In the discussion on Mr. Simmonds's Paper (J.I.A., vol. xlvii) allusion was made by several speakers to the omission of any reference in that Paper to Section 72 of the National Insurance Act. The omission was, I understand, intentional. Mr. Watson devoted his sixth Lecture on Friendly Society Finance to this Section and to Section 73. He dealt very fully with the position as it then existed. Any present reference to the Section can only follow the lines he laid down, and may therefore appear superfluous. As, however, there was no opportunity of discussing this subject on the Lecture, and as in the discussion following Mr. Simmonds's Paper there appeared a certain interest in this Section, it seems probable that a short demonstration of this side of the National Insurance Act may lead to an interesting and useful discussion, notwithstanding the failings in the Paper itself.