Page images

columns of births and deaths, which had not been done previously, but was in consequence of this commenced with the year 1745, and has been continued ever since.

The work became scarce at a very early date. M. De Saint-Cyran, in his work pub. in 1779, speaks of it as then rare.

Halley first called attention to the vie probable, or age to which it is probable, or (in Halley's words) to which it is an even wager, that a person will live; but it appears to have been Déparcieux who first adverted to and defined Vie moyenne. We may remark (says McCulloch) that our term “expectation of life” corresponds precisely with the Vie moyenne of Déparcieux, and not, as might at first sight be supposed, with Vie probable.

Déparcieux, in add. to his works enumerated, pub. no less than 16 memoirs among those of the Paris Academy, between the years 1735 and 1768.

He died in 1768, aged 65. DEPARCIEUX'S (FRENCH) MORTALITY TABLE.—This T. was drawn from two sources.

1. From the list of nominees in two French tontines set on foot in 1689 and 1696, supplemented in a very small degree with the short experience of a third tontine, created in 1734. 2. From lists of certain religious persons of either sex belonging to various monasteries and convents of Paris in the early part of the last century. The experience of each of these classes of persons was sufficiently extensive to supply a trustworthy law of mort. The T. was framed in 1742, and pub. in 1746, Essai sur les Probabilités de la Durée de la Vie Humaine, spoken of more in detail in the preceding art. TABLE OF MORT. AND EXPECTATION OF MEMBERS OF FRENCH TONTINES. —

Déparcieux, 1746.


Living. Dying. Expectation. Age.

Living. Dying. Expectation.

3 4


[blocks in formation]


30 22 18 15 13 12 IO 8



51 52 53 54 55

[ocr errors]


538 526


47.67 48.08 48.25 48-17 47'00 47-67 47:33 46.83 46'25 45.67 44'92 44'17 43:50 42.83 42:17 4150 40:83 40-25 39:58 39.00

[blocks in formation]

17.83 17.25 16:67 16:00 15:42 14.83 14'25 1367 13.00 12:42 11.83 11'25 10-67

61 62 63 64 65 66

848 842 835 828 821 814 806 798 790 782 774 766


9 10 II II II I 2 I2 12 13 13 13 13 13 14 14 14 15 16 17 18 19 19 20 20 20 20 19 19 19 18 18 17 16 14 12 II IO


9 IO II 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45

8.67 8:17

514 502 489 476 463 450 437 423 409 395 380 364 347 329 310 291 271 251 231 211 192 173 154 136 118 IOI 85 71 59

37 675 37:17 36.58 35 92 35:33 34:67


69 70 71 72 73 74 75 76 77


7.75 733 6.92 6.50 6.08 5.75 5:33 5'00 4.67 4'42


750 742 734 726 718 710 702 694 686 678 671 664 657 650 643 636 629 622 615 607 599

8 8 7 7 7 7 7 7 7 7

33:42 32-83 32'17 3150 30'92 30-25 29:58 2892 28:17 27.50 26.75 26.08 25.33 24:58 23.92 23:17

[blocks in formation]

I 25
I '00
Ο Όο


90 91 92 93 94




[merged small][ocr errors]




For the purpose of constructing the T., the nominees in the tontine of Nov. 1689 were divided into 14 classes in the 14 equal intervals of age between birth and 70 years. Those of the tontine of Feb. 1696 were distributed into 15 classes, the last comprehending persons between 70 and 75 years when nominated. M. Déparcieux obtained the number of nominees in each class at the time of its being completed; and from the lists that were pub. ann., wherein the day of the decease of each nominee was given, he constructed his 6th and 7th T., which show the ann. mort. which took place in each class until the commencement of the year 1742, when his obs. terminated. He also made use of such data as the tontine of 1734 could furnish.

It was from this data that he constructed the preceding T. (see page 262). [Wegive the fractions in the expec. col. as given by Milne,

-we observe some variations in different issues of the T. in this respect.]

