FIRST TRIAL CONCERNING LIFE ASSURANCE.--THE MERCERS’--ITS ESTABLISHMENT AND SYSTEM.--THE SUN--JOHN POVEY, ITS PROJECTOR--HIS CHARACTER.--WAGERS ON THE LIFE OF KING WILLIAM.--NEW ASSURANCES.--THE AMICABLE--THE MODE IN WHICH IT WAS ESTABLISHED.--NEW ANNUITY SOCIETIES--ANECDOTES CONCERNING THEM--CLOSE OF THEIR CAREER. It may be judged that life assurance was in operation by the latter end of the seventeenth century, as a policy was made on the life of Sir Robert Howard, for one year, from the 3rd of September, 1697. On the same day in the following year Sir Robert died, and the merchant refused to pay, on the ground that the policy had expired. Lord Holt, however, ruled, that “‘from the day of the date’ excluded the day itself, and that the underwriter was liable.” This appears the first assurance on a life of which there is positive legal record. Reference is usually made to the Amicable Society as the earliest institution for the assurance of lives; but the Mercers’ Company, in 1698, commenced a scheme for granting life annuities to the nominees of the assurers, in place of paying down a fixed sum. This was undertaken at the instigation of Dr. Asheton, and its failure is a proof that the duration of human life was very little known, or that sufficient care had not been taken by the Mercers’ Company to enable them to be annuity-mongers with half the success of Audley the usurer, or Lopez the Jew. They formed something like a scale, but it was incomplete. Married men, under 30, were allowed to subscribe but 100_l._; under 40, they might not subscribe more than 500_l._; under 60, they were limited to 300_l._ When this was commenced, it was considered a very notable plan. It was thought that it would prove a good business speculation, and, on considerable sums being subscribed, “the Corporation rejoiced greatly.” It was soon discovered, however, that the undertaking was founded on a mistake; so the first breach of faith was in lowering the annuity. This proved insufficient, and the company became unable to meet their engagements. They had fixed the payments to their annuitants at the rate of 30 per cent., and now they saw their funds almost annihilated by the error. At last they stopped payment altogether; but the distress was so acute, that, recollecting one or two forced loans they had made to the monarchs of England in the troublous times of old, they petitioned parliament, in 1747, for assistance. Their tale was a pitiable one: “At Michaelmas, 1745, they found themselves indebted to the said charities, and their other creditors, 100,000_l._; they were liable for present annuities to the extent of 7620_l._; for annuities in expectancy, 1000_l._ a year more: the whole of their income being 4100_l._” The desired assistance was granted, and it need not be added that the company is now one of the most flourishing in London.