Nearly twenty-two years have elapsed since the masterly essay of our President gave to the institute an opportunity for comprehensive examination of the British friendly society system. During the intervening period, phases of the subject have been occasionally before the Institute, but the period has been one of great activity amongst the friendly societies, and developments of interest to actuaries culminating, it may be suggested, in the co-operation of the State and the societies proposed by the Chancellor of the Exchequer, have emerged. In the circumstances it has seemed to me that the Institute might again survey this wide field of provident effort with interest to its members and profit to the community.

I propose accordingly to examine the more important groups of societies, paying particular regard in respect of the leading affiliated orders to the machinery by which it is sought to equip the constituent parts for the effective recognition of their duties; thence passing to some questions of special interest to ourselves. For the purpose of connected description it will be necessary to mention particular organizations, but I trust that nothing of what I have written may seem to depart from the excellent custom of neutrality which governs our debates. I venture indeed to say that so far from being unduly sensitive, all the societies which are striving for improvement (and I think this may be said of most of them) are receptive towards the stimulus of informed criticism.