It will be observed that this T. gives an expec. greater than the Northamplon T. at all except the extreme ages. On the other hand, it is below the Carlisle T. at all ages, and the same in respect to Finlaison's Government T. It corresponds very nearly with the Equitable Experience T., and at ages above 20 with the Experience T. No. 1; but it is at all the ages over 10 above the English Life T. It will be understood that the T. affords no guide to the rate of mort. in France generally.

This T. was given in the 3rd ed. of De Moivre's Doctrine of Chances, 1756; also in Ferguson's Tables and Tracts, etc., 1771; and by De Flourencourt in his work on Political Economy, 1781.

Milne, after a critical examination of the mode of construction employed by Déparcieux, arrived at the conclusion that the rate of mort. shown for young lives must be less, for old lives greater, than the truth; "and at some intermediate age, where the opposite errors in the method bal. each other, it will be right.” He continues :

The expec. of life at the old ages according to this T. must therefore be too low, and those for the young sometimes too high, but not so much : because the reduced expec. for the old lives tend to correct the error in the expec. for the young ones arising from the cause first mentioned.

The expec. of life in old age according to this T. has also been reduced, as M. Déparcieux has himself observed, by his fixing the limit of life at 95, although some of the nominees died at all ages between that and 100, and 2 in their hundredth year. No doubt more would have died at these advanced ages, and prob. some beyond 100, if the obs. had been continued longer: for when they terminated, only 5 of the oldest classes out of the 15 had become extinct, and none of the youngest class had arrived at the age of 60.

Whatever has been advanced here regarding the expec. of lives applies equally to the values of annu. depending upon them.

To determine the law of mort. among the Benedictine monks of St. Maur, Déparcieux took the ages at which all entered that congregation between 1607 and 1669, and the ages at which all of these died,—the last of them having expired in 1745. For all the other monks, and for the nuns, he procured from the different religious houses the ages at which all died in them from 1685 till the middle of 1745.

From these documents he constructed his T. for the monastic orders in the same manner as that for the nominees in the tontines. The following T. (see page 264) gives in a compact form the results of his investigations into these several classes.

Mr. Milne considers that the objections which he applied to the Tontine Life T. do not apply to this T. “in any material degree": for all the monks in the registers to which Déparcieux had access took the vow between 16 and 25, and most of them at about 20 years of age. He continues :

As M. Déparcieux ascertained the ann. mort. at all ages among the Benedictine monks of St. Maur in his regis. from their first entrance into the order until their entire extinction; and the numbers of the living in the other sos. of the monks, as well as that of the nuns, continued stationary, or nearly so; his determination of the laws of mort. that obtained in the monasteries appears to be more satisfactory than that which he has assigned for the nominees in the French tontines. None of the monks in his regis. attained to 96 years of age, nor any of the nuns to 99.

M. Déparcieux was of opinion that these religious persons were at first better chosen lives than the annuitants, but that after 45 or 50 years of age, the peculiar disadvantages of their situation began to operate sensibly upon their vitality, and impaired it considerably towards the close of life. He has, says Milne, assigned reasons for this opinion, “which appear to me to justify it."

The total lives under obs. in the production of these T. was 9260, with 7933 deaths. The mean number of lives obs. upon being 5293. The results of these T. were afterwards verified by Mr. John Finlaison, by comparison with the mortuary regis. of several other religious houses in France, for both sexes. (See 1825.)

It was by means of the T. last given that the superior longevity of females was first demonstrated. [FEMALE LIFE.]

We now propose to pass in review some of the criticisms which have been bestowed on Déparcieux and his T. by later writers. It is usual to speak of Déparcieux's “ Table" : but this arises from his having included all the six branches of his inquiry in parallel cols. in one T., while he gave the expec. for the same divisions in a separate T. We consider the arrangement we have here adopted as more convenient.

