^{page 248 note *} See J.I.A., vol. xxxvi, p. 258, and vol. xlviii, p. 34.

^{page 248 note †} This is what has been known as the “deferred pay” principle when that term is applied in its strict sense; but it has often been used loosely, and I think it better now to use a more exact phrase.

^{page 249 note *} J.I.A., vol. xlvi, p 373.

^{page 252 note *} The companies might well consider whether and how they should contest this supposed principle, which has been invoked before (Cd. 7365). The Government to which Mr. Fisher belonged must have paid many hundreds, if not thousands, of millions to armament and equipment companies—concerns which certainly do not return the whole or greater part of their profits to their customers as do life offices.