“The rate of interest has fallen.” “The rate of interest is falling.” “The rate of interest will probably continue to fall.” These sentences, and others of a similar nature, we have read so often, that I fear it is quite possible “familiarity” may, to some extent, have had its usual effect. The fact remains, however, that any further fall in the interest yield is of vital importance to insurance companies with large funds to invest, and bound by contracts, the fulfilment of which depends, to a large extent, on the rate of interest obtainable.