The President (Professor P. G. Moore): Gordon Bayley joined the Equitable as an actuarial student from Abingdon School in 1938; 41 years later he was to become Chairman of its Board of Governors. He served in the Royal Artillery in the later part of the last war, but with the temporary suspension of examinations from 1942 to 1945 it was not until 1946 that he qualified in what many have had me believe was a vintage year for qualification. He moved into consultancy in 1954 on becoming a partner in Duncan C. Fraser and then moved back to the world of the insurance companies a few years later by joining National Provident Institution in 1957; he became its chief executive in 1964 until his retirement earlier this year.