Spens was born in Edinburgh on 6 September 1807, and his ability in mathematics led to his setting up an accountancy partnership with Kenneth Mackenzie. On 3 May 1839 Spens was appointed manager of the Scottish Amicable Life Assurance Society, a position he held until his death on 22 August 1868.
The post with Scottish Amicable Life required a move to Glasgow, and the society flourished under his leadership. Funds rose from £85,284 to £1,248,000 during his lifetime, while the annual income grew from £17,000 to £202,000.
Spens wrote various articles and pamphlets on actuarial science, for instance his Tables of the Mortality Experience of the Scottish Amicable Life Assurance Society from 1826 to 1860. In 1867 he was appointed to the committee of investigation of the Caledonian Railway Shareholders.
WILLIAM SPENS, the fourth son of Dr. Thomas Spens, a well-known physician in Edinburgh, was born there on 6th September, 1807. His grandfather was Dr. Nathaniel Spens, also a physician in Edinburgh, and a younger son of Thomas Spens of Lathallan, an estate in Fife long owned by the Spens family. Dr. Nathaniel Spens, towards the end of last century, purchased the estate of Craigsanquhar, in the same county, and at one time a portion of the old family property, and it, with considerable additions, is still in possession of his descendants. Dr. N. Spens was in his day a leading member of the Royal Company of Archers, and his portrait in archer's costume by Sir Henry Raeburn, one of that artist's greatest works, is hung in the Archers' Hall in Edinburgh. The engraving by Beugo is well known to all lovers of the Fine Arts.
William Spens was educated at the High School and the University of Edinburgh. He showed marked ability in mathematical pursuits, and this no doubt led to his choice of a profession. He became an apprentice in the office of Mr. William Paul, then a leading accountant in Edinburgh, and after leaving that office commenced business on his own account. Thereafter he joined partnership with Mr. Kenneth Mackenzie, and for five years Spens & Mackenzie were well known as accountants in Edinburgh. As an accountant Mr. Spens devoted considerable attention to actuarial science, and he was on 3rd May, 1839, appointed manager of the Scottish Amicable Life Assurance Society, when he removed from Edinburgh to Glasgow. This appointment Mr. Spens held until his death, on 22nd August, 1868. His administration of the affairs of the Society was very successful, and it is greatly due to his exertions that it occupies the leading position among Life Assurance Companies which it now does. As illustrative of the growth of the office under Mr. Spens' management, it may be noted that when he became manager in 1839 the funds only amounted to £85,284, and when he died they had reached the large sum of £1,248,000. The annual income during the same period grew from about £17,000 to about £202,000. He conducted five septennial investigations into the Society's affairs - in 1839, 1846, 1853, 1860, and 1867 - and the care and watchfulness with which he valued the assets are to this time highly appreciated by those who have succeeded him in the management. It was Mr. Spens who introduced that distinctive feature of the Society's business known as the minimum premium system.
Mr. Spens published various pamphlet and magazine contributions to actuarial science, and in particular may be mentioned the "Tables of the Mortality Experience of the Scottish Amicable Life Assurance Society from 1826 to 1860," which give results still valued by the actuarial world.
In addition to his onerous duties as manager of the Scottish Amicable Society, Mr. Spens was frequently consulted by those requiring actuarial and financial investigations. In 1867 he was appointed a member of the Committee of Investigation of the Caledonian Railway Shareholders, and took a full share of the arduous work they had to perform. The Committee's important and exhaustive report was mainly drawn by him.
Mr. Spens was a member of the Scottish Episcopal Church, and took an earnest and important part in the work of that Church in Glasgow, more especially in connection with St. Mary's, where for many years he was a leading vestryman.
Those who remember Mr. Spens cannot forget the charm and geniality of his manner, which was characterized by simplicity and gentleness very seldom met with. All his thoughts and feelings were influenced by a high sense of honour - "He bore without abuse the grand old name of gentleman."
Thomas Patrick Spens, his eldest son, a youth of remarkable ability and promise, died in his eighteenth year in 1858. Mr. Spens was survived by a widow, two daughters, and four sons. The latter all occupy positions of trust and responsibility in Glasgow.
The extraordinary growth and present importance of life assurance companies may be noted. Since Mr. Spens' death in 1868 the funds of the Scottish Amicable office have grown to £2,600,000, and the annual income has increased to £315,000, and this may serve generally as an illustration of the increase which has gone on in the funds and income of the great assurance companies in the kingdom. It was only in the year 1870 that the offices were compelled by Act of Parliament to give full returns of income and expenditure, etc., and before that date a number of the offices never published their accounts, so that up to 1870 there are no reliable data to show the position of life assurance companies. In that year the total assurances of the British offices were about £300,000,000, the total funds something over £100,000,000, the total income about £14,000,000, and total expenditure (including claims, £8 000,000) £11,500,000. At the present date, 1885, the total assurances in 105 British offices (embracing all the offices except one or two unimportant ones), exceed £450,000,000; the total funds, including about £11,300,000 paid-up capital in the proprietary companies, exceed £160,000,000; the total income is about £22,000,000, and total expenditure (including claims paid amounting to about £11,000,000) over £17,500,000. It will thus be seen that the insurances have increased, to go no farther back than 1870, fifty per cent. from that period, the total funds about sixty per cent., and the income and expenditure over fifty per cent. each.
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