There is nothing immutable in this world, and certainly life companies are no exception to the general rule; for in them, from year to year, we find fluctuations of every kind—in amount of new assurances—in expenses of management—in value of assets—in realized interest—in the death claims—in fact, in every branch and item of their business. Of all these variations there is none so important as that concerning the mortality experienced. The fluctuations in the other elements of a life office's affairs are trifling as compared with this, and can without difficulty be prepared for. But in the perturbations of the death claims from year to year, we are dealing with a matter that cannot be calculated on in advance —an element which, if violent, may endanger the safety of the company itself; and, even when this is not the case, will often prove a serious inconvenience to it. I have called violent mortality fluctuations inconvenient to a life office. To men acquainted with the practical as well as the theoretical side of assurance, the word will not seem exaggerated. They, at least, know how important it is that the bonus to policyholders and the dividend to shareholders, do not retrograde. The moment the bonus tide begins to ebb, there is an outcry; and variations in the mortality may thus create disgust in those already connected with an office, and at the same time add another difficulty to the already sufficiently difficult task of its agents and canvassers.