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It would be ungracious not to admit in the first lines of this paper that the idea of writing it was generated by the Presidential Address to the Faculty of Actuaries, delivered by J. L. Anderson on 19th October 1964. That address was largely concerned with the problems of senior (but non-technical) management of a life office, and it was at once apparent that those problems differed substantially from the management problems of a partnership.
page 98 note * Because this is a paper on partnership, all the above is written in terms of “retiring partners”. The Act is, however, wider ranging and refers to owners disposing of business assets, an extension which must be considered in the case of a partnership which has developed from a one-man business at a relevant recent date.
page 109 note * One takes it as axiomatic that staff will be recruited only in so far as the necessary intellectual and other qualities are present in the recruit. Nepotism can do harm not only by its immediate adverse impact on the morale of the rest of the staff but it can destroy the quality of the management in the long run.