In the reports ov life insurance companies ther is offen found a statement to the efect that the value ov the liabilities has been calculated by a tabl which exhibits a hiher rate ov mortality than has been experienst. The inference sugested, and aparently intended to be drawn, must be that such a cours is more prudent than a valuation made by a tabl that woud represent with tolerabl accuracy the mortality experienst. In other words, it is implied that, the hiher the rate ov mortality exhibited by the tabl uzed in the valuation, the greater wil be the values of the policies obtaind by its use. This may at first siht seem to be a very reasonabl conclusion, but those who hav made numerical comparisons between the values ov policies as givn by different tabls, wil not need to be told that it is wholly eroneos. This is by no means a new observation. Remarks to this efect wil be found in a paper by Mr. Jellicoe in the Assurance Magazine, vol. 3, p. 186: see also a paper in the same volume, p. 143, by the late Mr. Hopf. More recently the point is wel bro't out in Mr. Manly's Messenger Prize Essay, vol. 14, p. 304.