I believe there was a general concensus of opinion that the discussion which followed the reading of my paper at the sessional meeting of the Institute on 17 December 1888 (J.I.A., xxvii, 362) as an eminently practical one, and that another evening might usefully be devoted to a further discussion of many of the questions which were then raised.

With the object, therefore, of starting the discussion again, I propose to examine, in a general way, some of the views which were then expressed; and to better carry out that object, I shall consider the subject under four heads. (1) Whether, in the formula , Px, should be the pure premium according to the mortality table and rate of interest used in the valuation, or some other value. (2) Whether d should be taken at the rate of interest used in the valuation, or at some other rate. (3) To what extent special refinements can be introduced, and how far they may be neglected in practice. (4) The superiority of ray tables for practical use over other methods.