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for Old-Age Insurance, and in case of refusal also with the Institute of Social Reforms, upon the demand of the institution concerned.

Briefly, these regulations provide for guaranties that these societies are charitable or cooperative institutions not pursuing any aims of profit or gain; that they provide only for workmen or persons of moderate aims; that they conduct their insurance business in conformance with actuarial science, and that they are properly protected with necessary reserves. The regulations therefore are analogous with the laws for recognition of mutual benefit societies, which exist in Italy, France, Belgium, and Scandinavian countries.

In conformity with the law and the regulations, the following two institutions were, on May 8, 1909, recognized by royal decrees:(") (1) The Barcelona Old-Age Pensions and Savings Fund (La Caja de Pensiones para la Vejez e de Ahorros de Barcelona), and

(2) The Leon Loan Office and Savings Fund (La Monte de Piedad y Caja de Ahorros de Leon).

The Barcelona fund, as explained in the royal decree conferring the privileges upon it, was recognized as a beneficent institution on November 22, 1905.

Its aims are to facilitate savings, help form deferred and immediate pensions or deferred capitals; the highest pension permitted is 2,250 pesetas ($434.25); the savings bank does not grant any interest to accounts exceeding 5,000 pesetas ($965), and does not insure for accumulated capitals, the interest upon which, at 5 per cent, would exceed 1,500 pesetas ($289.50). The table of mortality used is Rentiers Francais, the interest rate assumed is 3 per cent; the mathematical reserve amounted to 29,743.48 pesetas ($5,740.49), and was sufficient to cover the obligations, and in every respect this institution complied with the demands of the royal decree of December 10, 1908.

The Leon institution is not an old-age pension fund; but one of its functions is that of a savings bank; it is destined for the use principally of workmen or other persons of moderate means. It was recognized as a beneficent institution on May 13, 1908, by a resolution passed on February 26, 1909, probably to comply with the requirements for recognition. This bank established a special form of savings accounts, the interest to be applied to the purchase of an old-age pension for the owner of the account; the limit for such an account is 10,000 pesetas ($1,930), while for the ordinary interestdrawing account no interest is paid after 5,000 pesetas ($965) have been deposited. This institution was held to comply with the requirements of the decree of December 10, 1908.

A few data are available concerning two private old-age insurance funds, the one in Guipuzcoa and the above-mentioned fund in Bar

a Boletín del Instituto de Reformas Sociales, No. LX, June, 1909, pp. 1298 and 1300.

celona, and these data are mainly significant as indicating the limited operations of these funds.

The Old-Age Retiring and Pension Fund (La Caja de Retiros para la vejez y los invalidos del trabajo) in San Sebastian, Guipuzcoa, was established in 1900, through private benevolence, in connection with the local savings bank. The Old-Age Pension Fund (La Caja de Pensiones para la Vejez), of Barcelona, was established more recently, in July, 1905, and is managed by a recognized Spanish authority on insurance. The experience of these two old-age and invalidity pension funds is instructive. The organization of both funds, while differing in detail, is based upon the Belgian system. Every payment is a premium for an annual pension to mature at 50, 55, 60, or 65 years of age. In case of invalidity the pension is granted in full which, according to payments made, would have been due at maturity. The maximum pension to be granted in the Guipuzcoa fund is 1,200 pesetas ($231.60), and that in the Barcelona fund 1,800 pesetas ($347.40). Insurance is granted according to the plan of both "alienated" capital and "reserved" capital. In the first case the pension stops with death, while in the latter case 90 per cent of the premium payments are returned to the family whether death. occurs before or after the pension age. The choice between various methods of capitalizing the accrued pensions is also given.

The operations of the Guipuzcoa fund are unimportant. In 1905 the whole number insured was 357. The total amount deposited during the year was 5,583 pesetas ($6,077.52), and the total capital was 44,435 pesetas ($8,575.96).

