Following on the reading of Mr. King's paper “On the Comparative Reserves of Life Assurance Companies” (J.I.A., xxxvii, 453), there appeared in the Insurance Record an interesting correspondence, in which certain developments of that paper were asked for. As these promised to lead to results of considerable interest and to throw much light on the working of bonus systems, I communicated with Mr. King, and it was with his concurrence that the present investigation was undertaken. I desire now to express my thanks to him for his kindness in placing at my disposal his manuscript tables, which greatly shortened the work of certain parts of the investigation.

I have heard that a former distinguished President of this Institute once publicly stated that “Doctors rush in where Actuaries fear to tread.” It is also said that “at forty a man is either a physician or a fool”: but the presidential saying seems to suggest that a man may be both. With such a warning ringing in my ears, I yet venture to read before this learned Institute a paper on a thorny subject. I am doing so, first because that subject can be dealt with only by the united labour of actuaries and doctors; and second, because I am sure of the consideration and forbearance of the Fellows in any matters wherein I travel with halting gait.