TONTINE, a variable kind of life an"- . nuity, but generally so contrived as to progressively increasing in amount. I s formed by nominating a certain num of lives within limited ages, who, each one hundred pounds, or any other gross sum paid are to receive at first a specific annuity ; but as any of the lives fail, their annuity is to be equal di m vided among those that remain; by w* i means 'Lbw.: who happen to sur • considerable number of years, obtain a , large augmentation of their annual re ceipt; and the life, which is the longest liver of the whole (if there is n6restric tion to the contrary) gets for the remain der of its continuance, the total sum paid at first to all the nominees. Ton tines of this kind, if properly conducted, are considered by some persons as af fording an eligible opportunity of mak ing some provision for children, as the nomination of young healthy lives gives a good chance of survivorship. It has several times been attempted to raise mo ney on this species of annuity for the service of government, but it has never been found practicable to obtain any con siderable sum in this way : on a smaller scale, it has been adopted successfully both in Great Britain and Ireland, for procuring the sums necessary for build ing bridges, large inns or hotels, and other expensive edifices.
Of late years many delusive schemes have been set on foot under the name of tontines, but differing- very materially from the plan above mentioned, as they do not require a gross sum to be paid down, but quarterly or half yearly pay ments during-their continuance, which is limited to the short period of five, seven, or ten years ; the intention being, that the subscribers should receive back all they had contributed, with the additions made to it from improvement at com pound interest, and the division of the contributions of such as might happen to die within the term. But the difference
between compound and simple interest in the improvement of such payments, for a short time, is so trifling, and the probability of any considerable reduc tion, during such term, in the number of a set of young lives, who it may be pre sumed were thought healthy subjects at the time of their nomination, is so small, that the advantages derived from these sources have been sometimes overba lanced by the expenses of management, and, in fact, in several instances of these schemes, which have expired within these few years past, the subscribers have actually received considerably less than the payments they had made would have amounted to without any improvement at interest. _ TOP, in naval affairs, a sort of platform surrounding the lower mast head, from which it projects on all sides like a scaf fold. The intention of the top is to ex tend the top-mast shrouds so as to form a greater angle with the mast, and thereby give additional support to the latter. The top is likewise convenient to contain the materials necessary for extending the small sails, and for fixing and repairing the rigging and machinery with greater expedition. In ships of war, the tops are furnished with swivels, musketry, and other fire-arms, and are guarded with a fence of hammocks in time of action. In this case the top is used as a kind of re doubt; and is accordingly fortified for at tack or defence, being furnished with arms, and guarded by a thick fence of corded hammocks. The top is employed likewise as a place for looking-out, either in the day or night.