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June 14, 1851.] 1£f)$ Hea&tf** 559
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rHO(}U|<HH O V 0 1'IN ION. Tnitiii>AD ha...
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COMPETITION IN LOCK-PICKING. The intense...
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VOWKH AND 1'KA.C'K. QuNi'QWPiiU ia a gre...
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
Lmtookkks Of Assurance. Till! Mktltol'oi...
fast recognised by all thinking men . It has long ago been the professed aim of all good governments and institutions . But in the system of Life A ssurance we see the princi p le adopted by com mercial men , and the countries which rank the hig hest in civilization and are the most noted for prudence and forethought , are , as might be ex pected , those which have most readily availed themselves of its benefits . The principle of concert is being advanced in this country more than in any other by assurance associations . The superfluity of the many is here applied for the exigency of the individual , and the accumulated funds , which can be increased at an interest wholly out of the reach of any one person , exhibit the benefits which arise from combined action .
And yet we frequently hear the cry that " there are too many assurance offices *'—that" they cannot all be doing business . ' * Those who venture to make such an idle observation show how little they really know what they are talking of . Out of thirty millions of British subjects not above two hundred thousand are assured . As one-half at least of these are for temporary purposes , there are on an average only about one hundred thousands of persons in Great Britain who effect ' whole-life " assurance . The principles of Assurance are now becoming popularised . They are no longer confined to the musty closet of the actuary , but are the
conversation of the multitude . People have ceased to call it " tempting Providence " to assure their lives ; and they do not now believe that the possession of a policy accelerates their dissolution . So greatly are its benefits becoming acknowledged , that Assurance has in some cases been made compulsory . The principals of some of the largest mercantile establishments in London make it imperative on every individual in their employ , whether clerk , warehouseman , or porter , to assure his life for such a sum as his salary will permit . By these means a provision is secured for many a family , who , but for such a salutary regulation , would on the death of the father be left destitute .
Benjamin Franklin used to observe that a man who uselessly spent £ 5 per annum , threw away the means of purchasing £ 100 a-year , if he were a man of good repute . But the amount of good which may be effected by the same sum in an assurance office is astonishing . A man of thirty years of age might therewith insure £ 200 for his family at his decease . The same sum paid annually , from six months old , would insure £ 200 for a daughter on attaining the age of twenty-one , or the same amount towards the education or apprenticeship of a son . But , not to speak without the book , we will briefly glance at the beneficial schemes proposed by the Metropolitan Counties and General Life Assurance Society .
In addition to the old form of assurance , a provision for old hge may be made : a person aged 25 may assure £ 100 ( participating in all the profits of the society ) , to be paid at the age of (> 0 years , or sooner in case of his death , by paying the annual premium of £ 2 l ? s . 6 d . Or he may pay an annual sum , according to age , for the purchase of an annuity , to commence at any period of his life he may choose . But life assurance may also be adopted for many temporary purposes . A policy of assurance becomes a property , which may be available on many important occasions . The debtor can offer it as a guarantee to his creditor . The creditor can secure himself from
eventual loss by assuring the life of his debtor The parent may hand down his name with an appropriate property to an elder son , whilst the possessor of a strictly-entailed estate may make provision for his younger children . The colonist may leave a competence to his family , should he die in a strange land ; and a borrower , solvent ( luring his life , secure repayment to the lender , in ease he may be deprived of the power to pay by the hand of death .
At a slightly-increased rate we may enter upon the interesting process of " Joint Assurance . " If the husband die first , the wife ( or other party named ) receives the assurance ; while , if the wife die ( hst , the husband receives the amount . Thus , where there is a family , the loss of a parent on either side is mitigated , as far as money can afford an alleviation . The same arrangement applies to commercial partnership , and removes the fear that the death of one party may suddenly reduce the capital of the firm , and perhaps destroy , at a critical moment , the future success of the business . There are also tables more complex , but valuable in meeting many a family arrangement . Suppose , if a wife eurvive her
uncle she is sure of a legacy , but in case of her decease before her uncle , then the property is willed to a third party . The husband , in such a case , would , at a small cost , assure his wife ' s life against that of her more aged relative , and by those means secure the realization of the expected property . For if the lady die first , then the office pays the amount she would have in ^ herited : if , on the contrary , she outlive her uncle , she receives the property , and the transaction with the company ceases .
