When I was invited to address the Society on some legal subject of my own choice, it was natural perhaps that my thoughts should go back to my first appearance before the Society some 25 years ago. My subject then was ‘Children's Deferred Assurances’, which was appropriate from a personal point of view—I had just become a proud father! My present subject is ‘Estate Duty’, and I am not asking anyone for a q factor to show me how appropriate it may be from the same standpoint!

It is bold for anyone outside the Estate Duty Office to speak on estate duty; but I have deliberately chosen a dull and uninteresting subject because of its recent added importance to all who are concerned with life policies and annuities. The maximum rate of duty under the Finance Act, 1894, which first imposed it, was 8%. The maximum rate to-day is 80 %. Actuaries and lawyers must clearly do something about it—if they can—for otherwise there will be still less of estates left to be frittered away among the beneficiaries!