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On the History and Tendency of Past Legislation with reference to Friendly Societies
Published online by Cambridge University Press: 18 August 2016
Extract
In 1793 the first Act “for the encouragement of Friendly Societies” was passed, and its preamble gave as the reason for passing it, that the encouragement of such societies was likely to be attended with very beneficial results, “by promoting the happiness of individuals, and at the same time diminishing the public burdens”. The encouragement given by the State consisted of exemptions from fees and stamps, facilities in recovering debts and settling disputes, and exemption of members from removal under the Poor Law until they became actually chargeable to the parish. The next Act of any consequence was that of 1819. Another Act had become needed. Since the passing of the former Act the population had increast from 9,000,000 to 11,500,000, but the amount annually expended in poor-law relief had risen to more than £7,500,000—within half a million of the amount annually expended now with nearly a doubled population. In other words, while since 1750 the population had increast by one half, the amount of poor-law relief had increast tenfold, or twenty times as fast as population.
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- Copyright © Institute and Faculty of Actuaries 1875
References
page 47 note * 59 Geo. iii, cap. 128.
page 52 note * Very useful and simple clubs for this restricted object may be constructed on the principle of co-operative insurance, either with the same payment for all members who enter under a certain age, or with graduated payments. And such a club may be so constituted as to divide its surplus between its members at the end of every year, keeping a very small sum in hand to equalize the averages of good and bad years. It never could be insolvent for more than a month or two at most, because each fresh year would start with a clean balance-sheet; and if from special circumstances 4d. instead of 3d. was needed, the payment could easily be raised for a while to meet emergencies, or lowered if found to be more than was needed.