The author commences by stating that he does not propose to consider what sums should in practice be given for the surrender of policies, or what is the value to a purchaser of a policy offered for sale in the public market; but on this occasion confines himself to the examination and explanation of the theoretical value of a policy.

In the paper which I had recently the pleasure of submitting to the Institute, I gave an explanation of what was meant by the phrase “the value of a policy.” It was therein stated that, in one view, the value of a policy was the difference between the present value of the sum assured payable by the Office, and the present value of the premiums payable by the person assured; and in another view, that the value of a policy was the difference between the premiums received and the claims paid, accumulated at the rates of mortality and interest inherent in the calculation of the premiums.

The great advantages, social, commercial, and political, which would attend the use of one system of weights, measures, and coins throughout the world, have generally been admitted, but as generally considered impossible. Such a result is frequently deemed to be merely the dream of a visionary, or the speculation of a philosopher, who has no practical knowledge of the world, and is incapable of appreciating the difficulties which stand in the way of accomplishing so desirable an object.

According to Mr. Locke, the circumference is three diameters, three-fourths the difference of the diameter and the side of the inscribed equilateral triangle, and three-fourths the difference between seven-eighths of the diameter and the side of the same triangle. This gives, he says, 3·18897. There is an addition to this tract, being an appendix to a book on the longitude.

The subject of marine insurance is one which occupies, at the present time, a large amount of attention, both in the mercantile and the non-commercial world. The latter regard the formation of Companies for that object as a profitable means of investment; and the former on account of the necessity for their employment and encouragement. No prudent merchant or shipper would neglect the precaution of insuring his goods, at least against the risk of total loss, if not against the ordinary perils of the sea, which cause damage, for which the insurers render themselves liable by the charge of an additional premium.