IN the preparation of this paper I met at the outset with certain difficulties.

The practice of Employers’ Liability Insurance is unfamiliar to many members of this Institute, the subject has not previously been dealt with at one of our sessional meetings, and the pages of the Journal contain very little matter bearing thereon, I fear, therefore, that if the subject is confined within the strict limits suggested by the title, the prospect of a full discussion will be jeopardized. As probably the opportunity of a discussion is the best justification for a paper on the Valuation of Employers’ Liability Contracts at the present time, I hope that the inclusion of a certain amount of introductory matter, with a view to facilitating the study of the paper, will be excused.

1. Mr. James John M’Lauchlan has done excellent service, in his Presidential Address to the Faculty of Actuaries on the 30th of November 1908, by drawing attention to the natural growth of a normal Pension Fund, and the necessity of accumulating large invested funds during the first 40 or 50 years of its existence, in order to provide for the heavy liabilities which will then be maturing for payment. He has done this by a few simple and easily understood illustrations involving a very considerable amount of accurate calculations which do not appear in the work.