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39. An account to be taken by the Bank on the 5th of January in each year, of all annuities which have been unclaimed for three years; such annuities to cease to be chargeable on the consolidated fund : upon the annuity being claimed, it is to be restored.

The remainder of the Act relates chiefly to the penalties for fraud, &c.

In 1833 another Act was passed in order to enable the depositors in savings' banks to purchase annuities for lives and years.

The provisions of the Act do not materially differ from the above, except in the amount for which they are to be granted, which is not to exceed £20 per annum, (3 Will. IV., c. 14.)

The tables of the price of annuities which are issued at the National Debt Office, are calculated with reference to the interest paid by the 3 per cents., according to their value in the market. The mode of computation is somewhat intricate, the price of the 3 per cents. mentioned in the tables, is the mean price of consols and reduced 3 per cents., after deducting the interest accrued upon both stocks from the last dividend to the day of contracting for the annuity:-thus, if an annuity be purchased

upon the first of May in any year, the price of 3 per cent. consols being 90, and of reduced 3 per cents. 89; the following is the calculation in order to find the actual value of 3 per cent. stock on that day, by which the price of an annuity either for a fixed term, or on a life, according to the government tables is regulated. 3 per cent. consols

£90 0 De he's interest raceryed from 0 19

£89 0 9 3 per cent, reduced

£89 0 Deduct interest accrued from

0 4 3 the 5th of April

88 15 9

Per cent.

0

0

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By the above method the price of a government annuity may be easily determined within a trifling sum, by referring to the column in the tables, at the head of which the net price of 3 per cent. stock, thus computed

occurs.

If one of the 3 per cent. stocks be shut for the dividend, the calculation is made in the other, by merely deducting the accruing interest from the average price of such stock on the day of contract. If any stock bearing a higher rate of interest be tendered at the annuity office, it is converted into 3 per cents. by calculation, according to the average price of such stock on the day of tender. Payment may also be made for an annuity in money, in which case a charge of 2s. 6d. per cent. on the amount invested is made at the annuity office, in order to defray the expense of laying out the money in the government funds, in the names of the commissioners for the reduction of the national debt.

Deferred annuities are also granted at the national debt office, both for lives and years; but very few of this description have yet been taken. The amount outstanding on the 5th of January, 1837, was £4327 198., viz :

s. d. Deferred life annuities, per 10 Geo. IV.,

4222 19 0 c. 24, and 3 Will. IV., c. 14 Ditto annuities for terms of

years,

ditto 105 0 0

£.

£4327 19 0

The most celebrated tables of the expectation of life are those of Northampton and Carlisle, the former by Dr. Price, the latter by Mr. Milne ; by reference to the subsequent comparison of these tables, (No. 4) it will be seen that a considerable difference exists. In these observations no distinction was made between the sexes, as in the government life annuity tables at present in

Life annuities were formerly granted by government according to the Northampton scale, and it was not until the year 1829, that the inaccuracy of it was fully discovered ; the mean duration of life of the two sexes, according to the present government tables, approximates very nearly to the observations made at Carlisle, by Mr. Milne. Nos. 3 and 5 exhibit the price of the government annuities, according to the tables now in use.

use.

The following condensed statement of the variations in the price of the 3 per cents. is from Mr. Mc Culloch's Dictionary of Commerce. “ From 1730 till the rebellion of 1745, the 3 per cents. were never under 89, and were once in June, 1737, as high as 107. During the rebellion they sank to 76 ; but in 1749, rose again to 100. In the interval between the Peace of Paris, in 1763, and the breaking out of the American war, they averaged from 80 to 90; but towards the close of the war they sank to 54. In 1792, they were at one time as high as 96. In 1797 the prospects of the country, owing to the successes of the French, the mutiny in the fleet, and other adverse circumstances, were by no means favourable; and in consequence, the price of 3 per cents. sank on the 20th of September, on the intelligence transpiring of an attempt to negociate with the French republic having failed, to 473, being the lowest price to which they have ever fallen."

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211

Per cent £. 8. d. 160 0 0 160 6 8 160 13 4 161 0 0 161 6 8 161 13 4 162 0 0 162 6 8 162 13 4 163 0 0 163 6 8 163 13

4 164 0 0 164 6 8 164 13 4 165 0 0 165 6 8 165 13

4 166 0 0 166 6 8 166 13 4 167 0 0 167 6 8 167 13 4 168 0 0 168 6 8 168 13 4 169 0 0 169 6 8 169 13 170 0 0 170 6 8 170 13 4 171 0 0 171 6 8 171 13 4 172 0 0 172 6 8 172 13 4 173 0 0 173 6 8 173 13 4 174 0 0 174 6 8 174 13 4 175 0 0 175 6 8 175 13 4 176 0 0 176 6 8 176 13 4

Per cent. £. 8.

d 210 0 0 210 8 9 210 17 6

A Table showing the relative value of the British Funds,

including Bank Stock and India Stock.

