1108 LIFE ASSURANCE OFFICES. 
of the profits should take place without such previous investigation ; 
and the third, that the present value of the additions never exceed two- 
thirds of the clear surplus stock of the society. In 1810, after the 
decennial investigation, an addition of 2% per cent was made to the 
claims, which was also extended to every payment made between 1810 
and 1820 by members whose assurances were dated prior to the 1st of 
January, 1810, and to all payments after the sixth made on assurances 
of a later date; but such prospective additions to cease in all cases on 
the 1st of January, 1820. In consequence of the great increase of 
members, some alarm began to be felt, lest they should by the strength 
of their numbers absorb the greater part of a surplus to which they had 
never contributed. This fear led to a most important bye-law in 1815, 
limiting the number of future participators of the surplus at one and 
the same time to 5000, whenever the present members shall be reduced 
to that number. In consequence of this law the Equitable holds out 
but very poor inducement to persons about to effect new insurances, who 
are desirous of participating in the profits of the society with which they 
may assure, as they not only have to wait many years before coming 
within the specified number of 5000, but are subject to the additional 
disadvantage of having the bonus per annum computed not from the 
original date of the policy, but from the date of being admitted within 
the first 5000. In 1820 the surplus exceeded £3,200,000, two-thirds 
of which was appropriated for the benefit of those members who were 
assured prior to 1814, by adding £2 10 per cent for every payment 
made before the 1st of January, 1820, and the like sum to those assured 
between 1814 and 1817, when they should respectively complete their 
sixth payment. To all assurances of an earlier date than 1771, the 
additions now amounted to more than £400, and to all assurances of 
a later date by 20 years, they exceeded £150 per cent. In 1826 a 
resolution was passed for paying the present value of the additions to 
the claims to those members who should choose to surrender them. 
At the decennial meeting in 1830 for making additions, a bonus of 
3 per cent was declared on each payment that had been made, and in 
1840 a farther bonus of 2% per cent was declared on each payment. 
The effect of the various additions is shown in the following table :—