Dr. Price, in the 4th ed. of Reversionary Payments, 1783, gives an abstract of Déparcieux's T. He says :

Tables of mort. for such lives (annuitants) have been pub. by M. Déparcieux in France from lists of

[ocr errors]
[ocr errors]

20 814 21

808 22 802 23 796 24 790 6 25 784 5

3467 26 779 27 774 28 768 29 762 30 756 7

30°83 31 749 7 32 742 8 33 734

8 34 726 8 35


27'42 36

710 8 37 702 9 38 693 9 39 684

9 40675

9 24'00 41 666

9 42 657

9 43648

9 44 639

IO 45 629

Ιο 20*58 46

619 IO 47 609 II 48 598 II 49587

I2 50 575 13

1725 51 562 14 52 548

15 53

533 15 34 518

15 55 503

15 14'33 56 488 16 57 472 16 58 456

16 59 440 17 60 423

17 1167 61

18 62

388 18 63 370 18 64 352

19 65 333 19

9'00 66

314 19 67 295 19

20 69 256 20 70 236 21 71 215 21 72 194 21 73 173 20 74 153 19 75 134 18 5'00 76 116 17 77 99

16 78

83 15 79 68

80 55 3267
81 44 9

27 7
20 5
15 4 2067
II 3

5 2

3 I
90 2
91 2 I

o o

[ocr errors]
[ocr errors]
[ocr errors]
[ocr errors]
[ocr errors]
[ocr errors]
[ocr errors]
[ocr errors]
[ocr errors]

the French tontines, and by M. Kersseboom, in Holland, from some regis. of Dutch annuitants. That nothing on this subject may be wanting which I am able to furnish, I have here inserted these T. with the add. of the expec. of life for every fifth year, according to each of them. (See 1843.)

The Baron Maseres, in his Principles of the Doctrine of Life Annu., 1783, after setting forth the differences between Kersseboom's T. of Dutch Annuitants and Déparcieux's T., continues :

But which of them upon the whole deserves to be considered as the more exact I will not pretend to determine. Only thus much I will venture to observe concerning them : That as the soil and temperature of the air in England bear a greater resemblance, as I conceive, to the soil and temperature of the air in the northern parts of France than to those of Holland, which is so full of moist vapours arising from the waters amongst which it is situated; and the Dutch are in general reckoned to be shorter lived than either the French or the English; it seems reasonable to suppose that Mr. Déparcieux's T., which is formed from obs. made in France, is more likely to afford a just measure of the duration of the lives of Englishmen in the like situation and circumstances of lifethat is, proprietors of Gov. L. annu.-than the T. of Mr. Kersseboom, which is formed from the like obs. made in Holland. And therefore I conceive that, with respect to the valuation of annu. on the lives of persons living in England, and more especially of annu. to be granted at any time by the Gov., Mr. Déparcieux's T. deserves to be preferred to the other. And accordingly I shall have recourse to it, in the ensuing pages, for the solution of the few questions or examples, upon this subject, which I shall have occasion to consider.

He indeed went much further than here indicated, for he calculated and pub. in the work from which we quote an extensive series of joint life annu. values, based upon Déparcieux's T.

Mr. Francis Baily, very early in his Doctrine of Annuities, etc., pub. in 1813, referred to Déparcieux's T. as affording " proper grounds for calculating the value of annu.," adding his reasons :

For it appears from the obs. of M. Déparcieux, that the chance of living amongst a set of Gov. annuitants is in almost every period of their existence much greater than amongst an equal number of indifferent persons living in the most healthy part of the globe, and which consequently shows that the Northampton T. are a very inaccurate index of the rate of mort. amongst a set of persons who pur. chase annu, on their own lives.

Mr. Milne, in the Intro. to his Treatise on Annuities, etc., 1815, says: The work of M. Déparcieux, from which his T. have been taken, has long been scarce, and I have given them both for that reason, and because they are among the most curious and correct, and of the best authority, that have yet been pub.

