution - of the said 
 Court for their removal being notified to them in 
 writing, signed by the Actuary of the said Society, 
 or by the person who shall execute the office of 
 Actuary to the said Society, surrender up and assign 
 all their estate and interest in any of the said secu¬ 
 rities, and in the said trust, in such manner, and to 
 such persons, as the said Court of Directors shall 
 direct and appoint; anO when and so often as the 
 number of the said Trustees shall by deaths, remo¬ 
 val by majority of votes, or otherwise, be reduced 
 to Three, then new Trustees shall be chosen, in 
 manner before mentioned, in the room or stead 
 of those so deceased or removed; Htll) as often as 
 new Trustees shall be chosen, the former Trustees 
 shall assign all their estate and interest to such new 
 Trustees so chosen, at the appointment of the said 
 Directors and at the proper cost of the said contri- 
 butionship ; Brill all such persons, as shall be chosen 
 Trustees in manner aforesaid, shall, previously to 
 
 ^ Two Trustees sufficient for signing Policies. See Bye-Law 24. 
 Sect. 1. 
 
THE DEED OF SETTLEMENT. 
 
 15 
 
 their acting in such trusts, enter into such secu¬ 
 rities, and give and execute such || covenants and Memhr. 4 . 
 declarations of trust for the discharge thereof, as 
 shall be good, valid, and elfectual in the law for 
 that purpose. 
 
 24. all Directors and Trustees, for the Indemnifi- 
 
 C3-tion of 
 
 time being, of the said Society, shall be indemnified the Direc- 
 and saved harmless by the said Society, from and 
 against all charges, damages and expenses, which 
 they shall or may be put unto, or sustain, by reason 
 or means of acting in their respective trusts, or of 
 the due execution thereof; aulJ that none of them 
 shall be chargeable for any the acts or defaults of 
 each other, but for their own acts or defaults 
 only. 
 
 25. 2Dl)at all the lawful acts, covenants, con- Their law- 
 tracts, and orders of the said Directors and Trustees, aii the 
 shall charge and bind all and every the subscribers 
 
 to this present deed or instrument, and all and every 
 other person or persons who shall, by any other 
 way or means, become a Member or Members of 
 the said Society, as their own proper act or acts. 
 
 26. 9[n& in as much as no evil can ensue for a Weekly 
 
 . , Court of Di- 
 
 want of notice of any meeting, when the time and rectors for 
 
 1 11* n ^ • granting 
 
 place and business of that meeting shall be pre- Policies, 
 viously known; to avoid the inconvenience and 
 impediment which may arise from unnecessary no- 
 
16 
 
 EQUITABLE SOCIETY. 
 
 tices, in the transaction of such business of the said 
 Society as shall be frequent and invariable, there 
 shall be, besides those Courts of Directors of the 
 said Society which are to be held in consequence 
 of a summons from time to time in manner before 
 mentioned, a Meeting of the Court of Di¬ 
 
 rectors of the said Society, to be held without any 
 summons, at the House or Office of the said So¬ 
 ciety, upon every Tuesday^ in the year, at the hour 
 of Eleven in the forenoon, for the purpose of grant¬ 
 ing Policies and admitting Members only*': at which 
 time and place any Five or more of the Directors of 
 the said Society, being so assembled, shall have 
 power to receive the application of any persons de¬ 
 sirous of becoming Members of, and of making 
 assurance with, the said Society; ailD, as they 
 shall see cause, to admit or reject the same : auD 
 upon the policy of every person, who shall be by 
 the said Court of Directors admitted a Member of 
 the said Society, a note or short memorial shall 
 be made, signifying that such policy was issued by 
 order of the Court of Directors of the said Society; 
 Hull the said note or memorial being signed by Five 
 of the Directors of the said Society (Three of whom 
 at the least were present at that Court of Directors 
 of the said Society by order whereof such policy 
 was issued) shall be sufficient warrant to the Trus- 
 
 ^ Altered to Wednesday. See Bye-Law 4. Sect. 3. 
 ^ See Bye-Law 1. Sect. 11. 
 
THE DEED OF SETTLEMENT. 
 
 17 
 
 tees of the said Society, or to any three^ of them, to 
 pass and execute the said policjL 
 
 27 . 9[n5 in order to make some compensation compensa- 
 to the Directors of the said Society, for the trouble Di»'f'ctors’ 
 and pains which they must necessarily take, and 
 the loss of time they must necessarily sustain, by 
 attending upon the affairs and business of the said 
 Society, there shall at every Court of Directors, 
 and at every other Court of the said Society, be 
 divided amongst those of the said Directors, who 
 shall be personally present, and attending at the 
 said several Courts, at the hour of Eleven in the 
 forenoon, and shall tarry and attend there during 
 the whole time of the sitting of the said Court, and 
 until the business of the said Court be finished, 
 and the Court adjourned, a certain sum not ex¬ 
 ceeding Forty Shillings^. 
 
 28. for as much as it is reasonably ex- Directors- 
 
 11* • 1 r'l • extraordi- 
 
 pected, that the business of the said Society may nary: 
 hereafter be extended into distant parts of the king¬ 
 dom ; for the greater safety of the said Society in 
 such case, and for the ease of those who, living 
 remote from the city of London, may be desirous of 
 becoming Members of the said Society, there shall 
 be chosen, in manner hereinafter m.entioned, of the 
 Members of the said Society, so many as shall from 
 
 ^ Two sufficient. See Bye-Law 24. Sect. 1. 
 
 See Bye-Law .5. See also Table D. 
 
 C 
 
18 
 
 EQUITABLE SOCIETY. 
 
 Their oflRce, 
 
 and recom- 
 pence. 
 
 time to time be thought convenient, at such places 
 resident as shall be most necessary and expedient 
 for the service of the Society, who shall be called 
 Directors-extraordinary of the said Society. 
 
 29. 9[ntl so often as any person, living at a di¬ 
 stance from the city of London, shall he desirous of 
 becoming a Member of the said Society, such per¬ 
 son shall procure a recommendation or testimonial, 
 from Three or more of the Directors-extraordinary 
 of the said Society living in his or her neighbour¬ 
 hood, touching his or her fitness to be admitted 
 into the said Society; the Directors-extraor¬ 
 dinary so recommending any person, shall likewise 
 endorse their names on the Declaration of the Age 
 and State of Health to be executed by such person 
 in manner herein before mentioned ; by such 
 endorsement of their names thereon shall testify 
 that they know such Declaration to be true. 
 
 30. 9[ntl whenever any person shall be assured 
 by the said Society upon the strength of such a 
 recommendation, the Directors-extraordinary, who 
 shall have endorsed the said Declaration, shall be 
 jointly entitled to the same sum of money, as any 
 single Director of the said Society shall have re¬ 
 ceived, by or for his personal attendance at that 
 Court of Directors in London, or wherever else such 
 Court shall have been held, at which such assurance 
 shall have been made. 
 
THE DEED OF SETTLEMENT. 
 
 19 
 
 31. ginO the said Directors-extraordinary shall How to be 
 
 appointed. 
 
 from time to time be nominated and appointed by 
 the Court of Directors of the said Society; and at 
 the General Court of Election of the said Society 
 (if the time and business of that Court will allow 
 thereof; and if not, then at some other General 
 Court of the said Society,) the names of the Direc¬ 
 tors-extraordinary, so nominated and appointed by 
 the said Directors, shall be openly read to such 
 General Court of the said Society, to the end that, 
 if any just exception shall be made to any of the 
 persons so nominated and appointed by the said 
 Court of Directors, other more fit and able persons 
 may be nominated and appointed in their stead. 
 
 32. there shall be during the continu- The 
 ance of the said Society, to be from time to time 
 chosen in a General Court 1| or Meeting of the said ^femhr. 5 , 
 Society, out of those Members of the said Society 
 
 who shall be assured with the said Society in a sum 
 not less than Three hundred pounds for the whole 
 continuance of their respective lives. One other per¬ 
 son, who shall be called the Actuary of the said 
 Society. 
 
 33. 3nll the said Actuary, or person who shall and hU 
 
 olUce. 
 
 execute the office of Actuary of the said Society, 
 shall give constant attendance at the House or 
 Office of the said Society on each day (Sundays 
 only excepted), in order to receive the proposals of 
 
 c 2 
 
20 
 
 EQUITABLE SOCIETY. 
 
 such persons as shall be desirous of becoming 
 Members of, or of being assured by, the said So¬ 
 ciety in any of the manners above mentioned ; anD 
 to do and execute such other business of the said 
 Society, as shall appertain to the said office. 
 
 34. 9[nTl the said Actuary, or person who shall 
 execute the office of Actuary of the said Society, 
 shall, in a fair and clerk-like hand, method and 
 manner, write and keep all such books as the future 
 occasions of the said Society shall require. 
 
 35. the said Actuary, or person who shall 
 execute the office of Actuary, shall regularly enter 
 every day, into a Journal to be kept for that pur¬ 
 pose, all such applications as shall be made by per¬ 
 sons desirous of becoming Members of the said 
 Society; HUll shall lay the same before the next 
 Weekly Meeting of the Court of Directors of the 
 said Society: anil in the same book the said Ac¬ 
 tuary, or person who shall execute the office of 
 Actuary, shall make regular entries, each day, of 
 all such sums of money as shall be received or paid 
 by or for the use of the said Society; and of every 
 other occurrence which shall fall out and come first 
 to his knowledge, relating to the alfairs and busi¬ 
 ness of the said Society. 
 
 36. 3[nll the said Actuary, or person who shall 
 execute the office of Actuary, shall make and enter 
 
THE DEED OF SETTLEMENT. 
 
 21 
 
 up the minutes of the proceedings and orders of 
 the Court of Directors, and of the General Courts 
 or Meetings of the said Society; ailtl shall observe 
 and perform the directions of the Court of Di¬ 
 rectors, and of all other Courts or Meetings of the 
 said Society, touching the disposition of the monies 
 of the said Society, and all other directions and 
 orders of the said Courts. 
 
 37 . The Right Honourable Hugh Lord t he first 
 
 Willoughby of Parham; the Honourable Coote the Society. 
 ]\[olesworth; Sir Richard Glyn, Knight and Ba¬ 
 ronet ; Sir Robert Ladbroke, Knight; John Silves¬ 
 ter, and Gowin Knight, Doctors in Physic; Edward- 
 Rowe Mores, Adam Martin, Robert Ding ley, and 
 John Bedford, Esquires ; the Reverend William 
 Sclater, Master of Arts; Master Deputy Richard 
 Bridgeman; William Bonham and Joseph Sclater, 
 Merchants; and Francis Say, Gent, shall be the 
 first and present Directors of the said Society, and 
 shall continue in their several and respective offices 
 until other fit and proper persons shall be duly 
 chosen in their several and respective rooms, at the 
 times and in manner herein after in that behalf 
 particularly directed and appointed. 
 
 38. of the said first and present Di¬ 
 
 rectors of the said Society, the said Right Honour- The first 
 able Hugh Lord Willoughby of Parham shall be the 
 first and present President of the said Society. 
 
22 
 
 EQUITABLE SOCIETY. 
 
 Mr. Mores 39. 313^) fOraSlltUCl) as it is reasonably ima- 
 gined that the business of the said Society will with 
 advantage be carried on under the more immediate 
 
 Mr. Mores inspection of the said Edward-Rowe Mores, to 
 
 is now de- . , 
 
 ceased. whose great pains and travail is owing the esta¬ 
 blishment of the said Society; the said Edward- 
 Roive Mores shall be and continue a Director of the 
 said Society for and during the whole term of his 
 natural life. 
 
 40. 3nl) as an acknowledgement to the said 
 Edward-Rowe Mores for the part which he hath 
 borne in forming, fixing, and establishing the said 
 Society, and in some measure to recompense him 
 for the trouble which he hath already undergone, 
 and may undergo hereafter, in the affairs thereof, 
 the said Edward-Rowe Mores shall receive of the 
 said Society, during the term aforesaid, the annual 
 sum of One Hundred Pounds, payable in manner 
 herein after mentioned. 
 
 The first 4 1 . William Mosdell, of Southcark, 
 
 Actual>, county of Smry, Gent, shall be the first 
 
 Mr. Mosdell and present Actuary of the said Society, and shall 
 ceased. continue in the said office for and during the 
 term of his natural life ; he continuing his fidelity 
 to the Society, and not being guilty of any wilful 
 misconduct in the said office; the judges and 
 determiners of which shall be the majority of a 
 General Court or Meeting of the said Society, 
 
THE DEED OF SETTLEMENT. 
 
 23 
 
 especially summoned and assembled for that pur¬ 
 pose. 
 
 42. 9[nll the said William Mosdell^ for and in and his sa 
 the name of his said office of Actuary of the said 
 Society, shall receive of and from the said Society 
 
 a yearly salary of One Hundred Poundspayable 
 quarterly upon the four most usual feasts or days 
 of payment in the year: the first payment thereof 
 to begin and be made upon the first of the said 
 days which shall happen next after the date of these 
 presents. 
 
 43. 9[nll because it is imagined that the said 
 William Mosdell will, exclusively of his said office 
 of Actuary, be otherwise serviceable to the said 
 Societv, in consideration of those services which 
 are wholly distinct from, and do not in any wise 
 appertain to, his said office of Actuary, the said 
 William Mosdell shall receive of and from the said 
 Society, after that the said Society shall consist of 
 Three hundred Members, the further yearly salary 
 of One hundred pounds, to be paid, by quarterly 
 payments, upon the days before mentioned; the 
 first payment thereof to be made upon the first of 
 the said days which shall next happen after that 
 the said Society shall consist of Three hundred 
 Members. 
 
 ■'* Increased to £800 per annum. See Bye-Law 32. 
 
24 
 
 EQUITABLE SOCIETY. 
 
 Memhr. 6. 44. SltU WG clo grant, consent and agree, that 
 
 ofpa^ng"ft the said || William Mosdell shall, at the time of 
 making up each quarterly account in manner herein 
 after mentioned, detain in his hands, out of the 
 running cash of the said Society, so much as shall 
 be sufficient to discharge his said salary; and that 
 the said William Mosdell^ during the term of his 
 natural life, if he shall so long continue to execute 
 the said office of Actuary, and after his decease, or 
 after such time as he shall cease to execute the said 
 office of Actuary, the person who shall then exe¬ 
 cute the said office of Actuary (in case the said 
 Edward-Roive Mores shall survive the said William 
 Mosdell, or the said William Mosdell shall cease to 
 execute the said office of Actuary during the life¬ 
 time of the said Edward-Rowe Mores) shall like¬ 
 wise, out of the running cash of the said Society, 
 or otherwise, at the making up of each quarterly 
 account, pay to the said Edward-Rowe Mores such 
 sum as shall be due to him in manner above men¬ 
 tioned. 
 
 General 45. there shall be upon, or within the 
 
 tile'dlrtion forty days next after, the last Thursday in the 
 ofDireetora. MarcJi, in the year of our Lord One 
 
 Thousand Seven Hundred and Sixty-four, and upon, 
 or within forty days next after, the last Thursday 
 in every succeeding month of March, one General 
 Court or Meeting of the said Society, for the 
 
THE DEED OF SETTLEMENT. 25 
 
 Election of Directors of the said Society; of the 
 time and place of which Court or Meeting, at least 
 seven days notice shall be given in the London- 
 Gazette, or in some, or one other of the public 
 papers, by the Actuary, or person executing the 
 office of Actuary of the said Society; and whereat 
 all the Members of the said Society, who shall be 
 assured with the said Society in the sum of One 
 hundred pounds or upwards upon (and for the 
 whole continuance of) their respective lives^, or as 
 many of them as shall think proper, shall be pre¬ 
 sent ; which General Court or Meeting (whereof 
 the President, one of the Vice-Presidents, or one 
 of the persons exercising the said several offices, 
 or one of the Directors of the said Society, shall 
 always be one) shall elect and choose, during the 
 lifetime of the said Edward-Rowe Mores herein be¬ 
 fore appointed a Director of the said Society for 
 the term of his natural life. Nine of the then Di¬ 
 rectors of the said Society other than the said Ed- 
 ivard-Rowe Mores so appointed as is aforesaid ; and 
 after the decease of him the said Edward-Rowe 
 Mores, Ten of the then Directors of the said So¬ 
 ciety, to he continued of the number of Directors 
 of the said Society for the year ensuing, and Five 
 other Persons, Members of the said Society, dwell¬ 
 ing within the city of London, or within twenty 
 miles thereof, and who shall he assured by the said 
 
 * Fxtt'iicled to those assured on the lives of others. See Bye- 
 Law 2. Sect. 1. ; and the qualification altered. See Table A. 
 
26 
 
 EQUITABLE SOCIETY. 
 
 Court of Di¬ 
 rectors to 
 elect a Pre¬ 
 sident. 
 
 The Presi¬ 
 dent to no¬ 
 minate two 
 Vice-Presi¬ 
 dents. 
 
 Society in a sum not less than Three hundred 
 pounds upon (and for the whole continuance of) 
 their respective lives^, to be admitted into the num¬ 
 ber of the Directors of the said Society for the year 
 ensuing; which said Nine persons, together with 
 the said Edward-Rowe Mores during the term of 
 his natural life, and which said Ten persons after 
 his decease, so to be continued as is aforesaid, toge¬ 
 ther with the said Five persons so to be admitted 
 as is aforesaid, shall be Directors of the said Society 
 for the year ensuing, or until other fit and proper 
 persons shall be duly elected and chosen into the 
 number of Directors in their room^. 
 
 46. the said Directors, or any Seven of 
 them, being assembled for that purpose in a Court 
 of Directors in the said Society, shall, within Thirty 
 days from such choice, elect out of their own num¬ 
 ber one person to be, and exercise the office of. 
 President of the said Society. 
 
 47 . the President, or person exercising 
 the office of President, of the said Society, shall 
 have power to nominate Two of the Directors of 
 the said Society to be his Vice-Presidents or De¬ 
 puties ; which Two, so nominated, shall continue 
 to exercise the said office of Vice-President, all the 
 
 ® Extended to those assured on the lives of others. See Bye- 
 Law 2. Sect. 2.; and the qualification altered. See Table B. 
 
 ^ The Directors are elected by Ballot. See Bye-Law 21. 
 
THE DEED OF SETTLEMENT. 
 
 27 
 
 time that the President, by whom they were nomi¬ 
 nated, shall himself continue to exercise the office 
 of President, they not being removed by the said 
 President, or person exercising the said office of 
 President; or not being rendered incapable of exer¬ 
 cising the said office of Vice-President, by ceasing 
 to be Directors of the said Society. 
 
 48. ^f)^t in any Court or Meeting of the said 
 Society, the senior in nomination of the said per¬ 
 sons who shall have been so nominated to exercise 
 the office of Vice-President, if both of them shall 
 happen to be present at the said Court, or such one 
 of them as shall be then present, shall supply the 
 place of the President in his absence, and do all 
 acts which the President, by virtue of his office, 
 might do, if he himself were present. 
 
 49. IPvOblDfti always, nevertheless, that if the 
 President, or person exercising the office of Presi¬ 
 dent, of the said Society, shall neglect to make 
 such nomination for the space of Twenty days after 
 his election to the office of President, then the Di¬ 
 rectors of the said Society, or any Seven of them, 
 being assembled for that purpose in a Court of Di¬ 
 rectors of the said Society, may elect and choose 
 out of the Directors of the said Society for the time 
 being Two persons to be Vice-Presidents, or to ex¬ 
 ercise the office of Vice-President of the said So¬ 
 ciety, until the next General Court for the election 
 
 Their office. 
 
 In default 
 of the Pre¬ 
 sident’s no¬ 
 mination, 
 the Court of 
 Directors to 
 nominate. 
 
28 
 
 EQUITABLE SOCIETY. 
 
 Interme¬ 
 diate elec¬ 
 tions of a 
 President. 
 
 Membr. 7. 
 
 Interme¬ 
 diate elec¬ 
 tions of Di¬ 
 rectors. 
 
 of Directors of the said Society, or the next Court 
 of Directors for the election of a President of the 
 said Society, which shall first happen. 
 
 50. in case the President, or person exer¬ 
 cising the office of President of the said Society, 
 shall die during the continuance of his office, OT 
 shall be removed from the exercise ofithe said office 
 by a General Court of the said Society in manner 
 herein after mentioned, then the Directors of the 
 said Society, or any Seven of them, being assembled 
 in a Court of Directors of the said Society, shall, 
 within Twenty-eight days from such death or re¬ 
 moval, II choose one out of the remaining number 
 of Directors of the said Society, to be and exercise 
 the office of President of the said Societv, until the 
 then next General Court of Election of Directors 
 of the said Society shall meet and be holden. 
 
 51. gnti in case Five of the Directors of the 
 said Society, so elected and chosen, shall die during 
 the continuance of their office, 0t shall be removed 
 from the exercise of their said office by a General 
 Court, or shall cease to be Members of the said 
 Society, OC shall act contrary to their trusts in their 
 said office, and it shall be so declared by the rest 
 of the Directors, or by any Seven of them, in any 
 Court of the said Society ; Or shall refuse or ne¬ 
 glect to act in, or to take upon themselves the exe¬ 
 cution of the said office, after having been twice 
 
THE DEED OF SETTLEMENT. 
 
 29 
 
 requested so to do by any Three of the Directors of 
 the said Society ; 01 * if by any other means there 
 shall happen to be Five vacancies in the number of 
 the said Directors, then the said Society, in a Ge¬ 
 neral Court, shall elect and choose Five other per¬ 
 sons, so qualified as is aforesaid, to be admitted into 
 the number of Directors in the place of those so 
 dying, or removed ; and the said persons, so chosen, 
 shall continue of the number of Directors of the 
 said Society until the next General Court for the 
 election of Directors of the said Society, or until 
 others shall be duly chosen into the number of Di¬ 
 rectors in their room. 
 
 52. 2r!)Ht all elections of Directors of, or of per- How eiec- 
 
 ■1 . • . 7 /Y* /» x%* . • tions are to 
 
 sons who are to exercise the omce ot Directors m, be made, 
 the said Society, and all matters and things to be 
 transacted or done, in ail General Courts or Meet¬ 
 ings of the said Society, shall be made, done, and 
 determined, by a majority of votes of those Mem¬ 
 bers of the said Society, assured with the said So¬ 
 ciety in the sum of One hundred pounds^ or up¬ 
 wards upon (and for the whole continuance of) 
 their respective lives, who shall be present at such 
 Court or Meeting. 
 
 53. Cl)at no one Member of the said Society, Casting 
 having such right to vote, shall in any matter or 
 
 ^ Qualification altered. See Table A. 
 
30 
 
 EQUITABLE SOCIETY. 
 
 Four 
 
 Quarterly 
 Courts; 
 
 thing have, or give, any more than One vote: ex¬ 
 cept that in case, upon any question put in any 
 Court or Meeting of the said Society, there shall 
 be an equal number of voices or votes on or for 
 each side of the question; and then the person, 
 who according to the rules and regulations of the 
 said Society shall preside at such Court or Meeting, 
 shall have the Casting voice or vote 
 
 54. there shall be, in every year. Four 
 
 General Courts or Meetings of the whole Society, 
 to be holden Quarterly upon the First Thursday of 
 the several months of March, June, September, and 
 December; and as many more General Courts or 
 Meetings of the whole Society, as the President, 
 either of the Vice-Presidents, or any of the persons 
 respectively exercising the said offices, or any Five 
 of the Directors of the said Society, shall think 
 necessary ; and at least Ten days notice of the time 
 when, and the place where, such General Court is 
 to be holden, shall be given in the Lo7i(Zon-Gazette, 
 or in some or one of the public papers, by the Ac¬ 
 tuary, or person executing the office of Actuary of 
 the said Society; which General Courts (the first 
 only excepted) shall not consist of less than Twenty- 
 one Members of the said Society, who shall be as¬ 
 sured with the said Society in the sum of One hun¬ 
 dred pounds^ or upwards upon (and for the whole 
 
 » See Bye-Law 2/. 
 
 ^ See Table A. 
 
THE DEED OF SETTLEMENT. 
 
 31 
 
 continuance of) their respective lives, whereof Five 
 shall be Directors of the said Society; of which 
 Five the President, or One of the Vice-Presidents, 
 of the said Society, or One of the persons respec¬ 
 tively exercising the said offices, shall always be 
 One. 
 
 55. the said General Courts, being so as- and the 
 
 sembled, shall have power to make Statutes and be done 
 Bye-Laws, Rules, Orders, and Ordinances, for the 
 good order of the said Society; anil the same at 
 their pleasure to annul and alter ; auU to determine 
 the requisites and qualifications necessary to be 
 found in those, whose lives shall be proposed to be 
 assured by the said Society ; HUtl to direct the form 
 and manner to be observed in such enquiries as 
 may be necessary to be made concerning the same; 
 anD to direct the form and manner to be observed 
 in making the proper and necessary advance of the 
 premiums of assurance above the terms herein be¬ 
 fore specified, which ought for the security of the 
 said Society to be taken, when the occupation, or 
 other circumstances attending the person whose life 
 is to be assured, shall appear to be more hazardous 
 than common ; autl upon any just and reasonable 
 cause to remove any of the Directors or Officers of 
 the said Society, as well those who shall have been 
 elected by the Court of Directors as those who 
 shall have been elected by the General Court of the 
 said Society, from the exercise of such their office ; 
 
3-2 
 
 EQUITABLE SOCIETY. 
 
 Memhr. 8. 
 The first 
 Quarterly 
 Court. 
 
 Entrance- 
 money to 
 be paid by 
 persons 
 becoming 
 Members: 
 
 aiib to impose penalties, or the payment of certain 
 sums by way of penalties, on any of the Members 
 of the said Society, for any breach or non-obser¬ 
 vance of the Statutes or Bye-laws, Rules, Orders, 
 or Ordinances of the said Society : which penalties, 
 or sums so imposed or laid, shall be paid by the 
 persons on whom they shall have been so imposed 
 or laid, for the use of the said Societv. 33 lit no 
 such Statutes, or Bye-Laws, Rules, Orders, or Or¬ 
 dinances, nor any such removal of Officers or Di¬ 
 rectors from their respective offices, or from the 
 exercise thereof, shall be binding, until the same 
 shall have received the approbation of Two succes¬ 
 sive General Courts or Meetings of the said So¬ 
 ciety, whether Quarterly or Extraordinary : anti no 
 Repeal of any Statute, Bye-Law, Rule, Order, or 
 Ordinance, shall be binding, until the same shall 
 have received the approbation of Three successive 
 General Courts or Meetings of the said Society, 
 whether Quarterly or Extraordinary^. 
 
 56. 2ni)at the first of || the said Quarterly Courts 
 or Meetings of the said Society shall be holden 
 upon the first Thursday in the month of Decemhe}' 
 next ensuing the date of these presents. 
 
 57 . every person making assurance 
 with the said Society shall, at the time of making 
 
 See Bye-Laws 26 , 27, 31, and 42. 
 
EQUITABLE SOCIETY. 
 
 33 
 
 such assurance, pay to the said Society, or to the 
 Actuary, or person who shall execute the office of 
 Actuary of the said Society, or to such other per¬ 
 son or persons as the said Society shall appoint to 
 receive the same, before any policy be delivered out, 
 over and above the duties chargeable by act of par¬ 
 liament on such policy, the sum of Fifteen Shillings^ 
 for every One hundred pounds assured (and the 
 same for every sum under One hundred pounds) 
 for and in the name of Entrance-money into the 
 said Society; which said Entrance-money, so to 
 be paid, shall by the said Actuary, or by such other 
 person or persons as shall be appointed by the said 
 Society to receive the same, be accounted for and 
 paid, applied and employed to such persons, and 
 to such uses, and for such ends, intents, and pur¬ 
 poses, as are herein after mentioned and declared ^ 
 
 (that is to say) 
 
 58. in the course of six years now and how to 
 
 last past, several large sums of money have been 
 expended in the prosecution of the several means 
 whereby this Society hath been established, which 
 sums of money have been subscribed, advanced and 
 paid, by 8ir Richard Glyn, Knight and Baronet; 
 
 Thomas Pickering, Doctor in Divinity, and Rector 
 of St. Sepulchre's in the city of London; John Sil- 
 
 Reduced to five shillings, Bye-Law 1. Sect. 4. 
 
 This last provision, and those in Clauses 58, 59, 60, 61, 62, fiJ 
 and 64, are now at an end. 
 
 D 
 
34 
 
 THE DEED OF SETTLEMENT. 
 
 vester, of London^ Doctor in Physic; Edward-Rowe 
 Mores, of Leyton, in the county of Essex, Esquire; 
 William Bonham, of London, Merchant; William 
 Mosdell, of Southwark, Gent.; William Sclater, 
 Master of Arts, Rector of Loughton, in the county 
 of Essex; John Bedford, Esquire; Sarah Bonham; 
 Charles Green Say, Citizen and Stationer of Lon¬ 
 don; William Mountaine, Fellow of the Royal So¬ 
 ciety; Joseph Sclater, of London, Druggist; Eliza¬ 
 beth Mosdell, of Southwark, Spinster; John Staples, 
 of the parish of St. Botolph without Aldgate, in the 
 city of London, Coal-merchant; Francis Say, Citi¬ 
 zen and Upholder, of London; Henry Trofford, of 
 London, Accomptant; Jacob Palmer, of Bermond¬ 
 sey, in the county of Surry, Gent.; Josiah Wallis, 
 Gent.; Benjamin Johnson, of London, Accomptant; 
 George Bowser, of London, Embosser; and Paul 
 Henry Robinson, of London, Merchant; and have 
 been so subscribed, advanced and paid by them, 
 in confidence and expectation, that if the said So¬ 
 ciety should be established, they should he recom¬ 
 pensed by the said Society for having so advanced 
 and run the hazard of the said sums of money; 
 
 upon due consideration it appeareth, that 
 the manner of recompensing them for the same, 
 most expedient for the said Society, is to apply the 
 said Entrance-money, so to be paid down by the 
 persons assured, for that purpose; 
 after due examination of the several sums sub¬ 
 scribed and paid, the proportion of each of the said 
 
EQUITABLE SOCIETY. 
 
 35 
 
 Subscribers hath been adjusted and settled accord¬ 
 ing to the rate herein after expressed: JlSOtD 
 whose names and seals are hereunto subscribed and 
 affixed, do by these presents mutually and recipro¬ 
 cally covenant, consent and agree, that twice in 
 every year, during so many years as the said So¬ 
 ciety shall continue, to wit, upon the First Thurs¬ 
 day in the month of January, and upon the First 
 Thursday in the month of July, in every year, the 
 whole produce of the said Entrance-money shall be 
 divided, disposed, and paid, in manner following 
 (that is to say) 
 
 59. Upon the said First Thursday in the month ihemannei 
 of January j the whole of the said Entrance-money, ifacc^dhfg 
 which shall have been received between the Twenty- advaLed"^^ 
 fourth day of June and the Twenty-sixth day of 
 December then last past; and upon the said First 
 Thursday in the month of July, the whole of the 
 said Entrance-money which shall have been re¬ 
 ceived between the Twenty-fifth day of December 
 and the Twenty-fifth day of June then last past, 
 shall be divided into One hundred and forty-six 
 equal parts or shares; and there shall be paid to 
 the said Sir Richard Glyn, his executors, admi- Subscribers 
 mstrators, or assigns, three ot the said equal parts estabiish- 
 or shares ; to the said Doctor Thomas Pickering, sodety! 
 his executors, administrators, or assigns. Seven of 
 the said equal parts or shares; to the said Doctor 
 John Silvester, his executors, administrators, or 
 
 D 2 
 
36 
 
 THE DEED OF SETTLEMENT. 
 
 assigns, Seven of the said equal parts or shares ; 
 to the said Edward-Rowe Mores, his executors, ad¬ 
 ministrators, or assigns, Twenty-and-three of the 
 said equal parts or shares ; to the said William 
 Bonham, his executors, administrators, or assigns. 
 Nineteen of the said equal parts or shares; to the 
 said William Mosdell, his executors, administrators, 
 or assigns. Seventeen of the said equal parts or 
 shares; to the said William Sclater, his executors, 
 administrators, or assigns. Seven of the said equal 
 parts or shares ; to the said John Bedford, his exe¬ 
 cutors, administrators, or assigns. Seven of the said 
 equal parts or shares ; to the said Sarah Bonham, 
 her executors, administrators, or assigns. Seven of 
 the said equal parts or shares ; to the said Charles 
 Green Say, his executors, administrators, or as¬ 
 signs, Seven of the said equal parts or shares; to 
 the said William Mountaine, his executors, admi¬ 
 nistrators, or assigns. Six of the said equal parts or 
 Membr. 9 . shares ; II to the said Joseph Sclater, his executors, 
 administrators, or assigns. Six of the said equal 
 parts or shares ; to the said Elizabeth Mosdell, her 
 executors, administrators, or assigns, Six of the 
 said equal parts or shares; to the said John Staples. 
 his executors, administrators, or assigns. Five of 
 the said equal parts or shares; to the said Francis 
 Say, his executors, administrators, or assigns. Four 
 of the said equal parts or shares ; to the said Hemp 
 Trafford, his executors, administrators, or assigns, 
 Three of the said equal parts or shares ; to the said 
 
EQUITABLE SOCIETY. 
 
 37 
 
 Jacob Palmer, his executors, administrators, or as¬ 
 signs, Three of the said equal parts or shares; to 
 the said Josiah Wallis, his executors, administra¬ 
 tors, or assigns. Three of the said equal parts or 
 shares; to the said Benjamin Johnson, his exe¬ 
 cutors, administrators, or assigns. Two of the said 
 equal parts or shares ; to the said George Bowser, 
 his executors, administrators, or assigns. Two of 
 the said equal parts or shares; and to the said 
 Paul Henry Robinson, his executors, administrators, 
 or assigns. Two of the said equal parts or shares. 
 
 60. altoapS, and the true intent and The Sub- 
 
 . 1 /• 1 -1 scribers to 
 
 meaning ot these presents, and ot the parties there- become 
 unto, is, that if the said Subscribers, or any of 
 them, shall neglect or refuse to enter into and be¬ 
 come Members of the said Society, Ot shall not 
 within the space of Twenty days, from the day of 
 the date of these presents, have made assurance and make 
 with the said Society in the sum of One hundred on their 
 pounds or upwards upon (and for the whole con- 
 tinuance of) their respective lives, Ot, having made 
 such assurance, shall afterwards by non-payment 
 of the premium, or by surrender of their policies, 
 or otherwise, wilfully cease to be Members of the 
 said Society, they being at that time possessed of 
 any of the said shares, the interest and claim of 
 such Subscriber in and to the said Entrance-money 
 shall ipso facto cease, determine and be void, and 
 the share of such Subscriber shall be for the benefit 
 
38 
 
 THE DEED OF SETTLEMENT. 
 
 of the remainder of the said Subscribers, their exe¬ 
 cutors, administrators, and assigns. 
 
 Proviso in 
 case their 
 own lives 
 should be 
 rejected. 
 
 61. 9[nD if it shall happen that the said Society 
 shall refuse to grant any such assurance upon the 
 lives of the said Subscribers, or upon the lives of 
 any of them, then it shall be 'lawful for the Sub¬ 
 scriber whose life shall be so refused, in order to 
 render him or herself capable of holding any of the 
 said shares, to make assurance with the said Society 
 in the said sum upon a life other than his or her 
 own ; and if the life of such other person, upon 
 which assurance shall be so made for the purpose 
 aforesaid, shall happen to be extinct before the life 
 of the Subscriber, who shall have made such as¬ 
 surance ; then, and in such case, such Subscriber 
 may, and to render him or herself capable of hold¬ 
 ing any of the said shares, shall, within the space 
 of Twenty days, to be computed and reckoned from 
 the day whereon the claim, due by reason of the 
 death of such other person, shall be paid by the 
 said Society, continue him or herself a Member of 
 the said Society, by making a fresh assurance with 
 the said Society for that purpose; and so from 
 time to time, during the life-time of the Subscriber, 
 on whose life assurance shall have been refused by 
 the said Society; it being the true intent and mean¬ 
 ing of these presents, and of the parties hereunto 
 subscribing, that none of the said Subscribers shall 
 enjoy the said Entrance-money, or shall be entitled 
 
EQUITABLE SOCIETY. 
 
 39 
 
 to any share therein, longer than they shall con¬ 
 tinue Members of the said Society, assured with 
 the said Society in manner aforementioned ; but 
 no restraint herein contained shall extend, or be 
 construed to extend, to the executors or admini¬ 
 strators of any of the said Subscribers, who at the 
 time of his or her decease shall, under the reserva¬ 
 tions aforesaid, be possessed of any of the said shares. 
 
 62. 2[ntl we do mutually and reciprocally cove- Security to 
 
 . 1 the Sub- 
 
 nant, consent and agree, that from time to time the scribers, 
 Actuary, or person who shall execute the office of 
 Actuary of the said Society, or such other person 
 or persons as shall be appointed by the said Society 
 to receive the said Entrance-money, shall, at the 
 time when he or they shall be respectively chosen 
 into the said office of Actuary, or appointed to 
 receive the said Entrance-money, enter into and 
 execute such proper deeds or instruments, good, 
 valid, and effectual in the law, as shall be requisite 
 for securing to the said Subscribers, or to such of 
 them as under the reservation aforesaid shall be en¬ 
 titled to any of the said shares, their executors, ad¬ 
 ministrators, or assigns, the payment of the said 
 shares in manner before mentioned, the said Sub¬ 
 scribers, their executors, administrators, or assigns 
 paying for such deed or instrument the duty only 
 which shall be charged by act of parliament thereon. 
 
 63. 2[ntl when and so often as the property of [ors,^ndmT- 
 the said Subscribers, or of such of them as under and'^as^gns. 
 
40 
 
 THE DEED OF SETTLEMENT. 
 
 the reservations aforesaid shall be entitled to any 
 of the said shares, or the property of their execu¬ 
 tors, administrators, or assigns, or of any of them, 
 in any of the said shares, shall be transferred, or 
 shall devolve unto another, the Actuary, or person 
 who shall execute the office of Actuary of the said 
 Society, or such other person or persons as by the 
 appointment of the said Society shall receive the 
 said Entrance-money, shall, at the like expense of 
 the party to whom such deed or instrument shall 
 be made, enter into and execute a like deed or in¬ 
 strument to the person or persons unto whom the 
 property of the said Subscribers, or of their exe¬ 
 cutors, administrators, or assigns, shall be so trans¬ 
 ferred, or shall devolve: but before any such deed 
 or instrument shall be entered into, the Actuary, 
 Memhr. 10 . or persou who shall II execute the office of Actuary 
 of the said Society, or such other person or per¬ 
 sons as by the appointment of the said Society 
 shall receive the said Entrance-money, shall, in a 
 book to be kept for that purpose, make an entry 
 of the assignment, or other conveyance, by which 
 the property of the said Subscribers, their executors, 
 adniinistrators, or assigns, in any of the said shares, 
 shall have been so transferred, or shall have de¬ 
 volved ; and for so doing shall ask, demand, and 
 receive, of the person to whom such property shall 
 have been so transferred, or shall have devolved, a 
 fee of Five Shillings ; anil a copy of the deeds or 
 instruments, which shall from time to time be so 
 entered into by the said Actuary, or person who 
 
EQUITABLE SOCIETY. 
 
 41 
 
 shall execute the office of Actuary of the said So¬ 
 ciety, or by such other person or persons, as shall, 
 by the appointment of the said Society, receive the 
 said Entrance-money, shall be entered, preserved, 
 and kept, in the books of the said Society. 
 
 64. SnCi we do mutually and reciprocally cove- The sub- 
 
 ^ scribers to 
 
 nant, consent and agree, that it shall be lawful for appoint 
 
 committee. 
 
 the said Sir Richard Glyn, Thomas Pickering^ 
 
 John Silvester, Edvjard-Rowe Mores, William Bon¬ 
 ham, William Mosdell, William Sclater, John Bed¬ 
 ford, Sarah Bonham, Charles Green Say, William 
 Mountaine, Joseph Sclater, Elizabeth Mosdell, John 
 Staples, Francis Say, Henry Trafford, Jacob Pal¬ 
 mer, Josiah Wallis, Benjamin Johnson, George 
 Bowser, and Paul Henry Robinson, or such of them 
 as, under the reservations aforesaid, shall be en¬ 
 titled to any of the said shares, their executors, ad¬ 
 ministrators, and assigns, from time to time, during 
 the continuance of the said Society, to choose, from 
 amongst themselves, a committee of Three persons, 
 who, upon the said first Thursday in the month of 
 January, and the said first Thursday in the month 
 of July, or at any other time within fourteen days 
 after either of the said days, shall have liberty to 
 inspect and examine the books of tbe said Society, 
 so far as shall relate to or concern the said Entrance- 
 money, or so far as shall be sufficient to satisfy 
 them, that the whole produce of the said Entrance- 
 money is, from time to time, justly and truly di- 
 
42 THE DEED OF SETTLEMENT. 
 
 vided amongst them the said Subscribers, or amongst 
 such of them as, under the reservations aforesaid, 
 shall be thereunto entitled, their executors, admi¬ 
 nistrators, or assigns, according to their respective 
 shares or interest therein. 
 
 Deposit to 65. there shall be deposited®, by every 
 
 the person making assurance with the said Society for 
 a single year, or for any number of years certain 
 less than Ten years, the sum of Ten shillings for 
 every One hundred pounds assured, and propor- 
 tionably for every sum under One hundred pounds; 
 HlltJ by every person making assurance with the 
 said Society for the term of Ten years certain, or 
 upwards, or for the whole continuance of a life, 
 the sum of Twenty shillings for every One hun¬ 
 dred pounds assured, and proportionably for every 
 sum under One hundred pounds. 
 
 66. the Premiums of assurance paid by 
 
 the Members of the said Society (except so much 
 of the said premiums as shall, by a General Court 
 of the said Society, be judged necessary for the 
 which, with current expenses of the said Society) shall be laid 
 mi urns, are out in Government or other good and sufficient 
 upon fecu-^ securities'h in the names of the Trustees of the said 
 Society for the time being, or in the names of any 
 Three of them, according to the directions of the 
 
 ® Deposit dispensed with. See Bye-Law 1. Sect. 5. 
 
 b See Bve-Law 14. 
 
 0 
 
EQUITABLE SOCIETY. 
 
 43 
 
 Court of Directors of the said Society; and shall 
 there remain, the said Premiums to pay and satisfy 
 such claims as shall be lawfully made upon the said 
 Society: and the said Deposits for such purposes 
 as are herein after mentioned. 
 
 67. Ci)at if any premium of assurance shall be Forfeiture 
 unpaid by the space of Thirty days after the time by non-pay- 
 stipulated in the policy for the payment thereof, 
 then such policy shall be void; and such default 
 of payment shall be a forfeiture of all claim upon 
 the said Society by the person assured by the said 
 policy, his executors, administrators, or assigns : 
 but if the persons, who shall have made such de¬ 
 fault of payment, shall within Three calendar months 
 after the said day of payment (the person whose 
 life was by the said policy assured being then in 
 good health) pay, or cause to be paid, to the said 
 Society, the said premium so behind, together with 
 the additional sum of Ten shillings, upon every One 
 hundred pounds assured, then such policy shall re¬ 
 vive, continue in force, and be valid, to all intents 
 and purposes whatsoever*. 
 
 68. when and as often as it shall ap- Caii, when 
 
 pear to a General Court of the said Society, that 
 the premiums received, and to be received, for the 
 assurance of those lives and survivorships for which 
 the policies of the said Society shall have been 
 
 » Sec Bye-Laws 22 , 47, and 48. 
 
44 
 
 THE DEED OF SETTLEMENT. 
 
 already granted, will not be sufficient to pay the 
 claims made, or liable to be made, upon the said 
 Society, in consequence of the decease of those 
 persons whose lives or survivorships shall have 
 been assured by the said Society, then the said So¬ 
 ciety shall, in a General Court, declare a Call, and 
 shall direct to be paid by the Members of the said 
 Society, in proportion to their several sums as¬ 
 sured, such sums of money as shall be necessary to 
 make good the deficiency; which said sums of 
 money are hereby covenanted and agreed to be paid 
 by each of the Members of the said Society; HHD 
 if any Member or Members of the said Society 
 shall refuse or neglect to pay the whole, or any 
 part of the sums so called for, at such time or 
 times, and in such manner, as the said General 
 Courts shall direct and appoint, then the said So¬ 
 ciety shall or may, in a General Court, inflict such 
 reasonable penalty on such defaulter or defaulters, 
 for the sum or sums so by him, her, or them, 
 omitted to be paid, as by the said General Court 
 shall he thought fit and proper; and if the said 
 sums so called for, or any part thereof, together 
 with the penalty so imposed for the non-payment 
 thereof, shall be behind and unpaid by the space of 
 Twenty days after the infliction of such penalty, 
 Memhr. 11. then, as well the said U sums remaining unpaid, as 
 the penalty which shall have been imposed for the 
 non-payment of them, together with lawful interest 
 both for the said sums and penalty, to he com- 
 
EQUITABLE SOCIETY. 
 
 45 
 
 puted from the time of the infliction of the said 
 penalty, shall become a charge on, and (if not 
 otherwise satisfied) be deducted out of the deposit 
 made by such defaulter or defaulters at the time 
 when he, she, or they, became a Member or Mem¬ 
 bers of, or made assurance with, the said Society; 
 or out of any share, claim, or demand, which he, 
 she, or they, his, her, or their executors, admi-^ 
 nistrators, or assigns, shall or may then, or at any 
 time or times thereafter, have upon or against the 
 said Society, by virtue of any policy of assurance, 
 or otherwise howsoever^. 
 
 69. JPtOblDf'D always, that credit be given in 
 the books of the said Society to all such persons as 
 shall pay the sums so called for; and that the same 
 shall be repaid, together with interest for the same 
 after the rate of Three pounds per centum by the 
 year, to the said persons, their executors, admi¬ 
 nistrators, or assigns, so soon as the affairs of the 
 said Society will admit thereof. JprOblllCti and in what 
 
 that no Member of the said Society, who shall be 
 assured with the said Society for a single year, 
 shall be rated towards such call in a greater pro¬ 
 portion for every One hundred pounds assured, 
 than One Sixth part of the sum charged upon any 
 Member of the said Society, who shall be assured 
 with the said Society for the whole continuance of 
 his or her life, for every One hundred pounds so 
 ^ Altered. See Bye-Law 1. Sect. 2. 
 
46 
 
 THE DEED OF SETTLEMENT. 
 
 Surrender 
 of policies 
 on account 
 of calls. 
 
 assured: aull that no Member of the said Society, 
 who shall be assured with the said Society for a 
 number of years certain, shall be rated towards 
 such call in a greater proportion for every One 
 hundred pounds assured, than Two Thirds of the 
 sum charged upon any Member of the said Society, 
 who shall be assured with the said Society for the 
 whole continuance of his or her life, for every One 
 hundred pounds so assured; auO that no Member 
 of the said Society, who shall have made assurance 
 with the said Society for the whole continuance of 
 a life other than his own, shall be rated towards 
 such call in a greater proportion for every One 
 hundred pounds assured, than Three Fourths of 
 the sum charged upon any Member of the said So¬ 
 ciety, who shall be assured with the said Society 
 for the whole continuance of his or her life, for 
 every One hundred pounds so assured: prOblJflJ 
 -also, that if any call so made shall require a con¬ 
 tribution of Ten shillings for every One hundred 
 pounds assured for a single year, and Forty shil¬ 
 lings for every One hundred pounds assured for a 
 number of years certain, and Forty-five shillings 
 for every One hundred pounds assured for the 
 whole continuance of a life other than a Member’s 
 own, and Three pounds for every One hundred 
 pounds assured for the whole continuance of a 
 Member’s own life ; then any Member paying the 
 same, and remitting his or her deposit, may sur¬ 
 render his or her policy, and, if he or she shall so 
 
EQUITABLE SOCIETY. 
 
 47 
 
 desire, be discharged from being a Member of the 
 said Society, and from all future payments in re¬ 
 spect of their having been Members thereof®. 
 
 70. when and as often as it shall appear Dividends, 
 to a General Court of the said Society, that the made, 
 Stock of the said Society, arising from premiums, 
 
 is more than sufficient to pay the claims made, or 
 liable to be made, upon the said Society; then, 
 and so often, the said Society shall, in a General 
 Court, declare a dividend of the surplus, or of such 
 part thereof as shall, by the said General Court, be 
 thought and judged convenient, amongst the then 
 Members of the said Society who shall be assured to whom, 
 with the said Society upon (and for the whole con¬ 
 tinuance of) their respective lives, in manner and 
 form following (that is to say)^ 
 
 71. The Members of the said Society who shall and in what 
 be assured with the said Society upon (and for the ^ 
 whole continuance of) their respective lives (those 
 
 who shall have so become Members in the then 
 current year, or the then last year preceding, who 
 are hereby declared to be incapable of any dividend, 
 only excepted) shall be divided into classes accord¬ 
 ing to the number of the years of their standing in 
 the said Society; and those of the said Members 
 
 ® Altered. See Bye-Law 1. Sect. 2. 
 
 This Clause repealed and other provisions made. See Bye- 
 Law 1. Sect. 1.2 and 3 ; and Bye-Laws 28, 36, and 40. Sec also 
 Statement preceding the Table of Additions. 
 
48 
 
 THE DEED OF SETTLEMENT. 
 
 Memhr. 12. 
 
 Pi'oviso for 
 the Sub¬ 
 scribers, 
 
 N 
 
 of the said Society who shall have completed one 
 entire year’s standing in the said Society on or be¬ 
 fore the last day of December next preceding the 
 declaration of the said dividend, shall constitute the 
 first of the said classes : which being done, the 
 sum to be divided shall be allotted to the several 
 classes in such sort, that the sum to be divided 
 amongst the second class shall be twice so much 
 as the sum to be divided amongst the first class, 
 and the sum to be divided amongst the third class 
 shall be thrice so much as the sum to be divided 
 amongst the first class; and so on in an arithme¬ 
 tical 11 progression, the number of the terms of 
 wliich series shall he the number of the said classes, 
 and the common difference of which series shall 
 he unity : after which, the sums, so allotted to each 
 several class, shall be subdivided amongst the indi¬ 
 viduals of each class, in proportion to the sums by 
 them respectively assured: prOblllf'D always, that 
 when and so often as any dividend shall be so made, 
 the said Sir Richard Glyn, Thomas Pickering^ John 
 Silvester, Edward-Roive Mores, William Bonham, 
 William Mosdell, William Sclater, John Bedford^ 
 Sarah Bonham, Charles Green Say, William Moun- 
 taine, Joseph Sclater, Elizabeth Mosdell, John Sta¬ 
 ples, Francis Say, Henry Trafford, Jacob Palmer, 
 Josiah Wallis, Benjamin Johnson, George Bowser, 
 and Paul Henry Robinson, or such of them as shall 
 he then living, and shall, according to the reser¬ 
 vation aforementioned, have made assurance with 
 
THE DEED OF SETTLEMENT. 
 
 49 
 
 the said Society, within the space of Twenty days 
 from and after the date of these presents, and shall 
 have so continued assured until the time of the 
 making of the said dividend, shall be considered as 
 having completed one entire year’s standing in the 
 said Society upon the thirtieth day of December, in 
 the year of our Lord One Thousand Seven Hundred 
 and Sixty-Two^, 
 
 7^* at the expiration of policies, all Deposit to 
 
 ^ . be returned. 
 
 persons may (over and above the claims due to 
 them by reason of deaths, if any such are due) re¬ 
 ceive their deposit'^, or so much thereof as shall be 
 remaining, after deducting their proportion of con¬ 
 tributions towards calls (if any such shall have hap¬ 
 pened, and shall not have been otherwise satisfied) 
 and after deducting such penalties, or sums of 
 money imposed by way of penalty, as shall have 
 been imposed on them (if any such shall have been 
 imposed) or such part thereof as shall not have 
 been satisfied, during the time for which their as¬ 
 surance was made. 
 
 73. C|)dit all claimants upon the said Society Claimants 
 by virtue of any assurance made, shall, upon making certificates, 
 their claims, produce authentic certificates of the 
 time and place of the death of the person whose 
 
 “ Altered. See Bye-Law 1. Sect. 2 and 3; and Bye-Laws 28, 
 36, and 40. See also Statement preceding Table of Additions. 
 
 ** Deposit dispensed with. See Bye-Law 1. Sect. 5. 
 
 E 
 
50 
 
 EQUITABLE SOCIETY. 
 
 life was so assured: which said certificates shall be 
 filed, and carefully preserved, by the Actuary, or 
 person who shall execute the office of Actuary of 
 the said Society, for the inspection of the said 
 
 Power to 74. 3 [nD forasmuch as many of the claimants 
 
 fnnuUy"in Under such policies may, at the time of their making 
 such claims, choose to have an annuity for their 
 own lives, or for the life or lives of some other 
 person or persons, rather than the gross sum of 
 money to which they will be entitled by virtue of 
 such policies; in case any such shall signify their 
 desire to a Court of Directors of the said Society, 
 the Court of Directors shall have power, in the 
 names of the Trustees of the said Society, or in the 
 names of any Three of them, to grant to such 
 claimants, in lieu of the gross sum to which they 
 shall be entitled, an annuity or annuities upon one 
 or more life or lives, payable half-yearly, upon such 
 terms as shall seem expedient to the said Court of 
 Directors, and under such restrictions and limita¬ 
 tions as shall be appointed by a General Court of 
 the said Society ; and the said Trustees, or Three 
 of them, shall execute such deed or deeds, instru¬ 
 ment or instruments, as shall, by the said Court of 
 Directors, be ordered for that purpose. 
 
 Clerks, &c. 7 • Cljat the Court of Directors of the said 
 
 how to be . . . ^ 
 
 appointed. Socicty may, from time to time, elect, nominate, 
 
THK DEED OF SETTLEMENT. 
 
 51 
 
 and appoint, such clerks, agents, and servants, as 
 may be useful, necessary, and expedient for the 
 service of the said Society; and at their will and 
 pleasure may put out and remove such clerks, 
 agents, and servants: and the wages, salaries, and 
 stipends to be paid and allowed to such clerks, 
 agents, and servants, shall be settled and deter¬ 
 mined by the said Court of Directors of the said 
 Society; subject, nevertheless, to the control of a 
 General Court or Meeting of the said Society. 
 
 But no such clerks, agents, or servants, shall be 
 elected, nominated or appointed, by the said Court 
 of Directors, until a General Court or Meeting of 
 the said Society shall have declared such clerks, 
 agents, or servants, to be necessary and expedient 
 for the service of the said Society^. 
 
