The author commences by laying down the following propositions in reference to the management of life assurance companies:—

(a) That the first consideration should he the interests of the assured

(b) That, therefore, the true test of success should be the pecuniary advantage derived by the assured from the company.

(c) That, nevertheless, the first consideration in several companies has been the increase of the business, and that the interests of the assured have been injured in consequence.

(d) That the amount of a company's business is not a test of success.