The presentation of this paper gives me an opportunity of publicly acknowledging to you the very graceful compliment you were good enough to pay to the American Institute of Actuaries, of which I was President, through my election to Fellowship in the Institute of Actuaries. Naturally my appreciation of the personal honour conferred upon me is very keen. I realize, however, that my election was a recognition of the younger American body on the part of its many friends in Great Britain and I desire, therefore, to convey to you, in addition to my personal thanks, the thanks of the Board of Governors and the members of the American Institute.