 76. if any person, being a Member of this Restraining 
 
 present Society, shall at any time, during his in- against 
 
 . . , ^ other Socie- 
 
 terest in the same, enter into, or become a Mem- ties, 
 her of, or directly or indirectly make assurance 
 with any other Society for assurances on lives, 
 which in imitation of this present Society may 
 hereafter be set up and established by others, the 
 interest of such person in this present Society, and 
 all claim to be made on that behalf by such person, 
 or by his or her executors, administrators, or as-, 
 signs, shall cease, determine, and he void*’. 
 
 See Bye-Law 24. Sect. 2; and Bye-Law 34. 
 
 This clause repealed. See Jiye-Law 7. Sect. 2. 
 
 IC 2 
 
52 
 
 EQUITABLE SOCIETY. 
 
 This Deed 
 to be the 
 plan of a 
 Charter. 
 
 Memhr. 13. 
 
 Disputes, 
 how to be 
 decided. 
 
 77. Cibat if at any time hereafter, application 
 shall be made to the Crown for a charter to incor¬ 
 porate this Society, this present deed or instru¬ 
 ment shall be the plan and basis of such charter, 
 and all and every the clauses, articles, provisoes, 
 conditions and agreements, in this said deed or in¬ 
 strument contained (those only excepted || which 
 by reason of the death or removal of any person 
 therein mentioned must necessarily be changed) 
 shall be the clauses, articles, provisoes, and condi¬ 
 tions, proposed, presented, and offered to be in¬ 
 serted therein. 
 
 78. ant if any questions, disputes, or differ¬ 
 ences, shall at any time or times hereafter happen 
 or arise between the parties executing this present 
 deed or instrument, or such other persons as shall 
 at any time or times hereafter become Members of 
 the said Society, touching or concerning any mat¬ 
 ter or thing in this deed or instrument contained, 
 or any matter or thing relating thereto, or to the 
 management or concerns of the said Society hereby 
 intended to be established; that then, and in such 
 case, the said parties, or such other persons, shall 
 and will, from time to time, leave the matters in 
 dispute between them to be decided and determined 
 by the opinion of His Majesty’s Attorney-General 
 and Solicitor-General for the time being, and the 
 Senior of the King’s Counsel practising in His 
 Majesty’s Court of King^s Bench for the time being, 
 
 \ 
 
THE DEED OF SETTLEMENT. 
 
 53 
 
 in manner following; that is to say, a case, con¬ 
 taining all the facts and matters in controversy, 
 shall be fairly stated in writing, and laid before 
 each of them, the said Attorney- and Solicitor- 
 General for the time being, and the Senior of the 
 King’s Counsel practising in the Court of King’s 
 Bench, and the opinion of the major part of them, 
 in writing, shall be final in determining the same ; 
 and the contending parties shall respectively sub¬ 
 mit to the said opinion ; and the person or persons 
 against whom the said decision or determination 
 shall be made or given, shall pay, discharge, and 
 satisfy all fees, costs, charges, damages, and ex¬ 
 penses. which shall have been occasioned by such 
 disputes or differences, and by the means of de¬ 
 ciding and determining the same in manner before 
 mentioned. 
 
 79. these presents, and every thing herein Conclusion, 
 
 contained, whether the same be mentioned by way 
 of covenant, agreement, or undertaking; or by way 
 of future Constitutions, Laws, Rules, or Ordinances, 
 of and for the regulation of the said Society, shall 
 be binding and obligatory, in every respect, to all 
 intents and purposes, as well to all and every per¬ 
 son and persons whatsoever, taking policies, and 
 becoming contributors and Members thereby, as to 
 all and every person and persons hereunto sub¬ 
 scribing : anti we who have executed these presents 
 do each of us, for ourselves, covenant, promise. 
 
54 
 
 EQUITABLE SOCIETY. 
 
 and agree, to and with the others of us, and to and 
 with every of them, their and every of their exe¬ 
 cutors, administrators, and assigns, that we are, 
 and will be, firmly held and bounden by these pre¬ 
 sents, and by every thing herein contained in man¬ 
 ner above mentioned. In Witness whereof we have 
 hereunto severally set our hands and seals, the 
 Seventh day of September^ in the year of our Lord 
 One Thousand Seven Hundred and Sixty-Two. 
 
BYE-LAWS, RESOLUTIONS, 
 
 AND 
 
 ORDERS 
 
 OF 
 
 GENERAL COURTS. 
 
 BYE-LAW 1 .— June 27th, 1770. 
 
 § 1. Ordered, That the provisions made by the 
 68th, 69th, 70th, and 71st clauses of the Deed of 
 Settlement respecting the manner of making Calls 
 (if such shall at any time be found necessary towards 
 satisfying claims) and the proportion to be observed 
 in the making of dividends, be, and the same is 
 hereby annulled; and that instead thereof, the fol¬ 
 lowing provisions and rules be substituted and es¬ 
 tablished, viz. 
 
 § 2. That when and as often as it shall appear to 
 a General Court of the Society that the premiums 
 received and to be received, for the assurance of those 
 Lives and Survivorships for which the policies of the 
 said Society shall have been already granted, will 
 
 1770. 
 
56 
 
 EQUITABLE SOCIETY. 
 
 1770. 
 
 I 
 
 not be sufficient to pay the claims made or liable to 
 be made upon the said Society, in consequence of 
 the decease of those persons whose Lives or Survi¬ 
 vorships shall have been assured by the said Society, 
 then the said Society shall in a General Court de¬ 
 clare a Call, and shall direct to be paid by the Mem¬ 
 bers of the said Society in proportion to their several 
 sums assured, such sums of money as shall be ne¬ 
 cessary to make good the deficiency; and if any 
 Member or Members of the said Society shall refuse 
 or neglect to pay the whole or any part of the sums 
 so called for, at such time or times and in such 
 manner as the said General Court shall direct and 
 appoint, then the said Society shall or may, in a 
 General Court, inflict such reasonable penalty on 
 such Defaulter or Defaulters, for the sum or sums 
 so by him, her, or them, omitted to be paid, as by 
 the said General Court shall be thought fit and pro¬ 
 per ; and if the said sums so called for, or any part 
 thereof, together with the penalty so imposed for 
 the non-payment thereof, shall be behind and un¬ 
 paid by the space of Twenty days after the infliction 
 of such penalty, then as well the said sums remain¬ 
 ing unpaid as the penalty which shall have been 
 imposed for the non-payment of them, together with 
 lawful interest both for the said sums and penalty 
 to be computed from the time of the infliction of 
 the said penalty, shall become a charge on, and (if 
 not otherwise satisfied) be deducted out of any share, 
 claim or demand, which he, she, or they, his, her. 
 
BYE-LAWS AND ORDERS. 
 
 57 
 
 or their executors, administrators or assigns, shall 
 ' or may then, or at any time or times thereafter have 
 upon or against the said Society, by virtue of any 
 policy of assurance or otherwise howsoever; pro¬ 
 vided always, that credit be given in the books of 
 the said Society to all such persons as shall pay the 
 sums so called for; and that the same shall be re¬ 
 paid, together with interest for the same after the 
 rate of Three pounds per Cent, by the year, to the 
 said persons, their executors, administrators or as¬ 
 signs, so soon as the affairs of the Society will ad¬ 
 mit thereof; provided also, that no Member of the 
 said Society, who shall be assured with the said 
 Society for a single year, shall be rated toward such 
 Call in a greater proportion for every £100 assured, 
 than one sixth part of the sum charged upon any 
 Member of the said Society, who shall be assured 
 with the said Society for the whole continuance of 
 a life for every £100 so assured ; and that no Mem¬ 
 ber of the said Society, who shall be assured with 
 the said Society for a number of years certain, shall 
 be rated towards such Call in a greater proportion 
 for every £100 assured, than two thirds of the sum 
 charged upon any Member of the said Society, who 
 shall b*e assured with the said Society for the whole 
 continuance of a life, for every £100 so assured. 
 Provided also, that if any Call so made shall require 
 a contribution of Ten shillings for every £100 as¬ 
 sured for a single year, and Forty shillings for every 
 £100 assured for a number of years certain, then 
 
 1770. 
 
58 
 
 EQUITABLE SOCIETY. 
 
 17^0. any Member paying the same may surrender his or 
 her policy, and, if he or she shall so desire, be dis¬ 
 charged from being a Member of the said Society, 
 and from all future payments in respect of their 
 having been Members thereof. 
 
 § 3. That when and as often as it shall appear 
 to a General Court of the said Society, that the 
 stock of the said Society arising from premiums is 
 more than sufficient to pay the claims made or liable 
 to be made, then and so often the said Society shall, 
 in a General Court, declare a dividend of the sur¬ 
 plus, or of such part thereof as shall by the said 
 General Court be thought and judged convenient, 
 amongst the then Members of the said Society liable 
 to contribute towards a Call in manner and form 
 following, (that is to say) 
 
 The Members of the said Society who shall be 
 assured with the said Society upon and for the whole 
 continuance of a life (those who shall have so be¬ 
 come Members in the then current year, or the then 
 last year preceding, only excepted) shall be divided 
 into classes according to the number of the years 
 of their standing in the said Society, and those of 
 the said Members of the said Society who shall have 
 completed one entire year’s standing in the said So¬ 
 ciety on or before the last day of December next 
 preceding the declaration of the said dividend shall 
 constitute the first of the said classes ; which being 
 done, the sum to be divided shall be allotted to the 
 
BYE-LAWS AND ORDERS. 
 
 59 
 
 several classes in such sort that the sum to be di¬ 
 vided amongst the second class shall be twice as 
 much as the sum to be divided amongst the first 
 class, and the sum to be divided amongst the third 
 class shall be thrice as much as the sum to he di¬ 
 vided amongst the first class ; and so on in an arith¬ 
 metical progression, the sum of the terms of which 
 series shall be the number of the said classes, and 
 the common difference of which series shall be unity. 
 After which the sums so allotted to each several 
 class shall be subdivided amongst the individuals of 
 each class in proportion to the sums by them re¬ 
 spectively assured ; provided, that when and as often 
 as any dividend shall be so made, Sir Richard Glyn, 
 Thomas Pickering, John Silvester, Edward Rowe 
 Mores, William Bonham, William Mosdell, William 
 Sclater, John Bedford, Sarah Bonham, Charles 
 Green Say, William Mountaine, Joseph Sclater, 
 Elizabeth Mosdell, John Staples, Francis Say, 
 Henry Trafford, Jacob Palmer, Josiah Wallis, Ben¬ 
 jamin Johnson, George Bowser, and Paul Henry 
 Robinson^, named in the Deed of Settlement of this 
 Society, bearing date the 7th day of September, 
 1762, and parties thereto, or such of them as shall 
 be then living and shall have made and continued 
 such assurance as is by the said Deed of Settlement 
 required, shall be considered as having completed 
 one entire year’s standing in the said Society upon 
 
 “ These persons, who were originally Members of the Society, 
 are now deceased. 
 
 1770. 
 
60 
 
 EQUITABLE SOCIETY. 
 
 1770 . the 30th day December in the year of our Lord 
 One Thousand Seven Hundred and Sixty-two^. 
 
 ^ 4. That Five shillings only be in future taken 
 for every £100 assured, and the same for every sum 
 under £100, instead of the sum of Fifteen shillings 
 directed by the 57th clause of the Deed of Settle¬ 
 ment to be taken from every person making assu¬ 
 rance with the Society, in the name of entrance- 
 money. 
 
 § 5. That the deposit prescribed by the 65th 
 clause of the Deed of Settlement to be taken from 
 every person making assurance, be in future dis¬ 
 pensed with. 
 
 § 6. That the practice of taking an increase of 
 premium upon the dispensing with the appearance 
 of the party on whose life assurance is made, be dis¬ 
 continued, and that instead thereof an addition after 
 the rate of Fifteen shillings for every £100 assured be 
 made to the entrance-money upon every assurance 
 exceeding the term of one year, and after the rate of 
 Seven shillings and Six-pence for every £100 upon 
 assurances made for the term of one year or under. 
 
 See Deed, § 7. That every person making assurance with 
 ciduse 18 . thereby becoming a Member of the Society, shall 
 
 ‘‘ For the present mode of dividing the surplus, see statement pre¬ 
 ceding the Table of Additions. 
 
BYE-LAWS AND ORDERS. 
 
 61 
 
 continue a Member, and conform to all the rules 
 and ordinances of the Society, during the subsis¬ 
 tence of his or her policy, and no longer. 
 
 § 8. That the exceptions respecting persons dying 
 by their own hands or by the hands of justice, which 
 have been usually inserted in policies granted by this 
 Society, be in future omitted upon every assurance 
 made by any person upon the life of another^. 
 
 § 9. That in quarterly and extraordinary General 
 Courts, in like manner as in General Courts ap¬ 
 pointed by the Deed of Settlement to be annually 
 held for the purpose of electing Directors, the pre¬ 
 sence of one of the Directors of the Society shall 
 suffice for constituting a Court, and that such Di¬ 
 rector (or such of the Directors if more than one 
 shall be present, who shall be named by the majo¬ 
 rity of the Members attending at such Court) shall 
 preside in the absence of the President and Vice- 
 Presidents. 
 
 ^10. That any Five or more Directors assembled 
 in their weekly Meeting, or convened by summons, 
 be enabled, in case it shall happen that neither the 
 President nor either of the Vice Presidents shall be 
 present, to elect a Chairman, who shall exercise 
 the office of Vice President at that Meeting. 
 
 1770. 
 
 Deed, 
 Clause 20, 
 
 “ See Bye-Law 3. Sect. 4; and Bye-Law 41. 
 
62 
 
 EQUITABLE SOCIETY. 
 
 1770. § 11. That the Court of Directors be enabled at 
 
 their weekly Meetings, held without notice or sum¬ 
 mons, to enter upon any matters which shall have 
 been referred to their consideration by a General 
 Court, and, if they shall see occasion, to continue 
 their proceeding upon such matters at any adjourned 
 Meeting; and that the Court of Directors be also 
 enabled at such weekly Meetings to receive proof 
 of claims, and to order the payment of any sum 
 or sums of money thereon : but if any difference 
 of opinion shall arise respecting the validity of any 
 claims, or the sufficiency of the proof offered, in 
 every such case the determination thereof shall be 
 deferred until some future Meeting, unto which all 
 the Directors shall he specially summoned. 
 
 § 12. That the space of time which shall intervene 
 between the giving notice of an intention to make 
 assurance and the granting thereof, be not less than 
 eight complete days, in order to give the better op¬ 
 portunity for making the necessary inquiry concern¬ 
 ing the life proposed to be assured; and that to this 
 end the Actuary do inform himself from the party 
 applying of the residence, profession, &c. of the 
 person whose life is to be assured, and to whom 
 known; and that he do lay such information before 
 the then next Court of Directors*. 
 
 “ See Bye-Law 24. Sect. 3. 
 
BYE-LAWS AND ORDERS. 63 
 
 § 13. That every person making assurance on the 
 life of another shall by himself or agent sign a de¬ 
 claration, that he or she is interested in such life to 
 the full amount of the sum to be assured; and give 
 such further satisfaction to the Court of Directors 
 concerning such interest, as the said Court shall in 
 their discretion require. 
 
 § 14. That the Court of Directors be enabled to 
 accept the surrender of a policy at the request of 
 the party interested, whenever they shall see just 
 cause^. 
 
 $ 15. That the Court of Directors be enabled to 
 grant an annuity or annuities upon one or more 
 life or lives, to commence upon the extinction of 
 the life assured, and to be paid half yearly, upon 
 such terms as shall seem expedient to the said Court 
 of Directors, in lieu of a gross sum of money to be 
 paid on such event; but persons making such as¬ 
 surances shall neither be liable to contribute towards 
 a Call, nor be entitled to any proportion of a divi¬ 
 dend. 
 
 BYE-LAW 2. — July 12th, 1770. 
 
 § 1. Ordered, That every person assured with 
 the Society in the sum of One hundred pounds and 
 
 1770. 
 
 1770. 
 Deed, 
 Clause 45, 
 
 “ Sec Bye-Law 6. 
 
1770. 
 
 Deed, 
 Clause 19. 
 
 1771. 
 
 C4 EQUITABLE SOCIETY. 
 
 upwards, upon and for the whole continuance of the 
 life of another person, or other persons, shall have 
 a right to vote in the General Courts or Meetings 
 of the Society in common with those assured upon 
 their own lives ^ : 
 
 § 2. And That every person assured upon and for 
 the whole continuance of the life of another person 
 or other persons in the sum of Three hundred pounds, 
 and dwelling within the city of London or within 
 Twenty miles thereof, shall be eligible to the office 
 of a Director ; provided, that no more than Five 
 of the persons so assured shall at any one time be 
 Directors 
 
 BYE-LAW 3.— March 7th, 1771. 
 
 § 1. Resolved, That if a Director shall by any 
 means cease to be assured in the sum of Three hun¬ 
 dred pounds, and shall not procure himself to be 
 again assured in the like sum within the space of 
 two calendar months, he shall cease to be a Direc¬ 
 tor, and the office shall be deemed vacant 
 
 § 2. That the Court of Directors be empowered 
 to assure either a gross sum or an annuity to be 
 
 ^ Present qualification £2000. See Table A. 
 
 Present qualification £5000. See Table B. 
 c See Bye-Law 35. Sect. 2. 
 
BYE-LAWS AND ORDERS. G5 
 
 paid to children, after they shall have attained an 
 age assigned. 
 
 § 3. That the Court of Directors be empowered 
 to assure either a gross sum or an annuity to grown 
 persons, if a life on which the assurance is made 
 shall be subsisting at a time assigned. 
 
 § 4. That the policies of persons already assured 
 upon the lives of others, shall not become forfeited 
 by reason of the person on whose life they are as¬ 
 sured, dying by their own hands or by the hands 
 of justice; it appearing reasonable, that persons 
 already assured shall enjoy the same advantage 
 with those to be assured in future^. 
 
 § 5. That, upon a requisition under the hands of 
 any nine Members entitled to vote at General Courts, 
 the Actuary do sunimon a General Court, giving at 
 least Ten days notice. 
 
 BYE-LAW 4 . — June 6th, 1771. 
 
 § 1. Resolved, That the Court of Directors be 
 empowered to assure annuities for life or lives to 
 any person for a gross sum in hand paid, subject to 
 the following restrictions : 
 
 Bye-Law 1. Sect. 3. 
 
 irn. 
 
 1771. 
 
 F 
 
66 
 
 EQUITABLE SOCIETY. 
 
 1771. 
 
 ‘ That the amount of any annuity or annuities 
 ‘ to be granted upon any One life do not exceed 
 * One hundred pounds. 
 
 ‘ That annuities granted upon any life of the age of 
 ‘ Forty-jive years, or under, do not exceed the rate 
 ‘ of Six pounds per Centum of the purchase money. 
 
 ‘ That annuities granted upon any life between 
 ‘ the ages of Forty-jive and Fifty do not exceed the 
 ‘ rate of Six pounds and One half per Centum. 
 
 ‘ That annuities granted upon any life between 
 ‘ the ages of Fifty and Fifty-five do not exceed the 
 ‘ rate of Seven pounds per Centum. 
 
 ‘ That annuities granted upon any life between 
 ‘ the ages of Fifty-five and Sixty do not exceed the 
 ‘rate of Seven pounds and One half Centum. 
 
 ‘ That annuities granted upon any life between 
 ‘ the ages of Sixty and Sixty-five do not exceed the 
 ‘ rate of Fight pounds and One half per Centum. 
 
 ‘ That annuities granted upon any life between 
 ‘ the ages of Sixty-five and Seventy do not exceed 
 ‘ the rate of Nine pounds per Centum. 
 
 ‘ That no annuity whatever do exceed the rate 
 ‘ of Ten pounds per Centum of the purchase-money.’ 
 
BVE-LAWS AND ORDERS. 
 
 67 
 
 “ And that towards securing the payment of the 
 “ several annuities from time to time subsisting, a 
 “fund be always reserved of two thirds at the least 
 “ of the sums originally paid for the purchase there- 
 
 1771. 
 
 a 
 
 of.’’ 
 
 § 2. That, in future, the attestation of One credible see Deed of 
 witness shall suffice to the declaration to be signed Clause 17. 
 by every person making assurance with the Society. 
 
 § 3. That the weekly Meetings of the Court of Deed, 
 Directors, appointed to be held without summons, 
 be on Wednesday in every week instead of Tuesday^ 
 at which Meetings, as well as at all Meetings of the 
 Court of Directors convened by summons, policies 
 may be granted. 
 
 BYE-LiVW 5.— December 5th, 1771. 
 
 Ordered, That the allowance of Forty shillings 
 made by the Deed of Settlement to those of the 
 Directors only, who are present at General Courts, 
 be discontinued, and that instead thereof the sum 
 of Five guineas be at every General Court divided 
 indiscriminately amongst those Twenty-one Mem¬ 
 bers (ha\dng a right to vote) who shall come^r^^ 
 to such Court, and shall tarry and attend during 
 the whole time of the sitting of the same, and until 
 the business thereof he finished and the Court ad¬ 
 journed^. 
 
 ‘‘ See Bye-Law IG. 
 
 F 2 
 
 1771. 
 Deed, 
 Clause 27. 
 
68 
 
 EQUITABLE SOCIETY. 
 
 BYE-LAW 6 .— March 5th, 1772. 
 
 ^^" 2 . Ordered, That for the future the Court of Di¬ 
 rectors be empowered to accept the surrender of 
 any Member’s policy, and to purchase the same 
 upon such terms as shall seem to them reasonable 
 and equitable a. 
 
 BYE-LAW 7 - — April 16th, 1772* 
 
 1772. § 1. Ordered, That Three guineas be divided 
 
 amongst those who shall be present when the 
 Society’s clock strikes Twelve, though a sufficient 
 number shall not attend to compose a General 
 Court that day. 
 
 § 2. Resolved, To repeal the Seventy-sixth 
 clause of the Deed of Settlement, viz. “ That if any 
 “ person, being a Member of this Society, shall at 
 “ any time during his interest in the same enter into 
 or become a Member of, or directly or indirectly 
 ‘‘ make assurance with, any other Society for assu- 
 ranees on lives which in imitation of this Society 
 may hereafter be setup and established by others, 
 “ the interest of such person in this present Society, 
 and all claim to be made on that behalf by such 
 “ person, or by his or her Executors, Administrators 
 or Assigns, shall cease, determine, and be void.” 
 
 See Bye-Law 1. Sect. 14. 
 
 a 
 
BYE-LAWS AND ORDERS. 
 
 69 
 
 § 3. Resolved, That any person who may be 
 affected by that clause shall be entitled to the as¬ 
 surance, notwithstanding such clause was in force 
 when the assurance was made. 
 
 BYE-LAW 8.— June 4th, 1772. 
 
 Ordered, That for the future the lives of fe¬ 
 males be assured upon the same terms as the lives of 
 males. 
 
 BYE-LAW 9. — ^December 3rd, 1772. 
 
 Ordered, That the attendance of the Actuary 
 and other officers be dispensed with on certain 
 Holidays, which shall be settled by the Court of 
 Directors. 
 
 BYE-LAW 10.— June 17th, 1773. 
 
 Ordered, That a list of such Members of the 
 Society as are eligible to the office of Director, be 
 printed and ready to be delivered to such Members 
 as shall call for the same a fortnight before each 
 General Court for the choice of Directors, with 
 proper marks distinguishing the nature of their qua¬ 
 lifications, viz. whether assured on their own lives, 
 or on the lives of others 
 
 1772. 
 
 1772. 
 
 See Deed of 
 Settlement, 
 Clause 11. 
 
 1772. 
 
 1773. 
 
70 
 
 EQUITABLE SOCIETY. 
 
 BYE-LAW 11. — February 17th, 1774. 
 
 ^ 1. Ordered, That every person elected to the 
 office of Actuary, be required before he enters upon 
 the execution of his office to give security for the 
 faithful discharge of his duty, and particularly for 
 duly accounting for and paying over to the Trus¬ 
 tees of the Society for the time being, or to such 
 persons as they shall from time to time direct, all 
 monies which shall come to his hands for the use 
 of the Society; the Actuary himself to be bounden 
 to the Trustees in the sum of £2000 with two or 
 more sureties, to be approved by the Court of 
 Directors, who shall be bounden in such further 
 sums as shall together amount to Two thousand 
 pounds^. 
 
 § 2. Ordered, That the Actuary be required to 
 reside in the house provided by the Society. 
 
 § 3. Ordered, That an additional officer be ap¬ 
 pointed, who shall be denominated “ Assistant Ac¬ 
 tuary,” and that the appointment of such officer be 
 vested in the Court of Directors for the time being, 
 who are to cause such security to be taken as they 
 shall think adequate to the trust reposed in him ; 
 ana that the Court of Directors have power at their 
 
 3 The Actuary now gives security in the sum of i.5000. 
 
BYE-LAWS AND ORDERS. 
 
 71 
 
 discretion to remove such Assistant Actuary, if they 1774 . 
 shall see occasion, and to appoint another in the 
 room of the person so removed. 
 
 BYE-LAW 12. — February 23rd, 1775. 
 
 Ordered, That in future. Auditors be chosen at 1775 . 
 each quarterly General Court of the Society, out of 
 the Members of the Society assured in the sum of 
 £300, either upon their own lives or upon the lives 
 of others, for auditing the accounts of the next quar¬ 
 ter ; and that at the quarterly General Court holden 
 in the month of December, Auditors be also chosen 
 for inspecting the annual Accounts^. 
 
 BYE-LAW 13 .— March 2nd, 1775. 
 
 Resolved, That the Court of Directors for the 1775. 
 time being, be empowered to extend the amount 
 of assurances (now restricted to the sum of Fifteen 
 hundred pounds upon any one life) to a sum or sums 
 not exceeding Two thousand pounds in the whole 
 
 BYE-LAW 14.—September 3rd, 1778. 
 
 Resolved, “ That although it has been the usage 1778. 
 
 TA* • 1 • 1 • Deed, 
 
 of the Directors to invest the monies of the Society clause 66. 
 
 ^ See Bye-Law 18. Sect. 1. 
 
 ^ See Bye-Law 18. Sect. 2. Sec also Bye-Law 21. Sect. 2 ; and 
 Bye-Law 25. Sect. 1. and 2 ; and Table A. 
 
EQUITABLE SOCIETY. 
 
 1778. 
 
 1781. 
 
 1782. 
 Clause 27, 
 Bye-Law 5. 
 
 altogether in the Public Funds, and this is accord¬ 
 ingly published in the succinct account of the Plan 
 and Basis of the Society as the usual practice, the 
 Court of Directors nevertheless has full and free 
 liberty, agreeable to the Original Deed of Settle¬ 
 ment, to lay out the monies either in Government 
 or in other good and sufficient securities, at their 
 discretion, as they may judge most expedient and 
 beneficial to the Society; and that it may be desira¬ 
 ble that some of the monies should be laid out upon 
 different securities, presumably of equal validity, 
 rather than that the whole should rest upon one 
 and the same security.” 
 
 BYE-LAW 15.— December 20 th, 1781. 
 
 Ordered, That for the extraordinary Risque at¬ 
 tending the Lives of military Persons, an Addition 
 be made after the rate of £22 per cent, upon the 
 respective Premiums; and for the Risque of Small 
 Pox or Gout an addition after the Rate of 11 per 
 cent.; the said extra Charges being proportionate 
 to the Charges which are now made for those re¬ 
 spective Risques^. 
 
 BYE-LAW 16 — January 17th, 1782. 
 
 Resolved, That the sum of Ten guineas be in 
 
 ® These premiums were previously j£25 and £12 IO 5 . per cent, 
 and the ordinary premiums of assurance were reduced at this time. 
 —See Table of rrcmiunis. 
 
BYE-LAWS AND ORDERS. 
 
 73 
 
 future distributed amongst such Members as shall 
 give their attendance at General Courts, subject to 
 the like Regulations as are observed respecting the 
 distribution of the sum of Five guineas at present 
 allowed for each General Court. 
 
 N. B. This allowance, by common consent, has 
 been changed to Two shillings and sixpence to each 
 Member attending before Eleven o’clock. 
 
 BYE-LAW 17- — December 5th, 1782. 
 
 Resolved, That for the future, whenever two or 
 more persons are assured in and by one and the 
 same policy of assurance, only one of such persons 
 may be elected a Director or Trustee at one and the 
 same time. 
 
 BYE-LAW 18 . — December 18th, 1783. 
 
 § 1. Resolved, That it be a standing Regulation, 
 that no Member be appointed to audit the Accounts 
 of the Society in two successive years. Directors 
 only excepted^. 
 
 § 2. Resolved, That the Court of Directors be 
 empowered, at their discretion, to extend the amount 
 of assurances (now restrained to Tvjo thousand pounds 
 
 1782. 
 
 1782. 
 
 1783. 
 
 ® Sec Bye-Laws 12, 21. Sect. 2, 25. Sect. 1, 2. 
 
74 
 
 EQUITABLE SOCIETY. 
 
 1783. upon any one life) to a sum, or sums, not exceeding 
 Three thousand pounds in the whole^. 
 
 BYE-LAW 19 .— January 9th, 1787. 
 
 1787 . Resolved, That in future a sum not less than 
 One thousand pounds^ assured for the whole con¬ 
 tinuance of a life or lives, shall be a qualification 
 for the office of a Director, and a sum not less than 
 Three hundred pounds, assured for the whole con¬ 
 tinuance of a life or lives, shall be a qualification 
 for voting in General Courts, with an exception in 
 each case, as to such as are already become Mem¬ 
 bers of the Society^. 
 
 BYE-LAW 20. — June 17th, 1790. 
 
 1790. Resolved, That a discretionary power be vested 
 in the Directors for the time being, to grant as¬ 
 surances to the extent of Five thousand pounds in 
 the whole (but in no case exceeding that sum) upon 
 one and the same life. 
 
 BYE-LAW 21.—March 3rd, 1791. 
 
 1791. Upon a Report made from the Court of Directors 
 of the following import, viz. 
 
 ® See Bye-Law 20. 
 
 ^ See Tabic B. 
 
BYE-LAWS AND ORDERS. 
 
 75 
 
 § 1. “This Court is unanimous in opinion, that 1791. 
 
 • • Deed 
 
 “ as the annual election of Directors has most Clause 45. 
 “ usually been made by ballot, and there does not 
 “ appear to be any reason for departing from that 
 “ mode, it may be proper to observe the same in- 
 “ variably in future; and it is recommended, that 
 “ such ballot do commence, as soon as convenient- 
 “ ly may be, after the hour which shall be appointed 
 “ for the Meeting of the General Court holden for 
 “ the purpose of such election, and that the same 
 “be kept open for the space of one hour and no 
 “ longer.” 
 
 § 2. “ With regard to the election of Auditors, 
 
 “ which by the Rules of the Society recur quarterly, 
 
 “ the Court thinks it may not be requisite, nor per- 
 “ haps convenient, that these elections be made by 
 “ ballot, and ratherrecommends an adoption of the 
 “ following mode; namely, that all Members of the 
 “ General Court be at liberty to nominate or pro- 
 “ pose any qualified person or persons, respecting 
 “ the approval of whom, if not more than three 
 “shall be put in nomination, the President (or 
 “ Chairman officiating as such) may, if he shall 
 “ think fit, take the sense of the General Court, 
 
 “ by a show of hands, or by voices; but if more 
 “ than three qualified persons shall be put in nomi- 
 “ nation, the names of the several Candidates shall 
 “ be distinctly written upon a sheet of paper, and 
 “ the Members present being called over by the 
 
76 
 
 EQUITABLE SOCIETY. 
 
 J791. “ Actuary (or person assisting as such) in the order 
 
 wherein the names shall have been taken down at 
 “ their entrance into the Court Room, shall each of 
 “ them with a pen affix a mark or scratch opposite 
 “ the names of such three Candidates, as he shall 
 “judge to be most fit to audit the accounts of the 
 “ Society, in conjunction with two others, who are 
 “to be appointed for that duty by the Court of 
 “ Directors for the time being, and those Candidates 
 “ whose names shall be found to have most scratches 
 “ shall be deemed to be duly elected. The Court 
 “ of Directors desire upon this occasion to impress 
 “ upon the minds of all who vote at such elections, 
 “ how materially it will import the security and sta- 
 “ bility of the Society, at the same time that it will 
 “ conduce much to the dispatch of the business re- 
 “ ferred to the Auditors, that persons be chosen 
 “for that trust, who are conversant in accounts, 
 “ and known to be expert and methodical in busi- 
 “ ness: and that the several foregoing regulations, 
 “if approved by the Society, or amended in such 
 “ manner as they shall see ht, may be uniformly 
 “ observed, the Court of Directors conceive it may 
 “ be expedient to establish the same by an express 
 “ Bye-Law^.” 
 
 §. 3. Resolved, nemine contradicmte, That this 
 
 * See Bye-Law 38. 
 
BYE-LAWS AND ORDERS. 
 
 77 
 
 Court doth agree in opinion with the Court of Di- n9i. 
 rectors^ and that the above recited mode recommend¬ 
 ed by them, as well in regard to the choice of Di¬ 
 rectors as of Auditors of the Society, be in future 
 adopted. 
 
 BYE-LAW 22 . — December 2 ‘2nd, 1791. 
 
 Resolved, That if it shall appear that the non- i79i. 
 
 ^ ‘ . See Deed, 
 
 payment of a premium upon any Policy of assurance clause 67. 
 has happened by reason of the actual incapacity of 
 the Party interested therein, such as mental derange¬ 
 ment or extreme illness, it shall be in the discretion 
 of the Court of Directors for the time being to re¬ 
 establish the Policy (within the term of twelve ca¬ 
 lendar months) upon payment of the premium, 
 together with lawful interest, computed from the 
 day on which the same became due^. 
 
 BYE-LAW 23 . — June 7th, 1792. 
 
 Resolved, That the being assured for the whole 1792 . 
 continuance of a life or lives, in a sum not less than 
 Five hundred pounds, shall be a necessary qualifica¬ 
 tion for voting at General Courts for every person 
 who shall in future become a Member of the So¬ 
 ciety 
 
 \ 
 
 ■ Bye-Laws 47 and 48. 
 
 See 'I'able A. 
 
78 
 
 EQUITABLE SOCIETY. 
 
 1793. 
 Deed, 
 Clause 23 
 and 26. 
 
 Deed, 
 Clause 75. 
 
 BYE-LAW 24 .— March 26th, 1793. 
 
 ^ 1. Resolved, That in future the signing, seal¬ 
 ing, and delivery of Policies of Assurance by Two 
 of the Trustees of the Society for the time being, 
 shall suffice, and shall be equally binding upon the 
 Society, and effectual to the assured, as if signed 
 by Three Trustees. 
 
 § 2. Resolved, That the current business now 
 warrants and requires a permanent establishment 
 of a Principal Clerk, and that the appointment of 
 such Clerk be vested in the Court of Directors ; 
 that the Actuary have the assistance of two Clerks^, 
 both of them to be nominated from time to time by 
 him, with the approbation of the Court of Directors; 
 and also that a Messenger should be retained. 
 
 § 3. Resolved, That the Directors of the Society 
 for the time being be at liberty, when they shall be 
 thoroughly satisfied with respect to the Health of a 
 Person whose life is proposed to be assured for any 
 term not exceeding twelve Calendar Months, to 
 make such Assurance without waiting an interme¬ 
 diate Period of eight days for the purpose of making 
 further Inquiry 
 
 For securities required from the Clerks, see Bye-Law 39. 
 See Rye-Law 1. Sect. 12. 
 
BYE-LAWS AND ORDERS. 
 
 79 
 
 BYE-LAW 25 .— September 5th, 1793. 
 
 ^ 1. Resolved, That in future, Auditors be 
 elected out of such Members of the Society only, 
 as are competent to vote at General Courts^. 
 
 I 
 
 § 2. Resolved, That no Member shall be con¬ 
 tinued in the office of Auditor for more than one 
 year, or shall be re-chosen to that office until after 
 the expiration of two years. 
 
 § 3. Resolved, That the sum of Ten guineas be 
 in future divided amongst the Auditors at each 
 Audit^. 
 
 § 4. Resolved, That in future the President and 
 Directors shall receive a Guinea each for their at¬ 
 tendance at every Meeting of the Court of Directors. 
 
 BYE-LAW 26 .— June 4th, 1795. 
 
 Resolved, That no order shall be made for re¬ 
 turning money upon a forfeited Policy at the same 
 General Court at which the Petition for such return 
 shall be presented; nor shall any Order made in 
 that behalf be considered as valid and effectual, 
 
 “ See Table A. 
 
 ^ See Bye-Law 46. Sect. 2 ; and Table D. 
 
 See Bye-Law 46. Sect. 3 ; and Table E. 
 
 1793 
 
 1795 
 
80 
 
 EQUITABLE SOCIETY. 
 
 1795. 
 
 1795. 
 Deed, 
 Clause 55 
 
 until it shall have been approved at two successive 
 General.Courts ^ 
 
 BYE-LAW 27 .— December 17th, 1795. 
 
 § 1. Ordered, That no motion shall be received 
 in future for increasing an allowance to be made to 
 Claimants, or for any other mode of distributing 
 any part of the Funds or profits of the Society 
 amongst its several Members, unless notice of such 
 intended Motion shall have been given at a Gene¬ 
 ral Court previous to that at which it shall be form¬ 
 ally proposed, and such notice shall have been pro¬ 
 mulgated by Advertisement in some of the Public 
 Newspapers by order of such Court. And that no 
 Resolution shall be binding, which shall be made 
 in that behalf, unless four fifths of the Members 
 having votes in General Courts of the Society who 
 shall be present at the Court whereat such Order 
 shall be made or approved, shall be consenting 
 thereto^. 
 
 § 2. Ordered, That the like Notice of such in¬ 
 tended Motion be inserted in the Circular Letters of 
 Notice sent to the several Members having a Right 
 to vote in General Courts. 
 
 “ See Bye-Laws 27, 31, 42. 
 
 See Rye-Law 42. 
 
BYE-LAWS AND ORDERS. 
 
 81 
 
 BYE-LAW 28 .— May 8 th, 1800. 
 i 1 . Ordered, That a careful Investigation of isoo. 
 
 ^ ^ See Deed 
 
 the value of each Policy of Assurance be repeated clause 70 , 
 once in ten years. 
 
 § 2. That in future no Addition be made to the 
 Claims, nor any other mode of distribution of the 
 Profits of the Society be adopted, without such in¬ 
 vestigation previously had; and 
 
 § 3. That the Addition to be made to the Claims 
 do not in any instance exceed in present value two 
 thirds of the clear surplus Stock of the Society^. 
 
 BYE-LAW ^:29.— September 2 nd, 1802. 
 
 Resolved, That when through misfortune or 1802. 
 unforeseen events, a Policy made for assuring a sum clause 9. 
 for the whole continuance of a life or lives, and 
 which shall have existed for a term not less than 
 seven years, shall hereafter become forfeited, and 
 the person or persons on whose life or lives the 
 Assurance was made shall have exceeded the age of 
 sixty-seven years, beyond which age no life accord¬ 
 ing to the present Rules of the Society is Assurable, 
 the Directors be empowered, upon satisfactory 
 
 ** Bye-Law 1. Sect. 3; and Bye-Laws 36. and 40 . 
 
 G 
 
82 
 
 EQUITABLE SOCIETY. 
 
 1802. 
 
 1802. 
 
 1803. 
 Clause 55. 
 
 proof of such person or persons being In a good 
 state of health, to grant a new Policy on such 
 Terms as they shall think equivalent to the risque 
 arising from the increased age. 
 
 § 2. Resolved, That the being assured for the 
 whole continuance of a life or lives, in a sum not 
 less than Two thousand pounds^ shall be a necessary 
 qualification for the office of a Director, with an 
 exception to such persons as are already become 
 Members of the Society^. 
 
 BYE-LAW 30 . — December 2 nd, 1802. 
 
 Resolved, That the Directors be empowered to 
 grant Policies of Assurance upon the same terms to 
 persons who aver in their Declaration that they have 
 had the Cow Pox, as to those who aver in their 
 Declaration that they have had the Small Pox. But 
 If such persons shall afterwards die of the Small 
 Pox, then such Policy shall be void^. 
 
 BYE-LAW 31 . — December 1 st, 1803. 
 
 Resolved, That no motion be received at anv 
 future General Court, which may in its tendency 
 
 “ See Table B. ^ Altered. See Bye-Law 45. 
 
BYE-LAWS AND ORDERS. 
 
 83 
 
 affect the Cash of this Society, unless Notice shall isos, 
 have been given at a previous General Court®. 
 
 BYE-LAW 32.—March 6th, 1806. 
 
 Ordered, That the Salary of the Actuary he in¬ 
 creased from £600 to £800 per annum. 
 
 1806. 
 
 Clause 42. 
 
 BYE-LAW 33 . — September 3rd, 1807- 
 
 ^ 1 . Resolved, That the being assured for the 1807. 
 whole continuance of a life or lives, in a sum not 
 less than Three thousand pounds, shall be a neces¬ 
 sary qualification for the office of a Director, with 
 an exception as to such persons who are already 
 become Members of the Society^. 
 
 § 2. That the being assured for the whole con¬ 
 tinuance of a life or lives, in a sum not less than One 
 thousand pounds, shall be a necessary qualification 
 for being summoned to, or voting at, General 
 Courts, for every person who shall in future be¬ 
 come a Member of the Society®. 
 
 § 3. That the being assured for the whole con¬ 
 tinuance of a life or lives, in a sum not less than 
 One thousand pounds, shall be a necessary qualifica- 
 
 Bye-Laws 20, 27, and 42. 
 See Table A. 
 
 See Table B. 
 
84 
 
 EQUITABLE SOCIETY. 
 
 1807. 
 
 1809. 
 Deed, 
 Clause 75. 
 
 1810. 
 
 lion for the office of Auditor, with an exception as 
 to such persons who are already become Members 
 of the Society 
 
 BYE-LAW 34. — June 1 st, 1809. 
 
 Resolved, That by reason of the increased busi¬ 
 ness of the Society, the appointment of an addition¬ 
 al person as an Assistant in the Office is become 
 necessary and expedient, and that the Directors be 
 empow^ered to make such appointment. 
 
 BYE-LAW 35. — January 23rd, 1810. 
 
 § 1. Ordered, That the right or privilege of 
 being summoned to, or of voting at. General 
 Courts, shall not attach to, or be exercised by, any 
 person who shall have or who may become a Mem¬ 
 ber of this Society after the 21st December, 1809, 
 unless such Member is assured for the whole con¬ 
 tinuance of a life or lives, in a sum not less than 
 Two thousand pounds, nor until the full expiration 
 of five years from the time of admission 
 
 ^ 2. Ordered, That not any Person who shall 
 have or who may become a Member of this Society, 
 after the 21st December, 1809, shall be eligible to 
 the office of Director, unless such Member is as- 
 
 * See Table A. 
 
 ^ See Bve-Law 40. Sect. 1 ; and Table A. 
 
BYE-LAWS AND ORDERS. 
 
 85 
 
 sured for the whole continuance of a life or lives, 
 in the sum of Five thousand pounds^ nor shall 
 such Member be eligible until the full expiration of 
 five years, from the time of admission^. 
 
 BYE-LAW 36. — September 6 th, 1810. 
 
 ^ 1 . Ordered, That in case any prospective 
 Addition shall hereafter be ordered to be made to 
 Claims upon Policies of Assurance in this Society 
 such Order shall not take effect with respect to any 
 Policy, before six annual Payments shall have been 
 made thereon: but as soon as six such Payments 
 shall have been made, such Policy shall, for the 
 time then to come, be within the effect and opera¬ 
 tion of the Order for such Addition, as if such- 
 Order had been made immediately after such six 
 payments. So that if such Order should be made 
 to take effect generally from the first Day of Ja¬ 
 nuary, 1820, for the space of ten years then next 
 following, a Policy effected in the year 1819 shall 
 not be within the operation of such Order, un¬ 
 til a Payment shall be made thereon in the Year 
 1824 ; but such Policy shall be within the Opera¬ 
 tion thereof for every Payment that may be made 
 thereon in the five years following the year 1824. 
 And the like as to other cases. And this Bye-Law 
 shall be considered as a part of every such Order, 
 
 1810 
 
 1810 
 
 * See Bye-Law 40. Sect. 2 ; and Table B. 
 
86 
 
 EQUITABLE SOCIETY. 
 
 1810 . and be virtually incorporated therein, although the 
 same may not be thereby expressly referred to^. 
 
 § 2. Ordered, That in case any retrospective 
 Addition shall hereafter be ordered to Claims upon 
 Policies of Assurance, in this Society, such Order 
 shall not take effect absolutely with respect to any 
 Policy upon which six annual Payments shall not 
 have been made, or become due, before the day to 
 be mentioned in such Order, as the day, before 
 which the Payments in respect whereof such Addi¬ 
 tion shall be ordered, are to have been made. But, 
 nevertheless, every Policy upon which one or more 
 Payments, less than six, shall have been made, or 
 become due, before the day to be so mentioned in 
 such Order, and upon which future Payments shall 
 afterwards be made so as to complete the number 
 of six Payments in the whole, shall immediately 
 after the sixth Payment made, be within the effect 
 and operation, and entitled to the Benefit of such 
 Order, with respect to every Payment made thereon, 
 before the day to be so mentioned in such Order; 
 so that if such Order shall be made to take effect 
 generally as to Payments made before the^r^^ day 
 of January, 1820, a Policy effected in the year 
 1819 shall not be within the effect and operation 
 thereof, unless the life assured shall exist, and the 
 Payments continue to be made, until the year 1824 
 
 See Bvc-Law 10. Sect.-3. 
 
BYE-LAWS AND ORDERS. 
 
 87 
 
 inclusive ; but as soon as the sixth Payment shall 
 have been made in the year 1824, such Policy shall 
 be within the effect and operation of such Order for 
 the single Payment made in the Year 1819, and the 
 like as to other cases. And this Bye-Law shall be 
 considered as a part of every such Order, and be 
 virtually incorporated therein, although the same 
 may not be thereby expressly referred to^. 
 
 BYE-LAW 37 - — December 6 th, 1810. 
 
 Ordered, “That in case any person or persons, 
 on whose Life or Lives an Assurance shall have 
 been made, shall die within Thirty days next after 
 the time stipulated in the Policy for the payment 
 of the premium due thereon, such Policy, although 
 the premium so due be unpaid at the time of the 
 decease, shall nevertheless, on the premium being 
 subsequently paid within Thirty days next after the 
 same became due, continue in force and be valid to 
 all intents and purposes in the same manner as if 
 such premium had been paid in the Life-time of the 
 person or persons on whose Life or Lives the As¬ 
 surance was made.’’ 
 
 BYE-LAW 38. — March 2nd, 1815. 
 Ordered, That so much of the Resolution of 
 
 1810. 
 
 1810. 
 
 1815. 
 
 ■* See Bye-Law 40. Sect. 4. 
 
88 
 
 liQUITABLE SOCIETY. 
 
 1815. the General Court of the 3rd March, 1791, as re¬ 
 fers to the election of Auditors, be always read at 
 the Annual Court in March, previous to the election 
 of Auditors for the ensuing quarter. 
 
 BYE-LAW 39 .— March 7th, 1816. 
 
 1816 . Ordered, “That the present as well as all fu¬ 
 ture Clerks shall be required to give security to the 
 Trustees of the Society in the amount of £1000, 
 themselves jointly and severally with two other se¬ 
 curities.” 
 
 BYE-LAW 40.—December 19th, 1816. 
 
 1816, § 1. Ordered, “That the right or privilege 
 
 of voting or being present at General Courts shall 
 not attach to, or be exercised by, any person who 
 shall make his first Assurance with this Society 
 after the 31st of December, 1816, unless such per¬ 
 son is assured for the whole continuance of a life 
 or lives, in a sum not less than £2000, and shall 
 have been so assured for the term of five years ; 
 nor until the number of Assurances existing in the 
 Society prior to the time when he became so as¬ 
 sured shall be ascertained, in manner hereinafter 
 mentioned, to be reduced to 5000"*. 
 
 § 2; “ That not any person who shall make 
 
 “ See Table A. 
 
BYE-LAWS AND ORDERS. 
 
 89 
 
 his first Assurance with this Society after the 31st 
 of December 1816, shall be eligible to the office 
 of Director, unless such person is assured for the 
 whole continuance of a life or lives in the full sum 
 of £5000, and shall have been so assured for the 
 term of five years ; nor until the number of Assu¬ 
 rances existing in the Society prior to the time when 
 he became so assured shall be ascertained, in manner 
 hereinafter mentioned, to be reduced to 5000*. 
 
 § 3. “That in case any prospective addition 
 shall hereafter be ordered to be made to the claims 
 upon Policies of Assurance in this Society, such 
 Order shall not take effect with respect to any Po¬ 
 licy granted after the 31st of December 1816, until 
 the Assurances existing in the Society prior in num¬ 
 ber and date to such Policy, and if of the same date, 
 prior in the number thereof, shall be reduced to 
 5000; but as soon as such reduction shall have 
 been ascertained, in manner hereinafter mentioned, 
 the said Policy shall be within the effect and opera¬ 
 tion of the Order for such addition, as to the Pay¬ 
 ments made thereon subsequent to such ascertained 
 reduction: so that if such Order should be made to 
 take effect generally from the 1st of January 1820, 
 for the space of ten years then next following, a 
 Policy effected in the year 1817 shall not be within 
 the operation of such Order, until the Assurances 
 
 1816. 
 
 See Deed, 
 Clause 70, 
 71. 
 
 ® Sec Table B. 
 
90 
 
 EQUITABLE SOCIETY. 
 
 1816 . existing prior to the number and date of the Policy, 
 as aforesaid, shall have been reduced to 5000; but 
 such Policy ^hall be within the operation thereof 
 from the time when the reduction shall have been 
 ascertained in manner hereinafter mentioned as to 
 the Payments made thereon, as aforesaid. And the 
 like as to other cases. And this Bye-law shall be 
 considered as a part of every such Order, and shall 
 be virtually incorporated therein, although the same 
 may not be thereby expressly referred to^. 
 
 ^ 4. “That in case any retrospective addition 
 shall hereafter be ordered to be made to claims 
 upon Policies of Assurance in this Society, such 
 Order shall not take effect with respect to any Poli¬ 
 cy granted after the 31st of December 1816, until 
 the Assurances existing in the Society prior in num¬ 
 ber and date, and if of the same date, prior in the 
 number thereof, shall be reduced to 5000^; but 
 when the said reduction shall have been ascertained 
 in manner hereinafter mentioned, such Policy shall 
 be within the effect and operation, and entitled to 
 the benefit of such Order, with respect to every Pay¬ 
 ment made thereon subsequent to such ascertained 
 reduction ; so that if such Order shall be made to 
 take effect generally as to Payments made before the 
 1st of January 1820, a Policy effected in the year 
 
 ‘‘ See Bve-Lavv 36. Sect. 1. 
 
 •I 
 
 ^ The Assurances existing at this time were reduced to 5000 in 
 the year 1831. 
 
BYE-LAWS AND ORDERS. 
 
 91 
 
 1817 shall not be within the effect and operation 
 thereof, unless the life assured shall exist, and the 
 Payments continue to be made, until the Assurances 
 existing in the Society prior to the number and date 
 of the Policy, as aforesaid, shall be reduced to 5000; 
 but as soon as such reduction shall have been as¬ 
 certained, in manner hereinafter mentioned, such 
 Policy shall be within the effect and operation of 
 such Order for the several Payments made thereon 
 as aforesaid. And the like as to other cases. And 
 this Bye-law shall be considered as a part of every 
 such Order, and be virtually incorporated therein, 
 although the same may not be thereby expressly 
 referred to*. 
 
 § 5. “That an inquiry be made on the 1st of 
 April in every year, in order to ascertain the num¬ 
 ber of Assurances made and existing in the Society; 
 and when it shall have been ascertained by such 
 inquiry that the Assurances existing prior to the 1st 
 of January 1817 were, on the 31st of December 
 immediately preceding such inquiry, reduced below 
 the number of 5000, the Actuary do report the 
 same to the Court of Directors, who shall commu¬ 
 nicate such report to the Quarterly General Court 
 to be holden in the June following^; and that as 
 many of such Policies as had been made subsequent 
 to the 31st of December 1816, and which were 
 
 1816. 
 
 * See Bye-Law 30. Sect. 2. ^ Report made 7th June 1832. 
 
92 
 
 EQUITABLE SOCIETY. 
 
 1816 . existing in the Society on the 31st of December 
 immediately preceding such inquiry, be added, ac¬ 
 cording to the priority in their dates and numbers, 
 and if of the same date, according to the priority 
 in their numbers, to those above mentioned, as 
 shall be sufficient to complete the number to 5000; 
 and that the persons holding the Policies so added, 
 shall be considered thenceforward as entitled to 
 such additions as shall be thereafter made in re¬ 
 spect of all the Payments made subsequent to such 
 ascertained reduction, and, under the same restric¬ 
 tions, to the same privileges of attending at the 
 General Courts, and of being eligible to the office 
 of Director. 
 
 § 6. “That after the vacant numbers in the As¬ 
 surances existing in the Society on the 1st of 
 January 1817 shall have been filled up agreeably 
 to the foregoing Order, the Actuary on the 1st of 
 April in every succeeding year do ascertain the va¬ 
 cancies which have taken place in the preceding 
 year in the Policies constituting the 5000 mention¬ 
 ed in the 5th Resolution, and report the same to 
 the Court of Directors, who shall communicate such 
 report to the Quarterly General Court in the month 
 of June following ; and that as many Policies shall 
 be added, according to the priority of their dates and 
 numbers, and if of the same date, according to the 
 priority in their numbers, as shall be sufficient to 
 complete the number to 5000: and that the per- 
 
BYE-LAWS AND ORDERS. 
 
 93 
 
 sons holding: those Policies shall thenceforward be 
 considered as entitled to such additions as shall be 
 thereafter made in respect of all Payments made 
 subsequent to the 31st of the preceding December, 
 and, under the same restrictions, to the same pri¬ 
 vileges of attending the General Courts, and being 
 eligible to the office of Director. 
 
 ‘‘ Provided that nothing hereby ordered shall be 
 construed to authorize an addition to the sum as¬ 
 sured by any Policy, upon which Policy the number 
 of Payments “ required in that respect by the present 
 Bye -Laws of the Society shall not have been made.” 
 
 BYE-LAW 41 . — September 4th, 1817. 
 