3 per Cent. 3per Cent. 5 per cent. 8 per Cent. 10) per Cent.

Interest

per Cent.

£.

Per cent. £. 8. d. 60 0 0 60 2 6 60 5 0 60 7 6 60 10 0 60 12 6 60 15 0 60 17 6 61 0 0 61 2 6 61 0 61 7 6 61 10 0 61 12 6 61 15 0 61 17 6 62 0 0 62 26 62 5 0 62 7 6 62 10 0 62 12 6 62 16 0 62 17 6 63 0 0 63 2 6 63 5 0 63 7 6 63 10 0 63 12 6 63 15 0 63 17 6 64 0 0 64 2 6 64 5 0 64 7 6 64 10 0 64 12 6 84 15 0 64 17 6 65 0 0 65 26 65 5 0 65 7 6 65 10 0 65 12 6 65 15 0 65 17 6 66 0 0 66 2 6 66 5 0 66 7 6 66 10 0 66 12 6

Per cent. £. 8. d. 70 00 70 2 11 70 5 10 70 8 9 70 11 8 70 14 7 70 17 6 71 0 5 71 3 4 71 6 3 71 9 2 71 12 1 71 15 0 71 17 11 72 0 10 72 3 9 72

6 8 72 9 7 72 12 6 72 15 5 72 18

4 73 1

3 73 4 2 73 7 1 73 10 0 73 12 11 73 15 10 73 18 9 74 1 8 74 4 7 74 7 6 74 10 5 74 13 4 74 16 3 74 19 2 75 2 1 75 5 0 75 7 11 75 10 10 75 13 9 75 16 8 75 197 76 2 6 76 5 5 76 8 4 76 11 3 76 14 2 76 17 1 77 0 0 77 2 11 77 5 10 77 8 9 77 11 8 77 14 7

Per cent.

8. d. 100 0 0 100 4 2 100 8 4 100 12 6 100 16 8 101 0 10 101 5 0 101 9 2 101 13 4 101 17 6 102 1 8 102 5 10 102 10 0 102 14 2 102 18 4 103 2 6 103 6 8 103 10 10 103 15 0 103 19 2 104 3

4 104 7 6 104 11 8 104 15 10 105 0 0 105 4 2 105 8 4 105 126 105 16 8 106 0 10 106 5 0 106 9 2 106 13 4 106 17 6 107 1 8 107 5 10 107 10

0 107 14 2 107 18 4 108 26 108 6 8 108 10 10 108 15 0 108 19 2 109 3 4 109 7 6 109 11 8 109 15 10 110 0 0 110 4 2 110 8 4 110 12 6 110 16 8 111 0 10

0 0 177 6 8 177 13 4

6 3
211 15 0
212 39
212 12 6
213 1 3
213 10 0
213 18 9
214 7 6
214 16 3
215 5 0
215 13 9
216 2 6
216 11 3
217 0 0
217 8 9
217 17 6
218 6 3
218 15 0
219 3 9
219 12 6
220 1 3
220 10 0
220 18 9
221 7 6
221 16 3
222 5 0
222 13 9
223 26
223 11 3
224 0 0
224 8 9
224 17 6
225 6 3
225 15 0
226 3 9
226 12 6
227 1 3
227 10 0
227 18 9
228 7 6
228 16 3
229 5 0
229 13 9
230 2 6
230 11 3
231 0 0
231 8 9
231 17 6
232 6 3
232 15 0
233 3 9

£. 8. d.
5 0 0
4 19 9
4 19 7
4 19 4
4 192
4 18 11
4 18 9
4 18 6
4 18 4
4 18 2
4 17 11
4 17 9
4 17 6
4 17 4
4 17 2
4 16 11
4 16 9
4 16 7
4 16 4
4 16 2
4 16 0
4 15 9
4 15 7
4 15 5
4 15 2
4 15 0
4 14 10
4 14 7
4 14 5
4 14 3
4 14 1
4 13 11
4 13 9
4 13 7
4 13 4
4 13 2
4 13 0
4 12 10
4 12 7
4 125
4 12 3
4 12 1
4 11 11
4 11 9
4 11 7
4 11 5
4 11 3
4 11 0
4 10 10
4 10 8
4 10 6
4 10 4
4 10 2
4 10 0

177

Table of the relative value of the Funds continued.

