officers dying, or declining to act, the vacancy or vacancies shall be supplied by such person or persons, as a majority of subscribers in their respective Districts, by letter, or assent otherwise signified, shall elect. OBSERVATIONS. The improvements, as I venture to call them, which distinguish the above plan from that alluded to in the preamble, are, 1. That the rate of payment is proportioned, by Article 1, to the value of the Cow insured. 2. That the sum paid by the fund on the death of a Cow, by Article III. never exceeds a certain proportion (five sixths) of her value; nor a certain absolute sum, £12.; the first restriction operating to keep alive the cottager's interest in her preservation, or recovery; and the latter to prevent his dealing in those animals, with any other view than to their milk, &c, as nutriment for his family. R VOL. V. 3. That even the moderate payments, directed by Article I. are suspended by Article IV. as soon as a moderate per centage is raised upon the aggregate value of the Cows admitted; the object of the Institution being simply to provide against the probable contingences of the next six months, as a new call for contributions to supply deficiences, may always be made upon the next ensuing pay-day. This is abundantly effected by three per cent.; which, if the full value were paid on the death of a cow, would cover the loss of one in thirty-three; but by the present arrangement of paying only five-sixths, will over the loss of one in twenty-eight. It is obvious that, tho primarily intended for the benefit of cottagers, this Institution admits farmers and other opulent proprietors of cows to insure them; as there is nothing, in its composition, of an eleemosynary nature. 5th June, 1807. PRINTED FOR THE SOCIETY, BY W.BULMER AND CO. CLEVELAND ROW, ST. JAMES'S;, PLACE, PICCADILLY; ALSO BY BECKET, PALL-MALL; PAYNE, MEW'S GATE; RIVING- CASTLE; PENNINGTON AND STANLEY, DURHAM; BROWNE, December, 1807. 3. That even the moderate payments, directed by Article I. are suspended by Article IV. as soon as a moderate per centage is raised upon the aggregate value of the Cows admitted; the object of the Institution being simply to provide against the probable contingences of the next six months, as a new call for contributions to supply deficiences, may always be made upon the next ensuing pay-day. This is abundantly effected by three per cent.; which, if the full value were paid on the death of a cow, would cover the loss of one in thirty-three; but by the present arrangement of paying only five-sixths, will over the loss of one in twenty-eight. It is obvious that, tho primarily intended for the benefit of cottagers, this Institution admits farmers and other opulent proprietors of cows to insure them; as there is nothing, in its composition, of an eleemosynary nature. 5th June, 1807. PRINTED FOR THE SOCIETY, BY W.BULMER AND CO. CLEVELAND ROW, ST. JAMES'S;. PLACE, PICCADILLY; ALSO BY BECKET, PALL-MALL; PAYNE, MEW'S GATE; RIVING- 1 December, 1807. |