 Ordered, That in all future cases, if a Member 
 insured on his own life, and who has paid at least 
 five Annual premiums, shall die by his own hands, 
 and not felo de se^ a sum equal to what the Soci¬ 
 ety would have paid for the purchase of his interest, 
 if it had been sold the day previous to his decease, 
 shall be paid to his Representatives, provided that 
 the interest in such Assurance remained in the as¬ 
 sured at the time of his decease. 
 
 BYE-LAW 42 . — March 5th, 1818. 
 
 ^ 1 . Ordered, That no Recommendation from 
 
 ® Six payments required. See Bye-Law 36. 
 
 1816. 
 
 1817. 
 
 1818. 
 See Deed, 
 Clause 55. 
 
94 
 
 EQUITABLE SOCIETY. 
 
 1818 . the Court of Directors, nor any Motion from the 
 Members of the Society, which has a tendency to 
 alter any of the existing Bye-Laws, or to form any 
 new ones, or to grant any gratuity, donation, or an¬ 
 nuity, or to return any money on account of for¬ 
 feited Policies, or in any way to affect the property 
 of the Society, shall be debated at the same Court 
 at which such recommendation or motion is pro¬ 
 posed,—and that no such recommendation or mo¬ 
 tion shall be valid, till it has been agreed to at two 
 General Courts®. 
 
 ^ 2. Ordered, That no such recommendation 
 or motion shall be taken into consideration unless 
 directed to be inserted by Order of the General 
 Court at which the Notice shall have been given, 
 in the letters of summons for the succeeding Court 
 to the several Members having a right to vote in 
 General Courts. 
 
 § 3. Ordered, That at any Court at which such 
 recommendation or motion is debated, if any amend¬ 
 ment is proposed and carried, it shall be necessary 
 for such amended motion' or recommendation to be 
 confirmed by two subsequent Courts, and that the 
 recommendation or motion so amended shall be 
 inserted in the letters of summons for both such 
 Courts. 
 
 “ Bye-Laws 26, 27, and 31. 
 
BYE-LAWS AND ORDERS. 
 
 95 
 
 $ 4. Ordered, That if any recommendation or 
 motion is agreed to at the first Court after due no¬ 
 tice shall have been given, it shall be necessary to 
 Continue such notice in the letters of summons for 
 the second Court at which it is to be confirmed. 
 
 BYE-LAW 43 .— May 2 nd, 1822. 
 
 Resolved, That the Directors on the application 
 of persons making Assurances on their own lives, 
 or on the lives of others, be empowered to make 
 such Assurances at annual premiums during a limit¬ 
 ed number of years rather than during the whole 
 continuance of life, such premiums to be computed 
 at a higher rate, in proportion, as the time during 
 which they are to be paid is shorter^. 
 
 BYE-LAW 44 . — June 6 th, 1822. 
 
 Resolved, That the Directors on the application 
 of persons assured on their own lives, or on the 
 lives of others, be empowered to exchange the an¬ 
 nual premiums now payable on such Assurances 
 during the whole continuance of life, for equivalent 
 annual premiums to be paid during a limited num¬ 
 ber of years, or for the Payment of an equivalent 
 premium in one gross sum. 
 
 1818. 
 
 1822. 
 
 1822. 
 
 * See Table of Premiums. 
 
96 
 
 EQUITABLE SOCIETY. 
 
 1823. 
 
 1827. 
 
 BYE-LAW 45 . — March 6 th, 1823. 
 
 Resolved^ That the Sentence printed in Italics 
 in the following Bye-Law of the 2nd December 
 1802, be rescinded. 
 
 “ That the Directors be empowered to grant 
 
 Policies of Assurance upon the same terms to 
 ‘‘persons who aver in their Declaration that they 
 “ have had the Cow Pox, as to those who aver in 
 “their Declaration that they have had the Small 
 ‘ ‘ Pox: hut if such persons shall afterwards die of 
 “ the Small Pox, then such Policy shall he void^,^' 
 
 BYE-LAW 46 . — April 5th, 1827. 
 
 § 1. Ordered, That in future the claims due 
 upon Policies (provided such Policies be in the hands 
 of the personal representatives of the deceased) be 
 paid at the period of Three Months from the time 
 when the death of the party assured shall have been 
 proved to the satisfaction of the Court of Directors, 
 instead of the period of Six Months as at present 
 practised. 
 
 § 2. Ordered, That the remuneration of the 
 Auditors be increased to a sum, not exceeding 
 Five Guineas each, for every Audit 
 
 * Bve-Law 30. 
 
 ^ See Table D. 
 
BYE-LAWS AND ORDERS. 
 
 97 
 
 § 3. Ordered, That the remuneration of the 
 Directors be increased to the sum of £1500 per 
 annum, to be divided according to their attendance, 
 subject to the regulation of the Court of Directors^. 
 
 BYE-LAW 47 .— June 2nd, 1831. 
 
 Ordered, That if it shall appear that the non¬ 
 payment of a premium upon any Policy of Assurance 
 has happened by reason of any accidental neglect or 
 unintentional omission, it shall be in the discretion 
 of the Court of Directors, for the time being, to re¬ 
 establish the Policy within the term of Fifteen calen¬ 
 dar months from the day of Payment mentioned in 
 the Policy upon Payment of the premium, together 
 with lawful interest computed from the day on which 
 the same became due, and subject to such other fines, 
 terms and conditions, as the Directors may think 
 reasonable^. 
 
 BYE-LAW 48 . — September 1 st, 1831. 
 
 § 1. Ordered, That if any Policy of Assurance 
 shall become forfeited, the Directors shall be at li¬ 
 berty to re-establish the same, .subject to such fines, 
 terms and conditions, as they may think just and 
 equitable, provided they shall upon a full considera¬ 
 tion be satisfied that the party interested has not 
 
 * See Table E. Sec Bye-Laws 22 and 48. 
 
 1827. 
 
 1831. 
 Deed, 
 Clause 67. 
 
 1831. 
 Deed, 
 Clause 67. 
 
 11 
 
98 
 
 EQUITABLE SOCIETY. 
 
 1831. been guilty of any intentional omission, and that 
 the circumstances of the case are such as to justify 
 them in granting relief®. 
 
 § 2. Ordered, That in every instance in which 
 the Court of Directors shall re-establish a Policy 
 which had become forfeited, they do at the next 
 Quarterly General Court report the number and 
 amount respectively of Policies so re-established. 
 
 ^ See Bye-Laws 22 arid 47. 
 
[ 99 ] 
 
 TABLES, FORMS, &c. 
 
 Table A. 
 
 Qualification for voting at General Courts, and for the 
 
 Office of Auditor. 
 
 In right of Policies dated prior to 12th July 1770. 
 Persons assured on their own Lives in the sum of 
 £100 or upwards. 
 
 In right of Policies dated subsequent to 12th July 
 1770 , and prior to 9 th January 1787. Persons as¬ 
 sured on their own Lives, or the Lives of others, 
 in the sum of £100 or upwards. 
 
 In right of Policies dated subsequent to 9th January 
 1787, and prior to 7th June 1792. Persons as¬ 
 sured in the sum of £300 or upwards. 
 
 In right of Policies dated subsequent to 7th June 
 1792 , and prior to 3rd September 1807. Persons 
 assured in the sum of £500 or upwards. 
 
 In right of Policies dated subsequent to 3rd September 
 1807, and prior to 21st December 1809. Persons 
 assured in the sum of £1000 or upwards. 
 
 In right of Policies dated subsequent to 21st Decem¬ 
 ber 1809, and prior to 31st December 1816. Per¬ 
 sons assured in the sum of £2000 or upwards, 
 after the expiration of five years from the time of 
 assurance. 
 
 In right of Policies dated subsequent to 31st Decem¬ 
 ber 1816. Persons assured in the sum of £2000 
 or upwards, after being assured for the term of five 
 years, and when the Policies prior in number and 
 date shall be reduced to 5000. 
 
100 
 
 EQUITABLE SOCIETY. 
 
 Table J3. 
 
 Qualification for the Office of Director. 
 
 In right of Policies dated prior to 12th July 1770. 
 Persons assured on their own Lives in the sum 
 of £300 or upwards. 
 
 In right of Policies dated subsequent to 12th July 
 1770 ^ and prior to 9th January 1787- Persons 
 assured on their own Lives, or the Lives of others, 
 in the sum of £300 or upwards. 
 
 By Bye-Law 2. Sect. 2. only five persons assured 
 on the Lives of others can be Directors at one and 
 the same time. And by Bye-Law 17, whenever two 
 or more persons are assured by the same Policy of 
 Assurance, only one of such persons may be elected 
 a Director or Trustee at the same time. 
 
 In right of Policies dated subsequent to 9th January 
 1787, and prior to 2nd September 1802. Persons 
 assured in the sum of £1000 or upwards. 
 
 In right of Policies dated subsequent to 2nd Septem¬ 
 ber 1802, and prior to 3rd September 1807- Per¬ 
 sons assured in the sum of £2000 or upwards. 
 
 In right of Policies dated subsequent to 3rd Septem¬ 
 ber 1807, and prior to 21stDecember 1809. Per¬ 
 sons assured in the sum of £3000 or upwards. 
 
 In right of Policies dated subsequent to 21st Decem¬ 
 ber 1809, and prior to 3ist December 1816. Per¬ 
 sons assured in the sum of £5000. 
 
 In right of Policies dated subsequent to 31st Decem¬ 
 ber 1816. Persons assured in £5000, after being 
 assured for the term of five vears, and when the 
 Policies prior in number and date shall be reduced 
 to 5000. 
 
TABLES, FORMS, &C. 101 
 
 Table C. 
 
 Remuneration to Members of the General Court. 
 
 \ 
 
 5th December ] 771- T5 5s. to be divided among 
 the twenty-one Members who come first. 
 
 16th April 1772. £3 3^. among Members present, 
 
 if twenty-one Members (the number required to 
 constitute a Court,) were not present. 
 
 17th January 1782. £10 10^. among the Members, 
 
 under the same regulations as the £5 5s., formerly 
 allowed. At present 2s. 6d. to each Member who 
 attends at eleven o’clock. 
 
 Table D. 
 
 Remuneration to Auditors. 
 
 17 th June 1773. £5 5^. each audit, divided among 
 
 those present. 
 
 5th September 1793. £10 105. each audit, divided 
 
 among those present. 
 
 5th April 1827. £5 5s. each for every Audit. 
 
 Table E. 
 
 Remuneration to Directors. 
 
 From 7th September 1762 to 6th May 1778. £2 
 
 for each Court. 
 
 From 2nd May 1778 until 17th January 1782. £240 
 per annum. 
 
 From 17th January 1782 until 5th September 1793. 
 £400 per annum. 
 
 From 5th September 1793 until 5th April 1827. 
 £1 l5. each for his attendance. 
 
 From 5th April 1827. £1500 per annum, to be di¬ 
 
 vided, according to their attendance, subject to the 
 regulation of the Court of Directors. 
 
102 
 
 EQUITABLE SOCIETY. 
 
 FORM 
 
 OF 
 
 A PROPOSAL 
 
 TO BE PRESENTED TO A WEEKLY COURT OF DIRECTORS. 
 
 Name and Profession of the Life to be assured 
 Place and Date of Birth 
 
 Present Residence 
 
 Age Sum Term 
 
 By whom made 
 
 To give a Reference to Two * Persons of good Re¬ 
 pute, (one if possible of the Medical Profession,) 
 to ascertain the present and general State of Health 
 of the Life to be assured. 
 
 If had the Small Pox If had the Cow Pox 
 
 If had the Gout If ever Ruptured 
 
 * Parties who do not appear before the Court of Directors, or 
 who cannot refer to a Person of the Medical Profession, are re¬ 
 quired to give a Reference to Three Persons for an account of 
 the present and general state of their Health. 
 
TABLES, FORMS, &C. 
 
 103 
 
 THE SUBSTANCE 
 
 OF 
 
 A DECLARATION 
 
 Required to be made and signed in the Office, by or on 
 the Behalf of a Person ^ who proposes to make an 
 Assurance on his or her own Life, 
 
 I being desirous of becoming a 
 
 Member of the Society for Equitable Assurances on 
 Lives and Survivorships, and intending to make As¬ 
 surance in the sum of 
 
 upon and for the continuance of my own 
 Life, and having perused and considered that clause ^ 
 of the Deed of Settlement of the said Society which 
 requires a declaration in writing of the Age, state of 
 Health, and other circumstances attending the person 
 whose Life shall be proposed to be assured, do hereby 
 declare and set forth, That my Age does not exceed 
 
 ; that I have had the Cow 1 p 
 
 Small / 
 
 and have had the Gout; 
 
 and that I am not afflicted with any Disorder which 
 tends to the shortening of Life ; and I do hereby 
 agree that this declaration be the basis of the con¬ 
 tract between the said Society and me, and that if 
 any untrue averment is contained in this declaration, 
 all monies which shall have been paid to the Society 
 upon account of the assurance made in consequence 
 thereof, shall be forfeited. Dated the day of 
 
 in the year of our Lord 
 
 * Clause 17. 
 
104 
 
 EQUITABLE SOCIETY. 
 
 / 
 
 THE SUBSTANCE 
 
 OF 
 
 A DECLARATION 
 
 Required to be made and signed in the Office, by or on 
 the Behalf of a Person who proposes to make an 
 Assurance on the Life of another. 
 
 I being desirous of becoming a 
 
 Member of the Society for Equitable Assurances on 
 Lives and Survivorships, and intending to make As¬ 
 surance in the sum of 
 
 upon the Life of 
 
 and having perused and considered that 
 
 clause^ of the Deed of Settlement of the said Society, 
 
 which requires a declaration in writing of the Age, 
 
 state of Health, and other circumstances attending 
 
 the person whose Life shall be proposed to be assured, 
 
 do hereby declare and set forth, That the said 
 
 has not any Disorder 
 
 which tends to the shortening of Life; 
 
 that he has had the Cow "I p 
 
 Small; 
 
 had the Gout; and that the Age of 
 
 a 
 
 and has 
 the said 
 
 Clause 17. 
 
TABLES, FORMS, &C. 
 
 105 
 
 does not exceed years ; and that 
 
 I have an interest^ in the Life of the said 
 
 to the full amount of the said 
 sum of and I do 
 
 hereby agree that this declaration be the basis of the 
 contract between the said Society and me, and that 
 if any untrue averment is contained in this declara¬ 
 tion, all monies which shall have been paid to the 
 Society upon account of the assurance made in con¬ 
 sequence thereof, shall be forfeited. Dated the 
 day of in the year of our Lord 
 
 * “ No greater sum can be recovered or received than the 
 amount or value of the interest in the life assured at the time the 
 claim is made.”—14 Geo. III. cap. 48. 
 
106 
 
 EQUITABLE SOCIETY. 
 
 FORM OF POLICY. 
 
 Persons assured on their own Lives. 
 
 This present Instrument or Policy of Assurance 
 witnesseth, That whereas 
 
 hath entered into and become a Member of the So¬ 
 ciety for Equitable Assurances on Lives and Survi¬ 
 vorships, according to a certain Deed of Settlement, 
 bearing date the Seventh day of September' j which was 
 in the year of our Lord One Thousand Seven Hundred 
 and Sixty-Two y and inrolled in His Majesty’s Court 
 of King^s Bench, at Westminster, and the several Bye- 
 Laws now in force, or hereafter to be made, for regu¬ 
 lating the said Society; Snil whereas the said So¬ 
 ciety, relying upon the truth of a certain Declaration, 
 dated this day of 
 
 made and signed by 
 
 touching the Age, State of Health, and other circum¬ 
 stances attending the said 
 have assured to the said 
 
 the sum of pounds, 
 
 to be paid to Executors, Administrators, or 
 
 Assigns, after the decease of the said 
 
 the same shall happen 
 
 provided the said Assured does not exceed 
 
 the Age of years on this 
 
 day of has had the Cow "I p 
 
 Small i 
 
 and is not afflicted with 
 
TABLES, FORMS, &C. 
 
 107 
 
 any Disorder ivhich tends to the shortening of Life, 
 
 (as in the said Decla¬ 
 ration more fully is set forth) at and under the an¬ 
 nual Sum or Premium of 
 
 anti whereas the said Assured hath executed the 
 Covenants usually entered into by Members of the 
 said Society, and hath paid such premium for one 
 whole year, commencing from the date of these pre¬ 
 sents. We, whose Names are hereunto sub¬ 
 
 scribed, and Seals affixed, being Two of the Trustees 
 of the said Society, do for Ourselves, and our Assigns, 
 Trustees of the said Society, covenant, promise, and 
 agree, to and with the said Assured^ and the Execu¬ 
 tors, Administrators, and Assigns of the said Assured, 
 that if the said Assured, or the Assigns of the said 
 Assured, shall yearly and every year during the term 
 of this Assurance continue to pay to the Trustees of 
 the said Society, or to any Two or more of them, the 
 annual Sum or Premium aforesaid, on or before the 
 
 day of in every year^; 
 
 and shall observe, perform, fulfil and keep all and sin¬ 
 gular the Covenants, Articles, Clauses, Provisos, Con¬ 
 ditions, and Agreements, which on the part and be¬ 
 half of the said Assured, are and ought to be observed, 
 performed, fulfilled, and kept, according to the true 
 intent and meaning of the said Deed of Settlement 
 and Bye-Laws: We, or our Assigns, Trustees of the 
 said Society for the time being, will or shall within 
 three calendar months, provided this Policy of Assu- 
 
 “ See Bye-L?iw 37. 
 
108 
 
 EQUITABLE SOCIETY. 
 
 ranee be in the hands of the personal Representatives 
 of the Deceased, or if otherwise, within six calendar 
 months, after satisfactory proof shall have been made 
 of the death of the said Assured, well and truly pay 
 or cause to be paid, out of the Stock or Fund of the 
 said Society, unto the Executors, Administrators, or 
 Assigns of the said Assured, the full Sum so hereby 
 assured : always, and it is hereby declared 
 
 to be the true intent and meaning of this Policy of 
 Assurance, and the same is accepted by the said As¬ 
 sured upon these express conditions, that in case the 
 said Assured shall die upon the Seas, or shall go be¬ 
 yond the limits of Europe, unless licence be obtained 
 from the Court of Directors, or shall die by 
 own hands^, or by the hands of justice ; or if the Age 
 of the said Assured does exceed years ; 
 
 or if the said Assured be now afflicted with any Dis¬ 
 order which tends to the shortening of Life, 
 
 or if the above-mentioned Declaration 
 contains any untrue averment, this Policy shall he 
 utterly void. 
 
 In witness whereof we have hereunto set our Hands 
 and Seals, this day of 
 
 in the year of our Lord One Thousand Eight Hun¬ 
 dred and 
 
 • See Bye-Law 41. 
 
TABLES, FORMS, &C. 
 
 109 
 
 FORM OF POLICY. 
 
 Persons assured on the Life of another. 
 
 This present Instrument or Policy of Assurance 
 witnesseth, That whereas 
 
 hath entered into, and become a Member of the So¬ 
 ciety for Equitable Assurances on Lives and Survivor¬ 
 ships, according to a certain Deed of Settlement, 
 bearing date the Seventh day of September, which 
 was in the year of our Lord One Thousand Seven 
 Hundred and Sixty-Two, and inrolled in His Majesty’s 
 Court of King's Bench, at Westminster, and the se¬ 
 veral Bye-Laws now in force, or hereafter to be made, 
 for regulating the said Society; and hath made As¬ 
 surance with the said Society in the Sum of 
 
 Pounds, 
 
 upon the natural Life of 
 
 Pox, 
 
 and hath undertaken that the said 
 
 does not exceed 
 
 the Age of years on this 
 
 day of has had the Cow 1 
 
 Small J 
 
 and is not afflicted with 
 any Disorder which tends to the shortening of Life, 
 
 (as in a certain Declaration, dated this 
 day of by 
 
 made and signed is more fully 
 
 set forth). 
 
110 
 
 EQUITABLE SOCIETY. 
 
 9Lnt) whereas the said Society, relying upon the 
 truth of the said Declaration, have assured to the said 
 
 the said Sum of 
 Pounds, 
 
 to be paid to the said 
 
 hereby assured Executors, Admi¬ 
 nistrators, or Assigns, after the decease of the 
 
 said 
 
 the same shall happen at and 
 
 under the annual Sum or Premium of 
 
 whereas the said Assured hath executed the 
 Covenants usually entered into by Members of the 
 said Society, and hath paid such Premium for one 
 whole year, commencing from the date of these pre¬ 
 sents. iSOtD We, whose names are hereunto sub¬ 
 scribed, and seals affixed, being Two of the Trustees 
 of the said Society, do, for Ourselves, and our Assigns, 
 Trustees of the said Society, covenant, promise, and 
 agree, to and with the said Assured, and Exe¬ 
 
 cutors, Administrators, and Assigns, that if the said 
 Assured, or the Executors, Administrators, or Assigns 
 of the said Assured, shall yearly and every year, 
 during the term of this Assurance, continue to pay to 
 the Trustees of the said Society, for the time being, 
 or to any two or more of them, the annual Sum or 
 Premium aforesaid, on or before the 
 day of in every year ; and shall observe, 
 
 perform, fulfil, and keep all and singular the Cove¬ 
 nants, Articles, Clauses, Provisos, Conditions, and 
 Agreements, which on the part and behalf of the said 
 Assured, are to be observed, performed, fulfilled, and 
 
TABLES, FORMS, &C. 
 
 Ill 
 
 kept, according to the true intent and meaning of the 
 said Deed of Settlement and Bye-Laws : We, or our 
 Assigns, Trustees of the said Society for the time 
 being, will or shall within six calendar months, after 
 satisfactory proof made of the death of the said 
 
 well and truly pay, 
 or cause to be paid, out of the Stock or Fund of the 
 said Society, unto the said Assured, Executors, 
 
 Administrators, or Assigns, the full Sum so hereby 
 assured: always, and it is hereby declared 
 
 to be the true intent and meaning of this Policy of 
 Assurance, and the same is accepted by the said As¬ 
 sured upon these express conditions that in case the 
 said 
 
 shall die upon the Seas, or go beyond the limits of 
 Europe, unless licence be obtained from the Court of 
 Directors, or if the age of the said 
 
 does exceed the age of 
 
 years ; or if the said 
 
 be now afflicted with any Disorder which tends to the 
 shortening of Life, or if the above- 
 
 mentioned Declaration contains any untrue averment, 
 this Policy shall be utterly void. In witness whereof 
 we have hereunto set our Hands and Seals, this 
 day of in the year of our Lord One 
 
 Thousand Eight Hundred and 
 
112 
 
 EQUITABLE SOCIETY. 
 
 FORM 
 
 OF THE 
 
 CERTIFICATE OF A DEATH. 
 
 To the President, Vice-Presidents, and other the 
 Directors of the Society for Equitable Assurances 
 on Lives and Survivorships. 
 
 I of 
 
 in the Countv of 
 do by these Presents certify, 
 that I was personally acquainted with 
 
 whose Life, as it is suggested, 
 was insured at your Office, by Policy No. 
 by the description of 
 and that the said 
 
 did depart this Life on or about the day of 
 
 18 at 
 
 in the And that the said 
 
 did not die by 
 
 own hands, nor suffer death by the hands of justice, 
 but that death was occasioned by 
 
 As witness my hand this day of 
 
 One Thousand Eight Hundred 
 
 Signed in the Presence of 
 Residing at 
 
 N.B. The Certificate to he signed, and the nature of 
 the Disease to he particularly specified, hy the Phy¬ 
 sician, Surgeon, or Apothecary who attended the 
 Deceased, and witnessed hy the Minister of the 
 Parish or some nelghhouring Justice of the Peace, 
 or other Person or Persons of estahlished credit. 
 
TABLES, FORMS, &C. 
 
 TABLES OF PREMIUMS. 
 
 The Premiums required by the Deed of Settlement (Clauses 2 
 to 13,) were computed from a Table of the probabilities of the 
 duration of Human Life, deduced by Mr. Dodson from the Lon¬ 
 don Bills of Mortality, from the year 1728 to 1750. 
 
 In consequence of a Report from the Court of Directors to a 
 General Court, on the 7 th of December 1780, recommending the 
 use of the Northampton Tables, then recently published by Dr. 
 Price, it was unanimously resolved and ordered at a General 
 Court, on the 2nd of January 1781, “That the Directors do, and 
 they are hereby empowered to take the necessary steps for effec¬ 
 tuating and carrying into execution the measures recommended 
 by the said Report, with all convenient dispatch.” And on the 
 5th of December 1781, the Tables which had been formed by the 
 Actuary for carrying the intention of the General Court into exe¬ 
 cution were laid before the Court; and it was ordered, nemine 
 contradicente, that these Tables, with the additions of £15 per 
 cent., recommended by the Directors upon the respective Pre¬ 
 miums, be adopted by the Society. These Additions were discon¬ 
 tinued on a recommendation from the Court of Directors, by an 
 Order of the General Court, on the 21st of December 1786. 
 
 An addition of £22 per cent, computed upon the premium, is 
 charged upon military persons; and an addition of £11 per 
 cent, on officers on half-pay, officers in the militia, fencibles, and 
 the like levies; on persons not having had the Small-pox, or 
 Cow-pox, or having had the Gout, or been afflicted with Hernia; 
 and also on persons holding the magistrates’ licence to retail 
 beer. 
 
 Every person making an}’’ assurance with the Society pays Five 
 shillings in the name of entrance-money; and, if the sum as¬ 
 sured exceed One Hundred pounds, the entrance-money is charged 
 after the rate of Five shillings for every Hundred pounds. But if 
 the person, upon whose life an assurance is proposed, does not 
 appear before the Directors, the entrance-money is charged after 
 the rate of One pound for every Hundred pounds. 
 
 1 
 
114 
 
 EQUITABLE SOCIETY 
 
 Table of Premiums for assuring £100 on the con- 
 
 be paid during a limited 
 
 Age. 
 
 Sing. Prem. 
 
 Three Years. 
 
 Five Years. 
 
 Seven Years. 
 
 8 to 
 
 £. 
 
 s. 
 
 d. 
 
 £. 
 
 s. 
 
 d. 
 
 £. 
 
 s. 
 
 d. 
 
 £. 
 
 s. 
 
 d. 
 
 14 
 
 39 
 
 4 
 
 6 
 
 13 
 
 11 
 
 6 
 
 8 
 
 9 
 
 2 
 
 6 
 
 5 
 
 9 
 
 15 
 
 39 
 
 16 
 
 8 
 
 13 
 
 16 
 
 0 
 
 8 
 
 12 
 
 2 
 
 6 
 
 8 
 
 0 
 
 16 
 
 40 
 
 9 
 
 7 
 
 14 
 
 0 
 
 8 
 
 8 
 
 15 
 
 3 
 
 6 
 
 10 
 
 5 
 
 17 
 
 41 
 
 2 
 
 3 
 
 14 
 
 5 
 
 4 
 
 8 
 
 18 
 
 5 
 
 6 
 
 12 
 
 10 
 
 18 
 
 41 
 
 14 
 
 2 
 
 14 
 
 10 
 
 0 
 
 9 
 
 1 
 
 4 
 
 (> 
 
 15 
 
 1 
 
 19 
 
 42 
 
 5 
 
 5 
 
 14 
 
 14 
 
 0 
 
 9 
 
 4 
 
 1 
 
 6 
 
 17 
 
 3 
 
 20 
 
 42 
 
 16 
 
 0 
 
 14 
 
 18 
 
 0 
 
 9 
 
 6 
 
 8 
 
 (> 
 
 19 
 
 2 
 
 21 
 
 43 
 
 5 
 
 10 
 
 15 
 
 1 
 
 6 
 
 9 
 
 9 
 
 0 
 
 7 
 
 1 
 
 0 
 
 22 
 
 43 
 
 15 
 
 1 
 
 15 
 
 4 
 
 10 
 
 9 
 
 11 
 
 1 
 
 7 
 
 2 
 
 6 
 
 23 
 
 44 
 
 4 
 
 7 
 
 15 
 
 8 
 
 2 
 
 9 
 
 13 
 
 2 
 
 7 
 
 4 
 
 2 
 
 24 
 
 44 
 
 14 
 
 2 
 
 15 
 
 11 
 
 8 
 
 9 
 
 15 
 
 6 
 
 7 
 
 5 
 
 10 
 
 25 
 
 45 
 
 4 
 
 0 
 
 15 
 
 15 
 
 2 
 
 9 
 
 17 
 
 8 
 
 7 
 
 7 
 
 7 
 
 26 
 
 45 
 
 14 
 
 0 
 
 15 
 
 18 
 
 8 
 
 10 
 
 0 
 
 0 
 
 7 
 
 9 
 
 4 
 
 27 
 
 46 
 
 4 
 
 3 
 
 16 
 
 2 
 
 5 
 
 10 
 
 2 
 
 3 
 
 7 
 
 11 
 
 1 
 
 28 
 
 46 
 
 14 
 
 8 
 
 16 
 
 6 
 
 0 
 
 10 
 
 4 
 
 8 
 
 7 
 
 13 
 
 0 
 
 29 
 
 47 
 
 5 
 
 3 
 
 16 
 
 9 
 
 10 
 
 10 
 
 7 
 
 2 
 
 7 
 
 14 
 
 10 
 
 30 
 
 47 
 
 16 
 
 0 
 
 16 
 
 13 
 
 9 
 
 10 
 
 9 
 
 7 
 
 7 
 
 16 
 
 8 
 
 31 
 
 48 
 
 7 
 
 0 
 
 16 
 
 17 
 
 8 
 
 10 
 
 12 
 
 2 
 
 7 
 
 18 
 
 8 
 
 32 
 
 48 
 
 18 
 
 3 
 
 17 
 
 1 
 
 8 
 
 10 
 
 14 
 
 10 
 
 8 
 
 0 
 
 8 
 
 33 
 
 49 
 
 9 
 
 9 
 
 17 
 
 5 
 
 10 
 
 10 
 
 17 
 
 5 
 
 8 
 
 2 
 
 8 
 
 34 
 
 50 
 
 1 
 
 5 
 
 17 
 
 10 
 
 0 
 
 11 
 
 0 
 
 2 
 
 8 
 
 4 
 
 9 
 
 35 
 
 50 
 
 13 
 
 4 
 
 17 
 
 14 
 
 3 
 
 11 
 
 2 
 
 11 
 
 8 
 
 6 
 
 10 
 
 36 
 
 51 
 
 5 
 
 6 
 
 17 
 
 18 
 
 8 
 
 11 
 
 5 
 
 9 
 
 8 
 
 9 
 
 1 
 
 37 
 
 51 
 
 17 
 
 11 
 
 18 
 
 3 
 
 2 
 
 11 
 
 8 
 
 8 
 
 8 
 
 11 
 
 5 
 
 38 
 
 52 
 
 10 
 
 8 
 
 18 
 
 7 
 
 9 
 
 11 
 
 11 
 
 8 
 
 8 
 
 13 
 
 9 
 
 39 
 
 53 
 
 3 
 
 7 
 
 18 
 
 12 
 
 6 
 
 11 
 
 14 
 
 10 
 
 8 
 
 16 
 
 2 
 
 40 
 
 53 
 
 16 
 
 10 
 
 18 
 
 17 
 
 4 
 
 11 
 
 18 
 
 0 
 
 8 
 
 18 
 
 10 
 
 41 
 
 54 
 
 10 
 
 1 
 
 19 
 
 2 
 
 3 
 
 12 
 
 1 
 
 3 
 
 9 
 
 1 
 
 4 
 
 42 
 
 55 
 
 3 
 
 5 
 
 19 
 
 7 
 
 3 
 
 12 
 
 4 
 
 6 
 
 9 
 
 3 
 
 10 
 
 43 
 
 55 
 
 16 
 
 9 
 
 19 
 
 13 
 
 0 
 
 12 
 
 7 
 
 9 
 
 9 
 
 6 
 
 4 
 
 44 
 
 56 
 
 10 
 
 4 
 
 19 
 
 17 
 
 1 
 
 12 
 
 11 
 
 0 
 
 9 
 
 8 
 
 11 
 
 45 
 
 57 
 
 4 
 
 2 
 
 20 
 
 2 
 
 2 
 
 12 
 
 14 
 
 5 
 
 9 
 
 11 
 
 7 
 
 46 
 
 57 
 
 18 
 
 3 
 
 20 
 
 7 
 
 5 
 
 12 
 
 17 
 
 11 
 
 9 
 
 14 
 
 5 
 
 47 
 
 58 
 
 12 
 
 8 
 
 20 
 
 12 
 
 8 
 
 13 
 
 1 
 
 6 
 
 9 
 
 17 
 
 4 
 
 48 
 
 59 
 
 7 
 
 4 
 
 20 
 
 18 
 
 2 
 
 13 
 
 5 
 
 3 
 
 10 
 
 0 
 
 3 
 
 49 
 
 60 
 
 2 
 
 4 
 
 21 
 
 4 
 
 0 
 
 13 
 
 9 
 
 3 
 
 10 
 
 3 
 
 6 
 
 50 
 
 60 
 
 17 
 
 4 
 
 21 
 
 9 
 
 10 
 
 13 
 
 13 
 
 8 
 
 10 
 
 6 
 
 8 
 
 51 
 
 61 
 
 12 
 
 1 
 
 21 
 
 15 
 
 6 
 
 13 
 
 17 
 
 1 
 
 10 
 
 9 
 
 11 
 
 52 
 
 62 
 
 6 
 
 9 
 
 22 
 
 1 
 
 1 
 
 14 
 
 0 
 
 11 
 
 10 
 
 13 
 
 0 
 
 53 
 
 63 
 
 1 
 
 9 
 
 22 
 
 6 
 
 10 
 
 14 
 
 4 
 
 10 
 
 10 
 
 16 
 
 2 
 
 54 
 
 63 
 
 16 
 
 10 
 
 22 
 
 12 
 
 8 
 
 14 
 
 8 
 
 10 
 
 10 
 
 19 
 
 () 
 
 55 
 
 64 
 
 12 
 
 3 
 
 22 
 
 18 
 
 7 
 
 14 
 
 13 
 
 0 
 
 11 
 
 2 
 
 11 
 
 56 
 
 65 
 
 7 
 
 10 
 
 23 
 
 4 
 
 8 
 
 14 
 
 17 
 
 3 
 
 11 
 
 7 
 
 (> 
 
 57 
 
 66 
 
 3 
 
 7 
 
 23 
 
 10 
 
 11 
 
 15 
 
 1 
 
 7 
 
 11 
 
 10 
 
 0 
 
 58 
 
 66 
 
 19 
 
 7 
 
 23 
 
 17 
 
 3 
 
 15 
 
 6 
 
 1 
 
 11 
 
 13 
 
 10 
 
 59 
 
 67 
 
 15 
 
 10 
 
 24 
 
 3 
 
 8 
 
 15 
 
 10 
 
 8 
 
 11 
 
 17 
 
 9 
 
 60 
 
 68 
 
 12 
 
 2 
 
 24 
 
 10 
 
 4 
 
 15 
 
 15 
 
 6 
 
 12 
 
 1 
 
 7 
 
 61 
 
 69 
 
 8 
 
 9 
 
 24 
 
 17 
 
 0 
 
 16 
 
 0 
 
 2 
 
 12 
 
 5 
 
 7 
 
 62 
 
 70 
 
 5 
 
 6 
 
 25 
 
 3 
 
 9 
 
 16 
 
 5 
 
 2 
 
 12 
 
 10 
 
 0 
 
 63 
 
 71 
 
 2 
 
 9 
 
 25 
 
 10 
 
 11 
 
 16 
 
 10 
 
 4 
 
 12 
 
 14 
 
 6 
 
 64 
 
 72 
 
 0 
 
 1 
 
 25 
 
 18 
 
 0 
 
 16 
 
 15 
 
 9 
 
 12 
 
 19 
 
 4 
 
 65 
 
 72 
 
 18 
 
 0 
 
 26 
 
 5 
 
 8 
 
 17 
 
 1 
 
 7 
 
 13 
 
 4 
 
 7 
 
 66 
 
 73 
 
 16 
 
 0 
 
 26 
 
 13 
 
 7 
 
 17 
 
 7 
 
 9 
 
 13 
 
 10 
 
 1 
 
 67 
 
 74 
 
 14 
 
 3 
 
 27 
 
 1 
 
 1 
 
 9 
 
 17 
 
 14 
 
 2 
 
 13 
 
 16 
 
 1 
 
 The power of receiving a Premium payable during a limited 
 
TABLES, FORMS, &C. 
 
 115 
 
 tinuance of a Single Life at an Annual Premium to 
 number of Years, or for Life. 
 
 Ten Years. 
 
 Fifteen Years. 
 
 Twenty Years. 
 
 The whole Life. 
 
 Age. 
 
 £. 
 
 s. 
 
 d. 
 
 £. 
 
 s. 
 
 d. 
 
 £. 
 
 s. 
 
 d. 
 
 £. 
 
 s. 
 
 d. 
 
 8 to 
 
 4 
 
 13 
 
 5 
 
 3 
 
 8 
 
 10 
 
 2 
 
 16 
 
 10 
 
 1 
 
 17 
 
 7 
 
 14 
 
 4 
 
 15 
 
 2 
 
 3 
 
 10 
 
 2 
 
 2 
 
 18 
 
 0 
 
 1 
 
 18 
 
 7 
 
 15 
 
 4 
 
 17 
 
 1 
 
 3 
 
 11 
 
 7 
 
 2 
 
 19 
 
 3 
 
 1 
 
 19 
 
 8 
 
 16 
 
 4 
 
 18 
 
 11 
 
 3 
 
 13 
 
 0 
 
 3 
 
 0 
 
 6 
 
 2 
 
 0 
 
 8 
 
 17 
 
 5 
 
 0 
 
 8 
 
 3 
 
 14 
 
 5 
 
 3 
 
 1 
 
 8 
 
 2 
 
 1 
 
 8 
 
 18 
 
 5 
 
 2 
 
 3 
 
 3 
 
 15 
 
 8 
 
 3 
 
 2 
 
 10 
 
 2 
 
 2 
 
 8 
 
 19 
 
 5 
 
 3 
 
 10 
 
 3 
 
 16 
 
 10 
 
 3 
 
 3 
 
 9 
 
 2 
 
 3 
 
 7 
 
 20 
 
 5 
 
 5 
 
 2 
 
 3 
 
 17 
 
 10 
 
 3 
 
 4 
 
 8 
 
 2 
 
 4 
 
 6 
 
 21 
 
 5 
 
 6 
 
 6 
 
 3 
 
 18 
 
 10 
 
 3 
 
 5 
 
 6 
 
 2 
 
 5 
 
 4 
 
 22 
 
 5 
 
 7 
 
 8 
 
 3 
 
 19 
 
 10 
 
 3 
 
 6 
 
 10 
 
 2 
 
 6 
 
 3 
 
 23 
 
 5 
 
 9 
 
 0 
 
 4 
 
 0 
 
 10 
 
 3 
 
 7 
 
 3 
 
 2 
 
 7 
 
 1 
 
 24 
 
 5 
 
 10 
 
 3 
 
 4 
 
 1 
 
 10 
 
 3 
 
 8 
 
 2 
 
 2 
 
 8 
 
 1 
 
 25 
 
 5 
 
 11 
 
 8 
 
 4 
 
 2 
 
 11 
 
 3 
 
 9 
 
 1 
 
 2 
 
 9 
 
 1 
 
 26 
 
 ,1 
 
 13 
 
 0 
 
 4 
 
 4 
 
 0 
 
 3 
 
 10 
 
 0 
 
 2 
 
 10 
 
 1 
 
 27 
 
 5 
 
 14 
 
 6 
 
 4 
 
 5 
 
 1 
 
 3 
 
 11 
 
 0 
 
 2 
 
 11 
 
 1 
 
 28 
 
 5 
 
 15 
 
 11 
 
 4 
 
 6 
 
 3 
 
 3 
 
 12 
 
 0 
 
 2 
 
 12 
 
 3 
 
 29 
 
 5 
 
 17 
 
 4 
 
 4 
 
 7 
 
 4 
 
 3 
 
 13 
 
 1 
 
 2 
 
 13 
 
 5 
 
 30 
 
 5 
 
 18 
 
 11 
 
 4 
 
 8 
 
 7 
 
 3 
 
 14 
 
 2 
 
 2 
 
 14 
 
 7 
 
 31 
 
 6 
 
 0 
 
 5 
 
 4 
 
 9 
 
 11 
 
 3 
 
 15 
 
 4 
 
 2 
 
 15 
 
 9 
 
 32 
 
 6 
 
 2 
 
 0 
 
 4 
 
 11 
 
 2 
 
 3 
 
 16 
 
 6 
 
 2 
 
 17 
 
 1 
 
 33 
 
 6 
 
 3 
 
 8 
 
 4 
 
 12 
 
 6 
 
 3 
 
 17 
 
 8 
 
 2 
 
 18 
 
 5 
 
 34 
 
 6 
 
 5 
 
 4 
 
 4 
 
 13 
 
 11 
 
 3 
 
 19 
 
 0 
 
 2 
 
 19 
 
 10 
 
 35 
 
 6 
 
 7 
 
 2 
 
 4 
 
 15 
 
 3 
 
 4 
 
 0 
 
 3 
 
 3 
 
 1 
 
 4 
 
 36 
 
 6 
 
 9 
 
 0 
 
 4 
 
 16 
 
 10 
 
 4 
 
 1 
 
 7 
 
 3 
 
 2 
 
 10 
 
 37 
 
 6 
 
 10 
 
 10 
 
 4 
 
 18 
 
 4 
 
 4 
 
 3 
 
 1 
 
 3 
 
 4 
 
 6 
 
 38 
 
 6 
 
 12 
 
 9 
 
 5 
 
 0 
 
 0 
 
 4 
 
 4 
 
 6 
 
 3 
 
 6 
 
 2 
 
 39 
 
 6 
 
 14 
 
 10 
 
 5 
 
 1 
 
 7 
 
 4 
 
 6 
 
 1 
 
 3 
 
 7 
 
 11 
 
 40 
 
 6 
 
 17 
 
 0 
 
 5 
 
 3 
 
 4 
 
 4 
 
 7 
 
 9 
 
 3 
 
 9 
 
 9 
 
 41 
 
 6 
 
 18 
 
 10 
 
 5 
 
 5 
 
 0 
 
 4 
 
 9 
 
 4 
 
 3 
 
 11 
 
 8 
 
 42 
 
 7 
 
 1 
 
 0 
 
 5 
 
 6 
 
 10 
 
 4 
 
 11 
 
 0 
 
 3 
 
 13 
 
 8 
 
 4;i 
 
 7 
 
 3 
 
 0 
 
 5 
 
 8 
 
 8 
 
 4 
 
 12 
 
 9 
 
 3 
 
 15 
 
 9 
 
 44 
 
 7 
 
 5 
 
 8 
 
 5 
 
 10 
 
 6 
 
 4 
 
 14 
 
 6 
 
 3 
 
 17 
 
 11 
 
 45 
 
 7 
 
 7 
 
 6 
 
 5 
 
 12 
 
 6 
 
 4 
 
 16 
 
 5 
 
 4 
 
 0 
 
 2 
 
 46 
 
 7 
 
 10 
 
 0 
 
 5 
 
 14 
 
 3 
 
 4 
 
 18 
 
 5 
 
 4 
 
 2 
 
 7 
 
 47 
 
 7 
 
 12 
 
 6 
 
 5 
 
 16 
 
 10 
 
 5 
 
 0 
 
 6 
 
 4 
 
 5 
 
 1 
 
 48 
 
 7 
 
 15 
 
 1 
 
 5 
 
 19 
 
 I 
 
 5 
 
 2 
 
 9 
 
 4 
 
 7 
 
 10 
 
 49 
 
 7 
 
 17 
 
 10 
 
 6 
 
 1 
 
 6 
 
 5 
 
 5 
 
 0 
 
 4 
 
 10 
 
 8 
 
 50 
 
 8 
 
 0 
 
 5 
 
 6 
 
 3 
 
 9 
 
 
 
 
 4 
 
 13 
 
 6 
 
 51 
 
 8 
 
 3 
 
 0 
 
 6 
 
 6 
 
 1 
 
 
 
 
 4 
 
 16 
 
 5 
 
 52 
 
 8 
 
 5 
 
 9 
 
 6 
 
 8 
 
 3 
 
 
 
 
 4 
 
 19 
 
 7 
 
 53 
 
 8 
 
 8 
 
 7 
 
 fi 
 
 11 
 
 2 
 
 
 
 
 5 
 
 2 
 
 10 
 
 54 
 
 8 
 
 11 
 
 6 
 
 6 
 
 13 
 
 11 
 
 
 
 
 5 
 
 6 
 
 4 
 
 55 
 
 8 
 
 14 
 
 6 
 
 6 
 
 16 
 
 4 
 
 
 
 
 5 
 
 10 
 
 1 
 
 56 
 
 8 
 
 17 
 
 9 
 
 6 
 
 19 
 
 9 
 
 
 
 
 5 
 
 14 
 
 0 
 
 57 
 
 9 
 
 1 
 
 0 
 
 7 
 
 2 
 
 11 
 
 
 
 
 5 
 
 18 
 
 2 
 
 58 
 
 9 
 
 4 
 
 6 
 
 7 
 
 6 
 
 4 
 
 
 
 
 6 
 
 2 
 
 8 
 
 59 
 
 9 
 
 8 
 
 0 
 
 7 
 
 9 
 
 11 
 
 
 
 
 6 
 
 7 
 
 4 
 
 60 
 
 9 
 
 11 
 
 9 
 
 
 
 
 
 
 
 6 
 
 12 
 
 4 
 
 61 
 
 9 
 
 14 
 
 9 
 
 
 
 6 
 
 17 
 
 3 
 
 9 
 
 62 
 
 10 
 
 0 
 
 0 
 
 
 
 7 
 
 7 
 
 63 
 
 10 
 
 4 
 
 3 
 
 
 
 7 
 
 9 
 
 10 
 
 64 
 
 10 
 
 9 
 
 9 
 
 
 
 7 
 
 16 
 
 9 
 
 65 
 
 10 
 
 15 
 
 2 
 
 
 
 8 
 
 4 
 
 1 
 
 66 
 
 11 
 
 1 
 
 3 
 
 
 
 8 
 
 12 
 
 1 
 
 67 
 
 number of years, was given by General Court, 2ncl of May 1822. 
 
EQUITABLE SOCIETY. 
 
 1 16 ’ 
 
 Table of annual Premiums payable during the joint 
 Continuance of two Lives for assuring One Hun¬ 
 dred Pounds, or an equivalent Annuity, on the 
 Contingency of one Life’s surviving the other. 
 
 1 Ages. 
 
 r 
 
 
 remium. 
 
 Annuity equivalent 
 to 5^100, to be paid 
 from the Death of 
 the Life assured, 
 during the Remain¬ 
 der of the other 
 Life*. 
 
 Life to be 
 assured. 
 
 Life against 
 which the 
 Assurance is 
 to be njade. 
 
 1 
 
 P) 
 
 
 
 
 s. 
 
 d. 
 
 £. 
 
 5. 
 
 d. 
 
 10 
 
 10 
 
 1 
 
 8 
 
 6 
 
 5 
 
 14 
 
 6 
 
 
 20 
 
 1 
 
 9 
 
 1 
 
 6 
 
 14 
 
 10 
 
 
 30 
 
 1 
 
 8 
 
 3 
 
 i 
 
 14 
 
 11 
 
 
 40 
 
 1 
 
 7 
 
 8 
 
 9 
 
 5 
 
 6 
 
 
 50 
 
 1 
 
 6 
 
 11 
 
 11 
 
 13 
 
 0 
 
 
 60 
 
 1 
 
 6 
 
 0 
 
 15 
 
 13 
 
 5 
 
 
 70 
 
 1 
 
 4 
 
 11 
 
 23 
 
 13 
 
 0 
 
 
 80 
 
 1 
 
 3 
 
 4 
 
 40 
 
 10 
 
 8 
 
 20 
 
 10 
 
 1 
 
 16 
 
 6 
 
 5 
 
 6 
 
 11 
 
 
 20 
 
 1 
 
 17 
 
 0 
 
 6 
 
 4 
 
 1 
 
 
 30 
 
 1 
 
 15 
 
 9 
 
 7 
 
 0 
 
 6 
 
 
 40 
 
 1 
 
 14 
 
 8 
 
 8 
 
 4 
 
 11 
 
 
 50 
 
 1 
 
 13 
 
 6 
 
 10 
 
 1 
 
 9 
 
 
 60 
 
 1 
 
 12 
 
 1 
 
 13 
 
 0 
 
 7 
 
 
 70 
 
 1 
 
 10 
 
 6 
 
 18 
 
 12 
 
 8 
 
 
 80 
 
 1 
 
 8 
 
 3 
 
 30 
 
 9 
 
 6 
 
 30 
 
 10 
 
 o 
 
 5 
 
 5 
 
 5 
 
 5 
 
 8 
 
 
 20 
 
 2 
 
 6 
 
 0 
 
 6 
 
 2 
 
 9 
 
 
 30 
 
 o 
 
 4 
 
 6 
 
 6 
 
 19 
 
 6 
 
 
 40 
 
 2 
 
 2 
 
 9 
 
 8 
 
 3 
 
 8 
 
 
 50 
 
 o 
 
 0 
 
 11 
 
 10 
 
 0 
 
 6 
 
 
 60 
 
 1 
 
 18 
 
 10 
 
 13 
 
 0 
 
 0 
 
 
 70 
 
 1 
 
 16 
 
 / 
 
 18 
 
 12 
 
 10 
 
 
 80 
 
 1 
 
 13 
 
 9 
 
 30 
 
 9 
 
 3 
 
 * Persons assuring a survivorship annuity do not participate in the profits 
 of the Society. 
 
TABLES, FORMS, &C. 
 
 Table, Sic. continued. 
 
 117 
 
 Ages. 
 
 Premium. 
 
 Annuity equivalent 
 to s^lOO, to be paid 
 from the Death of 
 the Life assured, 
 during the Remain¬ 
 der of the other 
 Life. 
 
 Life to be 
 assured. 
 
 Life against 
 which the 
 Assurance is 
 to be made. 
 
 
 
 £. 
 
 
 d. 
 
 £. 
 
 s. 
 
 d. 
 
 40 
 
 10 
 
 2 
 
 19 
 
 2 
 
 5 
 
 3 
 
 6 
 
 
 20 
 
 2 
 
 19 
 
 10 
 
 5 
 
 19 
 
 9 
 
 
 30 
 
 2 
 
 18 
 
 2 
 
 6 
 
 16 
 
 8 
 
 
 40 
 
 2 
 
 15 
 
 11 
 
 8 
 
 1 
 
 0 
 
 
 50 
 
 2 
 
 12 
 
 10 
 
 9 
 
 16 
 
 6 
 
 
 60 
 
 2 
 
 9 
 
 4 
 
 12 
 
 14 
 
 3 
 
 
 70 
 
 2 
 
 5 
 
 11 
 
 18 
 
 5 
 
 6 
 
 
 80 
 
 o 
 
 1 
 
 10 
 
 29 
 
 19 
 
 10 
 
 50 
 
 10 
 
 4 
 
 0 
 
 11 
 
 5 
 
 1 
 
 4 
 
 
 20 
 
 4 
 
 1 
 
 10 
 
 5 
 
 16 
 
 2 
 
 
 30 
 
 4 
 
 0 
 
 1 
 
 6 
 
 12 
 
 2 
 
 
 40 
 
 3 
 
 17 
 
 10 
 
 7 
 
 16 
 
 9 
 
 
 50 
 
 3 
 
 13 
 
 10 
 
 9 
 
 12 
 
 8 
 
 
 60 
 
 3 
 
 7 
 
 7 
 
 12 
 
 6 
 
 8 
 
 
 70 
 
 3 
 
 1 
 
 6 
 
 17 
 
 11 
 
 5 
 
 
 80 
 
 2 
 
 15 
 
 0 
 
 28 
 
 12 
 
 6 
 
 60 
 
 10 
 
 5 
 
 16 
 
 9 
 
 4 
 
 19 
 
 3 
 
 
 20 
 
 5 
 
 18 
 
 1 
 
 5 
 
 12 
 
 10 
 
 
 30 
 
 5 
 
 16 
 
 3 
 
 6 
 
 7 
 
 7 
 
 
 40 
 
 5 
 
 14 
 
 0 
 
 7 
 
 10 
 
 10 
 
 
 50 
 
 5 
 
 10 
 
 7 
 
 9 
 
 8 
 
 0 
 
 
 60 
 
 5 
 
 2 
 
 4 
 
 12 
 
 5 
 
 6 
 
 
 70 
 
 4 
 
 9 
 
 10 
 
 17 
 
 5 
 
 8 
 
 
 80 
 
 3 
 
 17 
 
 11 
 
 27 
 
 19 
 
 10 
 
 67 
 
 10 
 
 8 
 
 1 
 
 0 
 
 4 
 
 17 
 
 8 
 
 
 20 
 
 8 
 
 2 
 
 9 
 
 5 
 
 10 
 
 5 
 
 
 30 
 
 8 
 
 0 
 
 10 
 
 6 
 
 4 
 
 0 
 
 
 40 
 
 7 
 
 18 
 
 7 
 
 7 
 
 5 
 
 5 
 
 
 50 
 
 7 
 
 15 
 
 6 
 
 9 
 
 0 
 
 6 
 
 
 60 
 
 7 
 
 8 
 
 8 
 
 12 
 
 0 
 
 3 
 
 
 70 
 
 6 
 
 10 
 
 8 
 
 17 
 
 1 
 
 8 
 
 
 80 
 
 5 
 
 8 
 
 9 
 
 27 
 
 5 
 
 11 
 
118 
 
 EQUITABLE SOCIETY. 
 
 Table of annual Premiums payable during the joint 
 Continuance of two Lives for assuring One Hun¬ 
 dred Pounds^ to be paid when either of the Lives 
 shall drop. 
 
 Age. 
 
 Age. 
 
 
 Age. 
 
 Age. 
 
 
 Age. 
 
 Age. 
 
 
 1 
 
 £* 
 
 s. 
 
 d. 
 
 
 
 £. 
 
 s. 
 
 d. 
 
 ! 
 
 
 £. 
 
 s. 
 
 d. 
 