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78

79

186

Per cent. £. 8. d. 77 17 6 78 0 5

3 4 78 6 3 78 9 2 78 12 1 78 15 0 78 17 11 79 0 10

Per cent. £. 8. d. 178 0 0 178 6 8 178 13 4 179 0 0 179 6 8 179 13 4 180 0 0 180 6 8 180 13 4 181 0 0 181 6 8 181 13 182 0 0 182 6 8 182 13 4 183 0 0 183 6 8 183 13 4 184 0 0 184 6 8 184 13 4 185 0 0 185 6 8 185 13 4

3 per Cent. 3 per Cent. 5 per cent. 8 per Cent. 10) per Cent.

Per cent. £. 8. d. 66 15 0 66 17 6 67 0 0 67 2 6 67 5 0 67 7 6 67 10 0 67 12 6 07 15 0 67 17 6 68 0 0 68 2 6 68 5 0 68 7 6 68 10 0 68 12 6 68 15 0 68 17 6 69 0 0 69 2 6 69 5 0 69 7 6 69 10 0 69 12 6 69 15 0 69 17 6 70 0 0 70 26 70 5 0 70 7 6 70 10 0 70 12 6 70 15 0 70 17 6 71 0 0 71 2 6 71 5 0 71 7 6 71 10 0 71 126 71 15 0 71 17 6 72 0 0 72 2 6 72 5 0 72 7 6 72 10 0 72 12 6 72 15 0 72 17 6 73 0 0 73 2 6 73 5 0 73 7

3 9
79 6 8
79 9 7
79 12 6
79 15 5
79 18 4
80 1 3
80 4 2
80 7 1
80 10 0
80 12 11
80 15 10
80 18 9
81 1 8
81 4 7
81 7 6
81 10 5
81 13 4
81 16 3
81 19 2
82 2 1
82 5 0
82 7 11
82 10 10
82 13 9
82 16 8
82 19 7
83 2 6
83 5 5
83 8 4
83 11 3
83 14 2
83 17 1
84 0 0
84 2 11
84 5 10
84 8 9
84 11 8
84 14 7
84 17 6
85 0
85 3 4
85 6 3
85 9 2
85 12 1

Per cent.

8. d. 111 5 0 111 9 2 111 13 4 111 17 6 112 1 8 112 5 10 112 10 0 112 14 2 112 18 4 113 26 113 6 8 113 10 10 113 15 0 113 19 2 114 3 4 114 7 6 114 11 8 114 15 10 115 0

0 115 4 2 115 8 4 115 126 115 16 8 116 0 10 116 5 0 116 92 116 13 4 116 17 6 117 1 8 117 5 10 117 10 0 117 14 2 117 18

4 118 2

6 118 6 8 118 10 10 118 15 0 118 19 2 119 3 4 119 7 6 119 11

8 119 15 10 120 0 0 120 4 2 120 8 4 120 12 6 120 16 8 121 0 10 121 5 0 121 9 2 121 13 4 121 17 6 122 1 8 122 5 10

0 0 186

6 8
186 13 4
187 0 0
187 6 8
187 13 4
188 0 0
188 6 8
188 13 4
189 0

0
189 6 8
189 13 4
190 0 0
190 6 8
190 13
191 0 0
191 6 8
191 13 4
192 0 0
192 6 8
192 13 4
193 0 0
193 6 8
193 13 4
194 0 0
194 6 8
194 13 4
195 0 0
195 6 8
195 13 4

Per cent.
£. 8. d.
233 12 6
234 1 3
234 10 0
234 18 9
235 7 6
235 16 3
236 5 0
236 13 9
237

2 6 237 11 3 238 0 0 238 8 9 238 17 6 239 6 3 239 15 0 240 39 240 12 6 241 1 3 241 10 0 241 18 9 242 7 6 242 16 3 243 5 0 243 13 9 244 2 6 244 11 3 245 0 0 245 8 9 245 17 6 246 6 3 2-16 15 0 247 3 9 247 12 6 248 1 3 248 10 0 248 18 9 249 7 6 249 16 3 250 5 0 250 13 9 251

2 6 251 11 3 252 0 0 252 8 9 252 17 6 253 6 3 253 15 0 254 3 9 254 12 6 255 1 3 255 10

0 255 18 9 256 7 6 256 16 3

£. s. d. 4 9 10 4 98 4 9 6 4 94 4 9 2 4 9 0 4 8 10 4 8 8 4 8 6 4 8 4 4 8 2

8 0 4 7 10 4 7 9 4 7 7 4 7 5 4 7 2 4 7 1 4 6 11 4 6 9 4 6 7 4 6 5 4 6 3 4 6 2 4 6 0 4 5 10 4 5 8 4 5 6 4 5 4 4 5 3 4 1 4 4 11 4 4

9 4 4 7 4 4 6 4 4 4 4 4 2 4 4 0 4 3 10 4 3 9 4 3 7 4 3 5 4 3 4 4 3 2 4 3 0 4 2 10 4 2 9 4 2 7 4 2 5 4 2 3 4 2 2

2 0 4 1 10

9

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