On looking over the list of interesting and varied subjects which have been submitted for consideration and discussion in past years to this Society, in the enjoyment of which I have been a constant participant, I find that it is fully sixteen years since I appeared before you in the position which I am glad to occupy again to-night as the reader of a paper.

The subject then selected related to the distribution of population in the United Kingdom, and discussed how each district could most effectively be occupied by branches and agencies, so as to bring the beneficent system of Life Assurance within the reach of every one. Since that paper was read, it has been my good fortune to extend my experience from the superintendence of the outside organisation of a great office to other departments of the business of Life Assurance, and especially to give the closest attention in a variety of connections to that most important but most difficult subject, the investment of moneys at the highest rate of interest consistent with the safety of the principal.