In addition to the foregoing schemes we observe a novel feature in this company under the head of Endowments , with a view to facilitate the provision for young children when legal impediments would otherwise interfere . By paying a premium of £ 3 5 s . 4 d . annually , a child may be secured the receipt of £ 100 on attaining the age of 21 . A , person about to marry a lady aged 30 » may secure the sum of £ 500 to every child , the issue of such
marriage , on each child attaining the age of 21 , by the deposit of £ 947 16 s . 3 d . ; or , by the deposit of £ 1665 10 s . on the non-participating scale , he may not only secure the foregoing benefit , but the additional advantage of receiving a return of the whole £ 1665 10 s . at his death . Where there is a difficulty of paying the whole premium down , there are tables under which the same advantages may be secured by annual payments , with security . Malthusian principles will stand no chance against these enlightened marital arrangements .
As may be readily anticipated , with such advantages these offices flourish commercially , and tend to popularise the principles of life assurance , while the old offices partake more of the nature of mere banking speculations . Bound down with a plethora of capital , they must go to Parliament for power to introduce these features , or eventually cease to exist . Many an old office is now only kept alive by the business of former days—the new policies being almost always the effect of some
compulsion on the assured , or arising from ignorance of the novel and advantageous applications of assurance . A very little attention to the working of the ancient offices would have shown that , from the immense interest to be paid on the capital , the assured are charged such premiums as exceed the sums their survivors are to receive . Though everyone is aware of the uncertainty of life , a man does not choose to pay more premium than his average expectation of life honestly demands .
Whatever may be thought of the advantages of a " Mutual " office , where all the profits are divided among the assured , we think the popular objection of "insecurity" is best removed by the system adopted in the Metropolitan Counties and General Life Assurance Society . A small subscribed capital gives entire and undoubted security to the assured . The shareholders for their security receive one-fourth of the profits , in addition to 5 per cent ,, leaving 75 per cent , to be divided among the shareholders . Even this capital , however , our own experience has shown to be next to
useless , if regarded simply as a guarantee to the assured . No such guarantee is necessary . The cases are very few—we doubt il there be any—where a Mutual Company , properly managed , is not enabled to pay all its liabilities out of the premium fund . But in the Metropolitan Counties a direct advantage to the assured is given . The capital is used in affording loans on good security , and as no loan is effected without an assurance on the life of the borrower , the business of the office is materially increased , and a corresponding increase of advantages conies to all the assured .
Policy-holders in the young societies have another immense advantage . Under the 9 th and 10 th of Victoria , the newer companies are obliged to publish their accounts annually , whereby every shareholder and every policy-holder car judge for himself of the commercial condition of the company . The old offices are under no such law , and of their real condition it is impossible to judge , save when tome lachrymose individual , not contented with the interest on his shares , lets fall a hint that " younger offices are doing business while the old , ones are at a stand , "
June 14, 1851.] 1£F)$ Hea&Tf** 559
June 14 , 1851 . ] 1 £ f ) $ Hea & tf ** 559
Rho(}U|<Hh O V 0 1'In Ion. Tnitiii>Ad Ha...
rHO (} U |< HH O V 0 1 'IN ION . Tnitiii > AD haa notouly adopted publio aecuUr education among tho institution !! of that magnificent itilaud , but , amongst other signs of advancing opinion , we nee in h local paper an explanation of Botualiam . Socialism among the Negroes would prasent some new a » peqts , and it is probable that tho divine principle of Conceit might ultimately afford a koy out of moro than one vl the gigantio negro diifioultiea . Soon after the ruin of many planters by Emancipation , Negrooe obtained
possession of some estates in the British West Indies but they were not sufficiently trained even in the rudiments of Socialism to maintain success . However , as the race has qualities of a very hopeful kind , it is probable that the Associative idea may fit them better for future opportunities . The principle has yet to be considered as the key to Negro Emancipation in the United States . We see a portion of the Chartist programme in the Mediterraneo , Maltese p aper both in Italian and English—centre of a large political region not as yet much visited by sound Communist ideas .
