In venturing to direct the attention of the Institute of Actuaries once more to the subject of contingent reversionary interests, I am deeply sensible that the topic has been treated by some of the most brilliant and experienced members of our profession, and that it may therefore seem presumptuous of me to choose it for further comment. I can but plead in extenuation the very great practical importance of the subject—so great as to make it one upon which we can hardly confer too freely or too often. The only other prefatory remark I would make is a disclaimer of any ambitious design, or plea for originality, as regards the paper itself. Its purpose, so far as I am concerned, will be amply fulfilled should it succeed in eliciting a useful discussion.