Déparcieux's work contained T. of annu. values at 12 different rates of int. from 2 to 10 p.c., but those for joint lives only at 372 and 4%2 p.c. ; and the combinations they include are only those of ages that are equal, or that differ by 5 or 10 years, and the multiples of 10. Mr. Milne says [art. “Annu.” in Ency. Brit.] :

There is reason to believe that the values in these T. at all ages under 75 or 80 years are nearer the truth for the average of England than any others extant; but certainly for the average of lives on which annu. and rev. depend. After that period of life, however, they are too small; and in most cases it is difficult to derive the values of joint-lives from them with sufficient accuracy, on account of the contracted scale they have been calculated upon.

He adds : For nearly 70 years after its pub. M. Déparcieux's T. was the only one from which the values of L. int. and rev. depending upon lives could be determined with considerable accuracy. But the comparatively high values of annu., according to that T., were always supposed to arise from the careful selection of the lives; notwithstanding that they were nearly all inhabitants of Paris and its environs.

At that time (1689-96) the Parisians were much worse lives than during the last 50 years, and a judicious selection was much less likely to be made then than now.

The data upon which M. Déparcieux's T. was founded being pub., Mr. John Finlaison reconstructed a T. from the same, upon a more extended scale than the original, and he found that the duration of life at that time in France was nearly as good as it was in England a century later amongst people of the same class, and vastly superior to that in England at the same date. He stated to the Parl. Committee on F. Sos., 1825 : “No authentic T. have ever since been pub. in France upon any data that could be relied upon : that will show the state of human existence in that country at the present day.'

Mr. Finlaison, in his Rep. upon the Mort. of the English Gov. Annuitants, laid before Parl. in 1829, said :

No observations, other than those of mine, have as yet, to my knowledge, ever been pub., the foundation of which rests on the same or similar indispensable materials, always excepting those of Mr. W. Kersseboom on the life annuitants in Holland, executed in 1742, and those of M. Déparcieux, first on the nominees of two tontines in France, from 1695 to 17.40, and secondly, on very great numbers of monks and nuns in France, who died in the century preceding-both pub. in 1746. The obs. of those two eminent men have been de novo subjected to calculation by me in every case, and to the extent that the elementary materials which they respectively furnish would afford; but, as will more fully appear at some future opportunity, neither the materials of the one nor the other are or ever were capable of showing with certainty the rate of mort. to which the classes of persons so observed upon were subject, unless that rate had no variation in the course of a century, a point which cannot be taken for granted. Again :

M. Déparcieux had not the advantage of personal access to the original record of the two tontines on which he has made his obs., but only compiled his facts from the file (not quite complete) of the flying sheets, which, for the information of shareholders, are in all tontines periodically distributed to announce the death of nominees.

I find on computing an obs. on the two tontines separately, which commenced within two or three years of each other, that the rate of mort. in the second, reckoning from the age of 40 and upwards, was decidedly and unaccountably less than in the first; and that to such a degree as to make a difference generally of more than a whole year in the mean duration of life at

every age, and at some ages twice as much.

In the 5th Rep. of Reg.-Gen., pub 1843, it is stated (p. 17) that the Northampton T. “ought not to have been pub. after the appearance of the admirable Essay and T. of Déparcieux in 1746.” We have seen how Dr. Price treated the matter, under date 1783 in this art.

Mr. A. G. Finlaison, in his Rep. and Obs. on the Mort. of Gov. Annuitants, 1860, followed up the subject :

The French tontine nominees of 1689 and 1696 would seem to offer a complete parallel to those of the English tontine of 1789, a century later. But there is the unfortunate circumstance that the sexes are not distinguished in Déparcieux's obs. of the tontine; and it is impossible to tell in what relative proportions they were present in the tontine lists. The experience--notwithstanding the omission of the distinctions of sex--was afterwards worked up into extensive joint-life annuity I. by the late Baron Maseres.

