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121 annuity
Fina contract in which a person pays a lump-sum premium to an insurance company and in return receives periodic payments, usually yearly, often beginning on retirement.There are several types of annuity. They vary both in the ways they accumulate funds and in the ways they disperse earnings. A fixed annuity guarantees fixed payments to the individual receiving it for the term of the contract, usually until death; a variable annuity offers no guarantee but has potential for a greater return, usually based on the performance of a stock or unit trust; a deferred annuity delays payments until the individual chooses to receive them; a hybrid annuity, also called a combination annuity, combines features of both the fixed and variable annuity. -
122 Darby, Abraham
SUBJECT AREA: Metallurgy[br]b. 1678 near Dudley, Worcestershire, Englandd. 5 May 1717 Madely Court, Coalbrookdale, Shropshire, England[br]English ironmaster, inventor of the coke smelting of iron ore.[br]Darby's father, John, was a farmer who also worked a small forge to produce nails and other ironware needed on the farm. He was brought up in the Society of Friends, or Quakers, and this community remained important throughout his personal and working life. Darby was apprenticed to Jonathan Freeth, a malt-mill maker in Birmingham, and on completion of his apprenticeship in 1699 he took up the trade himself in Bristol. Probably in 1704, he visited Holland to study the casting of brass pots and returned to Bristol with some Dutch workers, setting up a brassworks at Baptist Mills in partnership with others. He tried substituting cast iron for brass in his castings, without success at first, but in 1707 he was granted a patent, "A new way of casting iron pots and other pot-bellied ware in sand without loam or clay". However, his business associates were unwilling to risk further funds in the experiments, so he withdrew his share of the capital and moved to Coalbrookdale in Shropshire. There, iron ore, coal, water-power and transport lay close at hand. He took a lease on an old furnace and began experimenting. The shortage and expense of charcoal, and his knowledge of the use of coke in malting, may well have led him to try using coke to smelt iron ore. The furnace was brought into blast in 1709 and records show that in the same year it was regularly producing iron, using coke instead of charcoal. The process seems to have been operating successfully by 1711 in the production of cast-iron pots and kettles, with some pig-iron destined for Bristol. Darby prospered at Coalbrookdale, employing coke smelting with consistent success, and he sought to extend his activities in the neighbourhood and in other parts of the country. However, ill health prevented him from pursuing these ventures with his previous energy. Coke smelting spread slowly in England and the continent of Europe, but without Darby's technological breakthrough the ever-increasing demand for iron for structures and machines during the Industrial Revolution simply could not have been met; it was thus an essential component of the technological progress that was to come.Darby's eldest son, Abraham II (1711–63), entered the Coalbrookdale Company partnership in 1734 and largely assumed control of the technical side of managing the furnaces and foundry. He made a number of improvements, notably the installation of a steam engine in 1742 to pump water to an upper level in order to achieve a steady source of water-power to operate the bellows supplying the blast furnaces. When he built the Ketley and Horsehay furnaces in 1755 and 1756, these too were provided with steam engines. Abraham II's son, Abraham III (1750–89), in turn, took over the management of the Coalbrookdale works in 1768 and devoted himself to improving and extending the business. His most notable achievement was the design and construction of the famous Iron Bridge over the river Severn, the world's first iron bridge. The bridge members were cast at Coalbrookdale and the structure was erected during 1779, with a span of 100 ft (30 m) and height above the river of 40 ft (12 m). The bridge still stands, and remains a tribute to the skill and judgement of Darby and his workers.[br]Further ReadingA.Raistrick, 1989, Dynasty of Iron Founders, 2nd edn, Ironbridge Gorge Museum Trust (the best source for the lives of the Darbys and the work of the company).H.R.Schubert, 1957, History of the British Iron and Steel Industry AD 430 to AD 1775, London: Routledge \& Kegan Paul.LRD -
123 McKay, Hugh Victor
SUBJECT AREA: Agricultural and food technology[br]b. c. 1866 Drummartin, Victoria, Australiad. 21 May 1926 Australia[br]Australian inventor and manufacturer of harvesting and other agricultural equipment.[br]A farmer's son, at the age of 17 McKay developed modifications to the existing stripper harvester and created a machine that would not only strip the seed from standing corn, but was able to produce a threshed, winnowed and clean sample in one operation. The prototype was produced in 1884 and worked well on the two acres of wheat that had been set aside on the family farm. By arrangement with a Melbourne plough maker, five machines were made and sold for the 1885 season. In 1886 the McKay Harvester Company was formed, with offices at Ballarat, from which the machines, built by various companies, were sold. The business expanded quickly, selling sixty machines in 1888, and eventually rising to the production of nearly 2,000 harvesters in 1905. The name "Sunshine" was given to the harvester, and the "Sun" prefix was to appear on all other implements produced by the company as it diversified its production interests. In 1902 severe drought reduced machinery sales and left 2,000 harvesters unsold. McKay was forced to look to export markets to dispose of his surplus machines. By 1914 a total of 10,000 machines were being exported annually. During the First World War McKay was appointed to the Business Board of the Defence Department. Increases in the scale of production resulted in the company moving to Melbourne, where it was close to the port of entry of raw materials and was able to export the finished article more readily. In 1909 McKay produced one of the first gas-engined harvesters, but its cost prevented it from being more than an experimental prototype. By this time McKay was the largest agricultural machinery manufacturer in the Southern hemisphere, producing a wide range of implements, including binders. In 1916 McKay hired Headlie Taylor, who had developed a machine capable of harvesting fallen crops. The jointly developed machine was a major success, coming as it did in what would otherwise have been a disastrous Australian harvest. Further developments included the "Sun Auto-header" in 1923, the first of the harvesting machines to adopt the "T" configuration to be seen on modern harvesters. The Australian market was expanding fast and a keen rivalry developed between McKay and Massey Harris. Confronted by the tariff regulations with which the Australian Government had protected its indigenous machinery industry since 1906, Massey Harris sold all its Australian assets to the H.V. McKay company in 1930. Twenty-three years later Massey Ferguson acquired the old Sunshine works and was still operating from there in the 1990s.Despite a long-running history of wage disputes with his workforce, McKay established a retiring fund as well as a self-help fund for distressed cases. Before his death he created a charitable trust and requested that some funds should be made available for the "aerial experiments" which were to lead to the establishment of the Flying Doctor Service.[br]Principal Honours and DistinctionsCBE.Further ReadingGraeme Quick and Wesley Buchele, 1978, The Grain Harvesters, American Society of Agricultural Engineers (devotes a chapter to the unique development of harvesting machinery which took place in Australia).AP
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