The first part of this paper was devoted to an investigation of the actual rates charged by the different companies, with a view of showing how important a bearing they have upon a valuation. Before commencing the second part of my subject, which deals with different modes of distributing profits when placed side by side with the rates charged, I would recapitulate the conclusions drawn from the first part of my paper, and, in addition, refer to some of the observations which were made thereon when the paper was read before the Institute last session.