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Published online by Cambridge University Press: 18 August 2016
Many investigations have been made in the past to ascertain the surplus, or the bonuses, which would arise with a given valuation basis, from different assumptions as to the actual experience and premiums of an office ; but there is little on record regarding similar efforts which may have been made to see how the surplus year after year would be varied by the introduction of different valuation bases, the other two factors remaining constant.
page 167 note * Throughout, the term “surplus” is used irrespective of whether the particular amount in question is in fact positive or negative; the word “profit” being used as a convenient synonym when the surplus is positive.
page 170 note * See Mr. George King's remarks, J.I.A., vol. xxxii, p. 111; a formula there given suggesting a reason for the “point of equal surplus”; or in other words, the duration after which the various curves will intersect, being practically the same for all valuation bases. Cf. Graph I.