The subject of the money supply suddenly became most topical in the Autumn of 1968. It is of importance to investment, in general because of possible changes in the economic management of the United Kingdom, and in particular because of the possible implications for the gilt-edged market.

In a paper submitted to the Institute in January 1961 (J.I.A. 87, 145), reference was made to the problems of collecting friendly societies, particularly in the light of continuing post-war inflation. This paper sets out to examine the effect of legislation since that time and the discussion is extended to include all friendly societies registered under the 1896 Act. Paragraphs 2–6 set out the background against which actuarial problems have arisen and the paper then considers possible approaches which may have a more general application.

The general pattern of mortality in England and Wales in the present century is well known. Mortality rates have fallen steadily, the proportionate improvement decreasing with increasing age, and being greater for females than males. The position at the oldest ages is less clear; the published figures are not conclusive as to whether mortality over age 90 is constant, increasing or decreasing.

One of the highlights of the year 1613 was the burning down of the Globe Theatre in London, during a performance of Shakespeare's newly-written ‘Henry VIII’, when the discharge of a piece of ordnance set fire to the thatch.

Another event which took place during the year was less spectacular but, to actuaries, just as noteworthy. This was the publication of a book by Richard Witt entitled: Arithmeticall Questions, touching The Buying or Exchange of Annuities; Taking of Leases for Fines, or yearly Rent; Purchase of Fee-Simples; Dealing for present or future Possessions; and other Bargaines and Accounts, wherein allowance for disbursing or forebeareance of money is intended; Briefly resolved, by means of certain Breviats. (See Title Page in Figure 1 on facing page).