Keynes's experience as an investor naturally spilled over into his publications, initially in the ‘Finance and Investment’ column of The Nation (JMK, vol. xix). It also resulted in a series of reviews, which we reprint below. Most importantly, as the 1920s progressed, his experience plus his position as Chairman of the National Mutual, made his speech to the Society's annual meeting something of a City event.

We begin, therefore, by reprinting the published texts of Keynes's remarks annually from 1922 to 1938 with some related press controversies.

Speech to the Annual Meeting of the National Mutual, 18 January 1922

Gentlemen,

Before moving the formal adoption of the annual report and accounts, I will comment, in accordance with the usual custom, on points of special interest arising out of them.

The directors regret to report the death during the year of their Chairman, Colonel Villiers. He was a loyal supporter of the Society, and after serving on the board for 45 years, he had been for the last 18 months of his life the Society's Chairman, a position which he filled with dignity and with the respect of all his colleagues. My fellow-directors have done me the honour to elect me his successor, an honour which I naturally much appreciate.

Mr W. T. Layton, whose name and reputation in economic and in business circles are well known, has been appointed to the board, subject to confirmation by the members at this meeting.