1905, with 223

The Barcelona fund began business on July 1, accounts, amounting to 64,048 pesetas ($12,361.26). By October 31, 1907, that is, within twenty-eight months, the total deposits reached the sum of 2,270,599 pesetas ($438,225.61), as against the total withdrawals of 918,459 pesetas ($177,262.59). This appears to show a demand for old-age insurance among the wage-working populations of the large Spanish cities.

RAILROAD EMPLOYEES' FUND.

The most important old-age pension fund is the General Union of the Employees of the Spanish Railroads, established in 1888, which had 18,307 members on December 31, 1906. Its aims are: (1) To furnish pensions to members in case of invalidity and to their families in case of death; (2) to help members with loans; and (3) to defend their rights and interests. The pension fund is the most important feature of the organization. The income of the fund is derived mainly from monthly contributions of the members, equal to 3 per cent of their salary or wages. Ninety per cent of the income

from this source goes to the pension fund, 5 per cent to the loan fund, and 5 per cent to expenses of administration.

The pensions are granted (1) in case of invalidity, if the disabled employee has no other source of income; (2) in case of superannuation, at the age of 55 after at least 25 years of service, or at the age of 60 after 20 years of service, provided the member gives up his employment in the railroad service; and finally a pension to the member's family in case of death, in the following order: To the widow, the children, or to the parents. The pension fund of the association on December 31, 1905, amounted to 3,162,411 pesetas ($610,345.32), and the loan fund 153,128 pesetas ($29,553.71), giving a total on hand of 3,315,539 pesetas ($639,899.03). The total income in 1906 was 849,925 pesetas ($164,035.53). Of this amount, the monthly contributions of the members equalled 668,984 pesetas ($129,113.91), and the interest on investments 140,023 pesetas ($27,024.44), leaving 40,918 pesetas ($7,897.18) from all other sources of income. The amount paid out in pensions was 391,673 pesetas ($75,592.89), in other subsidies 15,918 pesetas ($3,072.17), and the cost of administration was 32,316 pesetas ($6,236.99), giving a total expenditure of 439,907 pesetas ($84,902.05). The cost of administration constituted 7.3 per cent of the total expenses and only 3.8 per cent of the total receipts. The excess of the receipts over expenditures was 410,018 pesetas ($79,133.47), bringing the assets on December 31, 1906, up to 3,725,557 pesetas ($719,032.50). The number of pensions granted in 1907 was 172 (or 9.4 per 1,000), and the amount of these pensions 77,671 pesetas ($14,990.50), being an average of 452 pesetas ($87.24) per pension. The total number of pensioners carried on the rolls on December 31, 1906, was 931, and the total sum of pensions paid out during 19 years of its existence, 1,972,065 pesetas ($380,608.55).(a)

LIFE INSURANCE IN CONNECTION WITH WORKMEN'S DWELLINGS.

Some months before the National Institute for Old-Age Insurance was established by the Government an additional function was suggested for it by the Institute of Social Reforms. This was in connection with measures planned for the improvement of the housing conditions of wage-earners.

For several years the Institute of Social Reforms had under consideration a legislative proposal for government encouragement of improved housing conditions. Early in 1907 an exhaustive monograph was published on the subject, containing suggestions for such a law based upon a careful study of the conditions and existing legislation throughout Europe. The draft of a bill based upon these suggestions was presented to the institute by a special committee, in

a Arbeiterversicherung in Spainen, Dr. Zacher, pt. xva, p. 29.

June, 1907, that is, about eight months before the national institute was established. The bill proposes the establishment of local housing commissions, confers many privileges and subsidies upon workmen who make efforts to acquire homes and upon associations organized for the purpose of building workmen's homes, establishes funds for extending loans for such purposes, etc.

The draft of the bill was formally approved by the Institute of Social Reforms on April 27, 1908, and referred to the Government. That proposals of the Institute of Social Reforms have considerable weight with the Cortes is shown by the fact that the bill establishing the National Institute for Old-Age Insurance was adopted as presented.

