…the solutions given…are so various as to excite no little surprise and distrust in the minds of those unacquainted with the subject, under whose notice such solutions are brought.

…a great deal of judgment and discretion must always be required from the actuary, and…it is not possible to lay down any general rule which shall altogether obviate such requirement.

The quotations above are taken from a paper by Jellicoe (J.I.A.6, 61) which was discussed by this Institute in 1855. It is a salutary thought that there are no subsequent statements recorded in J.I.A. on the subject which seem to express so succinctly the two principal points which should always be borne in mind when the apportionment of a trust fund is under consideration. It must be stated immediately, however, that since 1855 problems of apportionment have been discussed only in 1871 (J.I.A.16, 269), 1873 (J.I.A.18, 77) and 1925 (J.I.A.56, 243); indeed, reversions and life interests have scarcely been mentioned in Institute discussions since 1935, when O. I'A. Thurston presented his paper on Death Duties (J.I.A.66, 369).