 10 
 
 10 
 
 2 
 
 17 
 
 1 
 
 20 
 
 35 
 
 4 
 
 7 
 
 3 
 
 35 
 
 45 
 
 5 
 
 13 
 
 10 
 
 
 15 
 
 3 
 
 1 
 
 1 
 
 
 40 
 
 4 
 
 14 
 
 6 
 
 
 50 
 
 6 
 
 5 
 
 0 
 
 
 20 
 
 3 
 
 5 
 
 7 
 
 
 45 
 
 5 
 
 3 
 
 6 
 
 
 55 
 
 6 
 
 19 
 
 2 
 
 
 25 
 
 3 
 
 9 
 
 3 
 
 
 50 
 
 5 
 
 15 
 
 4 
 
 
 60 
 
 7 
 
 18 
 
 6 
 
 
 30 
 
 3 
 
 13 
 
 9 
 
 
 55 
 
 6 
 
 10 
 
 2 
 
 
 67 
 
 10 
 
 1 
 
 2 
 
 
 35 
 
 3 
 
 19 
 
 6 
 
 
 60 
 
 7 
 
 10 
 
 2 
 
 40 
 
 40 
 
 5 
 
 11 
 
 9 
 
 
 40 
 
 4 
 
 6 
 
 10 
 
 
 67 
 
 9 
 
 13 
 
 9 
 
 
 45 
 
 5 
 
 19 
 
 9 
 
 
 45 
 
 4 
 
 15 
 
 11 
 
 25 
 
 25 
 
 4 
 
 0 
 
 10 
 
 
 50 
 
 6 
 
 10 
 
 8 
 
 
 50 
 
 5 
 
 7 
 
 10 
 
 
 30 
 
 4 
 
 5 
 
 0 
 
 
 55 
 
 7 
 
 4 
 
 5 
 
 
 55 
 
 6 
 
 2 
 
 8 
 
 
 35 
 
 4 
 
 10 
 
 3 
 
 
 60 
 
 8 
 
 3 
 
 4 
 
 
 60 
 
 7 
 
 0 
 
 9 
 
 
 40 
 
 4 
 
 17 
 
 4 
 
 
 67 
 
 10 
 
 5 
 
 6 
 
 
 67 
 
 9 
 
 6 
 
 3 
 
 
 45 
 
 5 
 
 6 
 
 2 
 
 45 
 
 45 
 
 6 
 
 7 
 
 4 
 
 15 
 
 15 
 
 3 
 
 5 
 
 0 
 
 
 50 
 
 5 
 
 17 
 
 10 
 
 
 50 
 
 6 
 
 17 
 
 9 
 
 
 20 
 
 3 
 
 9 
 
 6 
 
 
 55 
 
 6 
 
 12 
 
 6 
 
 
 55 
 
 7 
 
 11 
 
 0 
 
 
 25 
 
 3 
 
 13 
 
 1 
 
 
 60 
 
 7 
 
 12 
 
 5 
 
 
 60 
 
 8 
 
 9 
 
 6 
 
 
 30 
 
 3 
 
 17 
 
 6 
 
 
 67 
 
 9 
 
 15 
 
 9 
 
 
 67 
 
 10 
 
 11 
 
 1 
 
 
 35 
 
 4 
 
 3 
 
 1 
 
 30 
 
 30 
 
 4 
 
 8 
 
 11 
 
 50 
 
 50 
 
 7 
 
 7 
 
 8 
 
 
 40 
 
 4 
 
 10 
 
 4 
 
 
 35 
 
 4 
 
 14 
 
 1 
 
 
 55 
 
 8 
 
 0 
 
 3 
 
 
 45 
 
 4 
 
 19 
 
 5 
 
 
 40 
 
 5 
 
 0 
 
 11 
 
 
 60 
 
 8 
 
 18 
 
 2 
 
 
 50 
 
 5 
 
 11 
 
 3 
 
 
 45 
 
 5 
 
 9 
 
 6 
 
 
 67 
 
 10 
 
 18 
 
 10 
 
 
 55 
 
 6 
 
 6 
 
 1 
 
 
 50 
 
 6 
 
 1 
 
 0 
 
 55 
 
 55 
 
 8 
 
 12 
 
 2 
 
 
 60 
 
 7 
 
 6 
 
 0 
 
 
 55 
 
 6 
 
 15 
 
 5 
 
 
 60 
 
 9 
 
 9 
 
 0 
 
 
 67 
 
 9 
 
 9 
 
 5 
 
 
 60 
 
 7 
 
 15 
 
 0 
 
 
 67 
 
 11 
 
 8 
 
 5 
 
 20 
 
 20 
 
 3 
 
 13 
 
 11 
 
 
 67 
 
 9 
 
 18 
 
 1 
 
 60 
 
 60 
 
 10 
 
 4 
 
 9 
 
 
 25 
 
 3 
 
 17 
 
 5 
 
 35 
 
 35 
 
 4 
 
 19 
 
 0 
 
 
 67 
 
 12 
 
 2 
 
 1 
 
 
 30 
 
 4 
 
 1 
 
 9 
 
 
 40 
 
 5 
 
 5 
 
 6 
 
 67 
 
 67 
 
 13 
 
 15 
 
 8 
 
 N.B. From the above specimen of premiums, the reader may 
 nearly judge of the premium for any intermediate age. 
 
TABLES, FORMS, &C. 
 
 119=^ 
 
 A Table of Premiums for assuring the Sum of One 
 
 son, from the Age of Eight to Sixty-seven. 
 
 Age. 
 
 One Year. 
 
 Seven Years at 
 an annual Pay¬ 
 ment of 
 
 For the whole 
 Life at an an¬ 
 nual Payment of 
 
 
 £. 
 
 s. 
 
 d. 
 
 £. 
 
 s. 
 
 d. 
 
 £. 
 
 s. 
 
 d. 
 
 8 to 14 
 
 0 
 
 17 
 
 9 
 
 1 
 
 1 
 
 5 
 
 1 
 
 17 
 
 7 
 
 15 
 
 0 
 
 17 
 
 11 
 
 1 
 
 2 
 
 11 
 
 1 
 
 18 
 
 7 
 
 16 
 
 0 
 
 19 
 
 2 
 
 1 
 
 4 
 
 7 
 
 1 
 
 19 
 
 8 
 
 17 
 
 1 
 
 1 
 
 2 
 
 1 
 
 6 
 
 1 
 
 2 
 
 0 
 
 8 
 
 18 
 
 1 
 
 3 
 
 3 
 
 1 
 
 7 
 
 5 
 
 2 
 
 1 
 
 8 
 
 19 
 
 1 
 
 5 
 
 0 
 
 1 
 
 8 
 
 6 
 
 2 
 
 2 
 
 8 
 
 20 
 
 1 
 
 7 
 
 3 
 
 1 
 
 9 
 
 5 
 
 2 
 
 3 
 
 7 
 
 21 
 
 1 
 
 8 
 
 10 
 
 1 
 
 10 
 
 1 
 
 2 
 
 4 
 
 6 
 
 22 
 
 1 
 
 9 
 
 3 
 
 1 
 
 10 
 
 6 
 
 2 
 
 5 
 
 4 
 
 23 
 
 1 
 
 9 
 
 8 
 
 1 
 
 11 
 
 0 
 
 2 
 
 6 
 
 3 
 
 24 
 
 1 
 
 10 
 
 2 
 
 1 
 
 11 
 
 6 
 
 2 
 
 7 
 
 1 
 
 25 
 
 1 
 
 10 
 
 7 
 
 1 
 
 12 
 
 1 
 
 2 
 
 8 
 
 1 
 
 26 
 
 1 
 
 11 
 
 1 
 
 1 
 
 12 
 
 7 
 
 2 
 
 9 
 
 0 
 
 27 
 
 1 
 
 11 
 
 7 
 
 1 
 
 13 
 
 2 
 
 2 
 
 10 
 
 0 
 
 28 
 
 1 
 
 12 
 
 1 
 
 1 
 
 13 
 
 9 
 
 2 
 
 11 
 
 1 
 
 29 
 
 1 
 
 12 
 
 8 
 
 1 
 
 14 
 
 4 
 
 2 
 
 12 
 
 3 
 
 30 
 
 1 
 
 13 
 
 3 
 
 1 
 
 14 
 
 11 
 
 2 
 
 13 
 
 4 
 
 31 
 
 1 
 
 13 
 
 9 
 
 1 
 
 15 
 
 7 
 
 2 
 
 14 
 
 6 
 
 32 
 
 1 
 
 14 
 
 4 
 
 1 
 
 16 
 
 3 
 
 2 
 
 15 
 
 9 
 
 33 
 
 1 
 
 15 
 
 0 
 
 1 
 
 16 
 
 10 
 
 2 
 
 17 
 
 1 
 
 34 
 
 1 
 
 15 
 
 8 
 
 1 
 
 17 
 
 8 
 
 2 
 
 18 
 
 5 
 
 35 
 
 1 
 
 16 
 
 4 
 
 1 
 
 18 
 
 10 
 
 2 
 
 19 
 
 10 
 
 36 
 
 1 
 
 17 
 
 0 
 
 1 
 
 19 
 
 7 
 
 3 
 
 1 
 
 4 
 
 37 
 
 1 
 
 17 
 
 9 
 
 2 
 
 0 
 
 8 
 
 3 
 
 2 
 
 10 
 
 38 
 
 1 
 
 18 
 
 6 
 
 2 
 
 1 
 
 9 
 
 3 
 
 4 
 
 6 
 
 39 
 
 1 
 
 19 
 
 3 
 
 2 
 
 2 
 
 11 
 
 3 
 
 6 
 
 2 
 
 40 
 
 2 
 
 0 
 
 8 
 
 2 
 
 4 
 
 1 
 
 3 
 
 7 
 
 11 
 
 41 
 
 2 
 
 2 
 
 0 
 
 2 
 
 5 
 
 4 
 
 3 
 
 9 
 
 9 
 
 42 
 
 2 
 
 3 
 
 6 
 
 2 
 
 6 
 
 6 
 
 3 
 
 11 
 
 8 
 
 43 
 
 2 
 
 4 
 
 6 
 
 2 
 
 7 
 
 9 
 
 3 
 
 13 
 
 8 
 
 44 
 
 2 
 
 5 
 
 6 
 
 o 
 
 9 
 
 2 
 
 3 
 
 15 
 
 9 
 
 45 
 
 2 
 
 6 
 
 8 
 
 ! 2 
 
 10 
 
 10 
 
 3 
 
 17 
 
 11 
 
 46 
 
 2 
 
 / 
 
 10 
 
 ! 2 
 
 12 
 
 6 
 
 4 
 
 0 
 
 o 
 
 47 
 
 
 9 
 
 0 
 
 2 
 
 14 
 
 4 
 
 4 
 
 2 
 
 7 
 
 48 
 
 2 
 
 10 
 
 3 
 
 2 
 
 16 
 
 4 
 
 4 
 
 5 
 
 1 
 
 49 
 
 2 
 
 12 
 
 
 2 
 
 18 
 
 6 
 
 4 
 
 i 
 
 10 
 
 50 
 
 2 
 
 15 
 
 1 
 
 3 
 
 0 
 
 8 
 
 4 
 
 10 
 
 10 
 
120 * 
 
 EQUITABLE SOCIETY. 
 
 Table, &c. continued. 
 
 Age. 
 
 One Year. 
 
 Seven Years at 
 an annual Pay¬ 
 ment of 
 
 For the whole 
 Life at an annu¬ 
 al Payment of 
 
 
 £. 
 
 s. 
 
 
 £. 
 
 s. 
 
 d. 
 
 £. 
 
 s. 
 
 d. 
 
 51 
 
 2 
 
 17 
 
 4 
 
 3 
 
 2 
 
 8 
 
 4 
 
 13 
 
 6 
 
 52 
 
 2 
 
 19 
 
 1 
 
 3 
 
 4 
 
 9 
 
 4 
 
 16 
 
 5 
 
 53 
 
 3 
 
 1 
 
 0 
 
 3 
 
 7 
 
 0 
 
 4 
 
 19 
 
 7 
 
 54 
 
 3 
 
 3 
 
 0 
 
 3 
 
 9 
 
 5 
 
 5 
 
 2 
 
 10 
 
 55 
 
 3 
 
 5 
 
 0 
 
 3 
 
 12 
 
 0 
 
 5 
 
 6 
 
 4 
 
 56 
 
 3 
 
 7 
 
 3 
 
 3 
 
 14 
 
 8 
 
 5 
 
 10 
 
 1 
 
 57 
 
 3 
 
 9 
 
 8 
 
 3 
 
 17 
 
 6 
 
 5 
 
 14 
 
 0 
 
 58 
 
 3 
 
 12 
 
 3 
 
 4 
 
 0 
 
 6 
 
 5 
 
 18 
 
 2 
 
 59 
 
 3 
 
 15 
 
 1 
 
 4 
 
 3 
 
 8 
 
 6 
 
 2 
 
 8 
 
 60 
 
 3 
 
 18 
 
 1 
 
 4 
 
 7 
 
 1 
 
 6 
 
 7 
 
 4 
 
 61 
 
 4 
 
 1 
 
 5 
 
 4 
 
 10 
 
 11 
 
 6 
 
 12 
 
 4 
 
 62 
 
 4 
 
 3 
 
 11 
 
 4 
 
 15 
 
 0 
 
 6 
 
 17 
 
 9 
 
 63 
 
 4 
 
 7 
 
 8 
 
 4 
 
 19 
 
 8 
 
 7 
 
 3 
 
 M 
 
 / 
 
 64 
 
 4 
 
 10 
 
 9 
 
 5 
 
 4 
 
 10 
 
 7 
 
 9 
 
 10 
 
 65 
 
 4 
 
 15 
 
 2 
 
 5 
 
 10 
 
 10 
 
 7 
 
 16 
 
 9 
 
 66 
 
 5 
 
 0 
 
 1 
 
 5 
 
 17 
 
 7 
 
 8 
 
 4 
 
 1 
 
 67 
 
 5 
 
 5 
 
 6 
 
 6 
 
 5 
 
 2 
 
 8 
 
 12 
 
 1 
 
TABLES, FORIVIS, &C. 
 
 119 
 
 DIVISION OF PROFITS. 
 
 The Appropriation and Partition of the Profits which 
 the Society has from time to time acquired, so far as 
 hath been deemed prudent and safe, has been made, 
 or appointed to be made, by authority of General 
 Courts of the Society, by extending the allowance to 
 Claimants after a certain rate to be computed upon the 
 sums assured for every year’s premium paid upon their 
 respective Policies prior to a certain day in such seve¬ 
 ral Orders specified ; namely, by an Order of a Gene¬ 
 ral Court of the 2nd of January 1781, at the rate of 
 one and a half per cent.—By an Order of a General 
 Court of the 21st of December 1786, at the rate of 
 one per cent.—By an Order of a General Court of the 
 22nd of December 1791, at the rate of one per cent. 
 —By an Order of a General Court of the 26th of 
 March 1793, at the rate of two per cent.—By an 
 Order of a General Court of the 17th of December 
 1795, at the rate of one per cent.—By an Order of a 
 General Court of the 8th of May 1800, at the rate 
 of two per cent.—By an Order of a General Court of 
 the 21st of December 1809, at the rate of tivo and a 
 half per cent, for every year’s premium paid prior to 
 the 1st day of January 1810.—And also a prospective 
 Addition of £2 per cent, to be computed on the sums- 
 assured, for every year’s premium paid after the 31st 
 day of December 1809, with a proviso that such an¬ 
 nual increase of Additions should cease on the 1st of 
 
120 
 
 EQUITABLE SOCIETY. 
 
 January 18*20.—By an Order of a General Court of 
 the 3rd of December 1819, at the rate of two and a 
 half per cent, for every year’s premium paid and be¬ 
 come due before the 1st of January 1820, on all as¬ 
 surances made prior to the 1st of January 1815, and 
 on all assurances made between that date and the 1 st of 
 January 1817, when six annual payments should have 
 been made upon them (agreeably to the Bye-Law 
 No. 36) ; and also a prospective Addition of £2 105. 
 for every payment made after the 31st of December 
 1819,—such Addition to cease on the 1st of January 
 1830 ; but under the same restrictions as above spe¬ 
 cified, with regard to assurances made betw^een the 
 1st of January 1815 and the 1st of January 1817-— 
 And by an Order of the 17th of December 1829, a 
 further Addition was made of £3 per cent, to the 
 Claimants for every year’s premium paid and become 
 due before the 1st of January 1830, on all assurances 
 dated prior to the 1st of January 1817, and existing 
 on the 1st of January 1830; and also a prospective 
 Addition of £3 per cent, to be computed on the sums 
 assured to the Claimants upon Policies entitled to 
 Additions, for every payment made after the 31st of 
 December 1829,—such Addition to cease on the 1st 
 of Jauuarv 1840. 
 
State of the Accounts of The Equitable Society on the 1st of January 1830, “ made up 
 
 according to the accustomed mode.” 
 
 Debtor. Creditoi. 
 
 tables, forms, &c. 
 
 121 
 
 
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122 
 
 EQUITABLE SOCIETY. 
 
 Table showing the Addition to be made to each 
 when it shall become a Claim, agreeably to Orders 
 1791, 1793, 1795, 1800, 1809, 1819, and 1829. 
 
 Date of 
 Assurance. 
 
 * Before May 1st, 1 , 
 in the Year J I / /O 
 
 1777 
 
 1779 
 
 1780 
 1782 
 
 1783 
 
 1784 
 
 1785 
 
 1786 
 
 1787 
 
 1788 
 
 1789 
 
 1790 
 
 1791 
 
 1792 
 
 1793 
 
 1794 
 
 1795 
 
 1796 
 
 1797 
 
 1798 
 
 1799 
 
 1800 
 *1801 
 
 1802 
 
 1803 
 
 1804 
 
 1805 
 
 1806 
 
 1807 
 
 1808 
 
 Before the 8th oft , 
 December, / loUa 
 On or after the 8th ) . onii 
 of December, / loU.v 
 
 1810 
 
 1811 
 
 1812 
 
 1813 
 
 1814 
 18)5 
 1816 
 
 Addition 
 made in 
 
 1781 . 
 
 £. 
 
 9 
 
 7 
 
 4 
 
 3 
 
 s* d • 
 0 0 
 10 0 
 10 0 
 0 0 
 
 Addition 
 made in 
 
 1786. 
 
 £. s. d. 
 
 10 0 0 
 9 0 0 
 7 0 0 
 6 0 0 
 4 0 0 
 3 0 0 
 2 0 0 
 1 0 0 
 
 Addition 
 made in 
 
 1791. 
 
 £. s. d. 
 16 0 0 
 15 0 0 
 13 0 0 
 12 0 0 
 10 0 0 
 9 0 0 
 8 0 0 
 7 0 0 
 6 0 0 
 5 0 0 
 
 4 
 
 3 
 
 0 0 
 0 0 
 
 2 0 0 
 1 0 0 
 
 Addition 
 made in 
 
 1793. 
 
 (^L. 5. d. 
 
 34 0 0 
 32 0 0 
 28 0 0 
 26 0 0 
 22 0 0 
 20 0 0 
 18 0 0 
 16 0 0 
 14 0 0 
 12 0 0 
 10 0 0 
 8 0 0 
 6 0 0 
 4 0 0 
 2 0 0 
 
 Addition 
 made in 
 
 1795. 
 
 £. s. d. 
 
 20 0 0 
 19 0 0 
 17 0 0 
 16 0 0 
 14 0 0 
 13 0 0 
 12 0 0 
 110 0 
 10 0 0 
 9 0 0 
 8 0 0 
 7 0 0 
 6 0 0 
 5 0 0 
 4 0 0 
 3 0 0 
 2 0 0 
 1 0 0 
 
 * If the Foliey is dated o/t or after the 1st of May, the whole Addition, 
 
TABLES, FORMS, &C. 
 
 123 
 
 Sum of ^100, assured by The Equitable Society, 
 of General Courts, holden in the Years 1781, 1786, 
 
 Addition 
 made in 
 
 1800. 
 
 Addition 
 made in 
 
 1809. 
 
 Addition 
 made in 
 
 1819. 
 
 Addition 
 made in 
 
 1829. 
 
 Whole 
 
 Addition. 
 
 Date. 
 
 jC • s» d» 
 
 £. s. d. 
 
 £. s. d. I 
 
 £. s, d. 
 
 £. s. d. 
 
 
 50 0 0 
 
 85 0 0 
 
 110 0 0 
 
 162 0 0 
 
 496 0 0 
 
 1776 
 
 48 0 0 
 
 82 10 0 
 
 107 10 0 
 
 159 0 0 
 
 479 10 0 
 
 1777 
 
 44 0 0 
 
 77 10 0 
 
 102 10 0 
 
 153 0 0 
 
 446 10 0 
 
 1779 
 
 42 0 0 
 
 75 0 0 
 
 100 0 0 
 
 150 0 0 
 
 430 0 0 
 
 1780 
 
 38 0 0 
 
 70 0 0 
 
 95 0 0 
 
 144 0 0 
 
 397 0 0 
 
 1782 
 
 36 0 0 
 
 67 10 0 
 
 92 10 0 
 
 141 0 0 
 
 382 0 0 
 
 1783 
 
 34 0 0 
 
 65 0 0 
 
 90 0 0 
 
 138 0 0 
 
 367 0 0 
 
 1784 
 
 32 0 0 
 
 62 10 0 
 
 87 10 0 
 
 135 0 0 
 
 352 0 0 
 
 1785 
 
 30 0 0 
 
 60 0 0 
 
 85 0 0 
 
 132 0 0 
 
 337 0 0 
 
 1786 
 
 28 0 0 
 
 57 10 0 
 
 82 10 0 
 
 129 0 0 
 
 323 0 0 
 
 1787 
 
 26 0 0 
 
 55 0 0 
 
 80 0 0 , 
 
 126 0 0 
 
 309 0 0 
 
 1788 
 
 24 0 0 
 
 52 10 0 
 
 77 10 0 i 
 
 123 0 0 
 
 295 0 0 
 
 1789 
 
 22 0 0 
 
 50 0 0 
 
 75 0 0 
 
 120 0 0 
 
 281 0 0 
 
 1790 
 
 20 0 0 
 
 47 10 0 
 
 72 10 0 
 
 117 0 0 
 
 267 0 0 
 
 1791 
 
 18 0 0 
 
 45 0 0 
 
 70 0 0 
 
 114 0 0 
 
 253 0 0 
 
 1792 
 
 16 0 0 
 
 42 10 0 
 
 67 10 0 
 
 111 0 0 
 
 240 0 0 
 
 1793 
 
 14 0 0 
 
 40 0 0 
 
 65 0 0 
 
 108 0 0 
 
 229 0 0 
 
 1794 
 
 12 0 0 
 
 37 10 0 
 
 62 10 0 
 
 105 0 0 
 
 218 0 0 
 
 1795 
 
 10 0 0 
 
 35 0 0 
 
 60 0 0 
 
 102 0 0 
 
 207 0 0 
 
 1796 
 
 8 0 0 
 
 32 10 0 
 
 57 10 0 
 
 99 0 0 
 
 197 0 0 
 
 1797 
 
 6 0 0 
 
 30 0 0 
 
 55 0 0 
 
 96 0 0 
 
 187 0 0 
 
 1798 
 
 4 0 0 
 
 27 10 0 
 
 52 10 0 
 
 93 0 0 
 
 177 0 0 
 
 1799 
 
 2 0 0 
 
 25 0 0 
 
 50 0 0 
 
 90 0 0 
 
 167 0 0 
 
 1800 
 
 
 22 10 0 
 
 47 10 0 
 
 87 0 0 
 
 157 0 0 
 
 1801* 
 
 
 20 0 0 
 
 45 0 0 
 
 i 84 0 0 
 
 149 0 0 
 
 1802 
 
 
 17 10 0 
 
 42 10 0 
 
 i 81 0 0 
 
 141 0 0 
 
 1803 
 
 
 15 0 0 
 
 40 0 0 
 
 78 0 0 
 
 133 0 0 
 
 1804 
 
 
 12 10 0 
 
 37 10 0 
 
 75 0 0 
 
 125 0 0 
 
 1805 
 
 
 10 0 0 
 
 35 0 0 
 
 72 0 0 
 
 117 0 0 
 
 1806 
 
 
 7 10 0 
 
 32 10 0 
 
 69 0 0 
 
 109 0 0 
 
 1807 
 
 
 5 0 0 
 
 30 0 0 
 
 66 0 0 
 
 101 0 0 
 
 1808 
 
 
 2 10 0 
 
 27 10 0 
 
 63 0 0 
 
 93 0 0 
 
 1809 
 
 
 
 27 10 0 
 
 63 0 0 
 
 90 10 0 
 
 1809 
 
 
 
 25 0 0 
 
 60 0 0 
 
 85 0 0 
 
 1810 
 
 
 
 22 10 0 
 
 57 0 0 
 
 79 10 0 
 
 1811 
 
 
 
 20 0 0 
 
 54 0 0 
 
 74 0 0 
 
 1812 
 
 
 
 17 10 0 
 
 51 0 0 
 
 68 10 0 
 
 1813 
 
 
 
 15 0 0 
 
 48 0 0 
 
 63 0 0 
 
 1814 
 
 
 
 12 10 0 
 
 45 0 0 
 
 57 10 0 
 
 1815 
 
 n . 
 
 
 10 0 0 
 
 42 0 0 
 
 52 0 0 
 
 1816 
 
 prior to 1801, will be £2 less ihiin it is staled to be in the last Column. 
 
124 
 
 EQUITABLE SOCIETY. 
 
 Table showing the Values “ on or as of’’ the 31st of 
 Continuance of Life in The Equitable Society, which 
 lated by the Northampton Table and by the Equitable 
 
 Ages. 
 
 No. of 
 Assur¬ 
 ances. 
 
 Amount of Sums 
 and Additions 
 Assured. 
 
 Amount of 
 Annual Pre¬ 
 miums receiv¬ 
 able on these 
 Assurances. 
 
 Value of the Sums 
 and Additions by 
 the Northampton 
 Table. 
 
 Value of the 
 
 1 Annual Pre¬ 
 miums by the 
 Northampton 
 Table. 
 
 15 to 20 
 
 37 
 
 £. 5. d. 
 
 46,020 0 0 
 
 £. s. d. 
 862 13 0 
 
 £. s. d. 
 
 18,751 0 0 
 
 £. s. d. 
 
 , 17,112 4 0 
 
 20 to 30 
 
 264 
 
 346,617 10 0 
 
 7,563 1 0 
 
 158,589 8 0 
 
 1 136,559 19 0 
 
 30 to 37 
 
 37 to 40 
 
 |l012 
 
 1,411,932 15 0 
 
 34,917 5 6 
 
 720,598 14 0 
 
 568,122 0 0 
 
 40 to 50 
 
 2014 
 
 3,347,182 17 0 
 
 87,546 2 6 
 
 1,916,393 0 0 
 
 1,235,858 10 0 
 
 50 to 60 
 
 2603 
 
 4,644,354 10 0 
 
 126,048 15 6 
 
 2,980,922 0 01,478,293 0 0 
 
 60 to 70 
 
 1807 
 
 3,275,280 9 0 
 
 96,824 7 0 
 
 2,363,807 14 0 
 
 867,926 5 0 
 
 70 to 80 
 
 851 
 
 1,472,738 16 0 
 
 46,006 19 0 
 
 1,187,283 13 0 
 
 278,172 15 0 
 
 80 to 90 
 
 136 
 
 225,25 1 8 0 
 
 6,833 14 6 
 
 198,034 4 0 
 
 25,117 3 0 
 
 90 to 93 
 
 13 
 
 28,308 0 0 
 
 535 1 6 
 
 26,405 3 0 
 
 1,049 18 0 
 
 Total 
 
 8737 
 
 14,797,686 5 0 
 
 407,137 19 6 
 
 9,570,784 16 0 
 
 4,608,211 14 0 
 
 
 
 
 Deduct the 
 Value of the 
 Annual Pre- 
 
 ►4,608,211 14 0 
 
 
 
 
 
 miums . 
 
 1 
 
 
 
 
 
 By Northamp¬ 
 ton Table ...; 
 
 1 
 
 j 4,962,573 2 o! 
 
 
TABLES, FORMS, &C. 
 
 125 
 
 December 1829, of all the Assurances for the whole 
 were in existence on the 31st of December 1828.—Calcu- 
 Experience Table. 
 
 I 
 
 Total Value of 
 the Assurances 
 by the North¬ 
 ampton Table. 
 
 s* du 
 
 1,638 16 0 
 
 22,029 9 0 
 
 152,476 14 0 
 
 680,534 10 0 
 1,502,629 0 0 
 1,495,881 9 0 
 909,110 18 0 
 172,917 1 0 
 25,355 5 0 
 
 4,962,573 2 0 
 
 I Deduct the 
 I Value of the 
 Annual Pre¬ 
 miums . 
 
 By Equitable 
 Experience ... 
 
 Value of the Sums 
 and Additions. 
 Equitable Expe¬ 
 
 rience. 
 
 Value of the 
 Annual Pre¬ 
 miums. Equi¬ 
 table Experi¬ 
 ence. 
 
 Total Value 
 of the Assur¬ 
 ances. Equi¬ 
 table Experi¬ 
 ence. 
 
 Debtor. 
 
 Total Value of 
 the Assurances. 
 Equitable Expe¬ 
 rience. 
 
 Creditor. 
 
 { 
 
 £. 
 
 15*760 
 
 131,088 
 
 342,335 
 
 283,432 
 
 1,733,753 
 
 2,900,399 
 
 2,360,101 
 
 1,187,283 
 
 198,034 
 
 26,405 
 
 s. d. £. s. d. £. s. d 
 0 0 19,041 0 0| 3,281 0 0 
 
 0 0 157,040 18 0 25,952 1 8 0 
 
 0 0 373,810 0 0 31,475 0 0 
 
 0 0 274,562 0 0 
 
 0 01,338,966 0 0 
 
 0 01,577,599 0 0 
 
 14 0 871,310 19 0 
 
 13 0 278,172 15 0 
 
 4 0 25,117 3 0 
 
 3 0 1,049 18 0 
 
 £. 
 
 s. d. 
 
 8,870 0 0 
 394,787 0 0 
 1,322,800 0 0 
 1,488,790 15 0 
 909,110 18 0 
 172,917 1 0 
 25,355 5 0 
 
 9,178,591 14 04,916,669 13 0 60,708 18 0 
 
 4,322,630 19 0 
 
 U,916,669 13 0 
 
 14,261,922 1 0 
 
 Deduct A- 
 mount due 
 to the So¬ 
 ciety by this 
 mode of va¬ 
 luation on 
 Assurances 
 under the 
 Age of 37... 
 
 V 60,708 18 0 
 
 4,261,922 1 0 
 
Table showing the Value, on the 31st of December 1829, of all the different Assurances existing in 
 The Equitable Society on the 30th of September 1829, (presuming that they will continue until the 
 31st of December,) computed by the Northampton Table. 
 
 126 
 
 EQUITABLE SOCIETY. 
 
 CO 3 ^ 
 ^ C C 
 
 o ^ 
 
 
 CO 
 
 00 
 
 ec 
 
 ^ cs 
 CO 
 
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[ 127 ] 
 
 REPORTS, &c. 
 
 Report of the Court of Directors on the following ques¬ 
 tions referred to them by a General Court of the 
 Society, holden ZOth December 1824 : 
 
 “ That it be referred to the Court of Directors to consider and 
 report —whether it would be advisable to cease effecting Assur¬ 
 ances upon the footing of the existing Deed of Settlement, Regu¬ 
 lations, Bye-Laws, and Premiums; and whether it would be ad¬ 
 visable to form a new Deed and new Regulations, to be signed 
 and observed by new Members, having due regard to the interest 
 of the present Members :—and whether any and what measures 
 would be advisable to be adopted, in order to benefit the present 
 Members, either by a declaration of additional profit, or by re¬ 
 duction of their Premiums, or by more frequent Rests and Addi¬ 
 tions, or otherwise; having regard to the price of the Public 
 Funds, in which the Monies of the Society are invested, when 
 the Additions are made, and when payable :—and that the Di¬ 
 rectors do state in their Report the grounds upon which the 
 same shall be founded, together with any other circumstances 
 which might be deemed expedient by the Directors to be made 
 known to the Members.” 
 
 Extracts from the Minutes of a General Court holden 
 
 the 3rd of March 1825. 
 
 Resolved, “ That the Thanks of this Meeting are due to the 
 Directors, for the able and comprehensive Report they have made, 
 and that this Meeting do return their sincere acknowledgements 
 for the trouble the Directors have taken in drawing up the same.” 
 
128 
 
 EQUITABLE SOCIETY. 
 
 REPORT. 
 
 The important Questions which have been referred 
 by the General Court to the Directors, embrace so 
 wide a field for consideration, and the determinations 
 which they demand are of such vital importance to the 
 Society at large, as well as to every individual of the 
 
 two classes of members of which it is constituted, that 
 
 0 _ 
 
 the Directors have approached the subject with hesi¬ 
 tation and with diffidence ; and they are so fully con¬ 
 vinced of the very serious duty imposed upon them, 
 in forming an opinion, and in reporting such opinion, 
 with the reasons upon which it may be founded, in 
 such manner as to explain the various and complicated 
 views which may be taken of the subjects so referred, 
 that they are compelled to request the favourable at¬ 
 tention, and to trust to the kindness, of the General 
 Court, in receiving the Report now about to be pre¬ 
 sented. 
 
 When the Directors say that they approach the 
 subject with diffidence, they desire that it may at the 
 same time be understood that they have, with the most 
 mature deliberation, with the most attentive and se¬ 
 rious consideration (divesting their minds of any sup¬ 
 posed or preconceived opinions), and with an anxious 
 desire to meet the wishes and suggestions of the Ge¬ 
 neral Court, investigated all the subjects referred to 
 them, and the consequences which may ensue. 
 
REPORTS, &C. 
 
 129 
 
 But in declaring the opinion which they have most 
 carefully and maturely formed, they do it upon the 
 firmest conviction, and in the exercise of the best 
 judgment they possess. And they earnestly hope 
 that no step will be hastily taken, and no proposal 
 offered, without an investigation of the utmost rami¬ 
 fication to which it may extend, and the consideration 
 of the possible consequences of an apparently trifling 
 alteration, in the principles of an Institution, which 
 has by arithmetical progression risen to such power 
 and prosperity, but which by the effect of such alter¬ 
 ation may more speedily, by geometrical retrograda- 
 tion, be reduced to ruin. 
 
 The Directors, in the exercise of the duty of their 
 situations, have, individually and collectively, felt that 
 they have a primary obligation, which is above all 
 personal considerations; and that is, to preserve, firm 
 and unshaken, the foundation of that fabric which has 
 been raised to their hands, and to guard it by all the 
 means in their power from every measure, however 
 specious or plausible, which, according to their judg¬ 
 ment, can in the remotest degree tend to hazard its 
 stability. And in the exercise of this particular duty 
 they have adopted the utmost prudence and caution, 
 because they are convinced of the extravagant expec¬ 
 tations of some, and the fallacious notions of others ; 
 and they have endeavoured to perform (and, judging 
 from the uniform approbation of the General Court, 
 have succeeded in performing) that dutv by a strict, 
 
 K 
 
130 
 
 EQUITABLE SOCIETY. 
 
 honest, vigilant, and impartial administration of the 
 affairs of the Society in reference to all its Members. 
 
 If any obstacles interfere with the accomplishment 
 of the expectations of any Members, they are not 
 raised by the Directors, for they would derive indivi¬ 
 dually an equal benefit if those expectations could be 
 realized; but they arise out of the circumstances and 
 constitution of the Society. In suggesting that there 
 may be such obstacles, the Directors do not intend to 
 encourage any feeling of dissatisfaction, or to excite 
 any idea that principles different from those by which 
 the Societyis constituted, would be more advantageous. 
 There are numerous Institutions which profess to attain 
 the same end by different means, and to those any 
 speculative questions would more properly be address¬ 
 ed. But this noble Institution stands towering above 
 all others; its stability is greater, its benefits have 
 been larger, and it has administered comfort to the 
 families of thousands, and will continue so to do^ if 
 the same principle of justice, and the same prudence 
 and caution are persevered in, which have hitherto 
 guided its counsels. It has stood the test of experi¬ 
 ence, and no better proof can be given of the excellence 
 of any plan, than to try it by that test. 
 
 The Directors, acting under the influence of these 
 feelings, are of opinion, that any departure from the 
 essential principles of this Society, as they are to be 
 deduced from the practice existing on the 1 st day of 
 
REPORTS, &C. 
 
 131 
 
 January 1817, would not he advisable, and might, in 
 its consequences, be highly injurious to the permanence 
 and security of the Society, as well as detrimental to 
 the Members individually. 
 
 This opinion will be, in some degree, an answer 
 to the first and second Questions proposed: but it is 
 respectful to the General Court to give a specific an¬ 
 swer to each of them; and therefore the Directors 
 report, that they are of opinion, that it would not 
 ‘‘be advisable to cease effecting assurances upon the 
 footing of the existing Deed of Settlement, Regula¬ 
 tions, Bye-laws, and Premiums.” 
 
 And that it would not “be advisable to form a new 
 Deed and new Regulations, to be signed and observed 
 by new Members.” 
 
 It has been supposed that inconvenience has re¬ 
 sulted from the Bye-laws passed in December 1816, 
 by which a new class is formed: if such be the case, 
 the formation of a new Deed would necessarily intro¬ 
 duce another new class, and real difficulties might then 
 arise. It cannot be supposed that new Members would 
 join this Society, if the old Members were to keep in 
 their hands the entire profit of such new assurances, as 
 well as the produce of their accumulation; or even the 
 complete controul and disposal, at any future time, of 
 all such profits; and unless some such power were re¬ 
 served, a new Deed for new Members would not be 
 
132 
 
 EQUITABLE SOCIETY. 
 
 advantageous to the existing Members: it would be 
 difficult also to explain in what manner the present 
 Members could be bound by the provisions of a new 
 Deed, either with reference to each other, or to new 
 Members, unless every one expressly agreed to it. The 
 effect therefore of forming a new Deed, if it de¬ 
 parted from any existing practice, would be to form a 
 new Institution, the Capital of which would be the sum 
 assigned, and the present Members the Proprietors. 
 It would be a departure from the essential purposes 
 of this Society, and it would be adopting, without 
 benefit and with multiplied inconveniences, the plan 
 of one or more of the twenty-four Life Assurance 
 Companies now in existence, with an apparent rivalry 
 of those establishments. 
 
 The Directors having given their opinion, that it 
 would not be advisable “to form a new Deed and new 
 Regulations, to be signed and observed by new Mem¬ 
 bers,” do not mean to assume that the Deed and 
 Regulations, by which the Society has been hitherto 
 governed, are so perfect and complete in all their parts, 
 as totally to exclude all possibility of future modifica¬ 
 tion or improvement. 
 
 But the Directors intreat of the Members to con¬ 
 sider, that in an Institution which has been so uniform¬ 
 ly successful, and which has in its effects more than 
 answered the reasonable expectations of every indivi¬ 
 dual under the existing practice, without the whole 
 
REPORTS, &C. 
 
 133 
 
 regulations being formed into one Deed, the adoption 
 of any new regulation by which difficulties may arise, 
 which have not hitherto been experienced, and which 
 cannot be foreseen, ought not to be too speedily re¬ 
 solved upon, and cannot be too warily considered. 
 The only reason for wishing to have a new Deed must 
 be, that inconvenience has resulted, or is likely to re¬ 
 sult, from the want of it. If it were possible to form 
 a perfect Deed which would not require future cor¬ 
 rection, it might be desirable; but it is just to con-' 
 elude from the past what the future may be, and the 
 practice, as it now exists, has been found to answer 
 all the purposes of the Society. 
 
 In adverting to the other Questions which have 
 been proposed for consideration, the Directors have a 
 more difficult task to perform; but they have the 
 satisfaction to have received those questions during 
 the life of a man to whose opinion this Society can¬ 
 not too much defer; by whose prudence, ability, and 
 exertions it has risen from infancy to maturity; who 
 has nurtured it with the most prudent caution, guarded 
 it with the most anxious care, and guided it, by his 
 pre-eminent talents, to its present state of prosperity 
 and of national importance. 
 
 It has been supposed, that he is influenced by pre¬ 
 judices arising from long formed notions and opi¬ 
 nions,—but the Directors think, that well considered 
 
134 
 
 EQUITABLE SOCIETY. 
 
 opinions, confirmed by experience, are much better 
 for the guidance of this magnificent Institution, than 
 speculative opinions, which, if they were adopted, 
 really might very soon make this large, yet easily 
 managed Establishment, a most unwieldy and unma¬ 
 nageable concern.—Assisted therefore by his experi¬ 
 ence, and convinced by his arguments (though not 
 implicitly yielding assent without due deliberation), 
 the Directors are prepared to give their opinions upon 
 the other Questions referred to them ; and the reasons 
 which induce them to form those opinions, will, as 
 far as they can consistently, be stated in the body of 
 this Report, and will also, as applicable to different 
 suggestions which have been made, be found in an 
 Address, which Mr. Morgan has read to the Directors, 
 and which, for more satisfactory explanation, neces¬ 
 sarily, and in pursuance of their Resolution to that 
 effect, becomes a part of this Report. 
 
 The Directors regret that they should be under the 
 necessity of entering so much at length into the Ques¬ 
 tions which are before them, but they are desirous of 
 satisfying every Member—they have individually, as 
 great an interest in this Society as any Member of it, 
 and the character of Director ingrafts no more; but 
 that situation induces an intense anxiety to preserve 
 unimpaired, the sacred trust reposed in them. 
 
 Upon the third Question, whether “ any measures 
 would be advisable to be adopted in order to benefit 
 
REPORTS, &C. 
 
 ]35 
 
 the present Members,” and if any, what those “ mea¬ 
 sures” may be, must entirely depend upon the power 
 to adopt them, and the principles upon which they 
 may be founded. To ascertain the power to adopt 
 any new measures, it becomes necessary to consider 
 the nature of this Institution, and to revert to the ori¬ 
 ginal intent of the Society, in order to discover whe¬ 
 ther the objects it had in view have been so far at¬ 
 tained, as to make it advisable to hold fast that which 
 in practice has proved to be good, or whether rational 
 expectations have been disappointed, and failure has 
 called for a new order of things. It is therefore im¬ 
 portant to keep distinctly in view, that this Society is 
 in the nature of a partnership^ formed by the Deed of 
 Settlement, and continuing to act, or intending to act 
 under it, until the 1st day of January 1817, when, by 
 universal consent, a new constitution must be taken 
 to have been formed, to consist of two classes of Mem¬ 
 bers, the one participating in present profits and ad¬ 
 vantages, and the other an expectant class, to partici¬ 
 pate at a future time, and having a contingent interest 
 in growing profits, to accumulate for the benefit of 
 the whole, from the time of the admission of each 
 respective Member. 
 
 The constitution, therefore, of this Society must 
 now be collected from the state in which it was placed 
 by the regulations of December 1816, and the terms 
 of it, gathered from the existing practice on the 1st 
 of January 1817, when the first Member was admitted 
 
136 
 
 EQUITABLE SOCIETY. 
 
 on the new scale; and it is to be extracted from, and 
 to be found in, the Deed of Settlement, Bye-Laws, 
 Regulations, Declaration of, and Policies granted to, 
 the Members, so far as they are consistent with each 
 other, and with that practice. 
 
 The Directors, in this view of the question, are of 
 opinion that there is no power, without unanimous 
 consent, to alter any regulation which existed on the 
 1st of January 1817, if the alteration would in its 
 operation have the effect of depriving any Member of 
 present or expectant profit; but this result can only 
 be determined by calculation, upon which every mea¬ 
 sure has been hitherto tried when any particular plan 
 has been proposed. 
 
 Upon the three proposals referred for consideration, 
 it appears, after a careful examination by our Actuary, 
 “ that a declaration of additional profit,” (which must 
 mean to old Members, as new Members have not de¬ 
 rived any profit,) “ or more frequent rests and addi¬ 
 tions,” would deprive neiv Members of some part of 
 their contingent interests. 
 
 And “that a reduction of premiums'^ would pre¬ 
 vent the accumulation of surplus, and could not be 
 applied in due proportions to every Member. 
 
 The Directors are therefore of opinion, that there 
 is no power to adopt those proposals. 
 
REPORTS, &C. 
 
 137 
 
 In deliberating upon the various suggestions which 
 have been presented to the Directors, they have expe¬ 
 rienced the greatest difficulty. It has not arisen from 
 the questions merely, but from the peculiar situation 
 in which they are placed ; for they have not only re¬ 
 ceived the reference from the General Court, but 
 very long explanations of its object (for which they 
 request their best thanks may be accepted), and also, 
 numerous “plans for the future management of the 
 EQUITABLE.” 
 
 An attempt to notice all these suggestions, (many 
 of which are so perfectly impracticable that they could 
 not be carried into effect at all, much less to do justice 
 or to answer any of the purposes of this Institution,) 
 would be an endless task. 
 
 The great and the leading principle of this Society 
 has ever been its Equity: it has persevered for sixty 
 years in a regular course, by which its security and 
 stability have been confirmed: it has answered all its 
 engagements, and afforded greater benefit than any 
 other Institution of a similar nature ; and it will con¬ 
 tinue so to do, if the same prudent and beneficial 
 course is pursued. Why then should any doubts be 
 suggested, any wavering in principle be excited, or 
 any new plans of management be proposed, which 
 cannot offer such experience, and which may require 
 to be altered as speedily as they might be adopted ? 
 Let us not then lower the dignity or reduce the bene- 
 
138 
 
 EQUITABLE SOCIETY. 
 
 fits of this Society, by a surrender of its mature and 
 venerable character, for any charms which a more 
 modern garb may display. 
 
 The general utility of the Society, the advantages 
 it realizes, and the good faith with which its engage¬ 
 ments have been performed, and which have induced 
 and still induce new Members to join and to support 
 it, might be destroyed if any essential principle were 
 to be altered, without considering the risk of legal, or 
 perhaps of parliamentary interference. 
 
 It may he said that the Directors in this Report are 
 entering upon argument rather than opinion; but they 
 trust to be excused, if they put forth such arguments 
 as have been and are to them reasons for exciting the 
 feelings and convictions which they entertain. Many 
 of the Members of the General Court, have doubtless 
 supported the reference to the Directors, in the expec¬ 
 tation that greater benefits may be given to them than 
 they at present derive; but these persons should not 
 look at the amount of the capital, without deducting 
 the value of the policies and additions. They should 
 also consider, that although the annual premiums 
 have nearly paid the claims, yet, that they would not 
 have paid more than two-thirds, if the premiums of 
 new Members had been kept apart. Would it then 
 be equity to divide or to infringe upon that capital, 
 which is the security for all interests, and to trust to 
 future premiums to make good the claims ? 
 
REPORTS, &C. 
 
 139 
 
 If any Member were to say that he will not derive 
 sufficient advantage from the present system, let him 
 consider the principle of Life Assurance, and the be¬ 
 nefits to result from that system. The first is to raise, 
 by his own payments, the sum for which he assures; 
 and the second will prove to him that his represen¬ 
 tative will receive, as the representative of almost every 
 preceding member has received, considerably more 
 than his own payments at compound interest could 
 produce. But then it is urged, that there are vested 
 interests in the accumulation. If the division of the 
 capital would give more than the continuance of the 
 insurance (which it will not), it is the right of parties 
 to claim it, provided the interests of all are protected, 
 however the principle might be infringed; but every 
 one must assent, and any departure from the principle 
 may subvert the establishment, suspend for an indefi¬ 
 nite period all its payments, and finally destroy the 
 Society. 
 
 Before the Directors proceed to state their opinion, 
 upon specific suggestions brought under their consi¬ 
 deration, they earnestly intreat the attention of every 
 Member of the General Court; and they wish to im¬ 
 press upon their minds, what was the origin of this 
 Society, what its distinguishing feature from almost 
 every other Society, and what has been their induce¬ 
 ment for joining it, and they believe, that of the ma¬ 
 jority at least, if not of all its Members ;—it has been 
 an anxious desire to provide for the comfort of others, 
 
140 
 
 EQUITABLE SOCIETY. 
 
 to extend blessings and protection to the widow and 
 the orphan, and to assist, as far as pecuniary relief 
 would afford it, to lighten affliction and relieve dis¬ 
 tress, and to procure support for those who may have 
 lost their natural guardians and protectors. It never 
 could have been the intention, as it never has been the 
 practice, to make it a subject of speculation, or an 
 object of personal and selfish advantage ; and if any 
 have joined it in that expectation, it is the duty of 
 those who are actuated by superior motives, to rally 
 round their standard, and to support and protect its 
 proper principle, and its most important object. 
 
 This brings the Directors to the consideration of 
 the nature of any suggestions, or any measures to be 
 adopted ; which, if their first position be correct, 
 “ that the Society is in the nature of a partnership,’’ 
 must be measures for the benefit of all the Members 
 of both classes, and in encouragement of the Society 
 as at present established. 
 
 ■ And these can only be, consistently with the Deed 
 of Settlement, Bye-laws or Regulations, “for the good 
 order of this Society.” Whether the proposed plans or 
 suggestions are of that nature, will be now considered. 
 
 The First is,—“To make additions in Stock 
 instead of money.” 
 
 Jf all the property of the Society were to be in- 
 
REPORTS, &C. 
 
 141 
 
 vested in Stock, and every Member to take the chance 
 of rise or fall, this proposal might cause no incon¬ 
 venience, provided the addition made were an actual 
 or given sum ; but as it is only the value of that sum, 
 calculated according to the supposed value of the pro¬ 
 perty and the continuance of the life assured, it would 
 cause a difficulty which does not occur by the present 
 mode; and if the idea entertained by some were to 
 be adopted, which is, by a supposed transfer of so 
 much Stock as the value of that per centage, it would 
 very frequently fall short of the sum expected, and 
 would necessarily require as many accounts to be kept 
 as there are Members, and a degree of complication, 
 which would be highly injurious.—For these reasons 
 the Directors are of opinion, that additions in Stock 
 ought not to be made. 
 
 The Second is,—“ For drawing another line, 
 and establishing another class of Members; 
 and when all the present Members are re¬ 
 duced to 5000, that the whole surplus should 
 be divisible amongst that number, with the 
 exception of half a million, which is to be the 
 then future surplus capital; in which all the 
 Members, whether old or new, are to be inter¬ 
 ested.’’ 
 
 And the Directors are of opinion, that this would 
 not be of any advantage to the Society. It would be 
 necessary to ingraft so many provisions upon the 
 
142 
 
 EQUITABLE SOCIETY. 
 
 terms on which any new class would be to be admit¬ 
 ted, that if any one provision were omitted, it would 
 make it necessary to repeat the operation ; and the 
 very difficulties which are feared woidd constantly 
 arise. 
 
 The Third is,—The reduction of premiums.’* 
 And, 
 
 The Fourth is,—“ More frequent rests and ad¬ 
 ditions.” 
 
 The Directors are of opinion^ that these would not 
 be advisable: and the reasons for that opinion are 
 contained in the previous part of this Report, but 
 more fully detailed in Mr. Morgan’s Address. 
 
 The Fifth is,—“ For the purpose of realizing 
 the present high price of the public funds, in 
 various ways.” 
 
 First, By promoting the surrender of policies or 
 additions.” 
 
 In this view of the subject, the Directors confess 
 that they have great hesitation. They have always 
 considered themselves as acting like the parents of a 
 large family, for the support, and assistance, and en¬ 
 couragement, and relief of all. They do not, there¬ 
 fore, consider themselves at libertv to hold out in- 
 
REPORTS, &C. 
 
 143 
 
 ducements to, or to promote the surrender of, an in¬ 
 terest which they should wish to see every Member 
 preserve, for the benefit of those for whom it was de¬ 
 signed. 
 
 This subject, as to the rate of purchase, where the 
 individual is determined upon sale or surrender, is 
 considered at length by our able Actuary, Mr. Mor¬ 
 gan. And the Directors are of opinion, that the small 
 deduction hitherto made should no longer be conti¬ 
 nued ; but they are decidedly of opinion, that the So¬ 
 ciety ought not to enter into competition with indivi¬ 
 dual purchasers. Several instances have occurred in 
 which, by public sale, more than twice the real value 
 of a policy has been obtained. How it is possible 
 (without applying the same principle to all receipts 
 and payments), upon any just grounds of calculation, 
 ‘‘ to take into account the value of Stock at the time 
 of the surrender, or the contingent interest which the 
 insurer has in the accumulating surplus of the So¬ 
 ciety's fund," the Directors cannot discover. 
 
 Secondly, ‘‘ To realize the Stock, by the surrender 
 of the additions, retaining the original policy." 
 
 The Directors are of opinion, that this may be 
 adopted, provided the person surrendering would 
 forgo all additions to his policy, to be made at any 
 future time, for any time preceding the then last de¬ 
 cennial investigation. 
 
144 
 
 EQUITABLE SOCIETY. 
 
 The application of the value of those additions, or 
 the sum received for them, would be discretionary 
 with the party surrendering, as it is under the present 
 regulations of the Society. 
 
 Thirdly, By lending money on policies and ad¬ 
 ditions.” 
 
 The Directors are of opinion, that this should not 
 be adopted. It would most materially interfere with 
 every intention and object of the Society, and would 
 occasion great additional expense, and most probably 
 produce repeated litigations. 
 
 Fourthly, “By lending money on mortgage, to a 
 greater extent than at present, and at a lower 
 rate of interest.” 
 
 This is a subject to which the attention of the 
 Directors has been frequently drawn. The general 
 policy of endeavouring or assisting to reduce the rate 
 of interest in this kingdom, is not for the considera¬ 
 tion of this Society ; but the actual loss which would 
 accrue by the reduction of all the present mortgages 
 from 4 to 3^ per cent, which must necessarily be 
 done, if any money were to be advanced at that rate 
 of interest, is an object of serious importance. When¬ 
 ever opportunity occurs which will afford the Society 
 an advantageous investment of any further part of its 
 capital upon mortgage, the Directors will not allow 
 
REPORTS, &C. 
 
 145 
 
 such opportunity to escape them ; and the General 
 Court may rest assured that this subject, in all its 
 bearings, will continue to be, as it ever has been, one 
 of those points to which their attention is most anxi¬ 
 ously directed. 
 
 The Directors hope that it will not be supposed 
 that they are opposing every suggestion for alteration; 
 for that supposition has no foundation. They most 
 willingly consider any proposition which may be 
 made, and are desirous of giving it their best atten¬ 
 tion ; but if it will not stand the test of calculation, 
 or will infringe upon any rights, it will be their duty 
 to resist it. 
 
