In bringing before the members of the Institute of Actuaries a question so important to the prosperity of Assurance Companies as the investment of the funds, they will be prepared to admit that it is one which could not be fully treated within the limits usually allowed for a paper for discussion at the sessional meetings. All that I could hope for is, to throw out a few hints such as experience or reflection may suggest to me, and trust to elicit, from the practical knowledge and abilities of those present, the materials for a fuller debate of the subject.