It is not necessary to present a detailed analysis of the entire bill relating to workmen's dwellings. The third chapter is devoted to a plan for combining life insurance with the purchase of cheap dwellings by workmen or other people of small means. The general purpose of the plan is to insure the payment of the debt contracted for the purpose of building or purchasing cheap dwellings, thus removing the main objection a man of moderate means might have to an undertaking of this kind, lest his unexpected death make it impossible for his family to meet the obligations. This branch of insurance is to be intrusted to the national institute. For this purpose a section of popular life insurance is to be established in the institute. The form of insurance is to be the same as that known in the United States as the endowment plan and for the total amount of the debt contracted, the policy to mature at the same time that the debt matures or at the death of the insured.

While being an integral part of the administrative organization of the national institute, this section is to be kept separate as far as its functions and accounts are concerned. It is to have its own initial capital, to be appropriated by the State, which should amount to at least 500,000 pesetas ($96,500), of which 200,000 pesetas ($38,600) may be invested in loans upon cheap dwellings at 3 per cent. The part of the assets equal to the mathematical reserve is to be kept intact and administered by the national institute.

The limit of the insurance is to be the value of the building, or 5,000 pesetas ($965). A medical examination of the applicant for insurance is to be required, for which government physicians are to be appointed. In case of an abnormal state of health which is not grave enough to cause the rejection of the applicant, a modified policy may be granted with medical reexaminations at definite periods, the value of the policy in case of death being very low during the first period and gradually increasing according to certain tables.

The premiums are to be paid in monthly installments, with a reduction of 3 per cent in case of annual payments. If the payments of the

premiums are interrupted, the insured is to be given a reduced policy according to the paid-up premium, to mature at the same time as the policy originally contracted, but in exceptional cases the policy may be redeemed in cash. A policy may be renewed within eight months by the payment of delinquent premiums and interest charges computed at 3 per cent. A medical reexamination is to be required.

The insured is to receive dividends, which may be used either for reducing the premiums or for increasing the capital value of the policy. The original amount of the policy can not be attached or used for any other purpose than to pay the claim of the institution granting the loan upon the property. It is possible to transfer life insurance into pension insurance, or vice versa. If the premium is more than is necessary for the purposes of the insurance (i. e., the payment of the loan), the excess is transferred to the pension-insurance section of the institute and credited to the insured.

According to the latest information this feature of the proposed law was postponed. On July 16, 1910, the bill was introduced in the Cortes, but the provisions concerning the insurance feature were eliminated, the chapter relating to combining life insurance with the purchase of cheap dwellings being reduced to the statement that this matter will be treated in the special law concerning popular life insurance, to be introduced by the Government. It is explained in the preamble to the bill that it is intended to extend the operations of the National Institute for Old-Age Insurance to include such popular life insurance, and the matter of insurance in case of purchase of a dwelling will naturally form a part of that law.

BIBLIOGRAPHY.

Boletín del Instituto de Reformas Sociales, años I-V. Instituto de Reformas Sociales. Madrid, 1904-1908.

Conferencia sobre previsión popular celebrada en los días 19 y 20 de Octubre de 1904. Instituto de Reformas Sociales. Madrid, 1905.

Estadística de la asociación obrera en España en 1o de Noviembre de 1904. Instituto de Reformas Sociales. Madrid, 1907.

Estadística de las instituciones de ahorro, cooperación y previsión en 1o de Noviembre de 1904. Instituto de Reformas Sociales. Madrid, 1908.

Estadística de los accidentes del trabajo ocurridos en el año 1904; en los años 1904 y 1905; en el año 1906; en el año 1907. Instituto de Reformas Sociales. Madrid, 1905, 1906, 1907, 1908.

Instituto nacional de previsión y sus relaciones con las entidades similares. Instituto de Reformas Sociales. Madrid, 1906.

Legislación del trabajo. Apéndice primero, Julio, 1905; Junio, 1906. Instituto de Reformas Sociales. Madrid, 1906.

Legislación del trabajo.

Apéndice segundo, Julio, 1906; Junio, 1907. Instituto de Reformas Sociales. Madrid, 1907.

Legislación del trabajo. Instituto de Reformas Sociales. Madrid, 1905.

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