It has been the experience for many years that a purchase of ordinary shares has been the purchase of an investment portfolio with a rising income. There has also been an improvement in the status of equities as an investment, or, in other words, investors are now prepared to pay more for a given equity income. It is shown in Appendix I that from 1919 to 1962 the income of a particular portfolio was multiplied over 5 times and the market valuation over 7 times. For the years 1952 to 1962 the corresponding figures are 2·2 times and 2·7 times respectively.

The present paper is in two main parts: (1) a general discussion of the population factors which have led to a focusing of attention upon ageing with some reference to recent advances in gerontology and (2) a consideration of the actuarial implications of current gerontological research.