 As to the proposal ‘^for the registration of the as¬ 
 signments of policies,”— 
 
 The Directors are of opinion, that it would not be 
 advisable. 
 
 Assignments have never been recognized, except 
 for the payment of claims. No inconvenience has 
 hitherto resulted from the want of registration ; and 
 the late most important decisions in courts of law, as 
 to the legality of Societies formed without Charter or 
 Act of Parliament, if the shares are transferable, might 
 at least raise a doubt, (if it did not cause an inconve¬ 
 nience,) as to this Society, should we recognize as- 
 
 L 
 
146 
 
 EQUITABLE SOCIETY. 
 
 signees, and thereby declare that our interests here 
 are Shares, instead of Joint Assurances. 
 
 The Directors have also considered the proposal 
 for classification of policies ; but as no dividend of 
 profit, and no certain criterion could be formed, of 
 each individual interest in this Society, without a par¬ 
 ticular investigation,—and as it could not be done 
 without incurring great expense to the Establishment 
 and loss of time,—the Directors are of opinion, that 
 it is not ad^dsable. 
 
 The Directors have been requested to annex a full 
 report of the real state of the Society, and they are 
 quite ready to communicate any information that can, 
 by possibility, be of ser\dce ; but if they were to state 
 the different scales which have been called for, and 
 the different explanations required, it would employ 
 the clerks of this Society considerable time in com¬ 
 pleting them, and materially interfere with their im¬ 
 portant duties. They are not aware of any informa¬ 
 tion which can be useful, beyond that which appears 
 in the quarterly and annual accounts, and in this Re¬ 
 port and Mr. Morgan’s Address, or they w^ould most 
 readily present it. 
 
 In concluding this Report, the Directors have again 
 to apologize for having so long occupied the attention 
 of the Court. They have formed it, upon the con- 
 
REPORTS, &C. 
 
 147 
 
 viction that it is most desirable not to disturb that 
 which has hitherto been so prosperous. This Society 
 has been steady in its operation, progressive in its 
 advantages, successful beyond example ; and no at¬ 
 tempt at alteration should be made, which will not 
 plainly and clearly be beneficial. This is not a So¬ 
 ciety for experiment—we have experience of the hap¬ 
 piest kind. Let us continue to persevere in the same 
 course, which has brought us to such an unexampled 
 state of wealth, consequence, and utility. 
 
 Extract from the Minutes of a Special General Court, 
 holden the 16th of June 1825. 
 
 A Member moved, “ That the Directors having 
 made their Report upon all matters referred to them 
 by the General Court of Proprietors of this Society, 
 and having received the thanks of the Court for their 
 exertions and services—Resolved, that the said Report 
 be, and is hereby most fully confirmed which being 
 seconded, was adopted. 
 
148 
 
 EQUITABLE SOCIETY. 
 
 Statement made by the Directors at a General Court 
 of the Society, holden on Thursday, the 22nd of 
 January 1829. 
 
 Extract from the Minutes of a Quarterly General Court, 
 holden the Mh of December 1828. 
 
 A Member having submitted to the Court the following Pro¬ 
 positions, namely:— 
 
 “I. That in preparing the Accounts of the Society, for ascer¬ 
 taining the Profits, of which Two-thirds are to be appropriated at 
 the ensuing Division, the Actuary do calculate the \^alue of the 
 existing Policies according to the experience acquired by this So¬ 
 ciety of the duration of the Lives which they have assured; and 
 that he do calculate the Value of the Premiums receivable on the 
 Policies, according to the hke experience. 
 
 “ II. That the Actuary do distinguish and class the existing 
 Pohcies, so as to give information to the Members, by stating in 
 his Account,— 
 
 1. The gross Amount of existing Pohcies on each particular 
 
 Age, and the gross Amount of the Valuation of each 
 Class: 
 
 2. The gross Amount of Additions to Pohcies on each par¬ 
 
 ticular Age: 
 
 3. The gross Amount of Premiums receivable on Pohcies on 
 
 each particular Age, and the Valuation of each Class : 
 
 4. And the average number of years during which the Poh¬ 
 
 cies on each particular Age have existed. 
 
 III. That when the Accounts of the Society, by which the 
 Profit will be shown, shall have been made up, the same be printed, 
 and sent to each Member at least one month before the same be 
 taken into consideration by a General Court.” 
 
 It was Resolved, 
 
 “ That the same be printed, and sent to the Members; and 
 that a Special Court be called on Thursday, the 22nd 
 of January next, to take the same into consideration ; 
 and generally to consider the proceedings, preliminary 
 to the Decennial Declaration of Profits.” 
 
 Extract from the Minutes of a Special General Court, 
 holden the 22nd of January 1829. 
 
 Resolved, 
 
 “ That the thanks of this Meeting be given to the Directors 
 for the Statement now read; and that the same be 
 printed, and circulated among the Members of the So¬ 
 ciety.” 
 
REPORTS, &C. 
 
 149 
 
 STATEMENT. 
 
 As this Court has been summoned, “ generally to 
 consider the proceedings preliminary to the decennial 
 Declaration of Profits,” the Directors think it their 
 duty to take this opportunity of communicating to 
 the General Court, pursuant to the promise made at 
 a former Meeting, the proceedings which they have 
 resolved to adopt; subject, of course, to the appro¬ 
 bation of the General Court. 
 
 They had, previously to the receipt of the propo¬ 
 sitions now before the Court, maturely considered the 
 whole subject, with the view of ascertaining, whether 
 it would be desirable, and if desirable, whether it 
 would be lawfid and just, to adopt any new mode of 
 calculating, or of appropriating, the surplus. 
 
 In this consideration, they had necessarily directed 
 their attention to the propriety of adopting any new 
 Tables of the duration of life, in the valuation of the 
 existing Policies. 
 
 The result of their deliberation is, that the Society 
 could not now depart from the Northampton Tables, 
 with that due regard to the interests of the new In¬ 
 surers, which, they are satisfied, this Court is always 
 desirous to preserve. 
 
150 
 
 EQUITABLE SOCIETY. 
 
 It is well known that any Tables, formed upon the 
 experience of the Equitable Society, will exhibit a 
 longer duration of human life than that which is de¬ 
 duced from the Northampton Tables; consequently, 
 the value of the Policies, which, in order to estimate 
 the surplus, is to be deducted from the Society’s 
 Stock, will be smaller, and the estimated surplus ne¬ 
 cessarily greater, than according to the Tables now 
 in use. 
 
 It is obvious that the appropriation of two-thirds 
 of this surplus, so enhanced in apparent value, among 
 the persons now entitled to share in it, while the 
 Stock of the Society, out of which this appropriation 
 is made, receives no addition of value, the sum re¬ 
 served for the new Insurers will be diminished in 
 amount. The effect will be the same, as if the reserve 
 itself were less than one-third of the surplus :—thus, 
 the obligation to use the Northampton Tables, and 
 the obligation to reserve one-third, are equally impe¬ 
 rative upon the Society. 
 
 The proposed alteration, therefore, will injuriously 
 affect the interests of those, who, having made their 
 assurances since the year 1816, are not entitled to 
 share in the present surplus. And it is the decided 
 opinion of the Court of Directors, that these persons 
 would have a just and equitable right, to complain of 
 any departure, hurtful to their interests, from the 
 
REPORTS, &C. 
 
 151 
 
 system which prevailed in the Society in 1816 ; whe¬ 
 ther to be found in the Bye-Laws, or in the known 
 practice of the Institution. 
 
 The expectation of a future participation in our 
 profits has been, unquestionably, one of the principal 
 inducements to these persons to become Members of 
 the Society. Repeated acts of the Society have sanc¬ 
 tioned this expectation. We have made with the 
 new Insurers, it is true, no specific contract, as to the 
 amount or proportion of this participation ; but, we 
 have freely made known to them the Rules by which 
 the Society had in this respect been guided, before 
 they were admitted into it. We have given to those 
 Rules a subsequent and solemn sanction, by adhering 
 to them on the only occasion on which they could 
 have come into operation ; and it would scarcely be 
 consistent with good faith and fair dealing, even if it 
 were lawful, to introduce a new Regulation less favour¬ 
 able to those who have relied upon our implied en¬ 
 gagement. 
 
 This principle of adherence to former practice, in 
 reference to the interests of the new Insurers, is no 
 new doctrine: it was clearly and forcibly stated, in 
 the Report of the Court of Directors, read on the 3rd 
 of March 1825, and then sanctioned by a vote of this 
 Court. This principle, in the opinion of the Directors, 
 must be applied to all proceedings in which the new 
 Insurers are concerned: it is peculiarly applicable to 
 
152 
 
 EQUITABLE SOCIETY. 
 
 the Tables, because the annual payments made, as 
 well by the new Insurers as the old, are calculated 
 from those same Tables: the present Stock of the 
 Society, of which a great portion is now to be appro¬ 
 priated, is partly composed of the accumulated pay¬ 
 ments of the new Insurers, and the surplus is, in part, 
 occasioned by the excess of those payments, beyond 
 what the reformed Tables would require. 
 
 But the Directors must here remind the Members 
 of this Court, that they, too, may be injuriously 
 affected by an alteration in the mode of valuing the 
 Policies. Such of them as may be desirous of sur¬ 
 rendering either their whole Policies, or the additions 
 made to the sums assured, must necessarily receive a 
 smaller sum, in compensation for such surrender: 
 and when it is considered that many of the Policies 
 have been made available securities, at their, supposed, 
 known and certain, value, it is easy to perceive how 
 great would be the derangement of affairs, occasioned 
 by an altered valuation. 
 
 And, perhaps, the Members of the Court are 
 scarcely aware, that if the proposed new Tables are 
 adopted in the valuation of such Policies, while the 
 present premiums are continued, a person may be as¬ 
 sured, for eight or ten years, without acquiring any 
 disposable interest in his Assurance, or being entitled 
 to any return for its surrender. He will thus be 
 placed in a less advantageous situation, than those 
 
REPORTS, &C. 
 
 153 
 
 who, having already surrendered their Policies or 
 Additions, have received the full value, according to 
 the Northampton Tables. 
 
 The Court will readily perceive, that, holding the 
 opinions which they have endeavoured to explain, the 
 Directors cannot give their support to the first of the 
 propositions about to be discussed. 
 
 They have, nevertheless, thought it their duty, to 
 ascertain whether any Tables, accurately deduced from 
 the experience of this Society, do now exist; and whe¬ 
 ther it be possible to construct such Tables. They 
 are satisfied that the Tables already published, pro¬ 
 fessing to be founded upon “ the Equitable experi¬ 
 ence,” cannot be relied upon: in proof of this, it 
 might, perhaps, be sufficient to mention, that although 
 each has been constructed by an eminent mathema¬ 
 tician, they do not agree ; but, in truth, those gentle¬ 
 men had not before them perfect or complete materials. 
 No allowance has been made for the plurality of Poli¬ 
 cies effected on one life ; and other deficiencies exist, 
 which, without implying any want of skill in the 
 framers, necessarily produce inaccuracy in the Tables. 
 
 To furnish the means of constructing a Table, 
 would necessarily require much time and labour, and 
 perhaps occasion some extraordinary expense. And 
 it must be observed that, owing to the smallness of 
 the number of persons insuring at the earlier ages. 
 
154 
 
 EQUITABLE SOCIETY. 
 
 the Table could not accurately describe the expecta¬ 
 tion of life throughout its whole duration. 
 
 It is the intention of the Directors, to communi¬ 
 cate to the General Court, the fullest information 
 which it is in their power to render; in explanation 
 of the propositions which they will make, towards 
 the close of the present year, for the appropriation of 
 the surplus. 
 
 The Court is aware that by a Bye-Law made on 
 the 8th of May 1800, and still in force, it is Ordered, 
 that every decennial addition to the claims be pre¬ 
 ceded by “ a careful investigation of the value of each 
 Policy.” In this investigation some progress has 
 already been made; and it will be the particular care 
 of the Directors, that it shall be finished with all dis¬ 
 patch ; so that the result may be communicated to 
 the Court, some time previous to its being taken into 
 consideration. 
 
 \ 
 
 The Directors have, on the present occasion, as in 
 the year 1825, considered the possibility and expedi¬ 
 ency of an arrangement, by which the labour required 
 for this particular investigation might be lessened,— 
 by some mode of classification which should also en¬ 
 able them to lay before the Court, a more copious 
 statement than has hitherto been usual, of the affairs 
 of the Society. They have come to the conclusion 
 
REPORTS, &C. 
 
 155 
 
 that even if the Bye-Law did not exist, and even if 
 the work had not already been commenced, it would 
 still be inexpedient to supersede, by any plan of clas¬ 
 sification, the particular investigation enjoined by the 
 Bve-Law. 
 
 The second of the propositions which have been 
 circulated, suggests a plan of valuation, obviously in¬ 
 complete. To the classes, proposed, according to the 
 present ages of the Members, must be added separate 
 classes for each variety of insurance upon more than 
 one life, or for any fixed number of years. In refer¬ 
 ence too, to the premiums, various distinctions must 
 be made, in consequence of the higher premiums paid 
 under particular circumstances, and the commutation 
 of many premiums, for a larger payment, during a 
 shorter term ; nor can the value of the premiums be 
 accurately computed without a reference to the period 
 at which each becomes due ; of this reference the pro¬ 
 posed plan does not admit. 
 
 The Directors have no hesitation in affirming, that 
 the trouble of bringing together, into each of the 
 classes, necessarily amounting to many hundreds in 
 number, the particulars requisite for each, would be 
 very little less, perhaps not at all less, than that which 
 is required by the investigation in the usual mode: 
 And the Directors trust, that when it is considered, 
 that the officers and clerks of the Society are familiar 
 with that accustomed mode, and have alreadv made 
 
156 
 
 EQUITABLE SOCIETY. 
 
 progress in it, and that although the process is, no 
 doubt, laborious, it is both simple and certain, the 
 Court will not, at the risk of occasioning delay in the 
 Declaration of the Surplus, order that mode to be 
 discontinued. 
 
 They must add, that a calculation of the effect of 
 an addition at any given rate, forms part of the pro¬ 
 cess, so that the surplus may be appropriated almost 
 immediately after it has been ascertained,—an advan¬ 
 tage which appears to the Directors to be less easily 
 attainable by any other plan. 
 
 The Directors will now advert to some other 
 grounds, upon which the new form of account may 
 possibly have been proposed. It may have been pro¬ 
 posed in order that each Member may have the means 
 of ascertaining his own share in the concerns of this 
 great partnership ; or, as affording the means of lay¬ 
 ing before the Court at large a more complete state¬ 
 ment of its affairs;—or, the object may be to frame 
 an account, susceptible of easy continuation from year 
 to year, so as at any time to exhibit the existing sur¬ 
 plus. As to the first point, it is obvious that the pre¬ 
 sent mode has the advantage over all others. An ex¬ 
 planation of this mode will be found in the Actuary’s 
 Address of the 24th of April 1800. 
 
 A correct classification ought to include in one 
 class only those persons who, having been born in 
 
REPORTS, &C. 
 
 157 
 
 the same year, have also insured in the same year: 
 othervs^ise, either the rate of the Premium, or the rate 
 of the Additions, or both, will vary; and no Member 
 of a class can ascertain his proportion of the estimated 
 value. As an Abstract of the Society’s aifairs, the 
 proposed classification, although, as already stated, it 
 would be exceedingly voluminous, would be useless 
 for any other purpose than that of arriving at a total 
 which may be attained with equal facility in the ac¬ 
 customed mode. 
 
 This mode, it is true, does not answer the purpose 
 of exhibiting an annual ascertainment of surplus. If, 
 however, this be the object of the proposition, the 
 Directors earnestly recommend that the consideration 
 of it, in that point of view, may be postponed until 
 after the completion of the present investigation. 
 
 The question now is, in what mode the Society is 
 to proceed towards the Decennial Appropriation of 
 Surplus. It must be quite unnecessary, and may pro¬ 
 duce much embarrassment, to connect with this one 
 present object plans for the future conduct of the 
 
 On the whole of this subject, the Directors express 
 their earnest hope, that the Court will be satisfied 
 with the assurance of their intention to communicate 
 the fullest information, and will not, on the present 
 
158 
 
 EQUITABLE SOCIETY. 
 
 occasion, impose upon them any new mode of making 
 the valuation or stating the account. 
 
 The Directors are desirous of impressing upon the 
 Members of this Court one observation of great im¬ 
 portance, to which, they apprehend, sufficient atten¬ 
 tion has not been paid. 
 
 The principle, which, after mature deliberation, 
 they have adopted, of adhering to the established 
 practice of the Institution, will not operate in all re¬ 
 spects disadvantageously upon the present sharers. 
 It appears to have been a part of that established prac¬ 
 tice, sanctioned equally by the proceedings of 1800, 
 1809, and 1819, to value the Stock of the Society at 
 its market price at the time ; and the Directors are of 
 opinion that, provided always that that established 
 practice is strictly followed in every other point, it 
 will be perfectly legal, equitable, and expedient, to 
 value the Society’s Stock at the ensuing division, at 
 any rate not exceeding the market price. 
 
 Those Members of the Court, moreover, who mav 
 be disposed to object to the restraints imposed by the 
 measure of 1816, should recollect the operation of 
 that measure in diminishing the number of persons 
 entitled to share in the surplus. In 1809, a surplus 
 of £1,615,940 was shared by the Holders of 7320 
 Policies. In 1819, a surplus of £3,203,446 was 
 
REPORTS, &C. 
 
 159 
 
 shared by 8340, to the exclusion of 1310 new as¬ 
 surers. On the present occasion, the sum to be ap¬ 
 propriated will be shared by the holders of about 5500 
 Policies instead of about 9000, who, but for the re¬ 
 strictive measure of 1816, must have shared in the 
 surplus. 
 
 The Directors trust, that the Court will find, in 
 these remarks, some reason for resting satisfied with 
 the present system of the Society. Their purpose, 
 however, is on the present occasion, sufficiently an¬ 
 swered, if they have persuaded the Court to decline 
 to accede to the propositions now before them. They 
 trust that no suggestion of alteration will at any time 
 be adopted, of which the expediency, as well as the 
 equity, shall not have been demonstrated. 
 
 The Society is kept together by the mutual faith 
 of its Members ; by the confidence which they repose 
 in the regularity and certainty with which its affairs 
 are administered. Any alteration which shall destroy 
 the certainty, will impair the confidence. If the alter¬ 
 ation be not adjusted with perfect nicety, fresh and 
 conflicting interests will arise ; questions of law and 
 equity will be litigated ;—the first effect of which may 
 be to suspend the division of the surplus; and, per¬ 
 haps, the payment of any claims upon the Society. 
 
 The Directors are persuaded that this General 
 Court will give them credit for the strict sense of duty, 
 
160 
 
 EQUITABLE SOCIETY. 
 
 under which they submit these considerations. They 
 assure the Court, that every opinion which they offer 
 has been weighed with a degree of deliberation, pro¬ 
 portioned to the trust reposed in them, and to their 
 devotion to the welfare of The Equitable Society. 
 
 They are gratified by the conviction, that a strict 
 adherence to good faith will prove consistent with a 
 liberal participation in the prosperity to which that 
 good faith has eminently conduced. 
 
REPORTS, &C. 
 
 161 
 
 Case submitted by the Directors to Messrs. Bell^ 
 Brougham, and Bickersteth;—with their Opinion 
 thereon. 
 
 Extract from the Minutes of a Special General Court, 
 holden the 23rd of July, 1829 . 
 
 “ It was moved and seconded, That the Case, together with 
 the Questions and Opinion now read, be printed and circulated 
 among the Members,—which was carried in the affirmative. 
 
 “ The Vice President then stated that he had been requested 
 by a Summoned Court of Directors, holden on the 22nd Instant, 
 to recommend that at the next Quarterly General Court the fol¬ 
 lowing Resolutions should be passed. 
 
 1st, That the Investigation and Valuation of the Policies, 
 Premiums, Stock, and Effects of the Society, and of the 
 liabilities thereof, which is to be made on, or as of, the 
 31st of December next, in pursuance of a Resolution of 
 this Court of the 4th of June last, be conducted accord¬ 
 ing to the practice which has prevailed in this Society 
 since the year 1816. 
 
 “ 2nd, That when the surplus shall have been ascertained ac¬ 
 cording to the accustomed mode, the Directors do lay be¬ 
 fore this Court a scheme for the appropriation of a portion 
 not exceeding two-thirds of such Surplus, to the Policies 
 entitled thereto under the Resolutions of the 17th of De¬ 
 cember 1816, and according to the plan followed in 1809 
 and in 1819.” 
 
 “ It was moved and seconded. That the above Recommenda¬ 
 tion from the Court of Directors be inserted in the Summons for 
 the next Quarterly Court. And the Question being put thereon, 
 the same was carried in the affirmative.” 
 
 These Resolutions were confirmed by a Quarterly General 
 Court, holden the 3rd of September 1829. 
 
 M 
 
162 
 
 EQUITABLE SOCIETY. 
 
 C A S E^ 
 
 The Society for Equitable Assurances on Lives and 
 Survivorships was originally constituted by a Deed of 
 Settlement, dated the 7th of September 1762, by which 
 the persons who executed the Deed being desirous to 
 procure to themselves, and to assure to others who 
 should unite themselves to them, the advantages that 
 might arise from establishing themselves into a Society 
 for the Assurance of Lives and Survivorships, cove¬ 
 nanted to become by mutual contribution Assurers of 
 Lives and Survivorships, and to erect themselves into 
 a Society upon the terms mentioned in the Deed^. 
 
 And for the better forming and establishing the 
 said Society, the Subscribers to the said Deed and 
 Members of the said Society did covenant every of 
 them with the other of them to observe and keep the 
 articles, clauses, laws, constitutions, ordinances, regu¬ 
 lations, and agreements therein contained 
 
 Every person making assurance is to execute the 
 Deed, or to sign a declaration to become a Member 
 of the Society, and to observe the regulations con¬ 
 tained in the Deed, or such other regulations or Bye- 
 Laws as might be thereafter made^. 
 
 ^ The Book containing a Copy of the Deed of Settlement, 
 the Bye-Laws of the Society, and Mr. Morgan’s Addresses, was 
 sent to each of the Counsel with this Case. 
 
 Deed of Settlement, Clause 14. 
 
 Deed, &c. Clause 16. Ibid. Clause 18. 
 
REPORTS, &C. 
 
 163 
 
 The affairs of the Society are to be managed by 
 fifteen Directors ; and the power of making Bye-Laws 
 and Rules for the good order of the Society is vested 
 in the General Courts of the Members of the Society 
 having a right to attend and vote at such Courts^. 
 
 When the Premiums received and to be received 
 are not sufficient to pay the claims, the Members of 
 the Society are liable to a call, to be declared by a 
 Special Court, in order to make good the deficiency^. 
 
 A PARTICULAR provision is made by the Deed for 
 declaring Dividends when the Stock of the Society 
 arising from Premiums is more than sufficient to pay 
 the claims, and for the mode of paying such divi¬ 
 dends 
 
 And the Deed contains a clause for deciding any 
 differences which might arise between the Members*^. 
 
 The Premiums which are mentioned in the Deed 
 of Settlement were calculated on Tables of Observa¬ 
 tions formed by Mr. Dodson, but were reduced in 
 1776 ; and in 1782, the Premiums were calculated 
 according to the Northampton Table of Observations, 
 and the use of such Table was sanctioned by the Gene¬ 
 ral Court, and that Table has ever since been used by 
 the Society in all calculations. 
 
 Deed of Settlement, Clauses 19, 21, 45, 55. 
 
 ** Ibid. Clause 68. ' Ibid. Clause 70 & 71. ^ Ibid. Clause 78. 
 
164 
 
 EQUITABLE SOCIETY. 
 
 The mode of making Dividends, pointed out by 
 the Deed of Settlement, was altered by the Bye-Law 
 passed in the year 1770 ; but no Dividends were ever 
 made according to the Deed or such Bye-Law^. 
 
 Towards the consideration of the questions here¬ 
 inafter proposed, it may be useful to state distinctly 
 upon what principles and in what manner the pro¬ 
 perty of the Society, and the claims against it, have 
 been in fact estimated, and in what manner the esti¬ 
 mated surplus has been appropriated. 
 
 The property actually in possession of the Society 
 consisted of Cash, Mortgages for specific sums, and 
 Stock in the Funds. The two former were of course 
 reckoned at their actual value ; the latter, which com¬ 
 posed far the greater part of the property, has been 
 estimated according to the price of the Stock, at or 
 about the day to which the calculation was formed. 
 
 In estimating the claims, the period at which the 
 principal would probably be due and the premium 
 would cease, was presumed to be according to the 
 Northampton Table ; and the value of each individual 
 Policy being thus adjusted, their joint amount was 
 deducted from that of the property, and the difference 
 then ascertained was considered to be the surplus; a 
 part of which has from time to time been divided 
 amongst the Insurers. 
 
 * Bye-Law 1. Sect. 3. 
 
REPORTS, &C. 
 
 165 
 
 A PRACTICE has prevailed on the part of the So¬ 
 ciety since the year 1772, of receiving surrenders of 
 Policies from individual Insurers, and paying for such 
 Policies according to their value; and this value has 
 always been calculated by the Table used by the So¬ 
 ciety for their general purposes. 
 
 The actual purchase of Policies by the Society had 
 become so completely a part of the practice, that in 
 the Proposals circulated to give information to persons 
 willing to become Insurers (and of which Proposals 
 about 2000 have been distributed every year for some 
 years past), it is expressly stated, that “ In case the 
 immediate purpose of any Insurance shall have ceased, 
 and the owner of the Policy shall be minded to dis¬ 
 pose of the same, or any part thereof, the Society 
 will, upon application, become purchasers of such an 
 interest.” 
 
 It has also recently become the practice of the So¬ 
 ciety to permit such Members as are entitled to addi¬ 
 tions to their claims (namely, such Members only as 
 were insured before 1817), to sell to the Society their 
 title to such additions. 
 
 The general result as to the amount of the surplus, 
 from proceeding upon the principles above explained, 
 has been this:—that so much of the profits of the 
 Society as had arisen from Policies no longer exist- 
 
166 
 
 EQUITABLE SOCIETY. 
 
 ing, constituted a portion of that surplus; so much 
 of the profits as had arisen from the fact, that upon 
 existing Policies the premium had been longer paid, 
 and the payment of the principal longer deferred, than 
 might have been calculated upon by the Northampton 
 Table, constituted another portion of that surplus ; but 
 the profits that might arise in future from a further 
 prolongation of the existing lives beyond their esti¬ 
 mated duration by the Northampton Table, were not 
 taken into consideration. 
 
 The surplus being estimated upon the principles 
 above stated, the first partition of profits took place 
 in 1782, in which year an addition was made to the 
 claims on the Policies according to a certain rate 
 computed upon the sums assured; and each subse¬ 
 quent partition of profits has been made in the same 
 manner, as will be seen by reference to the Orders in 
 page 119, and the Table at page 122. After the first 
 division in 1782, others took place at short intervals, 
 viz. in 1786, 1791, 1793, and 1795. 
 
 On the several occasions when these divisions of 
 profits were made, a proportion of the surplus Stock 
 was reserved; and on each division, previous to that 
 declared in 1800, less than two-thirds of the whole 
 of the then surplus was appropriated. 
 
 Some alarm, however, arose from the frequency of 
 
REPORTS, &C. 
 
 167 
 
 these divisions, and their danger was pointed out by the 
 Actuary in an Address, dated the 24th of April 1800. 
 
 On the 8th of May 1800, a Bye-Law was made, 
 of which the following is a copy. 
 
 “ Ordered, That a careful investigation of the 
 value of each Policy of Assurance be repeated 
 once in ten years. 
 
 “ That in future no addition be made to the claims, 
 nor any other mode of distribution of the pro¬ 
 fits of the Society be adopted, without such 
 investigation previously had.—And 
 
 “ That the addition to be made to the claims do 
 not in any instance exceed in present value 
 two-thirds of the clear surplus Stock of the 
 Society.” 
 
 In the year 1810 a division was made, and at that 
 period one-third of the clear surplus Stock, computed 
 according to the Northampton Table, was reserved, 
 and the other two-thirds appropriated. 
 
 All the divisions declared up to, and including 
 that which took place from, the 1st of January 1810, 
 were declared on every Policy made for the whole con¬ 
 tinuance of a Life; but on the 1st of March 1810, a 
 Bye-Law was passed, that no future additions should 
 
168 
 
 EQUITABLE SOCIETY. 
 
 take effect, with respect to any policy, before six an¬ 
 nual payments should have been made thereon. 
 
 On the 19th of December 1816, another Bye-Law 
 was passed, altering most essentially the constitution 
 of the Society; and it is mainly with reference to the 
 effect of this Bye-Law, in regulating the respective 
 rights and duties of the old and new Insurers, that 
 your opinion is requested. By this Law it was or¬ 
 dered, that any addition to be thereafter made to 
 claims on Policies should not take effect, with respect 
 to Policies granted after the 31st of December 1816, 
 until the Assurances existing . in the Society prior to 
 that period should be reduced to 5000 ; but this was 
 not to revoke the Bye-Law of 1810. 
 
 The right of being present and voting at General 
 Courts is by the Deed of Settlement limited to those 
 persons who shall be assured upon their own Lives 
 in the sum of £100 or more ; and this right was ex¬ 
 tended in the year 1770, to persons assured on the 
 Lives of others. This right has been at various times 
 altered by increasing the qualification, and which by 
 the Bye-Law, dated the 23rd of January 1810, was li¬ 
 mited to Members assured for the whole continuance 
 of a Life in not less than £2000, and not until the 
 expiration of five years from the time of admission. 
 
 By the Bye-Law of the 19th of December 1816, it 
 was ordered, that the right of being present and 
 
REPORTS, &C. 
 
 .169 
 
 voting at General Courts should not be exercised by 
 any person who should make his first Assurance with 
 the Society after the 31st of December 1816, unless 
 such person was assured for the whole continuance 
 of a Life in not less than £2000, and should have 
 been so assured for five years, nor until the number 
 of Assurances existing in the Society prior to the time 
 when he became so assured, should as therein men¬ 
 tioned be reduced to five thousand. 
 
 Since 1816, a considerable number of persons 
 have effected Assurances at the Office, and have con¬ 
 tracted to pay the same Premiums as the old Assurers 
 pay, namely, those which are calculated according to 
 the Northampton Table. 
 
 A FURTHER division of profits took place in the 
 year 1820, similar to that made in the year 1810. 
 
 It has for many years past been ascertained that 
 the calculations founded upon the Northampton Table 
 have been considerably in favour of the Society. And 
 Mr. Morgan, as the Actuary of the Society, in the 
 Address before referred to, and which was delivered 
 to the General Court on the 24th of April 1800, 
 states, that in every period the probabilities of Life 
 are higher in the Society, or which is the same thing, 
 the number of Deaths is less than those in the Table, 
 which is made the foundation of its whole practice; 
 and that at all ages taken together, these probabilities 
 
170 
 
 EQUITABLE SOCIETY. 
 
 are in the ratio of 3 to 2. Notwithstanding the 
 knowledge of this fact, all calculations used in the 
 Society have been hitherto made according to such 
 Table. 
 
 The Society has continued to gain considerable 
 profits, which profits in great part arise from receipt 
 of Premiums, according to the Northampton Table, 
 from the new Assurers as well as the old. 
 
 In Addresses and Reports delivered both before and 
 since 1816, at General Courts by Mr. Morgan, the 
 use of the Northampton Table has been publicly men¬ 
 tioned as one great source of the profits of the So¬ 
 ciety, and of the great accumulation of Stock conse¬ 
 quent thereon; and these Addresses have been printed 
 and largely circulated. 
 
 The Court of Directors, in a Report also printed 
 and circulated in the year 1825, (since which time a 
 great number of Assurances have been effected,) de¬ 
 clared that the constitution of the Society was to be 
 collected from the state in which it was placed by the 
 Regulations of December 1816, and the terms of it 
 gathered from the existing practice on the 1st of 
 January 1817, when the first Member was admitted 
 on the new Scale; and it was to be extracted from, 
 and found in, the Deed of Settlement, Bye-Laws, 
 Regulations, Declaration of, and Policies granted to 
 the Members, so far as they were consistent with each 
 
REPORTS, &C. 
 
 171 
 
 other, and with that practice. The Directors there¬ 
 fore were of opinion that there was no power, with¬ 
 out unanimous consent, to alter any Regulation which 
 existed on the 1st of January 1817, if the alteration 
 would in its operation have the effect of depriving 
 any Member of present or expectant profit. This 
 Report was confirmed by the General Court. 
 
 The number of Policies now existing is about 
 9000, of which about 5700 are dated prior to January 
 1817, and the remainder since that time. About 
 2000 of the persons holding the 5700 Policies are 
 entitled to attend and vote at the General Courts. 
 
 Various plans have from time to time been sug¬ 
 gested for altering the mode of ascertaining the sur¬ 
 plus Stock or profits of the Society, and by which 
 such surplus would be apparently increased. And it 
 has recently been determined by a vote of the Gene¬ 
 ral Court, that a calculation of the profits shall be 
 made by calculating the value of the existing Policies, 
 according to the experience acquired by the Society, 
 of the duration of the Lives which they have assured, 
 and the value of the Premiums now receivable on the 
 Policies according to the like experience 
 
 If the profits are calculated in the manner pointed 
 out by this Resolution, the existing privileged holders 
 
 a 
 
 See page 124. 
 
172 
 
 EQUITABLE SOCIETY. 
 
 of the 5700 Policies of the old series will obtain, not 
 merely the profits which have already accrued and 
 been realized, because the Lives which have been in¬ 
 sured have not dropt off so fast as might have been 
 expected by the Northampton Table, but also two- 
 thirds of all the profits which may be estimated to 
 arise in future from the payments of any of the pre¬ 
 sent Members of the Society. And if the practice of 
 purchasing Policies, according to the Northampton 
 Table, be continued, the holders of such Policies will 
 receive from the Society a sum considerably greater 
 than that at which they are valued in the estimate of 
 the Society’s property; while if, on the other hand. 
 Policies surrendered are valued according to the new 
 Tables, the holders would in many cases receive no 
 value for the same, notwithstanding the undertaking 
 of the Society to purchase the Policies, and which 
 undertaking would thus in all such instances become 
 nugatory. 
 
 Another doubt, in reference to the relative inter¬ 
 ests of the old and new Insurers, arises from the prac¬ 
 tice of making an appropriation of surplus only once 
 in ten years, which practice has been followed since 
 the Bye-Law of 1800 passed, though that Bye-Law 
 does not distinctly enjoin it. It is obvious that a 
 more frequent appropriation would injuriously affect 
 the new Insurers, if on each appropriation the same 
 proportion only of the surplus is reserved as at 
 present. 
 
REPORTS, &C. 
 
 173 
 
 Another part of the Society’s practice, and on 
 this the Bye-Law of May 1800 is distinct and impe¬ 
 rative, is, that no appropriation of profits shall ex¬ 
 ceed in present value two-thirds of the clear surplus 
 Stock of the Society. The appropriation of a greater 
 proportion would be manifestly injurious to the new 
 Insurers. 
 
 Some of these questions have actually been mooted, 
 and others may probably arise. 
 
 Your opinion is requested on the following ques¬ 
 tions. 
 
 1st, Whether any or what contract, either ex¬ 
 pressed or implied, has been made with the 
 new Insurers as to the mode of calculation 
 to be adopted for the purpose of ascertaining 
 the profits of the Society; or as to the amount 
 or proportion of their participation in such 
 profits; or as to the appropriation of profits 
 being made once in ten years only. 
 
 2nd, Whether it will be legal to depart from 
 the practice of the Society as it existed before 
 the year 1817, by using any other Tables 
 than those on which the Premiums are calcu¬ 
 lated, or by reserving a less proportion of such 
 surplus on each appropriation ; or by altering 
 
174 
 
 EQUITABLE SOCIETY. 
 
 the jieriod of appropriating the suqolus Stock 
 of the Society. 
 
 3rd, Whether any Bye-Law or Order to be 
 made by the General Court, involving a de¬ 
 parture from the former practice in either of 
 the particulars before mentioned, will be in¬ 
 consistent with the principles of Law or Equity, 
 and is likely to lead to adverse proceedings in 
 those Courts. 
 
 We are of opinion that the new Insurers have 
 entered the Society and paid their Premiums under 
 circumstances from which it must be implied that a 
 contract subsists between them and the other Mem¬ 
 bers of the Society, that the mode of calculation 
 adopted for the purpose of ascertaining the profits of 
 the Society, and the amount or proportion of their 
 participation in such profits, shall not be altered so 
 as to affect the relative interests of the new and old 
 Insurers ; and that whilst such relative interests may 
 be thereby affected, it will not be legal to depart from 
 the practice of the Society as it existed before the 
 year 1817, by using any other Tables in calculating 
 the profits than those on which the Premiums are cal- 
 
REPORTS, &C. 
 
 175 
 
 Ciliated, or by reserving a less proportion of the sur¬ 
 plus on each appropriation, or hy altering the period 
 of appropriating the surplus Stock of the Society. 
 And we think that a Bye-Law or Order to be made 
 by the General Court, if it involves a departure from 
 the former practice in any of the above particulars, 
 will be inconsistent with the principles of Law and 
 Equity, and may lead to adverse legal proceedings. 
 
 Lincoln’s Inn, 
 June 24, 1829. 
 
 JOHN BELL, 
 
 H. BROUGHAM, 
 
 HENRY BICKERSTETH. 
 
176 
 
 EQUITABLE SOCIETY. 
 
 Report made hy the Directors at a General Court of 
 the Society, holden on Thursday^ the 7th of June, 
 1832. 
 
 Extract from the Minutes of a Quarterly General Court, 
 holden the Ath of March, 1830. 
 
 Resolved, 
 
 “ That it be referred to the Directors to consider whether it 
 will be expedient for the Society, and under what circumstances, 
 to effect such an arrangement with the new Insurers as may be 
 advisable for the common interests of all the parties now insured; 
 and that they report their opinion thereon to the next Quarterly 
 General Court.’' 
 
 Statement of the Directors at a Quarterly General 
 Court, holden the 3rd of June, 1830. 
 
 “ Tliat it appears to the Court that no arrangement with respect 
 to the appropriation of the Society’s funds, can take effect until 
 after the expiration of at least one year from the Decennial In¬ 
 vestigation. 
 
 “ That the Directors had, even before they received the in¬ 
 structions of the General Court, taken measures for the periodi¬ 
 cal ascertainment of the progress and state of the Society’s affairs; 
 and the Directors, without giving any opinion upon the practica¬ 
 bility or expediency of the arrangement suggested by the General 
 Court, are of opinion that until the result of these inquiries for 
 at least one year shall have been obtained, the consideration of 
 the matter in question should be suspended.” 
 
 Extract from the Minutes of a Quarterly General 
 Court, holden the 7th of June, 1832. 
 
 Resolved, 
 
 “ That the Report now read be printed and circulated amongst 
 the Members of the Society.” 
 
REPORTS, &C. 
 
 177 
 
 REPORT. 
 
 The Directors have again taken into their conside¬ 
 ration the reference made to them by the General 
 Court, in their Resolution of the 4th of March, 1830, 
 as to the practicability and expediency of an arrange¬ 
 ment with the new Insurers, for the common interest of 
 all. The terms of this reference are too general, to 
 convey to the Directors any distinct view of the na¬ 
 ture of the arrangement, which might have been in 
 contemplation when this reference was made to them. 
 But they have reason to believe that the arrangement 
 contemplated is one whereby the old Insurers should 
 give up a part of the privileges which they derive un¬ 
 der the Bve-Law of 1816, in order to be released 
 from the restrictions to which they are subjected, on 
 an equitable construction of their engagements with 
 the new Insurers. 
 
 The Directors are of opinion, that it is to the ar¬ 
 rangement of 1816 that the greatly increased advan¬ 
 tages of the old Insurers are to be ascribed ; and that 
 that arrangement secures to the Society an amount 
 of business which cannot perhaps be permanently 
 secured under any other plan. 
 
 It is true that subsequently to 1816, the average 
 number of new Insurers has been diminished ; but 
 that circumstance is to be attributed in a great part 
 
 N 
 
178 
 
 EQUITABLE SOCIETY. 
 
 to the establishment of new Offices: and though it 
 may be ascribed, in some degree, to the exclusion of 
 new Insurers from the benefits derived by the old, it 
 is certain that that cause must operate proportionally 
 with less effect, as the number beyond the privileged 
 5,000 diminishes ; so that the Society may always 
 depend, not only upon the number of 5,000, but also 
 upon a considerable number beyond that limit. 
 
 It ought not to be omitted, that already some of 
 the new Insurers have come within the privileged 
 number of 5,000; and that the others will succeed, 
 in regular progression, as the number of the old Mem¬ 
 bers is diminished. 
 
 The Directors are not satisfied that either an in¬ 
 crease of business, the use of other tables, the dimi¬ 
 nution of the reserve of one-third, or more frequent 
 appropriation of surplus, would compensate to the old 
 Insurers the loss which they would sustain by gi^^ng 
 up to the new Insurers any part of their privileges. 
 
 It would be no easy task to apportion, with perfect 
 equality, either what is to be given up by the old, or 
 what is to be obtained by the new Insurers; and the 
 Directors must observe that it would not be sufficient 
 that any new arrangement should be advantageous to 
 the old and new Insurers, in their collective capaci¬ 
 ties, or ev^en to a majority of each body: if any one 
 
REPORTS, &C. 
 
 179 
 
 individual should suffer from the arrangement, it 
 might be in his power to defeat the whole. Nor in¬ 
 deed would any scheme of benefiting some Members 
 to the detriment of others, be more consistent with 
 the equitable principles of this Society, than it would 
 be consistent with law. 
 
 A MAJORITY could not, in this case, bind a mino¬ 
 rity; and, in order to avoid the risk of litigation, it 
 would be necessary so to adjust the claims of each se¬ 
 parate individual, as to preserve his interest unim¬ 
 paired, not only in reality, but also according to his 
 own conception. Without affirming that these difficul¬ 
 ties are absolutely insurmountable, the Directors con¬ 
 fidently submit that no scheme ought to be adopted, 
 unless the advantages are both important and unequi¬ 
 vocal. Such scheme they have not been able to devise. 
 If the General Court should refer the subject to them 
 with a more particular explanation, they will give to 
 it their ready and zealous attention. 
 
 Adverting to the communication made to the 
 General Court, on the 3rd day of June, 1830, the 
 Directors have the satisfaction of now stating, that 
 the laborious investigation directed to be made, with 
 a view of forming a correct estimate of the probabili¬ 
 ties of life, according to the experience of Assurances 
 made in this Society at every age, which estimate is 
 obviously of the first importance towards the period!- 
 
180 
 
 EQUITABLE SOCIETY. 
 
 cal ascertainment of the progress of the Society’s 
 affairs, has been very nearly completed.^ 
 
 ** The result of the investigation here referred to, namely, a 
 Statement of the duration of all the lives assured in the Society 
 from September 176*2 to January 1st 1829, together with various 
 Tables deduced from the same, were presented to a General Court 
 on the 7th of March 1833, and have been subsequently printed 
 in pursuance of an Order of that Court. 
 
NINE ADDRESSES, 
 
 DELIVERED TO 
 
 THE MEMBERS OF THE SOCIETY, 
 
 AT DIFFERENT TIMES. 
 
 By william MORGAN, Esq., F.R.S. 
 
 LATE ACTUARY OF THE SOCIETY. 
 
Address delivered at a General Court, holden the 
 
 Tth of March, 1793. 
 
 Extract from the Minutes of a General Court, holden 
 the 'ith of March, 1793. 
 
 “Resolved, nemine contradicente ,—That the able Address 
 this day delivered by the Actuary be, with his permission, 
 printed and sent to the several Members of the Society.” 
 
 V 
 
[ 183 ] 
 
 ADDRESS. 
 
 Having now been engaged in conducting the busi¬ 
 ness of this Society for near twenty years, and ob¬ 
 serving with particular pleasure its increasing use¬ 
 fulness and prosperity, I hope to be indulged with 
 your attention for a few moments, while I deliver 
 my sentiments to you on some facts which appear 
 to me of considerable imj)ortance. 
 
 The Equitable Society has now withstood 
 the trials of time and experience for more than 
 thirty years, and is certainly become the most ex¬ 
 tensive and important of all the institutions of the 
 same kind in this or in any other country. It is, I 
 believe, the only Society that has been uniformly 
 guided in its practice by calculation ; and the suc¬ 
 cess and credit which it has attained sufficiently 
 prove the wisdom of this conduct. 
 
 When the premiums were first reduced, in the Premiums 
 
 1 * A * c* * j leduced* 
 
 year ly/o, it was m consequence oi a very minute 
 investigation into the real state of the Society, by 
 computing the values of each policy of assurance, 
 and comparing the whole amount of these separate 
 values with the capital of the Society at that time. 
 
 During the five following years it was found that 
 the number of deaths among the Members was so 
 
184 
 
 EQUITABLE SOCIETY. 
 
 New pre¬ 
 miums 
 computed. 
 Charged 
 with an ad¬ 
 dition of 
 15/, 'per 
 cent. 
 
 The 15/. 
 per cent. 
 addition on 
 premiums, 
 taken off. 
 
 much less than the Table of Observations supposed 
 them to be, from which the premiums were com¬ 
 puted, that it was determined to have recourse to 
 another Table, which gave higher probabilities of 
 the duration of human life; or, in other words, 
 which supposed the decrements of life to be fewer 
 than the Table then in use. When this arduous 
 task was accomplished, (which required above 
 20,000 computations,) the Society adopted the 
 new premiums ; but very properly charged them 
 with an addition of loLper cent, in order to proceed 
 with caution, and to prevent any alarm in the pub¬ 
 lic, from too great a reduction of its terms at one 
 and the same time. 
 
 In the year 1786 an investigation, similar to 
 what had been formed in the year 1776, was car¬ 
 ried into execution; the result of which was found 
 to be so favourable to the Society, that the 15/. per 
 cent, which had been charged upon the premiums 
 in 1782 was taken off, and the terms of assurance 
 were reduced to their present state. I need not 
 observe that at each of those two last periods, com¬ 
 pensations were made to the Members then existing 
 for the higher premiums which they had hitherto 
 paid, compared with those to be taken in future, by 
 increasing their claims in proportion to the number 
 of annual payments which they had previously made. 
 
 In the year 1791 a general view of the state of 
 
ADDRESSES. 
 
 185 
 
 the Society for the five preceding years seemed to 
 justify a further addition to those claims; hut this 
 measure was adopted with caution, till a more 
 thorough investigation should determine the extent 
 of this and the former additions. 
 
 In the present year this investigation has been 
 completed, and it appears that a fourth addition 
 may now be made, without endangering the per¬ 
 manence of the Society. This matter has been as¬ 
 certained by a separate computation of the present 
 increased value of each policy of assurance existing 
 in the Society on the 31st of December last, in con¬ 
 sequence of the addition now proposed, and also in 
 consequence of the three former additions. It would, 
 indeed, have been highly imprudent to have ven¬ 
 tured upon any further addition, without such a 
 minute inquiry; for no person, however skilful, 
 could have pretended to know its extent by any 
 other method; nor can it ever be safe to substitute 
 conjecture for inquiry in cases of this kind. 
 
 The Society, in every material change which 
 has hitherto been adopted, appears to have uniform¬ 
 ly founded its determinations on the sure principles 
 of computation; and I trust that neither its in¬ 
 creasing capital, nor any other apparent sign of ac¬ 
 cumulating wealth, will ever tempt it to deviate 
 from a course so wise and salutary. 
 
 Fourth ad 
 dition to 
 claims 
 made. 
 
186 
 
 EQUITABLE SOCIETY. 
 
 Inereaie of The accounts of the Society, so far as they re- 
 the capital. monies paid and received, are four times 
 
 in the year laid before the General Court; and from 
 these it appears, that its capital is accumulating in 
 a very rapid progression. This, though not a de¬ 
 cisive, is perhaps a presumptive proof of the in¬ 
 creasing wealth and prosperity of the Society. But 
 there is danger of being misled by this accumulation 
 into an extravagant opinion respecting the circum¬ 
 stances of the Society; and it is to guard against 
 that pernicious error, that T have been principally 
 induced to address myself to the Members at the 
 present time. 
 
 General must occur to every person, that in an insti- 
 
 tution of this kind, which engages, for an annual 
 ranee. sum, to pay another sum forty or fifty times as large 
 on the extinction of a life, whenever that event 
 shall happen, that it will be necessary that those 
 payments should be made for several years, before 
 they shall have accumulated to such an amount as 
 will be sufficient to pay the sum assured. Suppose, 
 then, that instead of one life, there be 1000 lives 
 upon which such annual payments are made, it is 
 evident that the accumulation of these payments 
 must go on to increase very fast for several years, 
 in order, at a distant period, to be sufficient to dis¬ 
 charge the sums which will (become due on the ex¬ 
 tinction of those lives; and that the person, who 
 
ADDRESSES. 
 
 187 
 
 should consider the whole, or even the greatest 
 part of this accumulation as so much profit, would 
 find himself fatally deceived at the final close of the 
 accounts. 
 
 Suppose a Society, consisting of 1000 members, General 
 whose mean age is thirty, were to assure no life for ufe^* aLu- 
 
 a longer term than one year: in this case it is evident, shown by 
 that the amount of the premiums ought to be no 
 more than just sufficient, at the end of the year, to 
 pay the claims which have taken place during the 
 course of that year. In other words, if each Mem¬ 
 ber were to assure the sum of 100/. he would be 
 required, according to the present terms of the 
 Equitable Society, to pay the sum of 1/. 135. Zd. 
 
 One thousand such premiums will amount to 1666/. 
 and this sum, with its interest for the year, will be 
 found nearly equal to the whole of the claims at the 
 end of that year. If the term be extended to four 
 or seven years, the premiums will be a little greater 
 than the claims in the first year, in order that a 
 small surplus may be improved for the greater num¬ 
 ber of deaths in the following years; since it is well 
 known that life is continually rendered more pre¬ 
 carious as it becomes older, and of consequence 
 that a greater proportion of assurances will become 
 claims in the last than the first year of the term. 
 
 But if, instead of four or seven years, the term of 
 the assurance be extended to the whole duration of 
 life, it is plain that the difference between the pre- 
 
188 
 
 EQUITABLE SOCIETY. 
 
 miums and claims in the first and next succeeding 
 years, must be considerably greater in the latter 
 case than in the former. Thus, if the mean age of 
 the Members be supposed, as above, to be thirty, 
 the annual premium for each 100/. to be continued 
 during the whole life, will be 2l. 13^. 3d. 1000 
 
 such premiums will amount to 2,666/. or to 1000/. 
 more than if those assurances were made only for 
 one year. This sum of 1000/. therefore, is the 
 surplus which ought to be laid by in the first year 
 towards paying the claims when they shall here¬ 
 after exceed the annual premiums. In the second 
 year the surplus will be a little less. In the follow¬ 
 ing years it will continue to diminish, till in the 
 course of about thirty years (if no new assurances 
 be made) the annual premiums and claims will be¬ 
 come equal; and after this period it will be neces¬ 
 sary, for discharging the claims, to have recourse 
 to a part of the accumulated surplus in each year, 
 till at the end of about sixty years the remainder of 
 this surplus, together with the premiums which 
 have been paid at the beginning of the year, will 
 be just sufficient to pay the last claim. But if the 
 number of Members be always continued at 1000, 
 that is, if new Members be constantly admitted at the 
 age of thirty, as the old ones drop off, the surplus 
 will go on to accumulate for more than sixty years 
 before the claims and the premiums become equal. 
 
 Equitable In the Equitable Society the assurances are made 
 
 Society— 
 
ADDRESSES 
 
 189 
 
 upon lives of all ages, from eight to sixty-seven its prind- 
 years; their number, instead of being limited, is 
 continually increasing, and the sums assured at the 
 end of the last year, amounted to more than three 
 millions. Is it then at all surprising that its capi¬ 
 tal increases with great rapidity? It would indeed 
 be an alarming circumstance if the contrary were 
 true. The period at which the claims and the pre¬ 
 miums will become equal, in an institution of this 
 kind, must necessarily be very distant. If the So¬ 
 ciety be limited only to its present number, it is 
 indispensably necessary that the premiums should 
 continue to exceed the claims for more than half a 
 century, in order to enable it to fulfil its engage¬ 
 ments. But when it is considered that its numbers 
 are continually increasing, the period is rendered 
 still more distant, and it would indeed be a fatal 
 mistake, to conclude from the quarterly accounts 
 which are laid before the Members, that this in¬ 
 creasing capital of the Society is, like the increasing 
 capital of a tradesman, so much addition to its j9ro- 
 jits. It is in fact no more than so much addition 
 to the fund, which ought to be improved with the 
 utmost care, in order to enable the Society to dis¬ 
 charge those heavy demands which will infallibly 
 hereafter be made upon it. 
 
 I HAVE in more instances than one been a wit- Magnitude 
 ness to the fatal consequences of this delusion, nkeiy'to^ 
 where the Societies, confiding in the magnitude of 
 
190 
 
 EQUITABLE SOCIETY. 
 
 Claims— 
 amount of 
 addition to. 
 
 their capital, without having any regard to the mag¬ 
 nitude of the claims which a few years would bring 
 upon them, have indulged themselves in the belief 
 of their growing prosperity, till their ruin has be¬ 
 come inevitable. I am happy, however, to think, 
 that while other Societies have begun in error and 
 ended in disappointment, the determinations of this 
 Society have hitherto been so temperate and prudent 
 as invariably to improve its credit and usefulness. 
 It is my earnest wish that it may always proceed 
 with the same circumspection; and, though I be¬ 
 lieve there is no reason for apprehension from the 
 present Members, yet it is possible, however flourish¬ 
 ing the Society may be, to entertain too high an 
 opinion of its wealth, and in consequence to adopt 
 measures which may endanger its security. 
 
 I AM ready to acknowledge, that the annual dif¬ 
 ference between the claims and the premiums has 
 been much greater than the calculations supposed 
 it to be, and that the surplus stock of the Society 
 has by this means increased very considerably. It 
 would indeed be absurd to deny the existence of such 
 a surplus, and at the same time to admit the pro¬ 
 priety of the measures which have been repeatedly 
 taken to diminish it. 
 
 Since the year 1776, the premiums have been 
 reduced more than a quarter; and if the addition 
 now proposed be adopted, the claims upon all the 
 
ADDRESSES. 
 
 191 
 
 assurances of that year will be increased 69/. per 
 cent.', those upon assurances made in the year 1770 
 will be more than doubled, and those of an earlier 
 date increased in a still higher proportion. 
 
