The attention of actuaries was directed to problems of population and resources in part of a paper read to the Institute in 1956. The general character of these problems has not changed during the past eleven years. Our understanding of the matters at issue has become deeper, however, as the result of new research. One way and another, a great deal has been written on the subject—sometimes revealing less about population than about the writer's philosophy or beliefs. In the English language alone, several hundred new references have been added to the list in recent years, and many of these have been read by the authors, whose original intention was to write a critical review of the latest literature. Recent writings are so diversified over a wide area of inquiry, however, that sharp disagreements are relatively few. In these circumstances, an expository treatment seems more appropriate than a critical appreciation of controversies, though ranges of views on particular topics can be discussed.

There has been some discussion in recent years of how best to distribute to with-profit policyholders the benefits which have been derived from investment in equity shares. Normally the practical problem which confronts an office is how to adapt its existing bonus system to distribute these benefits fairly and most of the discussion has been on this problem (as, for example, in the paper by Benz, ‘Some Notes on Bonus Distributions by Life Offices,’ J.I.A. 86, 1).