The subject of Surrender Values is a wide one and it will be impossible in the course of these remarks to give more than an outline of a few of the points which arise. I shall, therefore, deal in the main with broad general principles and leave the lesser details untouched.

The scales of surrender values actually allowed by offices in this country differ widely, and an examination of the figures indicates that some offices still retain the view that a policyholder who surrenders his assurance should be fined heavily. It is difficult to reconcile this view with present-day ideas, for if a policyholder is so unfortunate as to be unable to continue his premiums owing to financial or other reasons, it is surely harsh treatment on the part of the company to impose a heavy fine, the whole, or practically the whole, of which merely goes to swell the bonuses allotted to those more fortunate individuals who are able to continue and who could well dispense with this additional benefit.