 These are advantages which none of the persons Profits how 
 to whom those assurances belong had the least 
 reason to expect, and which no other Society of 
 the kind has ever procured for its Members. They 
 exceed in an infinite degree any surcharge of pre¬ 
 mium which they can possibly have paid, and arise 
 from causes to which they have only contributed a 
 part; for the assurances which have expired, or 
 which have been cancelled, during the last twenty 
 years, must be considered as forming a very large 
 proportion of the profits of the Society. 
 
 It is true that the probabilities of life among the Selection of 
 Members have been considerably higher than in so'iiTce of 
 the table from which the premiums are computed; 
 and while the same care is used in admitting none 
 but good lives to be assured, there can be no doubt 
 of their continuing to be so. This is a perpetual 
 source of profit, and possibly in some future time 
 may enable the Society still further to increase the 
 claims on its assurances. But it is necessary to 
 proceed with caution. A measure once adopted 
 cannot be recalled without injuring, or perhaps de¬ 
 stroying, the credit of the Society. 
 
192 
 
 EQUITABLE SOCIETY. 
 
 Amount of 
 increase of 
 claims by 
 addition of 
 21. per 
 cent. 
 
 What has been done in former years, together 
 with what is now proposed to be done, is of much 
 greater magnitude than is generally imagined. The 
 mere addition of one per cent, to the claims last year 
 increased the sums assured about 90,000/. and the 
 present values of the assurances, above 38,000/. 
 The addition of hvo per cent, proposed to be made 
 in this year, will increase the sums assured 240,000/. 
 nearly; and the present values of the assurances, 
 above 98,000/. Both those additions, in conjunc¬ 
 tion with the two former additions, in 1781 and 
 1785, will in the whole increase the sums assured, 
 above 355,000/. and the presen/ values of the assu¬ 
 rances, 150,000/. nearly; which maybe considered 
 as so much diminution of the surplus stock of the 
 Society. 
 
 The bare recital of these facts will, no doubt, 
 abundantly convince every person, that it would 
 not be prudent to exceed what is proposed at pre¬ 
 sent. But I ought to observe at the same time, 
 (and I do it with much pleasure,) that if the Society 
 confines itself within the limits now proposed, it 
 will not only be perfectly secure, but still continue, 
 though with a retarded progression, to increase its 
 surplus. I hope the time will never come when 
 the annual profits of the Society shall entirely 
 cease. It is necessary for its credit and security 
 that these should continue; and it is to be wished 
 
ADDRESSES. 
 
 193 
 
 that all future measures, like those which have 
 hitherto been pursued, may be directed no further, 
 than to moderate those profits in such a manner, 
 as that the Members may derive a due share of ad¬ 
 vantage without endangering the expectations and 
 property of those that shall succeed them. 
 
 According to the present regulations, every per- Additions 
 
 viewed in 
 
 son who has been a Member thirteen years assures reference to 
 
 • 1 -» r premiums. 
 
 152/. 105. for the same premium that a new Mem¬ 
 ber assures 100/. If his assurance has been con¬ 
 tinued twenty-two years, his premium is not half 
 of what is now required for a person of the same 
 age; and in older assurances, the difference is still 
 greater: for increasing the claims is nearly the same 
 thing to the person assured, with lessening his an¬ 
 nual premium in that proportion. 
 
 I CANNOT conclude these observations without Premunrs, 
 expressing my decided opinion, that it will be always oflmVaT 
 advisable for the Society .to continue its present 
 terms of assurance unreduced. This measure is 
 rendered partly necessary by the additions which 
 have been successively made to the claims. I must 
 also add, that in all circumstances of the Society, 
 the preservation of its capital, sacred and inviolate, 
 is indispensable. On this foundation rest its secu¬ 
 rity, its credit, audits prosperity; and should events 
 hereafter prove so favourable as to admit of further 
 advantages to the Members, it is impossible to de- 
 
 o 
 
194 
 
 EQUITABLE SOCIETY. 
 
 vise a more safe, equitable, and beneficial method 
 of apportioning them, than by increasing the claims 
 in the manner which has hitherto been uniformly 
 adopted. The experience of many years has con- 
 
 General firmed the utility and success of this plan. From the 
 
 JncreasVof Small number of 734 Members at the beginning of 
 
 the Society, year 1774 , who were assured only in 230,000/. 
 
 for which they paid in premiums about 9,500/. per 
 annum, their number, in the next ten years, in¬ 
 creased to 1608, whose assurances amounted to 
 720 , 000 /. and whose annual premiums exceeded 
 23,000/. and in the last eight years the increase 
 has been still more rapid; for, on the 31st of De¬ 
 cember last, the number of assurances amounted to 
 4640; the sums assured (without including the 
 several additions which have been made to them) 
 to more than three millions, and the annual pre¬ 
 miums to 100,000/. nearly. Nay, in so short a 
 period as the last five years, the business of the 
 Society has been more than doubled; that is, the 
 sums assured, and the annual premiums, are each 
 of them above twice as much as they were even in 
 the beginning of the year 1788. With this increase 
 in its business, the capital of the Society, which in 
 the year 1774 consisted only of 33,800/. stock in 
 the 3 per cents, has accumulated, as it ought to do, 
 in a due proportion. 
 
 Present BuT I shall not trespass on your time any longer. 
 
 mode of 
 
 division is Enough, I hope, has been urged to satisfy every 
 
 just. 
 
ADDRESSES. 
 
 195 
 
 person present of the wisdom of adhering to the 
 measure now proposed; a measure which is gradual 
 in its operations, which benefits every Member in 
 proportion to the money he has paid, and in the 
 most desirable manner promotes the grand object 
 for which the assurance was made, by increasing 
 that provision which it was designed to secure to a 
 surviving family. In short, if the Society invari¬ 
 ably perseveres in the same wise plan, which during 
 the course of the last twenty years has so eminently 
 raised it above all other institutions of the same 
 kind, there can be no doubt of its improving suc¬ 
 cess, and that, by its growing wealth and credit, it 
 will be continually becoming more extensive, and 
 by this means be rendered a more general instru¬ 
 ment of public usefulness and comfort. 
 
Address delivered at a General Court, holden the 
 
 3rd of December, 1795. 
 
 Extract from the Minutes of a General Court, holden 
 the 3rd of December, 1795. 
 
 ** Resolved, nemine contradicente ,—That the very clear and 
 forcible Address now read by the Actuary be, with his per¬ 
 mission, printed and sent to the several Members of the So¬ 
 ciety; and it is desired that he will accept the thanks of this 
 Court for the same.” 
 
[ 197 ] 
 
 ADDRESS. 
 
 When I addressed myself to the General Court 
 about three years ago, it was the first time in which 
 I had publicly delivered my opinion on any matter 
 which became the subject of their discussion. I 
 should be sorry to weary the Court with a too fre¬ 
 quent repetition of my sentiments; but I trust that 
 the sincere desire which I feel of promoting the 
 best interests of the Society, and the regard which 
 I think is due to my own character, will be a suffi¬ 
 cient apology for my addressing them once more on 
 an occasion in every respect the same as the former, 
 but rendered of much higher importance by the 
 short interval at which it has recurred. 
 
 The measures which have hitherto been pursued 
 by this Society in regard to the disposition of their 
 surplus stock have in general been temperate, and 
 secure; and were it certain that the same modera¬ 
 tion would always guide them in their future deter¬ 
 minations, it would be unnecessary to offer any 
 observations which might induce them to change 
 their plan. But it must be remembered that this, 
 like all other Societies, is composed of a transient 
 body which is perpetually changing, and that how¬ 
 ever well-disposed the present Members may be to 
 ])ersevere in that temperate course which has raised 
 
 The Socie¬ 
 ty’s mea¬ 
 sures hi¬ 
 therto tem¬ 
 perate and 
 secure. 
 
198 
 
 EQUITABLE SOCIETY. 
 
 this Society to its present eminence, yet that other 
 Members may succeed with very different ideas and 
 intentions. It is indeed hardly possible to contem¬ 
 plate the accumulating stock of the Society without 
 Large capi- apprehension. The annual addition of thousands 
 mislead.^ ^ to a Capital which already exceeds the best part of 
 a million, though absolutely necessary to discharge 
 the immense demands which must hereafter come 
 upon the Society, will naturally lead the uninform¬ 
 ed to entertain very extravagant and dangerous 
 opinions of its opulence. The continued accession 
 of new assurances, which unavoidably produces a 
 continued addition to the annual savings of the So¬ 
 ciety, will also serve to increase the delusion and 
 the danger; and if there should be the same acces¬ 
 sion for a few years longer, the capital must increase 
 to such a sum as will not only mislead the ignorant, 
 but probably have the more alarming effect of 
 awakening the passions of the covetous and self- 
 interested. I do not know that a much better 
 method can be devised of making all the Members 
 to participate in the profits of the Society, without 
 endangering its security, than that which has been 
 repeatedly adopted during the last fourteen years. 
 Profits just- By increasing the claims, not only the object of the 
 inifedbV assurance is promoted in the best manner, but the 
 
 additions to ^ ^, 
 
 claims. surplus stock 01 the 
 
 dually as to excite no immediate alarm by the sud¬ 
 den reduction of that capital on which its welfare 
 and safety depend. But, on the other hand, it must 
 
 Society is diminished so gra- 
 
ADDRESSES. 
 
 199 
 
 be confessed that though this measure, wlieii em¬ 
 ployed with discretion, is both safe and eligible, 
 yet that the very circumstance of its being so gra¬ 
 dual and remote in its operations may, by producing 
 its too frequent repetition, render it ultimately more 
 ruinous in its consequences than any other. I have 
 often heard it observed in the course of a year or 
 two after an addition has been made to the claims, 
 
 “ That the Society is now getting richer again, and 
 “ that it can well afford to make another addition.” 
 
 I am always grieved and alarmed at observations of 
 
 this kind, as they generally proceed from an entire 
 
 ignorance of the magnitude of these additions, and 
 
 of their certain, though distant, effect in reducing 
 
 the capital of the Society. Were a new addition 
 
 to be annually made to the claims for the next ten 
 
 or fifteen years, the stock-of the Society would still 
 
 go on to accumulate, and its profits would appear 
 
 to be very little diminished; but the more advanced Increase of 
 
 age of the Members must hereafter inevitably pro- bers, its 
 
 » • • effect 
 
 duce a season of more rapid mortality, when those 
 additions, which were not felt at first, will operate 
 so powerfully in reducing the capital as to render it 
 very soon insufficient to discharge the demands that 
 crowd upon the Society. This is a measure of such 
 particular importance that it cannot be considered 
 with too much attention, and therefore I shall beg 
 leave to add the following observations, with the 
 view of explaining its nature and proving the extent 
 of its operations. 
 
200 
 
 EQUITABLE SOCIETY. 
 
 Example of SUPPOSING a Society to consist of 4000 persons 
 a Society. ages, from fifteen to seventy-five years, as¬ 
 
 sured in lOOOZ. each on their respective lives (which 
 is pretty nearly the proportion between the number 
 of Members and the amount of the sums assured in 
 the Equitable Society), and that it wwe now for the 
 first time agreed, in addition to the sum assured, 
 to pay lOZ. on the extinction of each life. 
 
 Insurance In the first 5 years the whole number of claims 
 
 Society ; ex¬ 
 ample of 
 
 will be - 
 
 476 
 
 one. 
 
 In the first 10 years they will be 
 
 932 
 
 
 15 years 
 
 1413 
 
 
 20 years _ - - 
 
 1845 
 
 
 25 years - . - 
 
 2241 
 
 
 30 years - - - 
 
 2598 
 
 
 35 years - . _ 
 
 2915 
 
 
 40 years - - - 
 
 3192 
 
 
 50 years - - - 
 
 3619 
 
 
 60 years - . _ 
 
 3880 
 
 
 70 years - - - 
 
 3985 
 
 
 And in 77 years, the whole number 
 have become claims. 
 
 assured will 
 
 From this table it appears, that during the first 
 20 years the number of claims will be about 90 in 
 each year, or, in other words, that not one half of 
 the persons assured will die in this time. During 
 the first five years, though the amount of all the 
 additions to the claims is 40,000/. not much more 
 
ADDRESSES. 
 
 201 
 
 than one-ninth of this sum will become payable by 
 the Society. If therefore we were to allow ourselves 
 .to judge of the extent of these additions by the ex¬ 
 perience of a few years, and proceed every three or 
 four years to make still further additions, it is evi¬ 
 dent that we should be laying a foundation for the 
 certain ruin of the Society. It should always be 
 particularly remembered, that it is owing to the 
 slow operation of these additions in lessening its 
 surplus stock, that the Equitable Society has been 
 enabled to extend them so far.—Had their opera¬ 
 tion been such as to be felt in the course of a few 
 years, they would have acted nearly in the same 
 manner as if so much money had been immediately 
 returned to the Members, and of consequence they 
 must have been very inconsiderable in proportion to 
 their present amount.—But it is not owing merely 
 to the slow operation of this measure that the stock 
 of the Equitable Society continues to increase. The New Mem 
 constant accession of new Members must necessa- sion’ofH^ts 
 rily produce this effect; and while such accession 
 continues, a great many years must elapse before 
 the annual premiums, together with the interest of 
 the capital, shall become insufficient to pay the 
 claims; or, in other words, before the expenditure 
 of the Society shall exceed its income. But the 
 only effect this can have, if the additions are too 
 often repeated, will be to prolong the ruin of the 
 Society, and by this means to render the mischief 
 more extensive. The 'foregoing computations ex- 
 
202 
 
 EtlUlTABLE SOCIETY. 
 
 Addition 
 every five 
 years (in a 
 supposed 
 Society), its 
 effect. 
 
 hibit in a very striking manner not only the slow 
 operation of those additions, but also the pernicious 
 consequences which must inevitably follow the con¬ 
 tinued repetition of them at short and stated pe¬ 
 riods.—Thus, if it were resolved to fix those periods 
 at five years, and the original numbers, as in the 
 former case, were supposed to be 4000, it appears 
 that at the end of the first five years there will be 
 3524 persons remaining to have their claims in¬ 
 creased, and the additions being at the rate of 10/. 
 for each payment made, will now amount to 50 
 times 3524, or 176,200/. If this sum be added to 
 35,240/. (the first addition) the whole amount of 
 the additions will be 211,440/. At the end of 10 
 years, 3048 persons will be living, and the additions 
 being made at the same rate of 10/. for each pay¬ 
 ment, will amount to 100 times 3048, or 304,800/. 
 To this sum must be added the former addition of 
 60/. on each assurance, or 182,880/., and the whole 
 of the additions will now amount to 487,680/. At 
 the end of 15 years 2587 persons will be living; 
 the new addition now being 150/. on each assu¬ 
 rance, will amount to 388,050/., the sum of the 
 former additions of 160/. on each of these 2587 
 assurances is 413,920/. which makes the whole of 
 the additions at this period equal to 801,970/. At 
 the end of 20 years, 2155 persons will be living; 
 the new addition at the rate of 10/. per annum will be 
 200/. on each assurance, or 431,000/. while the old 
 additions of 310/. on these remaining assurances 
 
ADDRESSES. 
 
 203 
 
 are equal to 668,050/.; so that all the additions 
 now amount to 1,099,050/. By proceeding in the 
 same manner, they will he found in 25 years to 
 amount to 1,336,840/., and in 30 years (when the 
 surviving Members will be 1402) to 1,486,120/. 
 which more than doubles the sums originally assured 
 to these persons.—If the additions be made once in Addition 
 four years, they will amount at the end of 12 years to 
 716,000/. and at the end of 20 years to 1,314,550/. 
 
 If they be made once in three years, they will amount 
 in 12 years to 887,840/. and in 21 years to 
 1 , 747 , 600 /. It is to be observed, that in the 
 Equitable Society during the course of 12 years, 
 from 1781 to 1793, these additions have been re¬ 
 peated four times, and consequently that they have 
 been made on an average at intervals of three years. 
 
 Nor have these additions been always confined to 
 1/. per cent, for every payment which had been . 
 previously made on the assurance. In the first in¬ 
 stance they were extended to 1/. IO 5 . and in the 
 last to 2/.; so that in this case, supposing, as above, 
 
 4000 to be the original number, the additions at 
 the end of 12 years, instead of 887,840/. would 
 amount to 1,245,840/. Were, therefore, these 
 additions to be often repeated at this rate, it is evi¬ 
 dent from the foregoing computations, that in a few 
 years they would amount to such a sum as would 
 exhaust not only the surplus stock but even the 
 whole capital of the Society. It should also be re- Addition; 
 membered, while the amount of each addition is iauTc of 
 
204 
 
 EQUITABLE SOCIETY. 
 
 increased 
 by ad¬ 
 vanced age 
 of Mem¬ 
 bers. 
 
 considerably greater than that of the preceding one, 
 that the values of those additions are likewise in¬ 
 creasing very fast from the more advanced age of 
 the Members. Thus, supposing at the time of the 
 first addition their mean age to be 40 years, the 
 value of 10 /. to be paid on the extinction of each 
 life will be 5/. 65 . Zd. but at the end of 12 years, 
 when their mean age is 52 nearly, the value of 10 /. 
 payable as above will be about one-fifth greater, or 
 6 /. 55 . In every view, therefore, these additions 
 ought to be regarded as a measure of great import¬ 
 ance, whose operations, though distant, are certain; 
 and if they be often recurred to from an idea that 
 their effects are but little felt, they will in the end 
 grow to such a magnitude as infallibly to produce 
 the destruction of the Society. 
 
 Premiums, 
 reduction 
 of not de¬ 
 sirable. 
 
 I HAVE frequently on former occasions expressed 
 my hope that the annual premiums might never be 
 reduced lower than they are at present; for this 
 would be depriving the Society of one of the chief 
 sources of its wealth, and, next to its capital, of 
 the firmest foundation of its security. Nor does it 
 appear reasonable (which would be the consequence 
 of such a measure,) to admit new Members to an 
 equal participation of the profits of the Society with 
 the old Members from whose annual payments these 
 profits have been principally derived. But though 
 an addition to the claims, by being restrained to the 
 old assurances, is not so extensive, and consequent- 
 
ADDRESSES. 
 
 205 
 
 ly not so mischievous in its operations as a reduc¬ 
 tion of the premiums, yet it is to be observed that 
 every such addition, so far as relates to the assu¬ 
 rances now existing in the Society, has the effect 
 of diminishing its surplus stock in a much greater 
 degree than the mere reduction of the annual pre¬ 
 miums on these assurances; and therefore that it claims, ad- 
 
 is more to the advantage of those persons who have 
 been some years Members of the Society, to have 
 their claims increased, than to have their annual 
 premiums reduced in the same proportion. Sup¬ 
 pose, for instance, a person whose present age is 
 60, had about 20 years ago, when he was 40 years 
 of age, assured his life in the sum of lOOl. at the 
 annual premium of 3/. 85 . Were the Society now 
 to reduce his premium to il. \4s., the value of his 
 interest in his assurance, in consequence of such 
 reduction, would be 52/. But if, instead of re¬ 
 ducing the premium one half, the claim were doubled, 
 the value of his interest would be 104/. so that he 
 would gain twice as much in the latter case as in 
 the former. Again: suppose a person assured about 
 twenty years ago at the age of 30, in the sum of 
 100 /. at the annual premium of 2 /. 135. 6 c/. Being 
 now arrived at the age of 50, the present value of 
 all the payments he will hereafter make to the So¬ 
 ciety is 33/. 55 . If an addition of 1 /. per cent, has 
 been made every five years to his claim, he will have 
 51/. assured to him in addition to his orimnal sum 
 
 O 
 
 of 100 /. The present value of 51/. payable at his 
 
 dition to 
 preferable 
 to reduction 
 of pre¬ 
 miums. 
 
 Additions; 
 in reference 
 to a reduc¬ 
 tion of pre¬ 
 miums, or, 
 increase of 
 claims. 
 
206 
 
 EQUITABLE SOCIETY. 
 
 death is SI*,. Now this appears, from what has 
 been just stated, to be very nearly equal to the 
 value of all his future annual payments; so that in 
 reality he will be placed in much the same situation 
 as if the Society exempted him from the payment 
 of any further premium for the sum of 100/. which 
 had been originally assured to him. In like manner, 
 if the person’s age had been 40 when he first made 
 his assurance, his annual premium would have been 
 3/. 86*. and the present value of all his future pay¬ 
 ments (having now attained the age of 60,) would 
 have been 33/. 55. But the present value of the 
 addition of 51/. to his claim is 35/. so that in this 
 case the person assured is placed in a more favour¬ 
 able situation than if he had been totally exempted 
 from the payment of any further premium; that is, 
 he is allowed so much in addition to his claim as to 
 be more than an equivalent to the present value of 
 all his future payments by the sum of 1/. 155.; and 
 therefore had all the assurances been made about 
 20 years ago upon persons whose mean age was 
 between 30 and 40, and had an addition been made 
 every five years to the claims of only 1/. per cent, 
 the Society would now be in the same state as if it 
 had determined from the present time to exempt all 
 its Members from ever paying another premium 
 during the remainder of ^their lives. Hence it is 
 evident that all those Members of the Equitable 
 Society whose claims have been increased at the rate 
 of 50/. per cent, or, in other words, who have been 
 
ADDRESSES. 
 
 207 
 
 assured 1 3 years, are more benefited by such in¬ 
 crease than they could have been by any reduction 
 of premium; and that those whose claims have been 
 doubled (which is the case with all who have been 
 assured prior to the year 1771, or, if the present 
 measures be adopted, prior to 1775,) are benefited 
 as much as if the Society had engaged not only to 
 pay the sums they had originally assured on their 
 decease, without requiring any further premium, 
 but also had agreed to pay them annually during 
 their lives that very premium which the Society had 
 heretofore received from them. In some cases the 
 claims have been increased even above 140 percent, 
 which makes the advantage in favour of the Mem¬ 
 bers still more considerable. In short, these addi¬ 
 tions are not only more advantageous than any re¬ 
 duction of premium could have been, but their pre¬ 
 sent value greatly exceeds the whole of the sums 
 which any Member can have possibly been over¬ 
 charged in his annual payments. It is not my in¬ 
 tention at this time to enter into the causes which 
 have contributed to the welfare and prosperity of 
 the Society. I have only to observe, that were no 
 further additions to be made hereafter to the claims, 
 and no reduction to take place in the premiums, the 
 greatest part of the present Members would be so 
 far from having any just ground for complaint, that 
 on the contrary they would have the best reason for 
 congratulating themselves on already enjoying ad¬ 
 vantages which they had no right to expect, and 
 
 Additions; 
 in reference 
 to reduction 
 of pre¬ 
 miums, or, 
 increase of 
 claims. 
 
203 
 
 EQUITABLE SOCIETY. 
 
 which most of them, at least, derive from the 
 flourishing state of the Society long before they 
 belonged to it. But I do not mean to insinuate 
 that the prospect of any future advantages is finally 
 closed. I only wish to moderate the expectations 
 of the Members of this Society, and to convince 
 Additionsto them that, while the measure of reducing the pre- 
 theirre- miums is neither safe, equitable, nor advantageous, 
 
 mote opera- , , - . . , _ , . i* i i 
 
 tion, liable the Other measure ot increasing the claims is liable, 
 freqL^ndy by the remoteuess of its operations, to be too often 
 repeated. hence to be ultimately ^productive of 
 
 the most fatal consequences. In warning the 
 General Court against this danger, I have now dis¬ 
 charged a duty, which I considered as due from me 
 to the Society and to myself; and having done this, 
 I shall trouble it no more with my sentiments and 
 advice: but, whatever measures may be adopted in 
 future, I mean to continue a silent well-wisher to 
 its credit and prosperity. 
 
Address delivered at a General Courty holden the 
 
 2Ath of Aprily 1800. 
 
 Extract from the Minutes of a General Courty holden 
 the 2^th of Aprily 1800. 
 
 “ Resolved unanimously,—That the Thanks of this Court are 
 due to Mr. Morgan, the Actuary, for the very able Address 
 this day delivered by him, and that he be desired to permit 
 the same to be printed, and that it be circulated amongst 
 the Members of the Society.” 
 
[ 210 ] 
 
 ADDRESS. 
 
 The accounts which are now laid before the Court 
 are the result of a minute and laborious investiga¬ 
 tion, which, consisting of more than 13,000 com¬ 
 putations, has necessarily required a very consider¬ 
 able length of time to be accomplished. 
 
 When the inquiry was first proposed and adopted, 
 it was intended that the whole should have been com¬ 
 pleted before the end of last year; but, notwith¬ 
 standing every exertion, this was found to be im¬ 
 practicable; and if regard be had to the immensity 
 of the work, I trust that no apology will be thought 
 necessary for having failed to bring it to a more 
 speedy conclusion. 
 
 Members, 
 increase of. 
 
 The present is the third time in which, during 
 the course of twenty-five years, I have been em¬ 
 ployed to ascertain, by a separate computation of 
 the value of each policy of assurance, the real state 
 of the finances of this Society. In the year 1776, 
 when the first investigation took place, the number 
 of those policies amounted only to 913. In the 
 year 1786, when the second investigation was in¬ 
 stituted, their number exceeded 2100. But since 
 that period, the Society has increased in a much 
 higher degree, both in the extent and magnitude of 
 
ADDRESSES. 
 
 21 1 
 
 its assurances, and has become an object even of 
 considerable public importance. If, therefore, on 
 the two former occasions it was thought expedient 
 to explain the principles by which its surplus stock 
 was determined, it certainly is more particularly so 
 at the present time, when, in addition to the in¬ 
 creased importance of the Society, its surplus ap¬ 
 pears to have accumulated to such an amount, as to 
 require every proof of its reality. 
 
 In order that the nature of this investigation may society, 
 be more readily understood, it is to be observed, investiga- 
 that, after the first ten or twelve years, human life countl 
 is found to become continually more precarious in 
 proportion as it is further advanced; and, therefore, 
 that the premium which would be sufficient to se¬ 
 cure a Society against the risque of its extinction 
 at an early period, would be very inadequate to that 
 risque at a later period of its existence. Hence it 
 appears from the tables of this Society, that the 
 premium required to assure a given sum on the life 
 of a person aged thirty, is only one-half of the pre¬ 
 mium which is required for assuring the same sum 
 on the life of a person aged fifty-five. Were, there¬ 
 fore, any person, who had been originally assured 
 at an early period of life, to apply, when he was far 
 advanced in years, for the full value of the interest 
 which he had acquired in his policy of assurance, 
 it is evident that the value of such interest would 
 be increased in proportion to the difference between 
 
 p 2 
 
•212 
 
 EQUITABLE SOCIETY. 
 
 the premium he actually pays and the premium 
 which would be required of him for anew as¬ 
 surance at his present age; in other words, it 
 would be equal to the above difference multiplied 
 into the number of years purchase which an annuity 
 is then worth on his life : so that if he applied at 
 extreme old age, his interest would be found nearly 
 equal to the sum assured. On this principle have 
 the accounts of the Society been investigated; but 
 in consequence of the several additions to the claims, 
 other computations, besides those of the mere values 
 of the original assurances, became necessary, so 
 that the operations have been rendered more com¬ 
 plicated, though by no means more difficult of ex¬ 
 planation. 
 
 As the present value of all the annual payments 
 on an assurance when first made, is exactly equal 
 to the single premium for the same assurance, or, 
 which is the same thing, to the present value of 
 the reversion of the given sum after the extinction 
 of the life assured^ it follows, when the assurance 
 has been made for some time, and the life has be¬ 
 come older, that the value of those annual payments 
 will become less, and the value of the reversion 
 greater, until, at the extremity of life, the difference 
 between them becomes, as in the former case, near¬ 
 ly equal to the sum assured. In order, therefore, 
 to obtain the value of each policy in this Society 
 as it was originally granted, together with the value 
 
ADDRESSES. 
 
 213 
 
 of the several additions which have been made to 
 it, three separate operations have become necessary; 
 
 1st, To ascertain the present value of the reversion 
 of the sum originally assured after the extinction of 
 the life; 2ndly, To ascertain the present value of the 
 reversion of the additional sum after the extinction 
 of the same life; and, 3rdly, To ascertain the pre¬ 
 sent value of all the annual payments which will 
 probably be made hereafter on this policy. The 
 latter value, subtracted from the sum of the two 
 former, will give the value of the policy, or the 
 money which the Society owes to the person assu¬ 
 red for his interest in the same. Thus ; supposing 
 an assurance of 1000/. to have been made eighteen 
 years ago on the life of a person then aged thirty- 
 two, at the annual premium of 27/. 18^. 6c/. The 
 several additions to this sum amount to 500/. The Policy,- 
 
 1 1 1 1 » valuation of 
 
 present value oi 1000/. payable on the death ot a an example, 
 person now aged fifty is 608/. 13^. The present 
 value of 500/. payable on his death is 304/. 6s, 6cl. 
 
 The sum of these is 912/. 19^. 6d. Were, there¬ 
 fore, no annual payments to be made in future, the 
 Society would be indebted to this amount for the 
 interest in the above assurance. But as the annual 
 payment of 27L 185. 6d. is to be paid during the 
 whole life of the person assured, and as the value 
 of an annuity on such life, at the present age of 
 fifty, is equal to 12f years purchase, it follows, 
 that the Society is yet to receive, on account of the 
 assurance, what is equivalent to the present pay- 
 
214 
 
 EQUITABLE SOCIETY. 
 
 Surplus 
 stock; liow 
 ascertained. 
 
 merit of 27/. 186 *. 6c/. multiplied into 12 -|-, or 345/. 
 196. 6c/. nearly, and, consequently, that the value 
 of the interest is only ecjual to the difference be¬ 
 tween this sum and 912 /. 196 . 6c/. or to 567/. In this 
 manner have the values of all the assurances been 
 computed, and after having deducted their aggregate 
 from the capital of which the Society was possess¬ 
 ed on the first day of the present year, the remain¬ 
 der has been fairly determiined to be its surplus 
 stock after discharging every claim, whether arising 
 from the original terms of the assurance, or from 
 the additional benefits which have been annexed to 
 them. 
 
 As the principles, on which these computations 
 are founded, are indisputable, I see no source of error 
 except in the computations themselves. In such an 
 immense number it is very possible that some mis¬ 
 takes may have happened. But these could not have 
 been of any great moment without being immediate¬ 
 ly perceived; and, therefore, I have no hesitation in 
 declaring, that the present accounts do contain a 
 faithful and accurate statement of the finances of 
 this Society. 
 
 Decrements 
 of life ill the 
 Society 
 
 From the period in which I was first chosen to 
 my present situation the accounts have been so ar¬ 
 ranged as to enable me, in every year, to determine, 
 with sufficient precision, in what degree the decre¬ 
 ments of life among the Members, compared with 
 
ADDRESSES. 
 
 215 
 
 those in the table of observations from which the compared 
 premiums are computed, have, or have not, been withtaWeof 
 favourable to the Society; and the following state- tionlj&c. 
 ment contains the result of an annual experience of 
 thirty years. 
 
 From the age of 
 
 10 to 20 they have been as 
 
 1 
 
 to 
 
 2 
 
 20 to 30. 
 
 1 
 
 to 
 
 2 
 
 30 to 40. 
 
 3 
 
 to 
 
 5 
 
 40 to 50. 
 
 3 
 
 to 
 
 5 
 
 50 to 60 - 
 
 0 
 
 to 
 
 7 
 
 60 to 80. 
 
 4 
 
 to 
 
 5 
 
 By this statement it appears, that in every period 
 the probabilities of life are higher in the Society, 
 or, which is the same thing, the number of deaths 
 is less than those in the table which is made the 
 foundation of its whole practice, and that at all ages 
 taken together, these probabilities are in the ratio 
 of three to two. The Society, therefore, for the General 
 last thirty years, has only paid two claims where the from com- 
 tables supposed that three would become due: a cir- 
 cumstance which, in an institution of this magni¬ 
 tude, would, of itself, be sufficient to establish the 
 accuracy of the present accounts. 
 
 In addition to this comparative view of the de- Profits; 
 
 ^ comparison 
 
 crements ot life, another method has also been an- of claims 
 nually adopted to ascertain the state of the Society, mi urns, one 
 
216 
 
 EQUITABLE SOCIETY. 
 
 ascertain 
 ing, 
 
 method of as far as relates to its profit or loss in the year, by 
 comparing the amount of the claims with what they 
 ought to have been according to the amount of the 
 premiums. But this is too complicated to admit of 
 a concise explanation, and, therefore, I shall only 
 observe, that in its result it agrees with that of the 
 other, and consequently corroborates the accuracy 
 of the statements now laid before the Court. 
 
 Profit; vari- Besides the advantages derived from the higher 
 of sin^e^first probabilities of life in the Society, other causes have 
 
 CSt£ll)llsll“ 1 1 • . • • , 1 
 
 ment of also coucurred m promoting its success and pros- 
 Society. perity. The premiums required at its first establish¬ 
 ment, and which were continued for nineteen years, 
 were, in most cases, twice as high as they are at 
 present; while the probabilities of life appear to 
 have been equally favourable in every period. A 
 charge so far exceeding the risque incurred must 
 necessarily have created a large surplus; which has 
 been rendered much more considerable by the accu¬ 
 mulations of compound interest during a term of 
 near forty years. And even when the Society, in 
 the year 1782, adopted the new tables of observa¬ 
 tion from which the present premiums are com¬ 
 puted, it was determined, that the computations 
 should be made at a rate of interest much lower 
 than that at which it has always improved its 
 money; so that the same cause still continues to 
 operate, though undoubtedly in a much inferior 
 degree. 
 
ADDRESSES. 
 
 217 
 
 Another, and by no means an inconsiderable, Forfeited 
 source of profit, is the great number of assurances, Lurce of 
 which, from neglect or ignorance, are annually for- 
 feited to the Society. Nay, so numerous have these 
 forfeitures been in the early periods of the Society, 
 that I do not believe one half of the assurances 
 which were made during the first twenty-five years 
 for the whole life, have been either continued till 
 they became claims, or even surrendered for a valu¬ 
 able consideration. In addition to these, other 
 causes might be enumerated, which have also great¬ 
 ly contributed to the flourishing condition of the 
 Society. But no further arguments can be neces¬ 
 sary either to explain or to support a fact, which, 
 
 I trust, has already been so far demonstrated as 
 not to admit a reasonable doubt of the existence 
 of it. 
 
 Notwithstanding the capital and the surplus 
 have grown to their present magnitude, they have 
 been checked by the most severe reductions in the 
 repeated additions which have been made to those 
 assurances that have become claims on the Society. 
 
 From the time in which those additions were first Additions; 
 
 • sums diS”* 
 
 adopted, in the year 1782, the sum of 124,986/. tributed in 
 has been paid to the different claimants, over and 
 above the sums originally assured. If to this be 
 added the present value of all the future additions 
 (or 168,655/.) it will appear, that, within the short 
 term of seventeen years, above 293,000/. has al- 
 
218 
 
 EQUITABLE SOCIETY. 
 
 Additions; 
 example of 
 their effect 
 in enhan¬ 
 cing the 
 value of a 
 policy ef- 
 ected in 
 17C9. 
 
 ready been either distributed among the different 
 Members, or appropriated for their immediate bene¬ 
 fit. I know of no claim in which the addition to 
 it has not far exceeded any profit which the Society 
 could possibly have derived from the assurance while 
 it existed. Nor are there many instances of the 
 older policies in which the Society, in consequence 
 of the additions made to them, would not now pay 
 nearly as much, if not more, for the present value 
 of those assurances, than the amount of all the an¬ 
 nual premiums which have ever been received upon 
 them; together with the accumulations of compound 
 interest added to those premiums. Suppose a life 
 of thirty-five to have been assured in the year 1769, 
 in the sum of lOOOl. at the annual premium of 30/.^ 
 In the course of thirty-one years, this sum, being 
 laid out annually to be improved at the same rate 
 of interest at which the premiums are computed, 
 would now have accumulated to 1500Z. If, how¬ 
 ever, this policy were now surrendered, the sum of 
 1527/. would be paid for the value of it; so that 
 the person will have been assured thirty-one years 
 in the sum of 1000/. (exclusive of the addition) 
 not only without any expense, but even with the 
 advantage of receiving 27/. as a gratuity at the end 
 of the term! Were no further additions, therefore, 
 
 “ The premiums were higher in 1769; but when they were 
 reduced in 1782, the differences between their former and fu¬ 
 ture premiums were returned to the Members then existing. 
 
ADDRESSES. 
 
 219 
 
 to be ever made to the assurances, the older Mem¬ 
 bers, at least, would have the greatest reason to be 
 satisfied with those benefits which they already en¬ 
 joy, and which must have exceeded their highest 
 hopes and expectations. 
 
 Considering the perfect security derived from 
 the great capital of the Society, and that all the 
 present and future Members are admitted into a 
 participation of every advantage arising from its 
 established success and the accumulation of its sur¬ 
 plus, is it possible to imagine an institution more 
 useful and beneficial? or one whose conduct has 
 been more liberal and disinterested? Strange, how¬ 
 ever, as it may seem^ there is much reason to doubt 
 whether any other consideration than that of the 
 capital of the Society has had any great effect in 
 increasing its business, or in raising its credit in 
 the world; and whether the ridiculous idea of aca// 
 to supply, deficiencies has not deterred as many as 
 the hope and prospect of future advantage has 
 added to this Society. 
 
 The establishment of this Society originated from 
 a plan which had been proposed, and was founded 
 on tables of premiums which had been computed 
 by two mathematicians of unquestionable know¬ 
 ledge and abilities^. But those who formed its 
 
 * This Society was founded in the year 1762, in consequence 
 of lectures, recommending such an institution, which had been 
 
 Society; 
 plan of its 
 establish¬ 
 ment. 
 
220 
 
 KQUITAHLE SOCIETY. 
 
 constitution, or deed of settlement, appear to have 
 been men of a very different description. Would 
 any person, in the least acquainted with the sub¬ 
 ject, have proposed to divide the profits among the 
 Members in one year, or to call upon them to make 
 up the deficiencies in another? Had this been done, 
 the Society must always have been kept in a state 
 of infancy. It could have possessed little or no 
 capital; nor would it have been possible that an in¬ 
 stitution, so crippled and debilitated, could ever 
 have risen to its present magnitude and importance. 
 Happily, however, this absurd method of liquida¬ 
 ting the accounts of the Society has never been 
 adopted. Its growth has neither been checked, 
 nor its security endangered by an immediate distri¬ 
 bution of any part of its stock; and all its conse¬ 
 quence and prosperity may be fairly attributed to 
 
 Additionsto this circumstancc. Nevertheless, it cannot be de¬ 
 ultimate nied, that the measure of making additions to the 
 
 effect. 
 
 read by Mr. Thomas Simpson, and the premiums, then adopted 
 for its practice, were computed by Mr. James Dodson; who, 
 in order to secure the stability of the institution, had chosen a 
 table of observations, in which the probabilities of life were so 
 low, that the premiums of assurance derived from it were nearly 
 twice as high as those which are required at present. 
 
 In the year 1775, Dr. Price (who had on many former occa¬ 
 sions assisted the Society with his advice) communicated to the 
 Court of Directors two plans, which have ever since been used; 
 the one for ascertaining, at certain periods, the amount of the 
 surplus stock ; the other, for determining, with a considerable 
 degree of accuracy, the state of the Society’s accounts in each 
 year. 
 
ADDRESSES. 
 
 221 
 
 claims, which has very properly been preferred to 
 that of the immediate division of the surplus, will 
 ultimately lessen the capital, and so far diminish 
 the security of the Society. This is certainly an 
 objection which cannot be entirely obviated; but if 
 these additions do not recur too often, and are 
 adopted with very great caution, perhaps the con¬ 
 stitution of the Society does not admit of a plan 
 which is liable to less danger and difficulty. 
 
 From the conduct and circumstances of this So- Society; 
 
 . . . . . . . , difficulty of 
 
 ciety, it will be readily perceived, that it is much super- 
 easier to establish than to provide for the future ^ 
 management of such an institution. The mere 
 computations of the premiums of assurance is a 
 very subordinate work; and, by the aid of those 
 rules which have been published by different mathe¬ 
 maticians, may be performed mechanically, without 
 the least knowledge of the principles on which they 
 are founded. But what signify those premiums, 
 however correctly computed, if no means are pro- 
 vided for ascertaining, at proper intervals, the real 
 state of the institution, and for disposing of its pro¬ 
 fits without endangering its security, either by a 
 direct or an indirect invasion of its capital? Had this 
 Society been so constituted, or, in other words, 
 had its whole plan been formed by persons properly 
 acquainted with the subject, we should not have 
 been reduced to the necessity of repeatedly breaking 
 through one of its fundamental laws, in order to 
 
222 
 
 EQUITABLE SOCIETY. 
 
 Profits ; 
 annual divi¬ 
 sion of im¬ 
 possible. 
 
 preserve it from destruction. Can any thing be 
 more absurd, or betray greater ignorance, than to 
 propose an annual profit and loss account in a con¬ 
 cern of this kind; or to regulate the dividend or the 
 call by the success or failure of each year? From 
 the very nature of such an institution, this is im¬ 
 practicable; but particularly in the earlier period 
 of its existence, when the small number and short 
 continuance of the assurances render it utterly 
 impossible to form any accurate judgement of its 
 profits or deficiencies: and even when many years 
 have elapsed after its establishment, the real state 
 of its finances can only be investigated at distant 
 periods; for, exclusive of the immense labour of 
 such an investigation, the events of one year vary 
 so much from those of another, that no general 
 conclusions respecting the affairs of the Society 
 can be safely deduced from the experience of so 
 short a term. In this Society, indeed, the number 
 of lives is now so great as to render the decrements 
 in every year very nearly the same. But even here, 
 from the great difference in the sums assured on 
 each life, the amount of the claims is so uncertain, 
 that it shall often happen that events prove pecu¬ 
 liarly unfavourable to the Society in a year which 
 has been attended with no uncommon degree of 
 mortality. This was particularly the case in the 
 years 1796 and 1797, when the claims, though 
 nearly equal in number, having fallen chiefly on the 
 large assurances, increased to double their amount 
 
ADDRESSES. 
 
 223 
 
 in the two preceding years. On every considera¬ 
 tion, therefore, the idea of an annual dividend, 
 arising from the balance of the Society’s accounts 
 in each year, should be for ever abandoned: And 
 since the distribution of no part of the profits, or 
 rather of the capital of the Society, ought to be 
 hazarded without a minute investigation of the real 
 state of its affairs, it is evident, from the length of 
 time which the present computations have required, 
 that such a distribution, so far from being annual, 
 can only be repeated after long intervals of expe¬ 
 rience and success. 
 
 When I addressed the Court in the year 1795 
 (which I then intended to have been my last appeal 
 to the Society, not foreseeing the magnitude of the 
 present occasion,) I endeavoured to point out the 
 great error of considering the mere accumulation 
 of its capital as an unequivocal proof of its prospe- Capital; 
 
 rity; and particularly insisted on the danger of being ^ionr)\ot 
 misled by this and other appearances, equally fal- prosperity, 
 lacious, to make too frequent and liberal additions 
 to the claims. The result of the present investiga¬ 
 tion points out this danger, and confirms what I 
 urged at that time in the most striking manner. 
 
 An addition of two pounds per cent, to the claims. Addition of 
 which, in 1793, increased the amount of the sumson fhl 
 
 • • cl&inis * its 
 
 assured about 220,000/. and diminished the capi- effect. ’ 
 tal of the Society about 98,000/. will now diminish 
 this capital three times as much, and increase the 
 
224 
 
 EQUITABLE SOCIETY. 
 
 amount of the sums assured about half a million! 
 And if this addition be repeated at the end of an¬ 
 other seven years, it will then be found to produce 
 a still more formidable effect. No profit can keep 
 pace with such quick and increasing demands ujion 
 it; and the very existence of the Society requires, 
 that every future repetition of them should be fixed 
 at periods much more distant from each other. 
 
 Society; 
 
 present 
 
 I CANNOT conclude these observations without 
 
 state of, a congratulating the Society on its present state, which 
 wbdomoris, indeed, highly flattering, and proves, in the 
 clearest manner, the wisdom of those measures 
 which have hitherto been pursued in the manage¬ 
 ment of its affairs. Were it possible, therefore, to 
 guard against any deviation from the same prudent 
 course in every future period; were it possible, as 
 the capital increases, to controul effectually the in¬ 
 ordinate expectations of the ignorant, and the mis¬ 
 chievous attempts of the self-interested ; the magni¬ 
 tude of the Society, either with regard to the num¬ 
 ber of its Members, or to the amount of its stock, 
 would afford no objection against continuing to dis¬ 
 pose of the surplus in the same manner as it has 
 done on former occasions. But in proportion as 
 the Society becomes more numerous, and its con¬ 
 cerns are more extended, this, like every other pro¬ 
 ceeding, will be regulated with greater difficulty; 
 and a measure, which, from its effect in ultimately 
 diminishing the capital with an accelerated force. 
 
ADDRESSES. 
 
 225 
 
 ought to be repeated with the utmost caution, may, 
 by the intemperate use of it, become the means of 
 exposing the Society to the most serious and fatal 
 consequences. In this view the present surplus, 
 however pleasing" and satisfactory, cannot well be 
 regarded without a considerable degree of anxiety 
 and apprehension. The future welfare of the So¬ 
 ciety depends on the manner in which it is now to 
 be distributed ; and it would, indeed, be a happy 
 circumstance, if it were possible to make the Mem¬ 
 bers participate of the benefits of it, without lessen¬ 
 ing the security of the Society by an alienation of 
 the principal. But such a plan appears to be im¬ 
 practicable, or at least to be exposed to greater 
 difficulties and objections than those which it is 
 intended to obviate. 
 
 Provided, therefore, the salutary restrictions Additions 
 now proposed by the Court of Directors be adopt- dainw;best 
 ed^, perhaps, in the present circumstances of the Sistribudng 
 Society, no better method can be devised than to in^th^pre- 
 persevere in the old plan of making additions to the Jums^nces 
 claims. By these restrictions the danger arising 
 from the intemperate repetition of this measure will 
 be removed, the Society, in consequence, may re¬ 
 gard its accumulating profits without anxiety, and 
 the public, from beholding an institution founded 
 on such liberal principles, and defended by such 
 
 “ See Bye-Law 28. 
 Q 
 
2-26 
 
 EQUITABLE SOCIETY. 
 
 wholesome provisions, will continue to encourage 
 it with increasing confidence and security. These 
 considerations, which certainly are of the highest 
 importance, deserve the most serious attention of 
 the General Court; and I have only to express my 
 wish, that all their measures may ever be distin¬ 
 guished by that prudence and unanimity which have 
 contributed so essentially to the credit, the prospe¬ 
 rity, and the pre-eminence of the Society! 
 
Address delivered at a General Courts liolden the 
 Tth of Decemberj 1809. 
 
 Extract from the Minutes of a General Courts holden 
 the 7th of December, 1809. 
 
 “ Resolved unanimousl)^—That the able Address this day 
 delivered by the Actuary be, -with his permission, printed 
 and sent to the several Members of the Society.” 
 
 Q 
 
 2 
 
[ •^•28 ] 
 
 Capital, 
 large in¬ 
 crease of. 
 
 ADDRESS. 
 
 Having at length arrived at the period in which it 
 has been directed that a full and accurate investiga¬ 
 tion should be made of the finances of the Society, 
 I am happy in having it in my power to assure 
 you that such an investigation has been completed 
 with all possible care and attention ; and that the 
 result not only justifies every reasonable hope, but 
 must even satisfy the most sanguine expectations of 
 the success and prosperity of the Society. 
 
 During the last ten years, the business has been 
 so extended and the capital so enormously increased, 
 that the Society has become one of the most im¬ 
 portant, and, if rightly directed, cannot fail to prove 
 one of the most beneficial institutions that have ever 
 been formed in this country. The present state of 
 the Society affords ample proof of the prudence and 
 wisdom of those measures which have hitherto been 
 adopted and pursued in the management of its af¬ 
 fairs ; and it is with the view of urging the neces¬ 
 sity of continuing in the same temperate course, that 
 I am once more induced to solicit your indulgence 
 while I offer a few observations on the accounts 
 which are now laid before you. 
 
 The accumulation of capital which has taken 
 
ADDRESSES. 
 
 229 
 
 place since the last investigation so far exceeds its 
 increase in every former period, that, were this to 
 be the only criterion by which the state of the So¬ 
 ciety’s affairs was to be determined, there could be 
 little doubt either of its possessing an immense sur¬ 
 plus, or of the expediency of having recourse to 
 more frequent distributions of it. But in an insti¬ 
 tution of this kind, an increase of capital is by no 
 means an unequivocal proof of prosperity. While 
 millions are added to the claims, a proportionate 
 fund should be provided for the future payment of 
 them; and it is only by comparing the one with 
 the other, and determining the excess or defi¬ 
 ciency of the annual surplus in the latter, that any 
 correct idea can be formed of the real state of its 
 finances. It should be particularly remembered, 
 that were the Society limited even to its present 
 number of Members, the capital should continue to 
 accumulate for more than 60 or 70 years to come; 
 but that if there be such a constant accession of 
 new Members as shall increase the number at the 
 end of every year, the term of this accumulation 
 will be extended to an indefinite period, and the 
 magnitude of the capital ought to be regarded prin¬ 
 cipally as a proof of the magnitude of the demands 
 which must hereafter come upon it. Since the in- Assurances, 
 
 • • • 1 1 1 n ^ number and 
 
 vestigation in 1800, the number or assurances has amount of. 
 increased to more than 7? 300, and the sums assured 
 from 3,900,000Z. to more than eight millions, ex¬ 
 clusive of the additions which have been made to 
 
230 
 
 EQUITABLE SOCIETY. 
 
 Magnitude 
 of capital 
 likely to 
 delude. 
 
 Additions 
 in 1800, as 
 they now 
 remain; 
 their value. 
 
 them. Is it surprising, then, that the stock of the 
 Society should have increased in the mean time with 
 an accelerated progression ? Had not a single as¬ 
 surance been made in the last ten years, the stock 
 must have gone on to increase (though not in an 
 equal degree), or the Society would now have been 
 hastening to ruin. We should therefore be on our 
 guard against suffering ourselves to be deluded by 
 an immense capital into extravagant notions con¬ 
 cerning the wealth and prosperity of the Society. 
 The accumulation indeed has been greater than is 
 necessary to provide for any future contingency, 
 and will no doubt admit of being retarded in its 
 progress by having a part of it appropriated to the 
 benefit of the present Members:—but there are 
 limits which must not be exceeded ; and the dan¬ 
 ger is always increased when these are overlooked, 
 or believed to be at too great a distance. In a for¬ 
 mer address I endeavoured to point out the great 
 effect of the several additions to the claims in di¬ 
 minishing the surplus stock of the Society, and par¬ 
 ticularly the danger of being led, by the remoteness 
 of their operations, to have too frequent recourse 
 to them. The present investigation affords the 
 strongest proof of the truth of these observations. 
 From them it appears that the additions which in 
 the year 1800 amounted to 759,023/., and were 
 then worth in present money 427,601/., are only 
 reduced in their whole amount to 468,103/.; while 
 their present value at this time, instead of being less- 
 
ADDRESSES. 
 
 231 
 
 ened in the same proportion, amounts to 312,017i^., 
 notwithstanding the great number of policies that 
 have been forfeited and surrendered, and that above 
 162,000/. have been paid during the last ten years 
 on account of them. This arises from the more Age, in- 
 
 of 
 
 advanced ages of the Members, which will continue in Members 
 
 * its 
 
 to have the same effect for many years to come; effect, 
 so that the period still remains at a great distance, 
 
 in which even the additions alreadv made to the 
 
 «/ 
 
 claims will operate with their greatest force on the 
 finances of the Society. It is of particular impor¬ 
 tance to observe in what proportion the different 
 additions which have hitherto been made have in¬ 
 creased the sums originally assured. In the year 
 1786, by an addition of ll. per cent, together with 
 the addition of 1^/. per cent, in 1781, the sums 
 originally assured were increased 22,670/. from 
 977,330/., to 990,000/., or in the proportion of 1 
 to 43. In the year 1793, by an addition of 2/. Addition, 
 per cent., together with the preceding addition in each for- 
 1791 of 1/. per cent., they were increased 112,859/., 
 from 2 , 976 , 476 /. to 3,089,335/., or in the propor¬ 
 tion of 1 to 26. In the year 1800, by an addition 
 of 2/. per cent, together with an addition of 1/. 
 per cent, in 1795, they were increased 479,761/., 
 from 3,904,685/. to 4,384,446/., or in the pro¬ 
 portion nearly of 1 to 8 ; but in the present year if Addition 
 
 . . proposed; 
 
 2/. \0s, per cent, be added to them, they wdl be in- its effect, 
 creased, including the former additions, 2,094,643/., 
 or in the proportion of more than 1 to 4 ; that is. 
 
232 
 
 EQUITABLE SOCIETY. 
 
 Addition 
 proposed; 
 its present 
 value. 
 
 instead of 8,024,000/., originally assured, the whole 
 suna, including all the additions, will amount to 
 10,118,571/., and the present value of the claims 
 on those original sums will be increased from 
 4 , 557 , 757 /. to 5,845,000/. ; or in other words, 
 over and above the sums already paid in addition 
 since 1781, amounting to 222,000/. and upwards, 
 the Society will have agreed to distribute among its 
 Members such a sum as in one present payment is 
 equal to 1,287,242/. When it is considered that 
 exclusive of all this the sum of 72,600/. has been 
 paid ever since the year 1800 for the interest of 
 those Members who have surrendered their policies 
 to the Society, and that above 35,000/. has been 
 paid during the last four years on account of the 
 income tax, it is impossible not to admire such an 
 institution, and to express an ardent wish that, 
 proceeding in the same course of moderation, (eco¬ 
 nomy, and prudence, it may always adopt such 
 measures as shall secure and even extend its bene¬ 
 fits to the latest period. But in the accomplish¬ 
 ment of this wish I am sorry to observe much diffi¬ 
 culty and danger. In proportion as the Society 
 becomes more extensive, and its capital is swollen 
 to a greater magnitude, its concerns become more 
 complicated, its interests more divided, and the 
 measures, which in its infancy might have been 
 very safe, may in its present and future circum¬ 
 stances, either by an unseasonable adoption, or a 
 too frecpient repetition of them, produce the most 
 
ADDRESSES. 
 
