From the fact that a very large amount of capital has been of recent years invested in loans to foreign governments, the question of sinking funds and other kindred matters has come prominently into notice; and matters which at one time were only looked upon as belonging to the theory of compound interest, are now become of great moment to thousands of persons who have invested, or purpose to invest, their money in the above-mentioned class of security. Various causes appear to have led to the large increase in the popularity of foreign loans among certain classes of investors. No doubt, the rapid growth of unemployed capital has considerably reduced the rate of interest realizable on first-class home securities, and has induced persons anxious to obtain a high rate of interest to invest their money elsewhere. From the nature of the case, however, even a fairly high rate of interest would not generally be sufficient inducement for an investor to lend money to a perfectly irresponsible foreign government, which might at any time, if it thought fit, renounce all its past financial obligations. Whether the general practice of providing for the repayment of loans has arisen from the scruples of foreign governments to accumulate a large national debt like our own, or whether, on the other hand, it has been found necessary to give an undertaking to repay the loan over a term of years, in order to make the loan at all palatable to investors, I cannot say; but the fact none the less remains, that very generally provision appears to be made, in the case of loans by foreign governments, for repayment in a shorter or longer period of time.

The subject of Negative Policy Values has recently been touched upon, more than once, in actuarial discussions, and its bearing upon the general question of insolvency is now beginning to be realized.

That the reserve made by many companies is reduced, by the appearance of some of their policy values as assets instead of as liabilities, is a fact well known, and difference of opinion no doubt exists as to the propriety of such a state of affairs. Although I believe it may be assumed, that the general opinion of competent judges is, that so long as a company is popular, and its valuations otherwise strong, the existence of a moderate amount of negative values among its assets is of small importance,—it is important to bear in mind that these negative values can only be realized under favorable circumstances, and at the first symptoms of unpopularity in a company they begin to disappear. Whenever, therefore, the popularity of an office is on the wane, the extent of negative policy values taken credit for by it, in its reserve, becomes a matter of vital importance. Or, in other words, to those companies which do not require assistance from such a source, credit may be given for negative values; but to those companies which do require such assistance in showing sufficient funds, it is at least doubtful whether such credit should be given; and this, because the realization of negative values depends so entirely on the credit of the office.

Several interesting observations have recently been made regarding the existence of maximum hours of mortality and the allied subject of recurrent variations in the activity of physiological function. During the present year an important contribution to the literature of the subject has been made by Dr. James Finlayson, of Glasgow, who in a couple of papers published, the one in the Transactions of the Philosophical Society of Glasgow for 1873-4, and the other in the Glasgow Medical Journal for April 1874, has supplemented and summarized Schneider's searching examination into the statistics bearing on the subject, tabulated the results of Mr. West Watson, a Glasgow predecessor in the study of vital problems, and collected the scattered statistics contained in the important contributions to the literature of this interesting enquiry. In an independent summary, showing the hours at which the greatest number of deaths occur in several Glasgow institutions, Dr. Finlayson determines the comparative cumulative mortality during successive hours of the same day, and during groups of hours collocated on account of some marked contrasts in meteorological conditions and physiological activity. As far as regards deaths from chronic diseases, the results obtained by Dr. Finlayson are confirmatory of those of Caspar and the summarized statistics of Schneider. They show a notably increased mortality during ante-meridian hours, as compared with those of the afternoon and evening, and especially a determinate maximum between 4 A.M. and noon. With regard to acute diseases, the figures of Dr. Finlayson show that in them the morning rise is nearly if not altogether equalled by a second rise in the extent of hourly mortality occurring in the afternoon. He accounts for this divergence from the general results, by referring to the influences exerted by the post-meridian rise in temperature which characterizes that group of diseases, as a means of determining in them the modification of their hours of maximum mortality.

The want of a national register of still births is one of the causes which in this country interfere with such important inquiries as those that relate to the true mortality due to parturition. No doubt our system of registration of live births is sufficiently perfect; but until a corresponding record of still births is available, it will be impossible to ascertain, with the accuracy necessary for statistical purposes, the number of women who have, within a given period, become mothers. This is the more to be regretted, since the danger to the life of a female is likely to be far greater when she has given birth to a dead child, than when by her labour she has added a unit to the living population of the country.