Chambers's Journal of Popular Literature, Science, and Art, Fifth Series, No. 17, Vol. I, April 26, 1884

No. 17.—Vol. I.
Price 1½ d.
SATURDAY, APRIL 26, 1884.
The numerous aids which the government have from time to time afforded through the agency of the Post-office for the encouragement of thrift and providence amongst the poorer classes have generally been attended with so much success, that it is surprising to hear of even one exception in regard to such efforts. There is no doubt, however, as was pointed out two years ago in this Journal , that the existing scheme of Post-office Life-assurance and Annuities, which has been in operation since 1865, has sadly hung fire, and but little advantage has been taken of the system, as may be inferred from the fact, that although it has been established almost twenty years, the total number of policies for life-assurance issued during that period is not more than six thousand five hundred and twenty-four; while the number of annuity contracts granted during the same period is only twelve thousand four hundred and thirty-five. Taking the latest returns, too, we find that the life policies now existing have dwindled down to so low a number as four thousand six hundred and fifteen; while the number of annuity contracts now only reaches nine thousand three hundred and seventy-three. These figures at once show how trifling and unimportant have been the results from this branch of Post-office business; but perhaps the causes for this want of success are not far to seek, if we consider how circumscribed and restricted the present system is in its action.
It was but natural, therefore, that so energetic a reformer as Mr Fawcett should speedily turn his attention to this important subject, on taking the helm in the affairs of the great department over which he has so ably presided during the past four years. A select Committee of the House of Commons was appointed in 1882, of which the Postmaster-general was chairman; and after thoroughly inquiring into the whole subject, that Committee unanimously recommended in their Report the adoption of a scheme for the amelioration of the present system of Post-office Life-assurance and Annuities which had been put forward and explained to them by Mr James J. Cardin, the present Assistant-receiver and Accountant-general to the Post-office. An Act of Parliament was passed during the same session legalising the proposed changes; and as it is understood that the new system will be brought into operation on the first of May this year, it seems desirable, and indeed important, that the undoubted benefits and privileges that will accrue therefrom should be made known as widely as possible.