 233 
 
 fatal consequences. The regulations, however, which society; its 
 
 i 1 r 1* J *4. * regulations 
 
 have been tormed in order to guard against an im- wise and 
 provident distribution of the Society’s stock are par- 
 ticularly wise and good;—and were it certain that 
 these would always be strictly observed, the rapid 
 accumulation of its capital might be regarded with¬ 
 out alarm, and the great extent of its concerns, by 
 lessening the effect of casual events, would render 
 its annual profits more uniform, and even its exist¬ 
 ence more secure. 
 
 There are two classes of persons (of very differ- Division, 
 ent descriptions indeed,) who seem to wish that the two classes 
 investigations were made at shorter intervals. I HkdyTo"^ 
 mean the very old and the new Members:—the 
 former from the fear of not surviving a period of 
 10 years,—the latter from an eagerness to partake 
 of profits from which they have never yet derived 
 any benefit, and towards which they can have con¬ 
 tributed but in a very small degree. Happily, the 
 liberality and good sense of the great majority have 
 hitherto succeeded in quieting the fears of the one, 
 and checking the impatience of the other, and thus 
 in promoting ultimately the real interests of both. 
 
 In addressing the General Court about 15 years 
 ago I attempted to prove the very pernicious effects 
 of increasing the claims too often; and it gives me 
 pleasure to observe that the practice which then 
 prevailed, and which, if continued, would have soon 
 exhausted the whole stock of the Society, was not 
 
234 
 
 EQUITABLE SOCIETY. 
 
 only checked, but the recurrence to it prevented by 
 the establishment of those excellent regulations 
 to which are owing the present success and impor¬ 
 tance of the Society. I shall not trouble the Court 
 with a repetition of the arguments which I urged 
 on that occasion, and I trust that at this time they 
 Addition of are altogether unnecessary. It will not be impro- 
 effecTor ’ per, however, to observe that such is the magnitude 
 of the sums at present assured, that an addition 
 even of 1/. per cent., by increasing these sums above 
 650,000/., will require several years profit to pro¬ 
 vide for it. In proportion also as the business con¬ 
 tinues to be extended, and the very large assurances 
 which have been made in the last four or five years 
 become of longer standing, the effects of these ad¬ 
 ditions will become more formidable, not merely in 
 increasing the sums originally assured, but likewise 
 in increasing their present value, and thus render¬ 
 ing a still greater interval necessary for their repe- 
 Life assii- tition. It should be remembered that the original, 
 giud’object and indeed the only intention of this Society was 
 to secure the payment of a certain sum on the death 
 of the assured, and that the premiums were com¬ 
 puted solely with that view, and not with the re¬ 
 motest idea of any further advantage. I am sorry, 
 however, to observe that other views have lately 
 been cherished, and that many have been induced 
 by the great wealth and prosperity of the Society 
 to assure their lives with the most extravagant 
 hopes of benefit to themselves and families. It will. 
 
 of. 
 
ADDRESSES. 
 
 235 
 
 I am afraid, be very difficult to satisfy the expec¬ 
 tations of such persons, and I shall despair of lead¬ 
 ing them to entertain more just and sober opinions, 
 if what I have already said on the subject shall fail 
 to produce this effect. It is very probable that the 
 term at present appointed for the investigation of 
 the affairs of the Society may appear rather long 
 and perhaps discouraging to some of the older 
 Members ; but they should recollect that every ad- Members, 
 dition to their claims is much more valuable than young; 
 it can be in the case of the younger Members, and JatTinL^r-' 
 therefore, if the probability of their participating in 
 any future addition is less, the amount of it, should 
 they survive the period, is so much greater as to 
 make their expectations as nearly of the same value 
 with those of the younger Members as circumstances 
 will admit. It is, I believe, impossible to devise Division of 
 any method of giving each Member his exact share perfectly 
 of the profits of a Society which is always open for possible in 
 the admission of an unlimited number of persons ting soci- 
 to partake of them. From every consideration present 
 which I have given the subject, I am inclined to 
 think that, with the present constitution of this 
 Society, the measures hitherto adopted, if pursued 
 with due caution, are upon the whole the most 
 safe, equitable, and beneficial to all its Members. 
 Consistent with the security and credit of the So¬ 
 ciety, the very nature of its business, as I have 
 shown on a former occasion, prevents the possibi¬ 
 lity of an annual distribution of its profits; and I 
 
236 
 
 EQUITABLE SOCIETY. 
 
 trust that the immense amount of an addition even 
 of 1/. per cent, to the present claims is sufficient 
 to convince every reasonable person that such an 
 accumulation of demands upon its capital can only 
 be supported by the uninterrupted success of many 
 years. Nevertheless, though the Society cannot 
 afford such an addition to the claims as shall have 
 a retrospect to all the payments which have been 
 made from the first date of each assurance at shorter 
 periods than ten years ; yet perhaps a less expen¬ 
 sive method of dividing a part of its profits may be 
 adopted without much danger during the intervals 
 of those periods. 
 
 As this is a subject of great importance, and which 
 has of late almost wholly engaged my thoughts and 
 attention, I have ventured to suggest a plan to the 
 Court of Directors, which having been unanimously 
 approved by them, is to be submitted to the con¬ 
 sideration of this Court. T hope, however, it will 
 not be deemed improper that I anticipate their Re¬ 
 port by giving some account of it in this place. 
 
 Addition, From the 1st of January next it is proposed that 
 
 intcrrn6(IiHl 77 1 1 n i i i* 
 
 between the every person a/reaai/assured^ snail have an addi- 
 
 fave^tigi to his claim of 2l. per cent., for every payment 
 
 after the one made in December 1809, so that to all 
 the claims in 1810 the sum of 2l. on every 100/. shall 
 
 * For the Regulations respecting new assurances, see Bye- 
 Law 36. 
 
ADDRESSES. 
 
 237 
 
 be paid,over and above the addition already granted; 
 
 —in 1812 the sum of 4Z.;—in 1813 the sum of 6Z.; 
 
 —and so on, increasing 2/. in every succeeding year, 
 till in 1819 the sum shall amount to 18/. on each 
 100/. : and at the end of the next decennial inves¬ 
 tigation, if the circumstances of the Society should 
 admit of a more extended addition, these lesser ones 
 shall cease as to the preceding interval, and com¬ 
 mence again in like manner in the succeeding in¬ 
 terval, and be continued till another decennial in¬ 
 vestigation takes place ; so that in no year will any 
 Member have reason to complain that he does not 
 participate in some part at least of the profits of 
 the Society. And where shall another Society be Society, its 
 
 • sicts lib0r<il 
 
 found that has done so much for its Members, or and disin- 
 that acts in a manner so truly liberal and disinter- 
 ested? With an immense capital, and an un¬ 
 bounded credit—with profits continually increasing, 
 and the prospect of new benefits every year, it claims 
 no exclusive privileges for any of its Members, but 
 admits all on equal terms, and gratuitously allows 
 those to partake of a surplus which has been ac¬ 
 cumulating for 40 years before their admission! 
 
 Should the additions now proposed be adopted by Addition 
 the Society, every person who shall have been as-ftreffectl ’ 
 sured 10 years will have 25/. per cent, added to his 
 claim,—if he shall have been assured 20 years, he 
 will have 86/. per cent.,—if 30 years, he will have 
 180/. per cent.,—and if 40 years, he will have 290/. 
 per cent. ; so that in many cases the claims paid 
 
 *) 
 
 / 
 
238 
 
 EQUITARLE SOCIETY. 
 
 will be double, triple, and in some even more than 
 quadruple the sums originally assured. If all this, 
 which exceeds the highest hope that could have 
 been entertained, does not prove the excellence of 
 the institution, and engage every Member to perse¬ 
 vere in that course which has conducted the Society 
 to such unexampled prosperity, J know not what 
 inducements can be offered, or how it will be pos¬ 
 sible to convince those by argument on whom the 
 experience of half a century shall produce no effect. 
 
 During a long term of more than 3.3 years I 
 have witnessed with uniform pleasure the progress 
 of this Society. I have seen its Members gradu¬ 
 ally increasing from 730 to more than ten times 
 Assurances; that number;—the amount of its assurances from 
 amount of. 230,000/. to more than eight millions, and its ca¬ 
 pital, which consisted of 33,875/. stock in the 3 per 
 cents, accumulating to a sum which if converted 
 into the same stock would exceed 4,330,000/. But, 
 what is of much greater consequence, its profits, in 
 the mean time, have kept pace with the extended 
 growth and importance of its concerns, and, di¬ 
 verted by no channel of private interest or emolu¬ 
 ment, have been appropriated solely towards pro¬ 
 moting the general good of the whole. It may 
 then be well asked, “ Whence proceeds this unex¬ 
 ampled prosperity, and to what causes is to be at¬ 
 tributed the success of a Society which boasted of 
 no capital at its first establishment; which, begin- 
 
ADDRESSES. 
 
 239 
 
 ning in obscurity with the humble contributions of 
 a few individuals, held forth no particular advan¬ 
 tage to any of its Members, nor ever protruded it¬ 
 self into public notice by a single advertisement in 
 favour of itself To these inquiries I have al¬ 
 ready answered in my former addresses to the Gene¬ 
 ral Court, nor shall I attempt to enlarge upon them 
 at present. Among other causes, I then mentioned Profits, 
 the high premiums of assurance during the first 15 
 or 20 years after its establishment—the greater 
 probability of life among its Members than in the 
 table from which its premiums were computed— 
 the considerable number of policies forfeited by the 
 negligence or omission of the persons assured—the 
 oeconomy observed in the management of its affairs 
 —and above all should be added at this time, the 
 very prudent and meritorious forbearance of the 
 earlier Members in suffering the Society to acquire 
 strength and security before any measures were taken 
 to check the progress, or to divide the smallest part 
 of the profits among themselves. Had this been 
 done in the infancy of the Society, it would have 
 always continued in that state; and though such a 
 step might have suddenly increased its number, and 
 displayed the appearance of prosperity by appro¬ 
 priating benefits to the present, at the expense of 
 succeeding Members, it would now have neither 
 been in the condition of increasing its claims, nor 
 perhaps of fulfilling its original engagements. Hap¬ 
 pily the same moderation, which in its infancy re- 
 
240 
 
 EQUITABLE SOCIETY. 
 
 Personal 
 interest 
 has been 
 sacrificed 
 to public 
 good. 
 
 Surplus 
 stock, re¬ 
 servation 
 of. 
 
 strained it from making too early an inroad into the 
 capital, has continued to prevail in its maturer 
 state, and the Members have been led to sacrifice 
 every consideration of present interest to the general 
 good of the Society. When, therefore, it was de¬ 
 termined that no distribution of profit should be 
 made without a previous investigation, it was also 
 determined that no distribution should extend to 
 the whole of the surplus, but that a considerable 
 part of it should always be reserved for the greater 
 security of the Society, as well as for the advantage 
 of those who should survive the next investigation. 
 To this prudent and liberal regulation the present 
 Members are indebted for a large share of the be¬ 
 nefits which they are now to receive. The accu¬ 
 mulation of the surplus which was reserved in 
 1800 and prior to that period, forms the greater 
 part of the present surplus ; and consequently, had 
 no such reserve been ever made, the additions pro¬ 
 posed would have been inconsiderable, and the So¬ 
 ciety, reduced at different periods to a state of mere 
 solvency by the total alienation of its surplus, would 
 neither have possessed the strength and credit 
 which it now enjoys, nor justified any sanguine 
 hope of future additions. 
 
 Having now for the fourth and probably the 
 last time, addressed myself to the General Court, 
 and feeling, as I do, the great importance of the 
 subject on which I have spoken, I shall submit 
 
ADDRESSES. 
 
 241 
 
 these observations to their candid deliberation, with 
 an anxious wish that they may, in some measure 
 at least, have the effect of convincing the Members 
 that the only way to promote the best interests of 
 the Society is by moderating their expectations, Society, in« 
 
 tcrcsts of 
 
 and proceeding with that caution on the present promoted 
 and future, which has distinguished their conduct 
 on former occasions. Should this disposition hap¬ 
 pily prevail, the Society, far from having any thing 
 to apprehend from the growing number of its Mem¬ 
 bers, or the rapid accumulation of its capital, may 
 regard both with confidence in the security of the 
 course it now pursues, and with a well-founded 
 hope that its credit and prosperity will continue to 
 increase in proportion as its benefits are more 
 widely extended. 
 
 R 
 
Address delivered, at a General Court, on Thursday 
 the bth of December, 1816. 
 
 Extractsfrom the Minutes of a General Court, holden 
 the \9th of December, 1816. 
 
 “ Resolved unanimously,—That the thanks of this Court be 
 given to their Actuary, for his very able Address to the Mem¬ 
 bers of this Society on the 5th inst., and for proposing the 
 judicious basis on which the Regulations now agreed to have 
 been founded. 
 
 “Resolved unanimously,—That a neweditionof the amended 
 Bye-Laws be printed for the use of the Members of the So¬ 
 ciety; and that Mr. Morgan be requested to annex his last 
 Address to them.” 
 
[ 243 ] 
 
 ADDRESS. 
 
 When this Society was established in the year 1762, 
 it certainly was not in the contemplation of the 
 founders that it would ever have attained its pre¬ 
 sent magnitude. Of this no doubt can be enter¬ 
 tained, when it is considered that almost all the 
 first assurances were made only for the sum of 100/. 
 each, and that the whole plan of the Society appears 
 to have been formed on the same principles with 
 the other little Societies which were established 
 about the same time; most of which, from the want 
 of a timely reform, have long since terminated in 
 disappointment and ruin. Happily for this Socie¬ 
 ty it differed from them in one material respect:— 
 Its premiums had been computed from the best 
 tables of observation then extant by an able mathe¬ 
 matician; and all the alterations which were after¬ 
 wards made in those premiums, though founded in 
 ignorance, were calculated to render the Society 
 more secure. But these would have been of little 
 avail, if the operations employed for ascertaining 
 the surplus had been persevered in, or if the method 
 directed for distributing it among the Members had 
 been adopted. The one by its incorrectness would 
 have misled the Society; the other would have 
 always kept it in a state of infancy and weakness, 
 even if its surplus had been accurately determined. 
 
 R 2 
 
244 
 
 EQUITABLE SOCIETY. 
 
 Bye-Laws 
 of 1810 , 
 their bene¬ 
 ficial effect 
 
 It is unnecessary to enter into an account of the 
 measures which have been pursued at different times 
 since the year 1776, to correct the errors and guard 
 against the ill consequences of those regulations 
 which related to the distribution of the surplus. 
 The present flourishing state of the Society proves 
 the wisdom of those measures; and it will be suffi¬ 
 cient only to observe, that they have always been 
 adapted to the altered circumstances of the Society, 
 arising from the growing magnitude of its concerns, 
 and the increasing number of those who are entitled 
 to a participation in them. But of all the measures 
 hitherto adopted, none have been more beneficial 
 in their effects, or better calculated to secure the 
 Society from the danger of too sudden an addition 
 to the number of its Members, than those Bye-Laws 
 which w^ere passed in January and March 1810, 
 restraining all future Members from the right of 
 voting at the General Courts, and from any addi¬ 
 tion to their claims, till after the expiration of the 
 fifth year and the payment of the sixth annual pre¬ 
 mium on their respective assurances. 
 
 The evil, however, though lessened by these 
 laws, has not been entirely removed: the increase 
 of the Society, though rendered more gradual, still 
 remains unlimited; and the management of its con¬ 
 cerns must in consequence be ultimately exposed 
 to all the difficulties and dangers arising from the 
 overgrowing number of its Members. 
 
ADDRESSES. 
 
 245 
 
 Various plans have been proposed at different 
 times to guard against this evil; but they have 
 generally tended to an alteration of the whole con¬ 
 stitution of the Society, and required an application 
 to Parliament to carry them into effect. This of 
 itself has been considered a sufficient objection to 
 them, and all of them have consequently been laid 
 aside. It is indeed highly desirable, whatever laws society, 
 or regulations are in future adopted, that they should pian^ofde- 
 deviate as little as possible from the original plan peJeve^ed^ 
 and design of the Institution. That the Society has 
 the power of restraining the future Members from 
 the participation of the benefits enjoyed by the ex¬ 
 isting Members during a limited time, has been esta¬ 
 blished by the adoption of the Bye-Laws in 1810. 
 
 That it has, therefore, the power of postponing ihsit 
 participation to a more distant period can admit of 
 no doubt; nor can it make any difference whether 
 the term is limited to a certain number of years, or 
 is made to depend on contingencies which may 
 either shorten or prolong the duration of it. But 
 if it should appear that this alteration, while it im¬ 
 proves the interest of the present Members, will 
 render the Society more secure without lessening 
 its usefulness to the public, it becomes not only 
 justifiable but necessary. 
 
 Instead, therefore, of restraining persons in fu¬ 
 ture from participating in the additions to their 
 claims, and from the privilege of voting at the General 
 
246 
 
 EQUITABLE SOCIETY. 
 
 Profits; 
 participa¬ 
 tion in 
 deferred. 
 
 Assurances 
 new, com¬ 
 pared as to 
 numbers 
 with those 
 cancelled. 
 
 Courts to the term of five years, it is now proposed 
 “ That no assurance hereafter to he made shall en- 
 ‘ ‘ title the person assured to any benefit or privilege 
 “ till the present assurances shall be reduced below 
 “ a given number; and that no more persons en- 
 “ titled to these benefits and privileges shall be ad- 
 “ mitted at one and the same time than are sufficient 
 “ to complete that number: Such admissions to be 
 ‘ ‘ regulated by the priority of their respective assu- 
 “ ranees, and to be declared at a stated time in 
 “ every year, when the number of assurances shall 
 “have been ascertained that will be necessary to 
 “ fill up the Society to its full complement.” 
 
 By this means the Members now existing, from 
 having admitted fewer to partake of the benefits of 
 the Society, will receive a larger portion of them; 
 and, what is of great consequence, the Society may 
 increase the number of its assurances to any extent 
 without the least danger or inconvenience. 
 
 From a comparison of the number of assurances 
 for the whole continuance of life which have been 
 made in the last ten years, with the numbers which 
 have been cancelled during the same time, it appears 
 that the Society has increased upon an average at 
 the rate of more than three hundred in each year. 
 Hence may be inferred the probable increase during 
 the next ten years; and consequently the incon¬ 
 venience and danger to which the Society will be 
 
ADDRESSES. 
 
 247 
 
 exposed, from the great number of those who will 
 have a right to share in the management of its 
 affairs, and an interest to support the premature 
 division of its surplus. 
 
 Were the admission of future Members to de- Profits; ad- 
 pend solely on the deaths of those already assured, 
 the period would perhaps be postponed too long; and^sutre^ 
 for according to the probabilities of life in the So- ' 
 
 ciety during the last forty-five years, not one in 
 sixty will die in each year. But the reduction in 
 the number of assurances hy forfeiture and surren¬ 
 ders will, agreeably to the experience of many years, 
 be so much accelerated, that the term, were they 
 limited to half their present number, will not he 
 very considerably prolonged beyond the period al¬ 
 lotted by the present Bye-Laws of the Society. 
 
 These regulations, therefore, will probably have 
 little or no effect in preventing the Society from 
 going on to increase as it has done of late years. 
 
 The prospect, however remote, of participating in 
 the profits of an Institution possessed of such an 
 immense capital, will always secure a preference; 
 and the care thus taken to guard against the im¬ 
 provident distribution of that capital, instead of re¬ 
 tarding, must rather accelerate the increase, and 
 add to the credit of the Society. 
 
 By the restrictions now proposed, the danger profits; ad- 
 
 • • /• i ^ n . -K ir mission to 
 
 arising irom too great an accession or future Mem- should be 
 
 gradual. 
 
248 
 
 EQUITABLE SOCIETY. 
 
 bers, in proportion to the Members now existing, 
 will be avoided: for the number of those admitted 
 in each year will be so small in comparison with 
 the number of the remaining Members, and in con¬ 
 sequence their increase will be so gradual, that long 
 before they constitute a majority in the Society, 
 they will themselves have become Members whose 
 interest it will be, like that of their predecessors, 
 to guard against the adoption of any improvident 
 measures. 
 
 Magnitude POSSESSED of such a Capital, it is no wonder that 
 Hkdy to extravagant opinions shoidd be entertained of the 
 travaganr Society’s opulence, and that many persons should 
 be induced to assure their lives from the hope of soon 
 lence^^”” sharing in the distribution of it. The Society, con¬ 
 stituted as it is at present, is open to the public at 
 large; and thus the number of those is continually 
 increasing whose expectations are in danger of being 
 too sanguine. It becomes therefore of great im¬ 
 portance to guard against this danger, and that the 
 liberality of the Society should not be exercised at 
 the risque of its welfare and security. It should be 
 remembered that the amount of the decennial addi¬ 
 tions to the claims must very much depend on the 
 number of those who are entitled to them; and 
 therefore that the interest as well as the security of 
 the present Members should lead them to the re- 
 Addition of duction of that number. Were every person in 
 its effect, future assui'ing in this Society to have an addition of 
 
ADDRESSES. 
 
 249 
 
 21. per cent, per annum made to his assurance, and 
 repeated every ten years in the manner hitherto 
 pursued, not one in seven of those assured under 
 the age of thirty will live long enough to pay the 
 accumulated sum which will become due at his de¬ 
 cease, nor one in ten under the age of twenty:— 
 and yet I very much doubt whether the expecta¬ 
 tions of those persons would not lead them to an¬ 
 ticipate larger and more frequent additions. 
 
 A VARIETY of computations (were it proper to Profits; ef¬ 
 fect of indis- 
 
 introduce them here,) might be added to show the criminate 
 utter impossibility of persevering in the present in- the public to 
 
 . . , . . „ , , a participa- 
 
 discrimmate admission ot the public to a propor- tion of. 
 donate share of the Society’s surplus, without either 
 lessening the future additions on the one hand, or 
 increasing the annual premiums on the other. When Members ; 
 
 increase of 
 
 the Bye-Laws were passed in 1810, there was great not checked 
 
 .by Py0“ 
 
 reason to believe that the restrictions then imposed Laws of 
 
 1810 
 
 on future Members would have so far checked the 
 growth of the Society as to preserve it from the 
 danger of becoming too numerous. The experi¬ 
 ence of the last six years has proved the fallacy of 
 that opinion, and on this ground it has been thought 
 expedient to propose further restrictions at the pre¬ 
 sent time, rather than wait for the period of the 
 decennial investigation of the Society’s accounts; 
 for the sooner an evil is opposed, the less difficulty 
 there will be in surmounting it. The Resolutions 
 now proposed, therefore, have not arisen from any 
 alarm as to the immediate safety of the Society. 
 
250 
 
 EQUITABLE SOCIETY. 
 
 Probabili¬ 
 ties of life 
 in the So¬ 
 ciety con¬ 
 tinue the 
 same as 
 they have 
 been for the 
 last forty 
 years. 
 
 Measures; 
 precaution¬ 
 ary have 
 hitherto 
 promoted 
 theintei'ests 
 of the So¬ 
 ciety, 
 
 On the contrary, I have the satisfaction to assure 
 the General Court that its success and prosperity 
 continue uninterrupted—that the probabilities of 
 life in the Society bear the same ratio to those in 
 the Table of Observations from which its premiums 
 are computed, that they have done for the last forty 
 years, and that no circumstance has hitherto oc¬ 
 curred to disappoint the reasonable expectations of 
 its Members. But it is'evident, if the Society in¬ 
 creases as it has done in the six preceding years, at 
 the rate of more than 300 in each year (notwith¬ 
 standing the forfeitures and surrenders), that there 
 will be above 1000 more to share in the surplus 
 stock of 1820, than there will be if the Resolutions 
 now proposed be adopted. 
 
 The method of adding to the claims rather than 
 immediately dividing the surplus among the Mem¬ 
 bers, and of restraining the additions to a period of 
 ten years rather than repeating them at shorter in¬ 
 tervals, has had the best effect in establishing the 
 credit and promoting the interests of the Society. 
 But while the Members are daily increasing, and no 
 limits are set to the number of those who are to 
 have a controul over the affairs and to partake of 
 the surplus stock of the Society, it is impossible to 
 say that the one shall not at last become too com¬ 
 plicated, or that the other, from being divided 
 among so many, may not ultimately be diminished 
 so much as to produce all the evil consequences of 
 disappointed hopes and expectations. 
 
ADDRESSES. 
 
 251 
 
 It should be recollected that no additions were 
 made to the claims during the first twenty years 
 after the establishment of the Society, and that 
 those which were made at different periods from 
 1782 to 1800 left much more than one third of the 
 surplus to accumulate for future additions. In the 
 year 1800 it was ordered that those additions should 
 never exceed in present value two thirds of the sur¬ 
 plus ; which rule was adhered to in that year and in 
 1810. A smaller sum therefore being now left to 
 accumulate in proportion to the number of Mem¬ 
 bers than had been left after the five additions which 
 had been made prior to 1800, it follows that the 
 surplus arising from that accumulation must also 
 be proportionably less in future, even were the 
 number of Members to continue stationary. But 
 when it is considered that in 1810 there were above 
 
 Addition; 
 first, not 
 made until 
 20 years 
 after the 
 Society’s 
 establish¬ 
 ment. 
 
 Surplus 
 
 reserved. 
 
 Profits; in¬ 
 crease of 
 the number 
 
 1*1 1 • 1 n 1 1 of Members 
 
 one third more to share in that part of the surplus who parti- 
 than there were in 1800, and that at the next *"• 
 
 dition there will probably be a still larger propor¬ 
 tion, it is evident that, by persevering in the pre¬ 
 sent course, the benefit arising from the residue of 
 the preceding surplus will in a great measure be 
 absorbed by those who had no claim to it, and that 
 the amount of future additions, so far as regards 
 the existing Members, will chiefly depend on the 
 annual profit of the Society from the period of the 
 last addition.—It might easily be demonstrated, if 
 no residue of the surplus were left to accumulate, 
 or, which is the same thing nearly, if an indefinite 
 
252 
 
 EQUITABLE SOCIETY. 
 
 Sum assu¬ 
 red, and 
 additions; 
 time in 
 which pre- 
 ii}iums 
 amount to. 
 
 Capital; in¬ 
 crease of 
 only an ap- 
 parent sign 
 of wealth. 
 
 number of future Members are admitted to share in 
 it, that the Society could not possibly go on in 
 making the same additions as it has hitherto done. 
 The present annual premiums are by no means suf¬ 
 ficient to provide for the addition of 21. per cent, per 
 annum to the claims, and for doubling those addi¬ 
 tions every ten years in the manner hitherto pur¬ 
 sued. To prove this it will be necessary only to 
 observe, that every person assured under the age of 
 35 on these conditions should live 40 years, and 
 every person assured under the age of 20 should 
 lively nearly 60 years, before his premiums with 
 their accumulations at compound interest will 
 amount to the sum which would become payable 
 at his decease.—The present Members therefore 
 must either abate in their future expectations, or 
 set limits to the number of those who are to par¬ 
 take in them. 
 
 It may perhaps be urged, while the capital of 
 the Society continues to increase at its present rate, 
 that little danger is to be apprehended from the ad¬ 
 mission of new Members, and therefore that it will 
 be time enough to adopt other measures when the 
 capital shall have ceased to accumulate. I am al¬ 
 ways apprehensive of the very erroneous conclu¬ 
 sions which may be drawn from this apparent sign 
 of the Society’s opulence. In looking at the capi¬ 
 tal, regard should be had at the same time to the 
 demands which must ultimately come uix)n it. 
 
ADDRESSES. 
 
 253 
 
 Though possessed of millions, the Society is en¬ 
 gaged for nearly three times the sum; and it would 
 be an alarming circumstance indeed, considering the 
 great and constant addition of new assurances, if 
 the capital did not increase, and did not also con¬ 
 tinue to increase for many years to come. The 
 progress of the additions in diminishing the capital, 
 though gradual at first, must necessarily be accele¬ 
 rated by the advanced age of the Members; so that Age; in- 
 
 . . . « 1 . crease of in 
 
 were no new ones admitted, every repetition of this Members 
 
 , n • assured, its 
 
 measure must operate more and more poweriully m effect, 
 producing that diminution. But when extended to 
 all persons indiscriminately, whether assured five 
 years or fifty years ago, the effect will be increased 
 in a still more formidable degree.—Prior to the Additions; 
 
 . . increasing 
 
 year 1800 these additions did not exceed 4000/. a- amount of, 
 year. From 1800 to 1805 they amounted to more 
 than 16,000/. a-year. During the last five years 
 they have amounted nearly to 70,000/. a-year; and 
 if every future addition proceeds at this rate in qua¬ 
 drupling the annual amount of the preceding addi¬ 
 tion, it will not be difficult to anticipate the con¬ 
 sequences. But I shall not urge this matter any 
 further. Enough, I hope, has been said to convince 
 the General Court that some steps should be taken 
 in time to guard against an evil, however distant, 
 which thus endangers the welfare of the Society, 
 and must at all events injure the interests of the 
 younger part of the present Members. 
 
 I CANNOT conclude these observations without 
 
254 
 
 EQUITABLE SOCIETY. 
 
 Society; 
 present 
 state of 
 should in¬ 
 duce cau¬ 
 tion,—not 
 alarm. 
 
 expressing my hope, that no person will so far mis¬ 
 understand me, as to suppose that I wish to infuse 
 any alarms into the minds of the Members respect¬ 
 ing the present state of the Society. On the con¬ 
 trary, there is every reason, as I have already ob¬ 
 served, for congratulating the General Court on 
 the uniform progress of its success and prosperity. 
 My apprehensions arise not from a retrospect of the 
 measures which have been pursued, for no evil has 
 yet been incurred by them, but they arise from 
 \o6kmg forwards to the measures which may here¬ 
 after be adopted, when a new interest may prevail 
 over the prudence and discretion which have always 
 distinguished the Resolutions of this Society. From 
 a small body, possessed of a few thousands (when 
 I first officiated as Actuary), it has, during the 
 course of more than forty years, grown to an insti¬ 
 tution of great public importance, and become pos¬ 
 sessed of several millions. It is obvious, therefore, 
 that the Rules and Regulations which were well 
 adapted to its circumstances in an infant state, may 
 now have become altogether impracticable. On 
 this ground the present Resolutions are proposed, 
 as the best means of securing and improving the 
 interests of the present Members, and in due time 
 the interests also of those that shall succeed them. 
 
 I HAVE often taken the liberty on different occa¬ 
 sions of addressing the General Court; but on none 
 have I addressed them on a subject of more impor¬ 
 tance, in my opinion, to the good order and welfare 
 
ADDRESSES. 
 
 255 
 
 of the Society, than the present. So fully convinced 
 am I of the value and necessity of these, or of some, 
 other regulations founded on the same principle, 
 that nothing will give me greater pleasure, on quit¬ 
 ting my office, than the consciousness of having 
 contributed my faithful endeavours in support of 
 them. 
 
Address delivered at a General Court, 
 
 2nd of December, 1819. 
 
 holden the 
 
 Extract from the Minutes of a General Court, holden 
 the 2nd of December, 1819. 
 
 “ Resolved unanimously,—That the very able and satisfac¬ 
 tory Address delivered this day by Mr. Morgan, the Actu¬ 
 ary, be, with his permission, printed, and that it be sent to 
 the several Members in the circular Notices for the next 
 General Court.” 
 
[ 257 ] 
 
 ADDRESS. 
 
 In the course of the last forty-five years this is the 
 sixth time in which T have been engaged in a mi¬ 
 nute investigation of the affairs of this Society; and 
 it is hardly necessary to observe that in proportion 
 as these affairs have become more extensive, the 
 labour and importance of each succeeding investiga¬ 
 tion have become more considerable. Compared 
 with its state in 1776, when the first investigation 
 took place, and the amount of its capital did not 
 exceed 60,000/. stock in the 3 per cents, the So- Society’s 
 
 . ... importance. 
 
 ciety may now be well regarded as an institution of 
 the highest importance and requiring that every 
 measure affecting its interest in the remotest degree 
 should be the result of the strictest inquiry and the ' 
 most mature deliberation. On all the former occa¬ 
 sions in which I have had the honour of addressing 
 the General Court, I have had the pleasure of con¬ 
 gratulating them on the flourishing state of the So¬ 
 ciety, and I trust, from the accounts now laid be¬ 
 fore them, that they will agree with me in opinion, 
 that I may with equal reason congratulate them on 
 the present occasion. Conducted with the same 
 care and prudence which had raised it to such dis¬ 
 tinguished eminence in 1810, the Society during 
 the last ten years has advanced in the same uniform 
 course of increasing opulence and credit; and, not- 
 
 s 
 
258 
 
 EQUITABLE SOCIETY. 
 
 Capital, 
 large in¬ 
 crease of. 
 
 Capital, in¬ 
 crease of, 
 no decisive 
 proof of 
 prosperity. 
 
 withstanding so many inroads have been made on 
 its capital by the different additions to the claims, 
 that capital, after satisfying every past, and pro¬ 
 viding for every future demand upon it, has accu¬ 
 mulated to such a magnitude as to admit of still 
 further inroads without endangering the security or 
 injuring the future prospects of the Society. 
 
 I KNOW not to what extent the expectations of 
 those persons may have been lately raised who, 
 viewing the amount of the capital without having 
 any regard to the immense claims with which it is 
 charged, consider every addition to that capital as 
 so much addition to the surplus stock of the Society. 
 I must, however, observe to them, that there can¬ 
 not be a delusion more to be deprecated, nor which 
 in the present circumstances of the Society would 
 lead to more ruinous consequences. Although the 
 capital has increased within the last ten years above 
 three millions, this of itself affords no decisive 
 proof of prosperity. It should be remembered on 
 the other hand, that the sums assured have increased 
 more than double that amount—that half the num¬ 
 ber of the present assurances have been made since 
 the year 1809—that the other half is composed of 
 assurances on lives ten years older than they were 
 at that period, and consequently so much more va¬ 
 luable—that while the number of assurances is an¬ 
 nually increasing, or even while it continues the 
 same without any variation, the stock must neces- 
 
ADDRESSES. 
 
 259 
 
 sarily go on to accumulate for many years to come, 
 and that if any measures were adopted to prevent 
 that accumulation, the Society would soon find it¬ 
 self in a state of insolvency. 
 
 The great object in all the measures hitherto 
 adopted, (and which I hope will always be kept in 
 view,) has been to moderate that accumulation so as 
 to make the present Members participate in the pro¬ 
 fits of the Society without injuring the interests or 
 destroying the prospects of those that shall succeed 
 them. At every period in which the surplus stock 
 of the Society has been determined, a very consi¬ 
 derable sum, over and above the value of the addi¬ 
 tions, has been left to accumulate towards providing 
 for future additions, as well as for guarding against 
 any unforeseen contingencies. In 1776, when the Surplus re- 
 
 • • • served 
 
 first investigation took place, the surplus of 25,000/. various 
 was only reduced to 14,000/. In 1786, when the 
 next investigation took place the surplus of 164,000/. 
 was reduced only to 110,000/. In 1793, when the 
 surplus by an approximated computation appeared 
 to be 302,000/., it was reduced to 203,000/. ; and 
 in 1800, at the period of the fourth investigation, 
 the surplus of 484,000/. was reduced to 225,000/. 
 
 In all these instances, therefore, the moderation of 
 the General Court suffered a very large proportion 
 of the surplus to remain as a fund for the benefit 
 of those that should succeed them. I may safely 
 say “for the benefit of those that should succeed 
 
260 
 
 EQUITABLE SOCIETY. 
 
 them;’’ for out of the 5124 Members that existed 
 in 1800, not more than 1500 survive to participate 
 in the present additions; and of the 913 that ex¬ 
 isted in 1776, the period of the first investigation, 
 only ten have survived. 
 
 By a resolution of the General Court in 1800, a 
 larger proportion of the surplus was directed to be 
 in future appropriated for the benefit of the exist¬ 
 ing Members, and in consequence, only one third 
 of the surplus in 1810, amounting to 681,000/., was 
 reserved. From this residue, however, and its ac¬ 
 cumulation for ten years, a great part of the pre¬ 
 sent surplus is derived, of which not more than 
 one half of the Members who existed in 1810 have 
 remained to participate ; and it is to a prudent con¬ 
 duct of this kind, which reflects the highest honour 
 on its forbearance and liberality, that the Society is 
 indebted for its present exalted state of credit and 
 prosperity. 
 
 Though possessed at this time of a surplus of 
 more than three millions, it must be observed that 
 the number of those who are to share in it is great 
 in proportion, and in consequence that the sum 
 which would have been sufficient in 1810 to provide 
 for any given addition to the claims, will now, ex¬ 
 clusive of the advanced age of the Members, which 
 renders it of greater value, be altogether insufficient. 
 No conclusion therefore can be drawn, as to the 
 
ADDRESSES. 
 
 261 
 
 magnitude of the additions which a Society can af¬ 
 ford to make, either from the amount of its capital, 
 or even of its surplus stock, unless regard is had 
 at the same time to the number of its Members; 
 and it may be comparatively as rich, and able to 
 make those additions when possessed of a surplus 
 of 100,000/. as when possessed of a surplus of one 
 million. Hence it appears that this Society could surplus and 
 with equal safety afford to add 1/. per cent, to the " 
 
 claims in 1800, when possessed of a surplus 
 484,000/., as it can at present, when its surplus 
 exceeds three millions : the amount of the additions 
 in the one being rather in a less proportion to the 
 surplus than it is in the other. Had the Society 
 persevered in its former course of adding to the 
 claims of all future Members indiscriminately, this 
 proportion must have continued to increase; and 
 in consequence, the additions at every succeeding 
 investigation must have been reduced until either 
 the claims had become stationary, or the Society 
 had chosen to maintain the reputation of increasing 
 opulence, by persevering in measures which must 
 have ultimately terminated in ruin. It is true that 
 the surrenders and forfeitures, which are annually 
 taking place, have had a considerable effect in check¬ 
 ing the growth of the Society; but these have al¬ 
 ways fallen far short of the new assurances, so that 
 from its first establishment to the present time, the 
 Society has never ceased to become more nume¬ 
 rous. Without some more powerful checks, there- 
 
262 
 
 EQUITABLE SOCIETY. 
 
 fore, than these, the evil I have mentioned must 
 sooner or later have taken place, and the very cir¬ 
 cumstance of an accumulating capital, (the neces¬ 
 sary consequence of a continued accession of new 
 Members,) by exciting exaggerated opinions of in- 
 Additions creasing opulence, would have accelerated it. Of 
 fecJ the extent of this evil, some idea may be formed by 
 ^th^the?r obscrving that the same addition to the claims which 
 effect nou;. 1810 increased the sums assured about mil¬ 
 lion, would now increase them about millions, 
 of which near one third is confined to assurances 
 made during the seven years which succeeded the 
 last investigation. 
 
 In the year 1817 the Society commenced a new 
 XYdi, and the experience of every day has served to 
 prove the wisdom of that measure.—Though in the 
 short term of three years it could not be expected 
 to have done much in improving the present inter¬ 
 ests of the Members ; yet even in this early stage 
 its operations have not been altogether without ef¬ 
 fect ; for had no such measure been adopted, the 
 assurances entitled to the additions would in that 
 case have exceeded their present number by more 
 than 1200. But its benefits hereafter are likely to 
 be much more considerable.—Not only will the So¬ 
 ciety be rendered more secure, but by confining the 
 future additions to a limited number of claims, these 
 additions must necessarily be increased, and may 
 possibly admit of having a larger proportion of the 
 
ADDRESSES. 
 
 263 
 
 surplus appropriated to them. Nor are the present 
 Members the only persons likely to profit by the late 
 regulations. Although the expectations of future Expecta- 
 Members are postponed, they are not taken away . ture Mem- 
 
 bciTS T)OSt* 
 
 What they lose by having the accomplishment of poned, not 
 their wishes deferred to a later period, will be more by^Bye-'^^^ 
 than compensated to them when they are fulfilled; 
 and if regarded in a proper light, these regulations 
 should be considered as so many precautionary 
 measures, more effectually to guard their interests 
 against the danger arising from the participators in 
 the Society’s surplus, at one and the same time be¬ 
 coming too numerous to have their over sanguine 
 expectations gratified to their full extent, without 
 sacrificing the interests of those who are to succeed 
 them. It is a matter of little consequence to the Members, 
 Society whether its Members do, or do not increase; Tmaue^rof 
 nor is it necessary to point out the great benefit ence!^^^ 
 which it has produced, and still continues to pro¬ 
 duce to the public. The immense capital which it 
 possesses, and the prospect which it holds forth not 
 only to its present, hut to its future Members, raises 
 it above all competition, and must ever render it 
 an institution of the highest importance. From Members, 
 
 . increase of 
 
 the experience of the last three years, the regula-lessened; 
 
 • n 111 1 /V Stopped 
 
 tions of 1817 appear to have had no other ettect by Bye- 
 than that of rather lessening the number of new as- isYo? 
 surances, which, however, considerably exceed the 
 number of old assurances cancelled, so that the So¬ 
 ciety still continues to increase, though more slowly. 
 
264 
 
 EQUITABLE SOCIETY. 
 
 Age of ma¬ 
 jority of 
 those now 
 insuring. 
 
 Society’s 
 
 importance. 
 
 This is the necessary consequence of such a measure, 
 and was to be expected. But it should be observed 
 on the other hand, that the Society may now re¬ 
 gard its increase without apprehension. With the 
 present restrictions it is in no danger of ever becom¬ 
 ing too numerous, or of being composed of a mul¬ 
 titude of new Members, who, assuring their lives 
 more with the view of present advantage to them¬ 
 selves than of providing for their families, would 
 always be urging an improvident distribution of the 
 Society’s stock.—Having often witnessed assurances 
 of this kind, T have on former occasions expressed 
 my dread of them, but I now feel great satisfaction 
 in seeing the Society freed from the danger of ever 
 having their number increased too much. It does 
 not appear from the assurances lately made, that 
 any extravagant views of this kind are entertained 
 by the persons assured. The great majority of them 
 consists of lives between the ages of 35 and 50. 
 The proportion of the older to the young lives 
 continues the same, and the business of the Society 
 goes on in every respect as it has always done— 
 with this difference only, that the average amount 
 of the sums assured on each life is rather increased, 
 and the annual average of new assurances is dimi¬ 
 nished. 
 
 In looking over the progress of this Society from 
 its first establishment to the present time, it is im¬ 
 possible not to admire the prudence of those mea- 
 
ADDRESSES. 
 
 265 
 
 sures which have gradually led it from one state of 
 improvement to another, till it has been raised from 
 an obscure little institution, founded on principles 
 which must always have kept it in a state of infancy 
 and weakness, to an institution of great national 
 importance, not only on account of its own widely 
 extended connexions, but by introducing to the no¬ 
 tice of the public a subject which had hitherto been 
 but little understood, or at least but little attended 
 to, as being the means of relieving thousands from 
 the anxiety of leaving an unprovided family to sur¬ 
 vive them. Having produced these beneficial ef¬ 
 fects, and by a wise and temperate course of gradual 
 improvement attained its present height of wealth 
 and credit, it is ardently to be wished that the So¬ 
 ciety many never deviate into a different course, 
 nor be seduced by the continued increase of its 
 capital into an opinion, that such increase is no 
 longer necessary, and ought to be totally prevented. 
 This is a delusion which has proved fatal to many 
 smaller Societies, and would prove equally so to 
 this Society if it should ever fall into it. But the 
 experience of more than half a century, in which so 
 many fences have been raised against the improvi¬ 
 dent distribution of its stock; and the late invalu¬ 
 able regulations which have almost destroyed every 
 temptation to it, afford the strongest reason to hope 
 that the danger of such delusion is for ever removed, 
 and that the accumulation of the capital and in¬ 
 creasing magnitude of the Society may no longer 
 
266 
 
 EQUITABLE SOCIETY. 
 
 be regarded as objects of anxiety and apprehension, 
 but as adding ultimately to the benefit and security 
 of all its Members. 
 
 This great work being now brought to a conclu¬ 
 sion, I cannot conclude the present Address (and the 
 last which I shall ever deliver on a like occasion) with¬ 
 out many sensations of sorrow and anxiety.—Being 
 arrived at a period in which it is altogether impro¬ 
 bable that I should ever be able to engage in an¬ 
 other work of the same kind, however ardent my 
 wishes might be to serve the Society, I cannot help 
 being solicitous for the permanent welfare of an 
 Institution so beneficial to mankind, and so much 
 the object of my care and attention during the 
 greater part of my life. The lapse of 46 years must 
 necessarily be expected to impair the human con¬ 
 stitution—nor has mine survived them without in¬ 
 jury.—The ravages of time, however, had in a great 
 measure been repaired to me by the accession of a 
 near and dear relation to participate in my labours; 
 and who, I had fondly hoped, would have lived to 
 deserve the approbation and confidence of this So¬ 
 ciety.—But all my hopes with regard to him are for 
 ever gone. His assistance, without which I never 
 could have accomplished this work, closed with 
 those laborious computations which are now laid 
 before the General Court, and the fond expectations 
 
ADDRESSES. 
 
 267 
 
 I had once cherished must now be exchanged for a 
 wish that the Society may ever be served by a per¬ 
 son of equal worth and integrity. But dropping 
 this painful subject, I have only to express my 
 grateful acknowledgements for the candour and at¬ 
 tention with which I have always been heard, and 
 for the kind regard which I have ever experienced 
 during the long course of my connexion with this 
 Society. 
 
I 
 
 Address delivered at a General Courts on Thursday, 
 the 3rd of March, 1825. 
 
 Extract from the Minutes of a General Court, holden 
 the 3rd of March, 1825. 
 
 Resolved,—That the Thanks of this Meeting be given to 
 Mr. Morgan, the Actuary, for the able Address he has this 
 day delivered to the Court.” 
 
[ 269 ] 
 
 ADDRESS. 
 
 When I addressed the Members of this Court 
 five years ago on the general state of the Society, I 
 hoped it would have been the last time I should 
 ever have to speak to them on that subject, con¬ 
 ceiving that the many wise regulations which had 
 then been formed for the security of the Society, 
 and for the due participation of all the Members in 
 its growing prosperity, would have rendered any 
 further addresses on my part unnecessary. But in 
 this hope I am sorry to find myself disappointed. 
 The propositions which have of late been recom¬ 
 mended to the consideration of the Directors, and 
 which have occupied so much of their time and at¬ 
 tention, are so nearly connected with the welfare, 
 and ultimately with the existence of the Society, 
 that I feel it my duty once more to address the 
 General Court; but not without much anxiety and 
 regret, from observing the transitory effect of my 
 former Address on a like occasion. In the year 
 1795 , when the flourishing state of the Society had 
 raised the expectations of the Members beyond all 
 reasonable bounds, and led some of them to pro¬ 
 pose measures which, if they had been adopted, 
 would have left little to encourage the expectations 
 of the present Members, I took the liberty of ex¬ 
 pressing my objections to those measures ; and 
 
270 
 
 EQUITABLE SOCIETY. 
 
 aided, as on the present occasion, by the unanimous 
 support of the Directors, so far succeeded in ex¬ 
 posing their fatal tendency, as to induce the Society 
 to abandon them altogether. Nevertheless, in the 
 year 1805 the same imprudent measures were again 
 proposed, and the same arguments again prevailed 
 against them. But the eager desire of prematurely 
 sharing in the surplus, though checked at those 
 periods, was not extinguished. In the year 1815 a 
 similar impatience began to manifest itself, which 
 was rendered more formidable, from observing that 
 a great proportion of the new Members assured 
 their lives as much with a view of profit to them¬ 
 selves as of securing a provision for their surviving 
 families. This, in time, would have converted the 
 Society into a trading company, and in a great 
 measure would have destroyed the benevolent pur- 
 Bye-Laws poses for which it was originally founded. In order, 
 of 1816. therefore, to guard as much as possible against this 
 evil, a Bye-law was formed for restraining all per¬ 
 sons assured subsequent to the year 1816 from a 
 participation of the surplus till the number of Mem¬ 
 bers existing in that year shall be reduced below 
 5000 ; at which period the new Members are to be 
 successively admitted to participate in the distribu¬ 
 tion of the surplus, but so as that the number of 
 all so entitled shall never, at one and the same 
 time, exceed 5000. This measure, by impro\dng 
 the interests, had the effect of satisfying the expec¬ 
 tations of the Members then existing: and though 
 
ADDRESSES. 
 
 271 
 
 it excludes Members admitted since the year 1816 
 from an early participation of the surplus, it ren¬ 
 ders that participation more secure, and ultimately 
 more beneficial. 
 
 It will, no doubt, be observed, that half the time 
 between each decennial investigation has scarcely 
 elapsed before an impatience for a more frequent 
 division of the surplus has been expressed; nor is 
 it unlikely that the same impatience would not be 
 expressed if the intervals were reduced to a much 
 shorter term ; or that persons so disposed would 
 be satisfied with less than a share of the surplus to 
 the last moment of their existence. It is not my 
 intention, nor can it indeed be necessary, to expose 
 the unreasonableness of such a disposition. Had 
 the Society always acted on such principles, the 
 capital, so far from exciting a wish to alienate any 
 part of it, would now, perhaps, have excited an 
 alarm on account of its insufficiency to provide for 
 the demands which must come upon it. I have Additions, 
 
 evil conse- 
 
 often endeavoured to convince the Society of the quences of 
 evil consequences of repeating the additions to the quenu 
 claims at very short intervals, and particularly in 
 my Address to the General Court in 1795 ; but if 
 a judgement may be formed from the zeal with 
 which a measure of this kind is now recommended, 
 the arguments which satisfied the Members in 1795 
 have either been forgotten, or they have lost their 
 effect in 1825. I am not, however, the less con- 
 
27*2 
 
 EQUITABLE SOCIETY. 
 
 Addition 
 every five 
 instead of 
 ten years, 
 its effect. 
 
 One third 
 of present 
 Members 
 admitted 
 since 1816 . 
 
 vinced of the accuracy of the computations on which 
 those arguments were founded; and I have further 
 to observe in confirmation of them, that by pursu¬ 
 ing a different course of computation, which cannot 
 well be explained in an Address of this kind, it ap¬ 
 pears that if the intervals were shortened from ten 
 to five years, and the same additions were repeated 
 at each interval, the capital of the Society would, 
 after a few repetitions, be reduced twice as much in 
 the latter as in the former case. It follows, there¬ 
 fore, that if these additions be not either lessened 
 in proportion to their frequency, or a given sum be 
 not always reserved as a surplus, the older Mem¬ 
 bers, who partook of the earlier additions, would 
 be benefited to the injury of the younger Members, 
 and the Society would ultimately be reduced to its 
 original state of infancy*. But the annual increase 
 of the capital has been urged as a proof that it will 
 not only admit of larger and more frequent addi¬ 
 tions, but also justify the adoption of such measures 
 as shall have a more speedy effect in reducing it. 
 In answer to this it should be observed, that more 
 than one third of the present Members have been 
 admitted since the year 1816, and above two thirds 
 of the whole number since the year 1809. The 
 premiums, therefore, on these assurances ought to 
 
 * The following Table wnll serve to show what would he the 
 effects of adding 21. per annum on each 100/. to the claims 
 every seven years, in a manner which cannot fail to con\'ince 
 
ADDRESSES. 
 
 273 
 
 exceed the claims upon them for many years to 
 come ; and, consequently, were the annual income 
 
 every person that it would be utterly impossible to persevere 
 in such a course for many successive periods without ruin. 
 
 TABLE. 
 
 Age 
 at Ad- 
 mis- 
 
 At the end of 
 
 7 years. 
 
 At the end of 
 
 14 years. 
 
 At the end of 
 
 21 years. 
 
 sion. 
 
 Sum and 
 Additions. 
 
 Accum. of 
 Premiums. 
 
 Sum and 
 Additions. 
 
 Accum. of 
 Premiums. 
 
 Sum and 
 Additions. 
 
 - 
 
 Accum. of 
 Premiums. 
 
 
 £. 
 
 £. 
 
 £. 
 
 £. 
 
 £. 
 
 £. 
 
 30 
 
 114 
 
 21 
 
 142 
 
 49 
 
 184 
 
 85 
 
 40 
 
 114 
 
 27 
 
 142 
 
 62 
 
 184 
 
 109 
 
 50 
 
 114 
 
 36 
 
 142 
 
 83 
 
 184 
 
 145 
 
 60 
 
 114 
 
 50 
 
 142 
 
 116 
 
 184 
 
 204 
 
 67 
 
 114 
 
 68 
 
 142 
 
 157 
 
 184 
 
 275 
 
 Age 
 at Ad¬ 
 mis¬ 
 sion. 
 
 At the end of 
 
 28 years. 
 
 At the end of 
 
 35 years. 
 
 At the end of 
 
 42 years. 
 
 Sum and 
 Additions. 
 
 Accum. of 
 Premiums. 
 
 Sum and 
 Additions. 
 
 Accum. of 
 Premiums. 
 
 Sum and 
 Additions. 
 
 Accum. of 
 Premiums. 
 
 
 £. 
 
 £, 
 
 £. 
 
 £. 
 
 £. 
 
 £. 
 
 30 
 
 240 
 
 133 
 
 310 
 
 197 
 
 394 
 
 280 
 
 40 
 
 240 
 
 170 
 
 310 
 
 250 
 
 394 
 
 356 
 
 50 
 
 240 
 
 228 
 
 310 
 
 335 
 
 394 
 
 477 
 
 60 
 
 240 
 
 318 
 
 
 
 
 
 Addition of 
 21 . per cent, 
 per annum: 
 table show¬ 
 ing its ef¬ 
 fect. 
 
 From this Table it appears that all the lives assured under 
 the age of 40 at the present annual premiums of the Equitable 
 Society must live between 40 and 50 years before those pre¬ 
 miums shall have accumulated to the amount of the claims 
 and additions ; but four fifths of the lives assured at the age 
 of 30, and nine tenths of the lives assured at the age of 40 will 
 have become extinct in the mean time, and in every instance 
 proved a loss to the Society, which, so far from being compen- 
 
 T 
 
274 
 
 EQUITABLE SOCIETY. 
 
 Annual in¬ 
 come ; con¬ 
 tinued ex¬ 
 cess of, over 
 expendi¬ 
 ture, neces¬ 
 sary to pro¬ 
 vide a fund 
 for pay¬ 
 ment of fu¬ 
 ture claims. 
 
