An allusion made by Mr. Jellicoe to this subject, in a paper read before the Institute of Actuaries on the 28th November, has induced me to place on record the conclusions at which I had arrived after a somewhat recent consideration of the question.

It appears to me that the buyer of a policy by way of investment, in considering the price at which he should purchase, should come to his decision entirely independent of what might be the Office value. The two values have no connexion whatever one with another. In the one case the purchaser is about to make an investment; in the other, the Office proposes to redeem a liability.