The Royal Exchange : $b a note on the occasion of the bicentenary of the Royal Exchange AssuranceMason, A. E. W. (Alfred Edward Woodley)
History
The Royal Exchange : $b a note on the occasion of the bicentenary of the Royal Exchange Assurance
Mason, A. E. W. (Alfred Edward Woodley)
Royal Exchange (London, England) -- History; Royal Exchange Assurance (Firm) -- History
The Reflections contained many surprising odds and ends of calculation.
John Graunt computed that seven men out of every hundred in England
live to the age of seventy; that only three women out of two hundred
died in childbed and only one in labour; and that out of one hundred
people, only one will be left alive at the age of 76 and none at the
age of 80. He deduced from his calculations that the world was not
more than 100,000 years old, and he drew, probably for the first time,
that distinction in land values which has made, and continues to
make, so loud a stir in our generation. For, in putting questions as
to the amount of hay an acre that a meadow might bear, or the number
of cattle which it might feed, he adds “of which particulars I quote
the intrinsic value, for there is another value, merely accidental or
extrinsic, consisting of the causes why a parcel of land lying for a
good market may be worth double another parcel, though but of the same
intrinsic goodness; which answers the question why lands in the North
of England are worth but sixteen years’ purchase and those of the West
above twenty-eight.” He aimed at classifying the vocations of men,
with a word, by the way, against Doctors, who persuade “credulous and
delicate people that their bodies are out of tune.” He thus raised a
number of interesting problems for the speculation of thinking men, and
there is little doubt that to the influence of his book was due a vital
amendment in the Bills of Mortality. In 1728, the ages of the dead were
included as well as the ailments from which they had died.
The second of the three men was Sir William Petty, a man of a very
different stamp. He was a speculator; he had a great love of money and
a great love of land. He probably had a sense of humour, for, when
challenged to fight a duel and having the privilege of choosing the
place and the weapons, he selected a dark cellar and a carpenter’s axe.
He certainly had the ambition to found a great family and leave to it a
great inheritance, and in this he succeeded. He was the son of a Romsey
tailor, and he left the house of Lansdowne.
Petty wrote “An Essay on Arithmetic concerning the Growth of the
City of London, with the Measures, Periods, Causes and Consequences
thereof.” Petty estimated that in 1682 the population of London was
670,000, it having doubled itself within the preceding forty years. He
was at a loss, however, to account for the increase. He could, he said,
pick up some remarkable accident and declare it to be the cause, “as
vulgar people make the cause of every man’s sickness to be, what he did
last eat.” But Petty was not content with such a device, and preferred
to attribute the swelling numbers to some natural and spontaneous
advantage that men find by living in great societies.
Public-domain text, read in full here on John Shaqi.
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