A tontine is an investment plan for raising capital, devised in the 17th century and relatively widespread in the 18th and 19th centuries. It combines features of a group annuity and a lottery. Each subscriber pays an agreed sum into the fund, and thereafter receives an annuity. As members die, their shares devolve to the other participants, and so the value of each annuity increases. On the death of the last member, the scheme is wound up. (Wikipedia)
Tontines acquired an unsavory reputation, and were eventually prohibited or heavily restricted in many countries. However, in March 2017, The New York Times reported that tontines were getting fresh consideration as a way for people to get steady retirement income.
As to our local tontine, the company's stated objectives of the Horney Freehold Estate TC were:
The purchase of an eligible Freehold Estate well adapted for building purposes at Hornsey, near the Church and Station, in the main road leading from Hornsey to Tottenham……laying out such Estate in sites for Villa Residences.
I have no record of the company after 1858, but below is an extract from the 1869 Ordnance Survey map. It's not clear which, if any houses the company ever caused to be built.
The company certainly seems to have been well thought of by the press at time.
The Spectator of Sept 18, 1858:
The Standard, June 5 1858:
And they certainly thought well of themselves as they make clear in their advert placed in The Standard on Sept 24, 1858 (see attachment).