 Annual 
 premiums 
 barely suf¬ 
 ficient to 
 meet the 
 claims. 
 
 of the Society not to exceed the annual expenditure, 
 no sufficient fund could possibly he formed to pro¬ 
 vide for the payment of those claims as they in¬ 
 crease hereafter with the increasing ages of the 
 Members. From looking merely at the amount of 
 the capital, without having any regard to the amount 
 of the claims for which it is responsible, many per¬ 
 sons are led to form very wrong conclusions respect¬ 
 ing the opulence of the Society. Even at its pre¬ 
 sent high price, the stock in the public funds, toge¬ 
 ther with the sums’ laid out on mortgage, does not 
 equal half the sums assured including the additions 
 already made to them. From what source, then, 
 are the millions by which the capital is exceeded, 
 and the millions of future surplus anticipated by 
 these persons, to be derived, if the annual accumu¬ 
 lations are to cease, or even to be prematurely 
 checked in their progress ? 
 
 The great additions made in the year 1819 have 
 increased the amount of the claims so very consi¬ 
 derably, that the annual premiums of late have been 
 barely sufficient to provide for them; and as one 
 third of those premiums are received on account of 
 insurances made since the year 1816, it is evident 
 
 sated, will be increased by the assurances on older lives ; for 
 every person assured after the age of 40 must live till he has 
 very nearly attained the 80th year of his age before his accu¬ 
 mulated premiums become equal to the sum payable on his 
 decease. 
 
ADDRESSES. 
 
 275 
 
 that without the accession of new Members, (whose 
 claims as yet have been very trifling,) there would 
 have been little or no accumulation ; so that if any 
 measure were now adopted to appropriate any part 
 of it exclusively among those who have been assured 
 prior to 1817, it must be by depriving those who 
 have been since assured of their share in a surplus 
 which has been partly formed by their premiums. 
 The events of the four preceding years have by no 
 means been so particularly favourable as to justify 
 a departure from the established rules of the So¬ 
 ciety. The decrements of life have been much the 
 same as they have always been—in the last two 
 years, indeed, they have rather exceeded their usual 
 number; and the rise in the public funds, so far 
 from benefiting the Society, has reduced its annual 
 income 10,000Z. nearly. Considerable sums also, 
 laid out on mortgage when the three-per-cents were 
 at 70, have lately been repaid and invested in the 
 same stock at 96 per cent. ; and the excess of the 
 annual income above the expenditure having like¬ 
 wise been laid out in the purchase of the same 
 stock, not only destroys every hope of advantage 
 from a further rise in this stock, but renders a loss 
 much more probable from its future depression. 
 Were it possible to secure the public funds from ever 
 falling from their present high price, the difference 
 between the value of the Society’s stock in 1820 and 
 its present value might be considered as so much 
 addition to the surplus at that period, and distri- 
 
 T 2 
 
 Decrements 
 of life in the 
 Society con¬ 
 tinue much 
 the same. 
 
 Rate of in¬ 
 terest on in¬ 
 vestments. 
 
 High price 
 of funds 
 must not 
 be relied on. 
 
276 
 
 EQUITABLE SOCIETY. 
 
 Funds, de 
 preciation 
 of. 
 
 Recent di¬ 
 vision, ef¬ 
 fect of. 
 
 buted in due proportion among the Members,—a 
 work, however, which could not be accomplished 
 in less than a year; at the termination of which 
 the depression in the price of stock might, perhaps, 
 render all the operations useless. What reliance 
 can be placed on the permanent value of a property 
 so fluctuating as the public funds ? Were the peace 
 of Europe to be disturbed, or were any unfortunate 
 event to take place which should lessen the confi¬ 
 dence of the public in Government securities, this 
 additional surplus would soon vanish; and it may 
 be well, perhaps, should the mischief extend no 
 further. If the late war, which began with a debt 
 of less than 300 millions, sunk the three-per-cents 
 in the course of it from 97 to 47 per cent., what 
 limit shall be assigned to their depreciation should 
 another war commence, with a debt of 800 millions ? 
 or from what source can the deficiency in the So¬ 
 ciety’s capital he supplied, when, in addition to this 
 depreciation, a considerable part of that capital had 
 been alienated on the vain presumption of its always 
 maintaining its present value ? It should be recol¬ 
 lected that five years only have passed since two 
 millions were apportioned among the Members, 
 which added to the annual amount of all the claims 
 above 175,000/. a-year, and in some instances in¬ 
 creased the sums assured to more than four times 
 their original amount, exclusive of an addition of 
 2 |- per cent, for every payment made subsequent to 
 the year 1819, by which each Member participates 
 
ADDRESSES. 
 
 277 
 
 in the progressive surplus should his policy become 
 a claim before the next investigation. These are 
 benefits of such magnitude as to admit of no pa¬ 
 rallel in any institution of the same kind, and are 
 sufficient, it might be reasonably hoped, to satisfy 
 the most extravagant expectations for some years 
 to come. But, unfortunately, very different views 
 have lately been entertained by some Members of 
 the wealth and resources of the Society, and propo¬ 
 sitions have been made for still further benefits, 
 either by more frequent additions to the claims, or 
 by an immediate reduction of the premiums. With 
 respect to the first of these propositions, I have al- More fre- 
 
 , , , , . 1 • 1 quent addi- 
 
 ready endeavoured to prove that it cannot be carried tions, un- 
 into effect with any advantage to the present Mem- Mfmbers!'^ 
 hers without injuring those who, though they have 
 not an immediate, have a reversionary interest in 
 the surplus stock of the Society. With regard to 
 the second proposition, I have so often insisted on Premiums, 
 the impolicy of reducing the annual income of the of, impoii- 
 Society, and thereby of checking the accumulation 
 of its capital, that I shall only observe in addition, 
 that if the premiums of all the present Members 
 were reduced at any given rate, such a reduction, 
 so far from being equitable, would be highly unjust, 
 particularly to old Members, as the exemption of 
 any annual payment during their lives must be of 
 much less value than the like exemption during the 
 lives of younger persons. In other words, this 
 measure would operate in direct opposition to all 
 
Members 
 admitted 
 prior to 
 1817 can¬ 
 not be 
 further be¬ 
 nefited 
 without in¬ 
 jury to 
 those of a 
 later date. 
 
 Policies, 
 value paid 
 
 278 EQUITABLE SOCIETY. 
 
 that is just, by lessening the benefits to old Mem¬ 
 bers in proportion to their advanced age, which it 
 is evident, ought to have the contrary effect, of in¬ 
 creasing those benefits. 
 
 According to the present Bye-laws, I do not 
 see how it is possible to adopt any measures that 
 shall benefit the Members admitted before the year 
 1817 , without injuring those of a later date, and 
 violating the good faith and honour of the Society. 
 But it has been suggested that some method may 
 be devised for the benefit of the older Members, 
 which shall have no effect in diminishing the pro¬ 
 spective advantages of the younger Members ; and 
 for this purpose it is proposed, when all the present 
 Members of every description are reduced to 5000, 
 that the whole surplus then ascertained shall be 
 added to their claims, with the exception of half a 
 million, which shall be reserved for the benefit of 
 such Members as are admitted after that time, in 
 common with the 5000 above mentioned. Though 
 I consider the present mode of reservation to be 
 the most equitable, and therefore requiring no al¬ 
 teration, I shall only beg leave to observe, that if 
 it be determined to adopt this proposition, it must 
 be done on condition that the reserved sum does 
 not exceed one third of the surplus. 
 
 As another measure to benefit all the Members 
 of the Society, it is proposed to profit by the pre- 
 
ADDRESSES. 
 
 279 
 
 sent high price of the public funds, either by pro- for on sur- 
 moting the surrender of Policies and Additions,— computed, 
 by lending money on Policies and Additions—or 
 by lending money on mortgage to a greater extent 
 than at present. With regard to the first propo¬ 
 sition it is proper to observe that the interest of 
 the Member in his Policy and its Additions is com¬ 
 puted at three per cent., or which is the same thing, 
 on the supposition that the three-per-cents are at 
 par, and that after a small deduction, the value of 
 the same is always paid to him. I know therefore of 
 no method of encouraging the surrender of Policies. 
 
 This deduction perhaps may be omitted, but I am 
 confident that it will produce little or no effect. It 
 seldom happens that any person, without first 
 ascertaining the sum he can receive at the Office, 
 attempts to dispose of his Policy at a public sale. 
 
 With this information he runs no risk in the attempt. 
 
 On the contrary, he is encouraged to it by the spirit 
 of speculation in a purchaser, without the possibi¬ 
 lity of losing much if he should not succeed. It 
 would certainly be below the dignity of the Society 
 to enter into a competition in the purchase of its 
 own Policies, and a wide departure from those prin¬ 
 ciples of strict computation on which all its mea¬ 
 sures have hitherto been founded. 
 
 The second Proposition, for lending money on Loan of 
 Policies and their Additions, besides creating a great PoXlL!*' 
 multiplicity of complicated accounts, would be in 
 danger of involving the Society in numerous liti- 
 
280 
 
 EQUITABLE SOCIETY. 
 
 Additions, 
 
 surrender 
 
 of. 
 
 gations, arising from forfeitures incurred by the 
 non-payment of the interest and annual premiums, 
 —from the difficulty of ascertaining the trusts for 
 which the Policies are a security,—from the Poli¬ 
 cies and Additions belonging to two different par¬ 
 ties,—and from other circumstances which the in¬ 
 genuity of the law might probably discover to render 
 this loan far from being a benefit either to the bor¬ 
 rower or to the Society. The same objections 
 nearly may be made to the purchase of the addi¬ 
 tions distinct from the purchase of any part of 
 the Policy to which those additions are annexed. 
 Were every Member to dispose of them at their 
 present value, no injustice perhaps would be done 
 to any part of the Society; but the measure itself 
 would be exactly the same with that of immediately 
 dividing a large portion of the capital, and the very 
 end of gradually reducing it by adding to the claims 
 would be defeated. It is certain however, that com¬ 
 paratively very few of the Members would choose 
 to convert their additions into an equivalent in 
 ready money, rather than suffer them to accumulate 
 to much greater advantage for the benefit of their 
 families; nor would it be just that those who have 
 received the full value of their additions should 
 participate in the future surplus in the same pro¬ 
 portion with those Members who have left their 
 additions to accumulate with the other stock of the 
 Society. 
 
 But the most simple way for accomplishing the 
 
ADDRESSES, 
 
 281 
 
 purposes intended by these measures has been al¬ 
 ready provided by a Resolution of a Court of Di¬ 
 rectors, and communicated to the General Court in 
 1821, which enables a Member to sell such a part Policy, par- 
 
 siirrcn* 
 
 of his Policy and its additions as shall be sufficient der of. 
 for his immediate purpose, and so leave the other 
 part with its additions, at a reduced annual pre¬ 
 mium, to be entitled to a proportionate share of 
 the present and future surplus. By this partial sur¬ 
 render of his Policy the Member is not only re¬ 
 lieved in the first instance without injuring any in¬ 
 terest in the Society, but in many cases the un-sur- 
 rendered part of his Policy with its additions ex¬ 
 ceeds the sum originally assured for the benefit of 
 his family. 
 
 As the means of profiting by the present high 
 price of Stock in the public funds, neither this nor 
 the measures proposed for lending money on the 
 Policies are likely to produce the least effect; for if 
 we may judge from past experience, so far from 
 requiring the sale of any part of the stock to pro¬ 
 vide for the loans or the purchases, it is much more 
 probable that they may all be very easily supplied 
 from the ordinary annual receipts of the Office. 
 
 The third Proposition, for lending money on Mortgages, 
 mortgages to a larger extent than has hitherto been 
 done at a reduced interest of three and a half per 
 cent., would no doubt secure the capital so invested 
 
282 
 
 EQUITABLE SOCIETY. 
 
 Classifica¬ 
 tion of Po 
 licies. 
 
 from any future diminution, and in some degree 
 realize the surplus produced by the high price of 
 the public funds. It should however be observed 
 that lending money at ~ per cent, less than is paid 
 on the present mortgages would render it necessary 
 to reduce the interest on those mortgages to the 
 same rate, and thus lessen the income of the Society 
 about 50001. a year: but a small annual loss on the 
 interest ought not perhaps to be considered of much 
 importance, compared with securing the Society 
 from any loss on the principal. On this ground, 
 therefore, it may be desirable that a much larger 
 portion of the capital should be invested in free¬ 
 hold mortgages, if a sufficient number can be pro¬ 
 cured, which appears extremely doubtful from the 
 very few applications of this kind which have of 
 late been made at the Office. 
 
 In addition to the many propositions which have 
 been presented for the consideration of the Directors 
 for regulating the affairs of the Society, a plan has 
 lately been communicated to them for ascertaining 
 the surplus capital by reducing all the assurances 
 into a few classes, and thus obtaining in a sum¬ 
 mary manner that information which has hitherto 
 been obtained at the expense of much time and la¬ 
 bour. Were all the assurances confined to their 
 original sums, they might indeed be reduced to a 
 few classes. But in consequence of the additions 
 to the claims at different times, there are scarcelv 
 
ADDRESSES. 
 
 283 
 
 ten assurances in all respects alike, and therefore 
 we should have almost as many classes as we have 
 assurances, and the task of arranging them would 
 be little less than that of computing their separate 
 values. The repetition of such an investigation 
 every year, when no measure can be founded upon 
 it for several years to come, appears to be a need¬ 
 less labour ;—nor can it be necessary for any pre- 
 sent information, as an opinion sufficiently correct 
 of the progressive state of the Society may be de¬ 
 rived from other sources, for some years at least 
 after each investigation. 
 
 As this is most likely to be the last opportunity 
 which I shall have of addressing the General Court 
 on a subject which has engaged my attention for 
 half a century, I cannot take my leave of it with¬ 
 out expressing my strongest conviction that so long 
 as the measures hitherto pursued by the Society 
 for the appropriation of its surplus are continued, 
 no events can well arise to endanger its safety or 
 impede its success. In a body composed of so many 
 thousand Members it is hardly possible that its con¬ 
 cerns should not be viewed in a wrong light by 
 some of them and lead to injudicious motions. In 
 the few instances which have occurred of this kind, 
 more prudent councils have uniformly prevailed; 
 and so far from deviating from that wise and tem¬ 
 perate course which it has pursued from its earliest 
 existence, the Society on all occasions has been 
 
•284 
 
 EQUITABLE SOCIETY, 
 
 Funds, 
 temporary 
 rise of, un¬ 
 favourable 
 to the Soci¬ 
 ety in its 
 present cir¬ 
 cum¬ 
 stances. 
 
 anxious rather to raise new barriers for the preser¬ 
 vation, than to form any measures for the premature 
 alienation of its capital. It would indeed be a mat¬ 
 ter of severe disappointment and mortification to 
 behold the Society, regardless of those barriers, 
 diverted into a different course. Certainly no re¬ 
 cent events ought to have this effect. The capital 
 must continue to increase with the increasing num¬ 
 ber and amount of the assurances. The temporary 
 rise in the Funds, which of late has so violentlv 
 inflamed the minds of the public, and generated 
 such a multitude of delusive and visionary specula¬ 
 tions, instead of accelerating, retards the accumu¬ 
 lation of the surplus in the present circumstances 
 of the Society ; and the experience of former years 
 exemplified in the prosperity and credit of the So¬ 
 ciety, far from justifying any new course, affords 
 the strongest motives for avoiding every step that 
 leads to it, and particularly for guarding against 
 the contagion which unhappily prevails at this time 
 and threatens such serious consequences hereafter. 
 
 In all my Addresses to the General Court it has 
 been my principal object to moderate the too san¬ 
 guine expectations of some of its Members, and 
 thus guard them against the danger of too hastily 
 adopting any measures that should directly or in¬ 
 directly tend to invade the capital. On the invio¬ 
 lability of that capital depend the good faith, the 
 honour, and ultimately the existence of the Society. 
 
ADDRESSES. 
 
 285 
 
 To my former Addresses therefore I must now beg 
 leave to refer the General Court, being well aware 
 that if they shall have lost their effect, I can have 
 but little hope of succeeding by any new arguments, 
 were I possessed of health and spirits to advance 
 them. 
 
Address delivered hy Mr. Morgan at a General 
 Courty holden the 3rd of December 1829 . 
 
[ 287 ] 
 
 ADDRESS. 
 
 I HAVE addressed the Members of the General 
 Court on many former occasions, but on none of 
 greater importance, or on which I have felt more 
 interested, than the present. My advanced age, 
 and the infirm state of my health, must soon 
 render it necessary to close the long series of yearsf 
 in which I have been engaged in endeavouring to 
 promote the welfare of this Society; and after having 
 devoted the greater part of my life to this end, I 
 cannot look forward to its future state without 
 anxiety, nor without cherishing an ardent hope 
 for its undiminished credit and prosperity. 
 
 Impressed with these feelings, it is impossible 
 that I should regard with indifference any measures 
 which might lead the Society to deviate from that 
 course which it has hitherto so successfully pursued, 
 and, in consequence, that I should view those mea¬ 
 sures which have been the subjects of debate during 
 the last four or five years without anxiety. 
 
 The infatuation which so generally prevailed, 
 and particularly at the commencement of that period, 
 extended itself in some degree to this Society, and 
 gave rise to very erroneous opinions of its present 
 opulence, and to the proposal of measures founded 
 
288 
 
 EQUITABLE SOCIETY. 
 
 on those opinions,—some of them impracticable, 
 others both ruinous* and unjust. Happily, how¬ 
 ever, no such measures were adopted, and therefore 
 it can answer no good purpose to renew the recol¬ 
 lection of them. 
 
 Having so often urged this important truth, 
 “ that the magnitude of its Capital, without having 
 “ any regard to the demands upon it, affords no 
 “ decisive proof of a Society’s opulence,” I have in 
 all my Addresses to this Society endeavoured to 
 guard it against the danger of being deluded by 
 such an equivocal sign of prosperity. Hitherto the 
 Society appears to have been misled by no such de¬ 
 lusion in the method of distributing its Surplus 
 Stock; but it cannot be denied that too sanguine 
 expectations may possibly be entertained hereafter, 
 which may require great care and exertion to guard 
 against their ruinous consequences. My apprehen¬ 
 sions of danger have always increased with the ac¬ 
 cumulation of the Capital, nor have these apprehen¬ 
 sions been lessened by the conclusions which have 
 of late been so generally founded upon it. 
 
 I SHALL not weary the Court or myself with 
 
 * I allude particularly to a Motion made at the General 
 Court, in September 1824, by a Member now deceased, “for 
 “ immediately dividing a Sum not exceeding two millions among 
 “ the then Members of the Society.” 
 
ADDRESSES. 
 
 289 
 
 repeating the arguments which I have so often 
 urged on this subject; flattering myself with the 
 hope that these may have produced some good 
 effect, and rendered the repetition of them unne¬ 
 cessary. 
 
 The accounts now laid before the Court, while Bye-Laws 
 
 of* 1816 
 
 they exhibit the progressive improvement of the their bene- 
 Society, afford a striking proof of the beneficial 
 effects of those measures which were adopted in the 
 year 1816, and to which are to be principally at¬ 
 tributed the excess of the present, above all former 
 additions. Had no such measures been adopted, 
 so far from exceeding, the present additions would 
 probably have/aZ/en short of the preceding ones, 
 notwithstanding the advantage which has been de¬ 
 rived from estimating the funded property of the 
 Society at more than 20 per cent, higher than has 
 been done in any former investigation. 
 
 That the Society may probably have a right Society’s 
 
 Stock in 
 
 (founded on its former practice,) to estimate its the Funds, 
 Stock in the Public Funds at the price it bears at price it 
 the time of determining its surplus, I do not pre- uke^n.*° 
 tend to dispute; but I think the prudence of exer¬ 
 cising this right to its full extent is very question¬ 
 able : and I very much doubt whether the Society 
 could as easily be prevailed upon to exercise it to 
 the same extent, should the Funds at any future 
 investigation be reduced 20 per cent, lower than 
 
 u 
 
290 
 
 EQUITABLE SOCIETY. 
 
 they were in either of the two former investiga¬ 
 tions'^. The great fluctuation in the value of fund¬ 
 ed property will always render the Surplus very 
 precarious. It might perhaps be desirable that the 
 Stock in the Funds should be invariably fixed at 
 some mean price, rather than that the amount of 
 the Surplus should be suffered to depend on pro¬ 
 perty perpetually changing in its real value. 
 
 Valuation of Among Other measures for increasing the addi- 
 
 Policies by « • , • 
 
 Table de- tions to the claims, it has been proposed, in ascer- 
 
 duced from • • i i /» i a i 
 
 the Experi- taming the values ot the Assurances, to adopt a 
 
 sodety;^^^ Table deduced from the probabilities of life in the 
 
 effect of. Society, rather than from the Northampton Table, 
 on which its practice has been founded for the last 
 40 years. At the earlier periods of life these proba¬ 
 bilities appear to be higher in the Society than in 
 the Northampton Table, but in more advanced pe¬ 
 riods they are much the same in both; and as the 
 greater number of Assurances existing prior to 1817 
 are of the last description, the effect produced by 
 this change will be considerably lessened: but so far 
 as it operates in increasing the apparent, without 
 increasing the real Surplus of the Society, it is evi- 
 
 * In less than a year after this Address was delivered, the 
 Stocks in the Pubhc Funds fell about 20 per cent.; and though 
 they have partly recovered from that depression, they are stdl 
 more than 10 per cent, lower than they were at the above 
 period. 
 
ADDRESSES. 
 
 291 
 
 (lent that it must have a tendency to injure the in¬ 
 terests of the younger Members*. 
 
 Having already given my sentiments in respect 
 to the probabilities of life in the Society, and the 
 
 * In the last year (1830) the probabilities of life in the So¬ 
 ciety have been much the same upon the whole as in former 
 years. Compared with those in the Northampton Table, and 
 with the Equitable Experience, they have been as follow: 
 
 Age. 
 
 No. 
 
 Died. 
 
 Should have 
 Northampton 
 Table. 
 
 died by the 
 Equitable 
 Experience. 
 
 20 to 30 
 
 343 
 
 2 
 
 5 
 
 3 
 
 30 to 40 
 
 985 
 
 11 
 
 18 
 
 9 
 
 40 to 50 
 
 1627 
 
 19 
 
 38 
 
 20 
 
 50 to 60 
 
 1880 
 
 34 
 
 62 
 
 42 
 
 60 to 70 
 
 1241 
 
 55 
 
 59 
 
 55 
 
 70 to 80 
 
 574 
 
 47 
 
 50 
 
 50 
 
 80 to 90 
 
 80 
 
 18 
 
 15 
 
 15 
 
 
 
 186 
 
 247 
 
 194 
 
 Though the whole number of deaths has been almost the 
 same in the last as in the three or four preceding years, it ap¬ 
 pears from comparing the proportion of deaths in the separate 
 decads under the age of 60, that they often differ from each 
 other in different years, arising from causes which I have ex¬ 
 plained in this Address, and in my late publication on the Rise 
 and Progress of the Society. In the decads above the age of 
 60, it appears that little or no variation takes place, and that 
 the decrements of life are generally the same with those in 
 the Northampton Table; but if we were to reason from the 
 mortality between 80 and 90, we should conclude that the de¬ 
 crements in the Society were to those in the Northampton 
 Table in the proportion of 5 to 4; but no conclusion can be 
 deduced from the experience of a single year. 
 
 u 2 
 
292 
 
 EQUITABLE SOCIETY. 
 
 little reliance which ought to be placed upon them 
 in the earlier periods of life, I shall only observe 
 that if any conclusion can be safely drawn from 
 them, it must be rather unfavourable to the Society; 
 for they appear to decrease in old age, which must 
 ultimately prevent that perpetually increasing Sur¬ 
 plus, in the prospect of which too many Members 
 are disposed to indulge themselves. 
 
 Selection of As luost of the persous assuring their lives are 
 
 lives * effect 
 
 of on the young at the time of commencing their Assurances, 
 
 rate of mor- , i i • • 
 
 taiity in a and none ot them are assured whose constitutions 
 
 Society. known to be impaired either by disease or in¬ 
 
 temperance, it is no wonder that the mortality among 
 persons so selected should for some years after their 
 admission into a Society be less than among the 
 general mass of mankind of equal ages. Should 
 any Society, therefore, reasoning from its success 
 in its infancy, begin with large additions, and flat¬ 
 ter its Members with still larger additions at stated 
 periods hereafter, it will most certainly disappoint 
 their expectations, or, by persevering too long in 
 the attempt to realize them, involve itself in ruin. 
 
 Tables, the The Very numerous Tables which have lately 
 published been circulated among the Members were no doubt 
 ciety7 their intended to make them better acquainted with the 
 effect. affairs of the Society. How far they may have an¬ 
 swered this intention, I have it not in my power to 
 determine; but it is to be apprehended that the 
 
ADDRESSES. 
 
 293 
 
 multiplicity of figures in these Tables are more 
 likely to distract than to inform many of the Mem¬ 
 bers, and to have very little effect in communicating 
 such a thorough knowledge of the subject as to lead 
 them to more temperate opinions on the real state 
 of the Society. 
 
 The minute classification in which the different Classifica¬ 
 tion of Poi 
 
 Assurances have been arranged, and which have des. 
 necessarily produced an immense mass of figures, 
 appear to have been chiefly designed for the purpose 
 of determining more accurately the probabilities of 
 life in the Society, and also for simplifying the ope¬ 
 rations by which its Surplus was to be ascertained. 
 Respecting the former of these purposes, it is very 
 doubtful whether all this labour has been employed 
 to any useful purpose; and respecting the latter, I 
 cannot help observing that the trouble of arranging 
 the Assurances in this manner is nearly equal to 
 that of computing the value of each Assurance 
 separately; so that it neither facilitates nor shortens 
 the operations which have been invariably adopted 
 and unanimously approved during the last forty 
 years. The great importance attached to this ar¬ 
 rangement must have arisen from an imperfect 
 knowledge of the manner in which the above pur¬ 
 pose had been obtained; and I have no doubt, if 
 this had been better understood, that no effectual 
 opposition would have been made to the continuance 
 of it. 
 
294 
 
 EQUITABLE SOCIETY. 
 
 In the intervals of the former decennial investi¬ 
 gations, it has not been uncommon, especially 
 among the old Members, to witness some expres¬ 
 sions of impatience, and an eager desire to have 
 their hopes more speedily fulfilled. Without en¬ 
 tering into the reasonableness of this anxiety to 
 participate in the last farthing of the Surplus, (for 
 nothing short of this can satisfy such a disposition,) 
 I am sorry to observe that in the present interval 
 this anxiety has been greatly increased by the un¬ 
 reasonable expectations which have been entertain¬ 
 ed during the last four or five years. On what 
 ground these expectations are founded, it is not 
 easy to imagine. They are not supported by any 
 events that have proved more than usually favour¬ 
 able to the Society. On the contrary, the proba¬ 
 bilities of life have approached nearer to those in 
 the Table, from which the premiums are computed, 
 —the interest on the Mortgages has been reduced, 
 —the purchases of Stock in the Public Funds have 
 been made at a much higher price,—and the Sums 
 paid for the jirospective additions have necessarily 
 exceeded their amount in any former interval. The 
 experience of the Society therefore justified no such 
 expectation; and the excess of the present Surplus 
 should be ascribed partly to the casual high price 
 of Stock in the Public Funds, but chiefly to the wise 
 regulations adopted in the year 1816.—But it is 
 not my wish to discourage the future expectations 
 of the Society. My chief object has always been. 
 
ADDRESSES. 
 
 295 
 
 as it is at present, to moderate, not to destroy those 
 expectations: and I should be very sorry to take 
 my leave of the Society with any other impression 
 on my mind than that of a full assurance of its con¬ 
 tinued welfare and prosperity. 
 
Address delivered by Mr. Morgan, at a General 
 Court, holden the 2nd of December 1830, on 
 resigning his Office as Actuary of the Society. 
 
[ 297 ] 
 
 ADDRESS. 
 
 During the last two or three years, I have felt 
 myself unable to attend the General Court; and it 
 is with no inconsiderable degree of exertion that I 
 now address you on a subject which has long agi¬ 
 tated my mind, and which from its great import¬ 
 ance to myself has rendered me very anxious to 
 communicate it to this Court. The advanced age of 
 Fourscore, of which more than 56 years have been 
 engaged in the service of this Society, will, I trust, 
 require no other reason for my wishing to retire 
 from my labours, to enjoy the few remaining days 
 of my life in ease and quiet. 
 
 In order to accomplish this end, the declining 
 state of my health and spirits renders it necessary 
 that the tie which has so long connected me with 
 my present office should in a great measure be dis¬ 
 solved, and that I should no longer attempt to dis¬ 
 charge the active duties of it. It is not without 
 sorrow and a deep sense of the obligations I owe 
 to the Society, that I resign my present office. 
 To the Members to whom I am indebted for my 
 original appointment to a situation in which I have 
 enjoyed so many years of ease and comfort, I have 
 it not in my power to express my grateful acknow¬ 
 ledgements ; for none of those Members are in ex- 
 
298 
 
 EQUITABLE SOCIETY. 
 
 istence to receive them. To their successors I am 
 under equal obligation; and to them, with senti¬ 
 ments of equal gratitude, T now resign an office 
 which during my whole continuance in it has been 
 distinguished by so many instances of kindness and 
 respect. I am far from meaning that this resigna¬ 
 tion should sever me entirely from the Society; on 
 the contrary, I shall never cease to be anxious for 
 its welfare, nor (while my mental faculties are con¬ 
 tinued) to devote them to its service. During the 
 long series of years which have passed away since 
 my first appointment, I have witnessed the progres¬ 
 sive prosperity of this Society. I have witnessed it 
 rising from a puny Institution, consisting of few 
 Members and possessing a Capital of a few thou¬ 
 sands, to a magnificent Establishment consisting of 
 many thousand Members and many millions of 
 Capital, diffusing its benefits to the families of its 
 deceased Members, and holding forth the prospect 
 of equal benefits to those of its living Members. 
 With this view I am cheered under the pain I feel 
 on the present occasion; and encouraged to express 
 a hope in this my last Address to the General Court, 
 that the Society may long continue to enjoy and 
 deserve the approbation of mankind. 
 
INDEX 
 
 TO THE DEED AND BYE-LAWS. 
 
 A. 
 
 Page 
 
 Accounts, to be audited. 71 
 
 -no Member, unless a Director, to audit in two 
 
 successive years. 73 
 
 Actuary.. 19 
 
 -qualification for . 19 
 
 -his office .19-20 
 
 -salary .23, 83 
 
 -attendance of, to be dispensed with on certain holi¬ 
 days . 69 
 
 -security to be given by . 70 
 
 -to reside in Society’s house. 70 
 
 -to have two clerks. 78 
 
 -assistant . 70 
 
 Additions, table of.122-123 
 
 Agents, appointment of . 51 
 
 Annuities may be paid to claimants in lieu of sum assured. 50 
 
 -Survivorship ; persons may assure for . 63 
 
 -persons assuring for, not liable to 
 
 calls, and not entitled to dividends . 63 
 
 -for lives, terms of granting. 66 
 
 Assurance, original premiums of. 2-6 
 
 -present premiums.114-118 
 
 -for life, payable during a limited number of years 114 
 
 -for a term of years.6, 119* 
 
 -Declaration to be signed by persons making 8, 103-105 
 
 -every person making, to become a Member .... 9 
 
300 INDEX TO THE DEED AND BYE-LAWS. 
 
 Page 
 
 Assurance, out of London, how to be effected . 17 
 
 -applications for, to be made eight days before 
 
 granted. * . 62 
 
 -Form of . 102 
 
 -non appearance, charge. GO 
 
 -exceptions of felo de se, &c. not to extend to per¬ 
 sons assured by another. 61 
 
 -- made retrospective .. 65 
 
 -exceptions of felo de se to Members insured on 
 
 their own lives. 93 
 
 -to be made on the lives of others only by persons 
 
 interested in them . 63 
 
 •-on the life of another, a title to vote. 64 
 
 > — ' upon one life, extent of. 71, 74 
 
 -continues in force, if premium is paid (after the 
 
 death) within the thirty days allowed . 87 
 
 -addition to the claims upon policies of. 122-123 
 
 - - for life, permission granted for paying during a 
 
 limited number of years.95, 114 
 
 -the number of Policies of, to be reported every year 91 
 
 Auditors.71, 73, 87-88 
 
 how to be elected. 75 
 
 quahfication for .79, 99 
 
 compensation to. 79, 96, 101 
 
 B. 
 
 Bye-laws, repeal of . 32, 94 
 
 -amendment of motion for. 94 
 
 C. 
 
 Calls on the Members .44, 55 
 
 -penalty in case of refusal.44, 56 
 
 -to be repaid with interest.45, 57 
 
 -proportions of .45, 57 
 
INDEX TO THE DEED AND BYE-LAWS. 301 
 
 Page 
 
 Calls, surrender of Policies on account of .46, 58 
 
 -variation of orders respecting. 55 
 
 -persons assuring for survivorship annuities not liable to 63 
 
 Casting vote, right of, in certain cases . 30 
 
 Certificate of death. Form of ... 112 
 
 Charter, future, present Deed to be the plan of. 52 
 
 Children may be assured for a gross sum or annuity, to be 
 
 paid at a certain age.64-65 
 
 Claimants, covenant for making satisfaction to. 7 
 
 - provision respecting, in case of plague or contagion 12 
 
 -to produce certificates in case of death. 49 
 
 -may receive annuities in lieu of claim . 50 
 
 no motion for increasing allowance to, unless no¬ 
 tice shall have been given at a previous Court 80 
 under certain restrictions, payable in three months 96 
 
 -- additions made to sums payable to.122-123 
 
 Clerks, appointment of.51, 78, 84 
 
 -to give security . 88 
 
 Commutation of premium. 95 
 
 Compensation to Directors . 17, 67, 79, 97, 101 
 
 -extraordinary . 18 
 
 -Members attending General Courts 67, 68, 73,101 
 
 -Auditors .79, 96, 101 
 
 Contagious sickness, provision in case of . 12 
 
 Contracts, to be signed by three trustees . 13 
 
 •-Policies excepted.. 78 
 
 Court of Directors. 10 
 
 to conduct the business of the Society .. 12 
 
 acts of, to be binding on the Society .... 15 
 
 weekly meeting of, for granting Policies 16, 67 
 minutes of proceedings and orders of, to be 
 
 kept. 21 
 
 powers of weekly meetings of.61, 62 
 
 to accept surrender of Policies . 63 
 
 to grant deferred sums or annuities .... 64, 65 
 empowered to assure annuities . 65 
 
302 
 
 INDEX TO THE DEED AND BYE-LAWS. 
 
 Page 
 
 Court of Directors, day of meeting altered. 67 
 
 -no recommendations, &c. from the, to be va- 
 
 % 
 
 lid till agreed to at two General Courts 94-95 
 -no recommendations, &c., nor unless in¬ 
 
 serted in summonses to Members .... 94 
 
 Courts, Quarterly.’. 30 
 
 -first. 32 
 
 -General, business to be done at. 31 
 
 -quarterly and extraordinary, the presence of one Di¬ 
 rector sufiicient to constitute . 61 
 
 -General, requisition for summoning . 65 
 
 compensation to Members attending 67,68,73,101 
 qualification for the admission of Members to 
 vote at .30, 74, 77, 83, 84, 88, 99 
 
 Covenant to satisfy claimants. 7 
 
 -to abide by laws and regulations . 8 
 
 Cow-pox, proviso in case of.82, 96 
 
 D. 
 
 Death, form of Certificate of . 112 
 
 Declaration to be signed by persons desirous of insuring 8,103-105 
 
 -if fraudulent, all claim to benefits to be forfeited 9 
 
 -one witness to, sufficient.. 67 
 
 -to be signed by a person assuring his own hfe. 
 
 Form of . 103 
 
 -to be signed by persons assuring on the life of 
 
 another. Form of. 104 
 
 Deed covenant, Members to abide by terms of.8, 53 
 
 Defaulters (when a call shall be made), penalty to be in¬ 
 flicted on.44, 56 
 
 Deposits to be made by Members . 42 
 
 ■ " ■ - returned on expiration of Policies. 49 
 
 -dispensed with. 60 
 
 Directors of Society . 10, 61, 62, 63, 73 
 
 -five to constitute a Court of . 11 
 
INDEX TO THE DEED AND BYE-LAWS. 
 
 303 
 
 Page 
 
 Directors, court of, to conduct business of Society.11, 12 
 
 -to be indemnified. 15 
 
 -acts of, to be binding on the Society. 15 
 
 -weekly court of, for granting Policies.16, 67 
 
 -compensation to. 17, 67, 79, 97, 101 
 
 -list of the first. 21 
 
 -Court for the election of.24—25 
 
 -intermediate elections of. 28 
 
 -qualification for .. 10, 64, 74, 82, 83, 84, 89, 92, 100 
 
 -elections to be by majority of votes . 29 
 
 -ballot. 75 
 
 -removal of . 31 
 
 -five or more may elect a chairman to act as Vice- 
 
 President... 61 
 
 -vacation of situation by insurance ceasing. 64 
 
 -list of persons eligible to office of, to be printed. 69 
 
 -at liberty to make assurance (for one year) with¬ 
 out inquiry. 78 
 
 -empowered to renew forfeited policies .... 77, 81, 97 
 
 -receive premiums during a limited 
 
 number of years.95, 114 
 
 -reports. 127 
 
 -extraordinary. 18 
 
 -their office . 18 
 
 -compensation to. 18 
 
 -how appointed. 19 
 
 Disputes, how to be determined .. ... 52 
 
 Dividends, when to be made .47, 58, 81 
 
 -under what restrictions .48, 58, 85-87, 89-93 
 
 -proportions of .48, 59 
 
 E. 
 
 Election of Trustees. 13 
 
 - of Directors.24-25 
 
 -by ballot. 75 
 
304 INDEX TO THE DEED AND BYE-LAWS. 
 
 Page 
 
 Elections of President, &c. &c. 26-28 
 
 -intermediate election of. 28 
 
 -to be made by majority of votes . ' . 29 
 
 -of Auditors. 75 
 
 Entrance-money to be paid .33, 60 
 
 -application of. 34 
 
 -manner of dividing. 35 
 
 F. 
 
 Felo de se, exceptions as to, not to extend to those assured 
 
 by another.61, 65 
 
 Females, terms of assurance on the lives of .4, 5, 69 
 
 Fines, imposition of.32, 44, 56, 97 
 
 Fraud in Declaration, penalty of.9 
 
 Funds of the Society; no motion affecting, to be received at 
 a General Court, without notice at previous Court 
 
 82-83, 94 
 
 G. 
 
 General Court ..30, 31 
 
 -number of members to constitute . 30 
 
 -power to make Statutes, Bye-laws, &c. &c... 31 
 
 -extraordinary, who entitled to call. 65 
 
 -the presence of one Director necessary .... 61 
 
 -to be summoned on the requisition of nine 
 
 members. 65 
 
 -no motion to be received at, affecting the 
 
 cash of the Society, unless previous notice 
 
 has been given. 82 
 
 -qualification of Members to vote at.. 30, 74, 77, 
 
 83, 84, 88, 99 
 
 ---remuneration to Members for attendance at 67, 
 
 68 , 73, 101 
 
 Gout, addition upon premium for risk of. 72 
 
INDEX TO THE DEED AND BYE-LAWS. 305 
 
 H. 
 
 Page 
 
 Hazardous assurances . 5 
 
 Holidays to be allowed . 69 
 
 J. 
 
 Joint lives, assurance of . 6 
 
 -tables for . 118 
 
 L. 
 
 Laws of Society, repeal of.32, 94 
 
 Life Assurance, original premiums. 2-6 
 
 - present premiums . 114—119 
 
 Life of another, exceptions of felo de se, &c. not to extend 
 
 to those assured on the. 61, 65 
 
 -assurances on the, entitle to vote. 64 
 
 -——- ■ ■■ directorship with 
 
 certain exceptions. 64 
 
 Life Annuities, terms of. 66-67 
 
 M. 
 
 Members, admission of. 16 
 
 -Covenant for making satisfaction to claimants ., 7 
 
 -to abide by laws and regulations. 8, 53 
 
 -all persons maldng assurance to become. 9, 60 
 
 -penalties on . 32, 44, 56, 97 
 
 -entrance-money to be paid by . 33, 60 
 
 -deposits to be made by . 42 
 
 -returned on expiration of Policies .... 49 
 
 -dispensed with . 60 
 
 -- calls on, when to be made. 44, 55 
 
 -to be repaid with interest . 45, 57 
 
 -may surrender Policies on account of calls .. 46, 58 
 
 X 
 
306 INDEX TO THE DEED AND BYE-LAWS. 
 
 Page 
 
 Members, dividends to be made to . 47, 58, 81 
 
 -not to assure with other Societies. 51 
 
 -&c.: this clause repealed. 68 
 
 -lists of such as are ehgible to be Directors, to be 
 
 printed. 69 
 
 -no one to audit accounts in two successive years, 
 
 unless a Director. 73 
 
 -compensation to, attending General Courts, 67, 68, 
 
 73, 101 
 
 -dying by their own hands (not felo de se), pro¬ 
 viso respecting. 93 
 
 Messenger to be retained. 78 
 
 Military persons, addition upon the Premiums of. 72 
 
 Money to be placed out on security. 42, 71-72 
 
 Mores, Edward-Rowe, Director for life. 22 
 
 --compensation to. 22 
 
 -how to be paid . 24 
 
 Mosdell, W., first Actuary . 22 
 
 -his salary.. 23 
 
 - salary how to be paid. 24 
 
 N. 
 
 Non-appearance of party to be assured, charge for. 60 
 
 O. 
 
 Officers, election of. 26, 27 
 
 - removal of. 31 
 
 P. 
 
 Payment of Claims, in three months in certain cases. 96 
 
 Penalties, imposition of. 32, 44, 56, 97 
 
 Persons assuring to become Members . 9, 60 
 
 -to abide by laws, &c. 8, 53 
 
INDEX TO THE DEED AND BYE-LAWS. 
 
 307 
 
 Page 
 
 Persons living in the country, Form of assuring. 18 
 
 -two or more assured by the same Policy . 73 
 
 Plague, or other contagious sickness, provision in case of .. 12 
 
 Policies of assurance, weekly court for granting. 16, 67 
 
 -entrance-money to be paid on . 33, 60 
 
 -to be forfeited by non-payment of premium. 43 
 
 -but may 
 
 be revived.43, 77, 81, 97 
 
 -surrender of, on account of calls . 46, 58 
 
 -may be accepted by Court of Directors 63 
 
 -purchased by Court of Directors. 68 
 
 -to be signed by two trustees. 78 
 
 • -order for returning money on, to be approved at two 
 
 successive General Courts. 79 
 
 -claims on, payable in certain cases in three months 96 
 
 -investigation of the value of all, to be repeated once 
 
 in ten years. 81 
 
 -continue in force, if premium paid (after the death) 
 
 within thirty days allowed. 87 
 
 Policy, own Life, Form of . 106 
 
 -Life of another. 109 
 
 -renewal in case of forfeiture. 43, 77, 81, 97 
 
 Premiums, original . 2-6 
 
 -- Tables of those nowin use . 114-119 
 
 -thirty days allowed for payment of . 87 
 
 -for life, payable during a limited number of years 95,114 
 
 -for a term of years. 119* 
 
 -commutation of . 95 
 
 -- increased for military persons. 72 
 
 • - Policy to be forfeited by non-payment of. 43 
 
 President of Society. 10 
 
 -first. 21 
 
 -Court of Directors to elect. 26 
 
 • -to nominate two Vice-Presidents . 26 
 
 -intermediate elections of. 28 
 
 ■-to have a casting vote in certain cases . 30 
 
308 INDEX TO THE DEED AND BYE-LAWS. 
 
 Page 
 
 President, compensation to. 79 
 
 Profit, no distribution of, to be made without a previous in¬ 
 vestigation . 81 
 
 -shall exceed two-thirds of the sur¬ 
 plus . 81 
 
 Profits of Society, regulations respecting, 47, 58, 80, 81, 85, 89, 
 
 119, 12-2 
 
 -Table of.122-123 
 
 Proposal, Form of. 102 
 
 Q. 
 
 Qualification for a Director, 10, 64, 74, 82, 83, 84, 89, 92, 100 
 
 -Actuary. 19 
 
 - — ■■■■■ ■ vote at General Court, 30, 74, 77, 83, 84, 88, 
 
 99 
 
 -Auditor. 79, 99 
 
 R. 
 
 Regulations. Covenant for observing. 7 
 
 -how to be made . 31 
 
 -repeal of. 32 
 
 Removal of Officers or Directors . 31, 51, 71 
 
 Repeal of laws, &c. 32, 94 
 
 Revival of Policies. 43, 77, 81, 97 
 
 S. 
 
 Security, Actuary’s. 70 
 
 -Assistant Actuary’s . 70 
 
 -Clerk’s . 88 
 
 Servants, appointment of. 51 
 
 Small-pox, addition upon Premium for risk of &c. .. 72, 82, 96 
 
 Society, original premiums of. 2—6 
 
 - present premiums of. 114-119 
 
INDEX TO THE DEED AND BYE-LAWS. 309 
 
 I’age 
 
 Society, Covenant for making satisfaction to claimants.... 7 
 
 -abiding by laws and regulations . , 8, 53 
 
 - every person making assurance to become a Mem¬ 
 
 ber of . 9, GO 
 
 - Directors of . 10, 61, 63, 73 
 
 - President and Vice-Presidents of . 10 
 
 - business of, to be conducted by Court of Directors 11 
 
 —- Trustees of, to be chosen..13, 73 
 
 - lawful acts of Directors and Trustees to be binding 
 
 on . 15 
 
 - Directors extraordinary of. 18 
 
 -Actuary of . 19, 20, 70 
 
 -list of first Directors of. 21 
 
 -first President of. 21 
 
 -Quarterly Courts of . 30 
 
 -General Courts of. 30, 31 
 
 - present Deed to be the plan of any future Charter of 52 
 
 Subscribers toward establishment of Society. 33 
 
 -to become 
 
 Members . 37 
 
 -reimbursement of. 35 
 
 -in default of becoming Members. 37 
 
 -security to. 39 
 
 -to appoint a Committee . 41 
 
 -their proportion of dividends . 47, 59 
 
 Suicide (not felo de se), proviso respecting. 93 
 
 T. 
 
 Tables, Forms, &c. 99-126 
 
 --of Premiums originally in use. 2-6 
 
 -in present use. 114-119 
 
 Table of Additions, to sum assured. 122 
 
 - showing the value of the assurances on the 31st of 
 
 December 1828, by Northampton Table and by the 
 Equitable Experience Table . 124-125 
 
310 INDEX TO THE DEED AND BYE-LAWS. 
 
 Page 
 
 Table, showing the value of all the assurances on the 31st 
 
 of December 1829, by Northampton Table. 126 
 
 Trustees . 13, 73 
 
 -how nominated. 13 
 
 -to sign all securities, taken or given . 13 
 
 -removable by Court of Directors. 14 
 
 -proviso in case of removal. 14 
 
 -to enter into securities. 15 
 
 -to be indemnified. 15 
 
 -their acts to be binding on the Society . 15 
 
 -warrant to pass Policies . 16 
 
 V. 
 
 Vice-Presidents, two . 10, 26 
 
 -to be nominated by President. 26 
 
 -their office. 27 
 
 -to be appointed by Court of Directors in 
 
 default of President’s nomination. 27 
 
 Vote, casting, in certain cases. 30 
 
 Votes, majority of, to determine in General Court. 29 
 
 -four-fifths required in cases affecting distribution of 
 
 Funds. 80 
 
 W. 
 
 Women under 50 years of age. Terms of assurance on .... 
 
 5 
 
INDEX 
 
 TO THE ADDRESSES. 
 
 Page 
 
 Addition of I5/. per cent on Premiums taken off .... 184 
 
 -of 21. per cent., its effect .. 192, 223, 248, 273 
 
 -of 1/. per cent., its effect . 234 
 
 -every five years, (in a supposed Society,) its 
 
 effect. 202 
 
 -every four years, (in a supposed Society,) its 
 
 effect . 203 
 
 - to claims to be made with caution . 208 
 
 ---the best method of dividing profits .. 225 
 
 -effect of each former. 231 
 
 -proposed (1810), its effect . 231, 237 
 
 - its present value . 232 
 
 - intermediate, between the decennial investiga¬ 
 tions . 236 
 
 -the first, made twenty years after Society’s 
 
 establishment. 251 
 
 -of 1820, observations on . 276 
 
 --every five years, instead of every ten, its ef¬ 
 fect . 272 
 
 Additions viewed in reference to Premiums . 193 
 
 - in reference to reduction of Premiums, or increase 
 
 of Claims.. 205-207 
 
 - present value of, increased by advanced age of 
 
 Members. 204 
 
312 
 
 INDEX TO THE ADDRESSES. 
 
 Additions sums distributed in, since 1782 . 217 
 
 -example of, to a Policy effected 1769 . 218 
 
 -to Claims, their ultimate effect. 220 
 
 -present method of, the best. 194, 225 
 
 -- in 1800, as they now (1809) remain; their pre¬ 
 sent value .. 230 
 
 --- in 1810, compared with their effect now (1819) 262 
 
 -admission to deferred, not taken away by Bye¬ 
 laws of 1816 . 263 
 
 ■ evil consequences of too frequent . 271 
 
 • surrender of. 280 
 
 Address, farewell. 287-297 
 
 Age, increases the rate of mortality . 199 
 
 -increase of, in Members assured; its effect, 199, 204, 231, 
 
 253 
 
 -of majority of Society’s Insurers . 264 
 
 Assurance, Life, original object of .. 234 
 
 Assurances, number and amount of . 229, 238 
 
 -increase of, since commencement . 238 
 
 -new, compared as to number with those can¬ 
 celled . 246 
 
 -increase of, lessened not stopped by Bye-laws 
 
 of 1816. 263 
 
 Assured, sum, time in which Premiums amount to . 252 
 
 B. 
 
 Bye-Laws of 1810, their beneficial effect . 244, 249 
 
 - — of 1816, observations on . 263, 270, 289 
 
 C. 
 
 Capital, increase of. 186, 194, 228, 258 
 
 -magnitude of, likely to delude, 186, 189, 198, 223, 229, 
 
 230, 248, 253 
 
INDEX TO THE ADDRESSES. 
 
 313 
 
 Page 
 
 Capital, increase of, (alone,) not a proof of prosperity 223, 252, 
 
 258 
 
 Claims, Rate of addition to, up to 1793 . 191 
 
 ^ - addition to, preferable to reduction of Premiums 193, 204 
 
 D. 
 
 Division, present mode of, just . 195, 235 
 
 -premature; two classes of persons who are likely 
 
 to promote it . 233 
 
 - of profits, a perfectly equal, not possible in a fluc¬ 
 tuating Society. 235 
 
 F. 
 
 Funds, Stock in the, at what price the Society ought to 
 
 take it. 289 
 
 high price of, not to be relied on. 275 
 
 -temporary rise of, unfavourable to the Society .... 284 
 
 G. 
 
 General Court, right of voting at, deferred. 244-5 
 
 I. 
 
 Insurance Society, example of one. 200-204 
 
 Interest, rate of, in Investments. 275 
 
 L. 
 
 Life, decrements of, in Equitable Society, compared annually 
 
 with Tables. 214, 215 
 
 -- Table of compari¬ 
 son with Northampton Table . 215,291 
 
 Life Assurance, general principle of. 186,187 
 
314 
 
 INDEX TO THE ADDRESSES. 
 
 ‘ Page 
 
 Life Assurance, original object of . 234 
 
 Lives, selection of, its effect . 292 
 
 M. 
 
 Measures, precautionary, have hitherto promoted the inter¬ 
 ests of the Society . 250 
 
 Members, accession of new ; its effect. 201 
 
 -increase of . 210 
 
 -old and young, their separate interests consi¬ 
 dered . 235 
 
 -increase of, not checked by Bye-laws of 1810 . . 249 
 
 -a matter of indifference. 263 
 
 ---lessened, not stopped, by Bye-laws 
 
 of 1816. 263 
 
 Mortality, rate of, continues the same in the Society.. 250, 275 
 
 Mortgages. 281 
 
 P. 
 
 Personal interest, in the Society, has been sacrificed to public 
 
 good. 240 
 
 Policies, valuation of, by Equitable experience. 290 
 
 - partial surrender of. 281 
 
 - forfeited, one source of profits . 217 
 
 - classification of. 282, 293 
 
 - valuation of, on surrender, how computed . 279 
 
 - loan of money on, considered . 279 
 
 Policy, valuation of (an example) . 213 
 
 Premiums, reduced in 1776 . 183 
 
 - reduction of, not desirable . 193, 204, 277 
 
 - new, charged with an addition of 15/. per cent.. . 184 
 
 - the time in which they amount to sum as¬ 
 sured . 252 
 
INDEX TO THE ADDRESSES. 
 
 315 
 
 Page 
 
 Profits, sources of. 191, 239 
 
 -justly distributed by additions to claims . 198 
 
 -comparison of claims with premiums, one method of 
 
 ascertaining the. 215-216 
 
 -various sources of, since first establishment. 216 
 
 -annual division of, impossible. 222 
 
 -- right of participating in, deferred. 246 
 
 -admission to, accelerated by forfeited and surren¬ 
 dered Policies.247 
 
 -admission to, should be gradual. 247 
 
 -increase of number who particijiate in . 251 
 
 -an equal division of, in a fluctuating Society, impos¬ 
 sible. 235 
 
 S. 
 
 Society, Equitable, its principle . 188-189 
 
 -general view of, from commencement.. 194 
 
 -increase of its Members. 210 
 
 -principle of investigating its accounts, 211, 
 
 212,213,214 
 
 -establishment of. 219 
 
 -present state of, a proof of the wisdom 
 
 of its measures . 224 
 
 -importance of. 257, 264 
 
 -causes of its success . 239 
 
 -interests of, promoted by moderation,. 241 
 
 -original plan of, desirable to be perse¬ 
 vered in . 245 
 
 -present state of (1816), should induce 
 
 caution, not alarm . 254 
 
 -statement of its affairs, 183-184, 190-191, 
 
 194, 206, 207, 217-218, 229, 230, 231. 
 
 232, 238, 258, 259, 260 
 -insurance, example of one. 200-204 
 
316 
 
 INDEX TO THE ADDRESSES. 
 
 Page 
 
 Stock, Suri)lus, reservation of.. 240, 251, 259, 260 
 
 - how ascertained. 214 
 
 -r-in the Funds, at what price the Society ought to 
 
 take it . 289 
 
 Surplus and engagements of Society compared. 261 
 
 V. 
 
 Voting, right of, at General Courts, deferred . 245 
 
 THE END. 
 
 PRINTED BY RICHARD TAYLOR, 
 RED LION COURT, FLEET STREET. 
 
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