Imágenes de páginas
PDF
EPUB

VOL. XVII.

Valuation Balance Sheet, as at 31st December, 1870.

[blocks in formation]

To net Liability under Assurance and Annuity transactions (as per Summary Statement provided in Schedule 5)

412,476 0 0

[ocr errors]

By Life Assurance Fund (as per Balance Sheet under Schedule 2)

d.

520,721 19 9

[merged small][ocr errors][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small]

The average rate of Interest at which the Life Assurance Fund was invested at the close of each year during the period since the last investigation was

[merged small][merged small][merged small][ocr errors][merged small][merged small][ocr errors][merged small][merged small][ocr errors][ocr errors][merged small][ocr errors][ocr errors][merged small][merged small][ocr errors][ocr errors][ocr errors]

The Surrender Value of Policies effected for the whole period of life and at uniform annual premiums, and upon which three premiums have been paid, ranges between 33 and 60 per cent. of the total ordinary premiums paid. The Society has no minimum scale or fixed method of calculating the surrender value of other descriptions of risk, but makes a fair allowance based upon the circumstances of each case.

The Society has no business at other than European rates.

CORRESPONDENCE.

MR. SANG'S SEVEN FIGURE LOGARITHMS.

To the Editor of the Assurance Magazine.

SIR,-In reply to my offer of a copy of the new table of seven-place logarithms, for the indication of any error in it, Dr. A. W. Whitcom of Milwaukee, U.S.A., points out a last-place error in the logarithm of 52943. My calculations were made for the numbers above 100,000, and so are not chargeable with this error; its source is in Vlacq's ten-place table (1628), where there is a misprint of 85868 instead of 85468. This has passed into all the shortened tables, it is in Sherwin (1741), Taylor (1792), Callet (1795), Hutton (1804, 1838), Babbage (1841), Shortrede (1844), as also in John Newton's eight-place table (1658), wherein 80859 is put for 80855, thus showing that Vlacq's great work has served for the production of all the others. The true logarithm to seven places is 7238085; from my manuscript table to 28 places in progress up to 10,000, I find Log 4813 =68241 58616 77358 49039 14460 667

log

1104139

26851

58225 04075 01999 712

35583 53114 16460 379

log 5294372380 85468

It is remarkable that this error should have so long escaped detection, and all the more credit is due to its discoverer.

I am, Sir, your obedient Servant,

28 May 1872.

EDWARD SANG.

INSTITUTE

OF

ACTUARIES.

PROCEEDINGS OF THE INSTITUTE.-SESSION 1871-72.

First Ordinary Meeting, Monday, 27th November 1871.
The President in the Chair.

Read and confirmed the minutes of the anniversary meeting, held on the 3rd June 1871.

The following gentlemen were elected members, viz. :—

[blocks in formation]

Mr. A. H. Bailey read a paper "On Insolvency in Life Insurance Companies."

Thanks having been voted to Mr. Bailey, the meeting adjourned to Monday, 18th December 1871.

Second Ordinary Meeting, Monday, 18th December 1871.
The President in the Chair.

Read and confirmed the minutes of the last ordinary meeting.
The following gentlemen were elected Associates, viz.:—

[blocks in formation]

Mr. Peter Gray read a paper by Mr. Makeham "On the Laws of Sickness and Invalidism, and their relation to the Law of Mortality."

[ocr errors]

Thanks having been voted to Mr. Gray and Mr. Makeham, the meeting adjourned to Monday, 29th January 1872.

Third Ordinary Meeting, Monday, 29th January 1872.

The President in the Chair.

Read and confirmed the minutes of the last ordinary meeting.
The following gentleman was elected an Associate, viz.:—

Leonard Harrison.

The following was announced to be the result of the Examinations for

1871:

MATRICULATION EXAMINATION.

Thirty gentlemen presented themselves for this Examination, of whom three withdrew, and fourteen passed in the following order of merit :

[blocks in formation]

Thirteen gentlemen presented themselves for this Examination, and six passed in the following order of merit, viz. :—

[blocks in formation]

One gentleman presented himself for this Examination, and did not pass.

The best thanks of the meeting were given to the Examiners for their recent services.

Mr. C. J. Bunyon, M.A., read a paper "On the Valuation of Claims upon Current Policies in the Liquidation of a Life Office with reference to the decisions in Bell's and Lancaster's Cases."

Thanks having been voted to Mr. Bunyon, the meeting adjourned to 26th February 1872.

Fourth Ordinary Meeting, Monday, 26th February 1872.

The President in the Chair.

Read and confirmed the minutes of the last ordinary meeting.
The following gentleman was elected an Associate, viz. :—

William Vaughan.

Mr. W. A. Bowser read a paper entitled "Observations on the Rate of Mortality in Infancy and Childhood."

Thanks having been voted to Mr. Bowser, the meeting adjourned to Monday, 25th March 1872.

Fifth Ordinary Meeting, Monday, 25th March 1872.
The President in the Chair.

Read and confirmed the minutes of the last ordinary meeting.
The following gentleman was elected an Associate, viz. :—
George Fuller.

Mr. James R. Macfadyen read a paper "On Extra Premium."

Thanks having been voted to Mr. Macfadyen, the meeting adjourned to Monday, 29th April 1872.

Sixth Ordinary Meeting, Monday, 29th April 1872.

The President in the Chair.

Read and confirmed the minutes of the last ordinary meeting.

Mr. F. G. P. Neison read a paper "On the Influence of Occupation upon Health, as shown by the Mortality experienced."

Thanks having been voted to Mr. Neison, the meeting adjourned to Monday, 25th November 1872.

The Twenty-fourth Annual General Meeting, Saturday, 1st June 1872. W. B. HODGE, Esq., the President, in the Chair.

Mr. E. A. NEWTON (Hon. Secretary) having read the Circular calling the meeting, and the minutes of the last ordinary meeting, read the Report of the Council and the Statement of Accounts, which were as follows:

:

"The Council have the satisfaction of reporting an increase in the number "of the members of the Institute.

"Two Fellows and 46 Associates were elected during the year; and the "total number on the books on the 31st March last, after allowing for deaths "and withdrawals, was 296, of whom 105 were Fellows and 191 Associates. "The total number at the close of the preceding year was 271.

66

66

"The income and expenditure of the Institute are stated in the accompanying Account, which is duly certified by the Auditors. The ordinary expenses have amounted to £489 19s. 8d., showing a decrease on the previous year; "while the annual subscriptions have reached £596 8s., giving an increase of "33 128. The several funds available for the purposes of the Institute "amount in all to £2,153 9s. 2d., exclusive of the value of the important "collection of books in the Library. The "General Fund" now stands at £1,151 13s. Id., and has increased by £154 17s. 4d. in the year. "The following papers have been read during the past year :—

[ocr errors]

"27th Nov. 1871.-On Insolvency in Life Assurance Companies.' By Mr. A. II. Bailey.

"18th Dec. 1871.- On the Laws of Sickness and Invalidism, and their relation to the Law of Mortality.' By Mr. W. M. Makeham.

"29th Jan. 1872.-' On the Valuation of Claims upon current Policies in the liquidation of a Life Office with reference to the decisions in Bell's and Lancaster's Cases.' By Mr. C. J. Bunyon, M.A.

"26th Feb. 1872.-'Observations on the rate of Mortality in Infancy and Childhood.' By Mr. W. A. Bowser.

"25th Mar. 1872.-'On Extra Premium.'

By Mr. J. R. Macfadyen.

“29th April 1872.-'On the Influence of Occupation upon Health, as shown by the Mortality experienced.' By Mr. F. G. P. Neison.

« AnteriorContinuar »