The Mortality of Female Assured Lives has not been, so far as I am aware, the main subject under discussion at a sessional meeting of this Institute since February 1875, when the late Mr. Cornelius Walford read extracts from his exhaustive article on “Female Life”, which was subsequently published in the Insurance Cyclopedia. It is hoped, therefore, that in bringing forward this subject as the main theme for consideration, a useful purpose may be served by eliciting the current views of the profession in regard to assurances on Female Lives, and that the tables now submitted may prove of value in practice.

A secondary object of the paper is to bring under notice a new summation formula of graduation, and it is hoped that some part of the discussion may centre round the method adopted in graduating the tables.

Although the subject of Female Mortality has not received exclusive consideration at a sessional meeting of the Institute for nearly 35 years, it has incidently been mentioned in papers read in this Hall, and has been the topic of valuable contributions to the Journal.

The paper by Mr. G. F. Hardy on the mortality of assured lives and annuitants in France (J.I.A., vol. xxxiii, p. 485), and Mr. Ackland's paper on “The British Offices' Life Tables, 1893” (J.I.A., vol. xxxvii, p. 113), both deal at some length with the subject. Mr. G. H. Ryan's editorial remarks on the practice of Life Offices in regard to Female Assurances (J.I.A., vol. xxix, p. 75), with tables showing the experience of four French and twenty-three German Companies, and Dr. T. B. Sprague's observations on the Mortality of Healthy Female Lives insured with the Scottish Equitable Life Assurance Society (J.I.A., vol. xxxi, p. 2213) are also valuable contributions.

Nearly twenty-two years have elapsed since the masterly essay of our President gave to the institute an opportunity for comprehensive examination of the British friendly society system. During the intervening period, phases of the subject have been occasionally before the Institute, but the period has been one of great activity amongst the friendly societies, and developments of interest to actuaries culminating, it may be suggested, in the co-operation of the State and the societies proposed by the Chancellor of the Exchequer, have emerged. In the circumstances it has seemed to me that the Institute might again survey this wide field of provident effort with interest to its members and profit to the community.

I propose accordingly to examine the more important groups of societies, paying particular regard in respect of the leading affiliated orders to the machinery by which it is sought to equip the constituent parts for the effective recognition of their duties; thence passing to some questions of special interest to ourselves. For the purpose of connected description it will be necessary to mention particular organizations, but I trust that nothing of what I have written may seem to depart from the excellent custom of neutrality which governs our debates. I venture indeed to say that so far from being unduly sensitive, all the societies which are striving for improvement (and I think this may be said of most of them) are receptive towards the stimulus of informed criticism.