Again : With regard to the religious persons : Déparcieux fortunately computed the law of mort. for each sex. ... Reasoning from general circumstances, it might perhaps be thought that the untroubled conventional life of persons living in France 130 years ago, would present a noi unapt case for comparison with the life annuitant of the present day. The result of any such comparison, however, will tend to show that the vitality of the monks and nuns was much inferior to the vitality not only of the life annuitant of the present day, but also to that of the French tontine annuitant of Déparcieux's time. . . . As the mean duration of life among the nuns, although superior to that of the nks, is nevertheless inferior to the expec. of life possessed by the tontine nominees, among whom were included a vast proportion of males, it is only reasonable to suppose that the rule of conventional life

largely influenced the result. (MORTALITY 'Íables.] DEPARTURE OF SHIP.— The time of sailing, in most voyages, is so material that in many

pol. there is a warranty to sail on or before a given day. Independently of the effect which a difference of seasons may have upon the risk, and of the necessity there is that the voyage shall end in a reasonable time, it is of great importance to the insurer, where the pol. is “at and from” a place, that there be a day fixed for the ship's departure, in order that duration of the risk at the place may be ascertained. This, like every other warranty, must be understood according to the commercial import of it, and must be strictly performed.-Marshall, 5th ed., 1865.

The question of departure presents itself in several other forms.

The Ins. Ordin. of France, 1681, says: “If the voyage be entirely broken before the departure of the ship by the act of the insured, the ins. shall be annulled, and the insurers return the prem., reserving an halfp.c.” Valin, in his famous Commentaryupon this Ordin., says:

Here is an advantage which the insured has over the insurer: as soon as the pol. is signed, the insurer cannot go back from it and disengage himself without the consent of the insured; in reality neither can the insured desist from the ins. against the will of the insurer; but what he hath not the power of doing directly, he may do indirectly, either in breaking up the voyage before the departure of the ship, or not putting any goods on board. If, however, the goods be shipped, and the ship got under sail, the insured is then as firmly bound as the insurer.

The Ordin. of Rotterdam, 1721, says:

Ships and goods alrcady departed may be assured, provided that circumstance and the time of the departure be mentioned in the pol.; unless the insured be ignorant thereof: in which case, however, it must be expressed in the pol, that the insured had no knowledge thereof. And the assurers shall also be permitted to prove that the assured had knowledge thereof. Which this appearing, the assured shall not only have no action against the assurer, but shall besides be liable to pay him double prem. over and above the charges of procuring the proofs. And notwithstanding this the officer shall have power to proceed against the assured as a deceiver.

The Ordin of Stockholm, 1750, says: If a ship or goods be delayed in the loading beyond the time mentioned in the pol., so that it does not depart till a later season of the year, when the dangers of the sea are greater, the insured is of this to inform the insurer, who, as he runs a greater hazard, is entitled to such an add to the first prem. as

was current at the time of the ship's departure. DEPONENT (from the Latin depono, to pay down).- A person who makes an affidavit; a

witness ; one who gives his testimony in a Court of Justice. DEPORTATION.- Transportation ; exile into a remote part of the kingdom, with prohibition

to change the place of residence; exile, an abjuration, which is a deportation for ever

into a foreign land, was anciently with us a civil death. — Ayliffe. DEPOSIT.-Money lodged with a person or asso. as an earnest or security for the perform.

ance of some contract. DEPOSIT ACCOUNT.-A sum lodged with a bank, or other monetary asso., with fixed

specified terms as to rate of int. and notice required for withdrawal of whole or part of the

deposit. DEPOSIT Assu. Co.-An asso. under this title was founded in Aberdeen in 1846. It

appears never to have got into working order. DEPOSIT Assu. AND DISCOUNT BANK.-A co. under this title was regis. in 1855. It

afterwards became the Life Assu. Treasury, under which title we shall deal with its hist. DEPOSIT AND GENERAL LIFE INS. Co.-Founded in 1852, with an authorized cap. of

£100,000, in shares of £5, of which but a comparatively small amount was at first bona fide subs. The regis. showed a subs. of £75,000. The prosp. said :

The fact of the enormous accumulations of the savings of the industrial classes of the community in benefit sos., savings banks, and other modes, has induced the promoters of this Co. to consider whether some of such savings could not be better invested in the way of L. assu. The result of that consideration has been the estab., under the auspices of a most eminent Act., of the Deposit and Gen.,

« PreviousContinue »