THE ANNUITIES ACT.

Evening Star, Volume VIII, Issue 2256, 30 July 1870, Page 2

THE ANNUITIES ACT.

In pursuance of the provisions of the Act, the Commissioner has forwarded to the Governor an account, made up by the Colonial Treasurer and himself to the 30th June ult., of all sums of money paid, and the gross amount of annuities granted for the same, and contracts for payment at death, and otherwise, which have been made under the Act. Mr Gisborne goes on to say : “ Mr M. A. Black, Actuary to the Australian Mutual Provident Society has been appointed Consulting Actuary ; and I am greatly indebted to his knowledge and experience for the care and accuracy shown in the calculation of the different tables, and for -valuable suggestions in the working of the Act.

The only tables at present in use are— Table No. I, showing the amount of periodical premiums charged during the whole of life for an assurance of LI 00. Table No. 2, showing the single premium charged for an assurance of LIOO. Table No. 3, showing the amount of the annuity, payable half-yearly, which will be granted for each LIUO of purchase money. But I expect shortly to receive from the Consulting Actuary tables for endowments, payable at various ages, which I anticipate will generally commend themselves to public approbation, and the operation of which, I think, will bo calculated to have a very beneficial effect in encouraging persons to make provision for the education of their children, and in generally promoting habits of frugality and providence. “In order to initiate the working of the Act with the best prospect of success, I caused the widest publicity to be given to its provisions and objects ; and 1 desire to express my thanks to the public Press, and to manv private persons, for their effective co-operation, and for the able statements made by them jn explanation of the objects and the advantages of a Government system of l : fo assurance. “ I enclose, for your Excellency’s information, a return showing the satisfactory progress made from the Ist March last, when the Act may be said to have been first put into operation, up to the end of June last. Out of 103 proposals for assurance of lives during that time 78 have been accepted, amounting altogether, in the sum assured, to L 38.700. representing an annual premium of L 1,050 8s 3d, The present rate of annual expenditure, exclusive of the cost of bringing the Act into operation, is about L 550. This does not include the salary of the Commissioner, which is not drawn while the office is held by the Colonial Secretary, neither does it include payments on account of postmasters' gratuities and vr.edical fees, as the amount of such payments will depend upon the business transacted. An Order in Council was made by your Excellency on the oth instant, allowing a reduction to the amount of five per cent, in the premium payable by officiating ministers when insuring their lives. This practice has been adopted by some private companies, and I think is calculated to have a beneficial effect in giving greater facility to those who devote their lives to religious ministration, and are therefore not so capable as others of attending to worldly business. “ Arrangements have been made by which persona leaving the Colony are enabled to pay their premiums qn policies through any Money Order Office in Great Britain or tho Australian Colonies.

“ I cannot conclude my first report without expressing my hope that this measure may he attended with continued and progressive success, and may satisfactorily fulfil tho beneficent object of the Legislature, by giving reliable security to those who wish to invest a part of their savings in making a provision for the future, and thus not only increasing the inducement for economy and prudence, but also materially benefiting, ami

in many cases actually preserving from destitution the widow and orphan, the aged and infirm.”