It is with some reluctance that I venture to address the Institute on the subject of Reversionary Interests, a topic already exhaustively discussed by several members of great experience.

The chief motive which induces me to take this course is the desire to attract further attention to the advantages derived from the method of calculation originally adopted by Mr. Jellicoe (J.I.A., ii, 159) and subsequently laid under contribution by Mr. Bunyon (J.I.A., xviii, 32). This plan of operation, by means of which almost any formula may be derived from one general expression, was recommended by Mr. Bunyon for the following reasons:

(1). The exceptional facility with which any required formula can be written down.

(2). The great advantage secured by keeping the component parts of the formula clearly before the computer; thereby enabling him to modify the several parts without difficulty, in order to suit the case in question.

For instance, allowance may have to be made for loss of interest owing to delay in recovering the capital, and in re-investment of the same. A suitable premium may be necessary to cover a special assurance. Different rates of interest may be desired in possession and in reversion, convertible half-yearly or quarterly. In short, the actual conditions of a problem can be adhered to in the closest possible manner.

1.—Amongst the various current proposals for the application of the principle of Collectivity to the needs of life, those that relate to the provision for a minimum aid towards sustenance in that period of permanent incapacity known as Old Age, and for the burial of the dead, appear to be the least open to objection on political grounds; whilst the objects in view appeal so strongly to the circumstances of our common Humanity that few are disinclined to lend their assent to this partial recognition of claims that, in their wider extent, they would strongly resist. Fortunately, the question of the cost of these arrangements can be considered apart from all political grounds; and, since the results of its investigation disclose some novel and curious modifications of the formulæ for the ordinary Benefits, it has appeared to me that, by limiting the enquiry to the terms shown on the title to this Paper, the subject might be brought before this Meeting, without any breach of the benevolent neutrality that has so largely contributed to the preservation of our personal harmony amidst the many inevitable divergencies of opinion on subjects of close personal interest to all.