The object of this commentary is to indicate the fundamental principles underlying the selection of property investments from the point of view of an insurance company. It is, however, essential first to examine the phraseology of real property, with its legal background, before we can distinguish between the various types of property and the degree of security afforded by each type. In the time at our disposal, we must of necessity confine ourselves to the basic elements of the subject, and make no attempt to deal with war-time legislation or present prospects of changes in legislation.