The great importance of the subject of distribution of surplus, I think, no actuary would be inclined to dispute. With regard to the magnitude of the interests involved, I will content myself with referring to Mr. Hewat's paper, read before the Actuarial Society of Edinburgh on 8 January 1880, and of which an abstract is given in the Journal (xxii, 286–292). In this paper he stated that, from the Board of Trade Returns relating to seventy-seven offices, he found that £2,285,000 was, on the average, annually divided among the policyholders by way of bonuses. Of this sum he estimated that £890,000 arose from surplus premiums or loading, and £1,040,000 from surplus interest.