In this paper, Mr. Meikle advocates the making of valuations by Assurance Companies, not solely in accordance with the actual mortality which may have prevailed, but on the basis of that which it was at first assumed would prevail. He says, “There is inherent, in every table of net annual premiums, a rate of mortality and rate of interest, which it is assumed will be those experienced by the Office; and books and accounts should be so formed as to show at any time to what extent the assumed rates of mortality and interest have come up to the rates experienced, and, by comparing the expected receipts and disbursements with the actual receipts and disbursements, a correct view would be given of the true position of the Office.” He then proceeds to point out what he considers the best methods of estimating the “expected mortality,” and of registering it and the actual mortality from year to year, and gives tables by way of illustrating such methods.

When the entire ownership of renewable leaseholds for lives or years is vested in one person, common prudence dictates the setting aside of a portion of the annual income towards the payment, in the one case of the premiums of a policy upon the lives of the cestuis-que-vie, or, in the other case, to accumulate at compound interest, so as to form a fund for the future renewal, the amount reserved being proportionate to the length of the term. When, however, such a property has been settled, and successive interests have been carved out of it, if there is no separate fund provided for the purpose, questions arise between those entitled for life and in remainder, whether there is in the particular case any obligation to renew at all, and, in the event of renewal, by whom the expense is to be borne. In such cases the first point to be considered is, what are the provisions of the instrument by which the leaseholds are settled—whether they prescribe renewal expressly or by implication; and if so, whether they point out the mode by which the expenses of the renewal are to be paid: for (1), property of this description may be given in such a mode as to indicate that it was not intended to impose any obligations to renew; and (2), the donor or settlor may so model his dispositions as to throw the burden upon all or any of those in whose favour he has created limitations of the estate; or (3), he may expressly charge the renewals upon the annual income, to the intent that they may become as it were incidents to the estate, prior to any beneficial enjoyment by the objects of his bounty; or (4), upon the corpus, with the intent that the estate should be settled subject to the subordinate direction that it is to undergo a perpetual diminution, with a view to its being otherwise preserved.