" The subject of cooperation is one of the greatest importance , and , like many other Social questions , neither its limits nor its principles seem to be clearly understood . It is of the greatest importance that the masses should be enlightened on a subject so exciting , and bearing so directly on their interests . But until it has been further investigated , and numerous instances having a practical connexion with its principles been collected , it is hopeless to attempt a popular treatment of the subject . It would be highly desirable that those of our foreign visitors who have at all studied that most important question should communicate to us the results of their experience . " Whence do we extract this remarkable passage ? From the Exposition of 1851 , by Charles Babbage , inventor of the Calculating Machine , and author of the Economy of Manufactures .
Competition In Lock-Picking. The Intense...
COMPETITION IN LOCK-PICKING . The intense pressure of our social system has brought competition to the skeleton key , and a mutual defiance is now going on in the public journals between eminent look-makers—a challenge to pick each other ' s locks . Messrs . Bramah and Co . have a lock on which they ao much rely that they offer a reward of 200 guineas to any one who shall pick it . Messrs . Chubb and Son make a like challenge . »* A . n UnV . V . n (( Prnnrt ' utni' nf i \\ o Amprinnn TljIYjlf MrACHobbsProprietor of the American Bank
_ , " lock , " arrives from the United States , buys Chubb ' s lock 142 , 356 , and picks it , he says , " without any knowledge except that attained through the keyhole . " Of course Mr . Hobbs does not mean that he obtained his knowledge by listening at the keyhole ? " Now , " gays Mr . Hobbs , very cogently , " if lock No . 142 , 356 can be pioked , -what voucher can he [ Chubb ] give to the public that all hia locks made previously are seoure ? " Thus we have a respectable gentleman , " Proprietor of the American Bank lock , " and dating from " United States' Commissioner ' s office , Crystal Palace , " deliberately engaged in blasting the character of Chubb with his 142 . 356 locks I
But all is fair in trade . Chubb and Son retaliate ; they admit that " a person" has " declared that he can pick any lock in England , " but they say that the honesty of the experiment has not been tested . " The lock , with its keys , professed to be picked , was in the possession of the person who boasts of his success for several days before he made any public attempt to establish his case . " Hobbs declined to teach Chubb ' s foreman and others how to pick locks . liramah and Co . offer him a room on condition " that some one named by him and approved by us should be in the room and see fair play . " " The attempt haa not been made . "
So the quarrel stands ; Hobbs levelling his assertions at the looks of Chubb and Bramah—Bramah and Chubb levelling their insinuations at Hobba ' a boasts . We ought by tho laws of competitive philosophy to expect some very superexcellent lock from this war of America and England ; and to compensate for the bad spirit in . such contests , the lock , we think , ought to open the door to some very happy place .
Vowkh And 1'Ka.C'K. Quni'qwpiiu Ia A Gre...
VOWKH AND 1 'KA . C'K . QuNi'QWPiiU ia a great power almost monopolized at present by the Absolutist or departmental classes of of Europe ; and popular or Liberal parties , or even Liberal nations , must be content to occupy the inferior position , unless they can accomplish the slow proceea of converting the Absolutist *! , or unless they poasens themselves of the best gunpowder implements . The Times is expatiating on the merits of " Colt ' s revolver , " a neat invention , by means of which a pistol with one . barrel has six or eight separate breeches that can be separately loaded aud then brought iu rapid rotation to fit the barrel .
At Mulgrave-UouKc , in Fulham , <> " Tuesday , Lord Ranclagh , with a party of officers « " < l aentlemeu , witneaned experiments in tho uho of the " Zuiiriiiadelgcwehr , " or ncedle-guu , whioh w « discharged with deliberation , precinion , iind groat fvnw , «» 'V times iu two minutes . The gun is loaded at the breach with a ttllarp OPUictM bullet uud a cartridge ; the ourtndRe is primed with percussion powder ; t '» c iwrouwuon powde < is « tiuck by the needle which g iven the name to the gun . N 9 »» mrod iH required , no biting of the cartridge ; the bullut lut * ita nun » t 600 W < 1 *< Until ltustuu u « d Austria bo eQUvnrtcd . to pq » . c « principles or to Liberal opinions , perhapa it niigb , t be as w « U it England wcr « to possess tho beat ftreavnu , > hntever they may be .
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Citation
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Leader (1850-1860), June 14, 1851, page 11, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_14061851/page/11/
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