The distinction which this Society has conferred on me by electing me its Honorary President for the year is one that is much enhanced by repetition; and I have to acknowledge with peculiar gratitude that this is the sixth occasion on which I have had the privilege of addressing you in that character. Twenty-one years ago, in the infancy of the Society, I selected for a topic “The Profession of an Actuary.” On looking back, I find that since then I have brought under your notice the subjects of “Fire Insurance,” of “The Future Interest of Money in connection with Life Assurance Institutions,” and of “Some of the Principles to be observed in Life Office Valuations;” and I ventured on the last occasion, a few years ago, to select a wider and less technical theme, and to invite attention to a general view of the Philosophy and Ethics of Business. I propose now to recur to the topic of our Profession, and to try whether an acquaintance with it of now forty years may not offer a few suggestions, that may possibly be of service to some of you who are engaged in fitting yourselves for its highest duties.