There is, probably, no department of an actuary's pursuits where there is such diversity of practice as that of which this paper treats. After the calculation of the premiums and the periodical valuations, the distribution of surplus is infinitely the most important duty that an actuary has to perform. The premium income of the various Life Offices now exceeds £8,000,000 a year, and probably not less than £l,000,000 is annually divided as surplus. Within the last 14 years, one Office alone has divided upwards of £1,200,000; and another, for many years past, has annually distributed as surplus more than £100,000. This will be sufficient to show the magnitude of the interests concerned; and yet, as will be seen in the sequel, these distributions are, in some cases, made in a most arbitrary manner—without reference to principles of justice and equity, and without the basis of accurate reasoning. After what has been written on this subject by Mr. Jellicoe and Professor De Morgan, it is not to be supposed that any actuary would defend the schemes here referred to as equitable; those who do follow them, content themselves with stating their advantages.