On 29 December 1902 I had the honour of reading a paper before the Institute on the “Comparative Reserves of Life Assurance Companies according to various Tables of Mortality at various Rates of Interest.” That paper was intended to complete up to date the investigations which had been made in 1876 and 1877 on the same subject, by bringing in the New British Offices Experience Tables, OM and OM(5). When that paper was read, the Select Tables, based on the British Offices data, were not available, and in the comparisons then instituted they could not be included. The case is now different, and a valuation has been made of the Model Office, on the basis of the O[M] Select Tables, at 3 per-cent interest, and in Table I of the Appendix the results are given, and compared with the results of the valuation by the OM Aggregate Table, at the same rate of interest. The valuations by the OM and OM(5) Tables in their various combinations are also repeated, so that reference to the previous paper may not be necessary.

It is probable that some of the points I venture to bring forward have already suggested themselves to other students, but in view of the interest at present attaching to selection, it seems an opportune time for putting forward any considerations that may help to throw light on a somewhat complicated subject.

The previous papers on reversions read before the Institute have dealt mainly with the theory of the subject. It may be useful, therefore, to afford members who have to deal with reversionary securities as investments rather than mathematical problems, an opportunity of discussing some of the practical questions connected with them. In this I am following the example of Mr. Neil Campbell, whose paper, read before the Faculty of Actuaries in 1902, contained much valuable information of a practical character, and led to an interesting discussion.

Our English system of registration of title to land has been actively discussed and severely criticized among certain professions, but certainly cannot be said to have attracted general interest. The subject is too often regarded as a purely legal one. Yet, looking to the fact that London properties of enormous value in the aggregate have already been affected by the drastic changes introduced by the Land Transfer Act, 1897, and that the whole country may sooner or later be brought within their influence, it is difficult, I think, to overrate the public importance of the question. Just at present, particularly, there is call for a more widespread acquaintance with the principles and working of the system. In the first place, the general public is left responsible for its extension, inasmuch as the popular veto on its application to any particular area is to be exercised through the County Councils. Secondly, the system in respect of many of its details is on trial. From time to time modifications of the original scheme are introduced, as practical experience of its working shows them to be really necessary; and where the system causes inconvenience, adjustments are being made to remove it. The opportunity therefore should not be lost of influencing these changes in the direction of meeting the requirements of any special section of business.

Investigations of the mortality prevailing in Canada, whether among assured lives or the population at large, have not up to the present been frequent. Such enquiries demand, first of all, a considerable extent and precision of data, and these are seldom furnished by the records of such private corporations as do business in a new country, or by the periodical censuses undertaken by Government. As to assured lives, most of the companies now transacting the business of life assurance in Canada are recent entrants into the arena, and of such of them as are not to be included in this class, it is yet true that most of their assurances have been effected at comparatively recent dates; so that an investigation into the mortality of the lives, whether undertaken by a single company (supposing its business to be of sufficient magnitude) or by any combination of companies, would be subject to the same defects as are chargeable against the Thirty American Offices' Experience, and against many others, for all of which this example—Titanic in all respects—may stand.

The subject dealt with in this paper has already been introduced by a letter to the Insurance Record, of 24 February 1905, but I am now able to put forward certain further developments of the theory and method there set out.

The object of the following notes is to state somewhat more fully and formally a method (first published in the Insurance Record for 10 March 1905) of approximating to the reserves required for whole-life assurances, with due regard to the influence of selection; and to illustrate the practical application of the method.

In submitting to the Institute the results of our investigation into the subject of masculinity, we are aware that this theme is somewhat outside the ordinary discussions of the Institute, and we only propose to deal with certain aspects of the question. It may therefore be well to begin by defining the term masculinity, which is simply a convenient expression for stating in one word the proportion of the sexes at birth. The choice of this word has been determined by the fact that male births generally predominate in number over female births. According to the extent of this predominance, masculinity may be described as high or low. The usual practice is to state the number of male births to 1,000 females. When the male births are fewer than the female births the masculinity is said to be negative, the representative figure being then below 1,000.

Having been associated with Mr. George King in the valuation of a Bank Widows' Fund, possessing features of more than usual interest, I have undertaken at his suggestion to write a short account of the principles and methods used in estimating the liability.

These notes were prepared at the request of the General Director of the Norwegian Railways (Mr. L. Segelcke), in consequence of a proposed reconstruction of the Benevolent Funds of the railways. Each traffic district has, besides the Pension Fund for its functionaries, a Benevolent Fund; and these latter funds have gradually accumulated considerable sums, out of which they grant allowances to widows of the functionaries; also, in exceptional cases, to retired functionaries in needy circumstances; but always in the form of gratuities given from year to year at the discretion of the Directors. As, however, there exists a strong feeling in favour of the conversion of the Benevolent Funds into funds securing a fixed annual provision for the widow, and for the children under a certain age (for instance, 18), I was requested to prepare a report on the subject.