The following visitors, Messrs. Swinton Boult, R. Lewis, and E. Cozens Smith, and the following members, Messrs. Bailey, Bunyon, and Ambrose Smith, took part in the discussion that ensued.

Fourth Ordinary Meeting, 28 February 1876.

A. H. BAILEY, Esq., in the Chair.

The following gentlemen were elected Associates of the Institute :—

Arthur Francis Burridge.

Clement Von Berg.

Joseph Kearry.
Herbert Lucey.

James Smith Wilkes.

Mr. G. W. Berridge read a paper "On the Values of Annuities on Assured Lives."

The following gentlemen took part in the subsequent discussion, namely, Messrs. Bailey, R. P. Hardy, Higham, G. King, Macfadyen, Manly, and Sutton.

Fifth Ordinary Meeting, 27 March 1876.

The President in the Chair.

The following gentleman was elected an Associate of the Institute:Richard Wilding.

Mr. F. A Curtis read a paper " On Life Insurance in France."

The following gentlemen afterwards addressed the meeting, Messrs. Adler, Manly, and Walford.

Sixth Ordinary Meeting, 24 April 1876.

The President in the Chair.

The following gentlemen were elected Associates of the Institute:

John William Gordon.

W. Boyack Lowson..

Mr. George King read a paper "On the Mortality amongst Assured Lives, and the requisite Reserves of Life Offices."

The following gentlemen, namely, the President, Messrs. Baden, Bailey, Grimes, Manly, Sutton, and Walford, took part in the subsequent discussion.

The Twenty Seventh Annual General Meeting, Saturday, 10 June 1876. J. HILL WILLIAMS, Esq., the President, in the Chair.

Mr. R. P. HARDY (Hon. Secretary) read the notice convening the meeting, the minutes of the last ordinary meeting, which were signed by the President, and the following Report and Statement of Accounts:

:

"The Council have great pleasure in reporting the progress of the Institute during the past session.

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Twenty-five new members have been elected, namely, 1 as a Fellow and 24 as Associates. In addition to which, 3 Associates have been elected to the Fellowship.

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The total number of members is 338. At the close of the financial year, the number was 335 as against 331 in 1875.

"The total income was £851. 17s. 10d., and the total expenditure £625. 198. 2d.

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The total funds are now £2312. 08. 8d., showing an increase in the year of £226. The question of the application of the steadily accumulating funds, so as best to forward the objects of the Institute, is one engaging the

attention of the Council.

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It may interest the members to learn that, according to the terms of its institution, the Hardy Memorial Fund falls in the course of the current year into the general funds of the Institute.

"The late Mr. Samuel Brown, when making his generous donation, stated his intention of settling a scheme for its application. This, however, he failed to do, and it will be for the Council to consider how best to dispose of it for the general interests.

"It was matter of regret that, on the last occasion when the usual triennial prize was offered by the Council out of the dividends of the Messenger Legacy Fund, the examiners were unable to award the prize to any one of the four essays which were submitted.

The Council have continued the class for the Second Year's students, further experience confirming their opinion of the essential service it is calculated to render. They would again impress upon the younger members the advantages now offered by the class for First Year's students, under the guidance of the Assistant Secretary.

"The following papers were read at the ordinary meetings:—

"First.-Mr. F. A Curtis. 'On a Scheme for the Collection of Data for Periodical Observation of Mortality among Lives Selected for Assurance: illustrated by Examples from Observations of Mortality in Austria.'

"Second. Mr. T. B. Sprague. On the proper method of measuring the Expenses of a Life Insurance Company so as to show the real pressure of the expenditure on the bonus-giving power of the company."

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"Third. Mr. C. Walford. On the Finance of Fire Insurance.' Fourth.-Mr. G. W. Berridge. On the Values of Annuities on Assured Lives.'

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Fifth.-Mr. F. A. Curtis. On Life Assurance in France.' "Sixth.-Mr. G. King. 'On the Mortality amongst Assured Lives, and the requisite Reserves of Life Offices.'

And the members generally will regard with satisfaction the eminently practical character of the papers, and of the discussions which have taken place upon them."

The PRESIDENT, in moving the adoption of the Report, said that during the past year no events, either favourable or adverse, had occurred, but such as they had been they were all favourable to the Institute. The membership had kept up wonderfully well, the subscriptions had also kept up, and they were in the happy state of having plenty of money, with which it is proposed to do everything which will be likely to further the interest of science and the profession generally. He proceeded: "There is one very satisfactory item in the accounts on this occasion,—the sales of the tables of mortality experience collected by the Institute. That was a work of great labour, and it has produced very satisfactory results. It is now, I may say, universally acknowledged as the table of the highest authority for estimating the mortality amongst insured lives-quite a different thing from the mortality of the population at large, or of any special class of lives. To such an extent has this been adopted, that I find in almost every quinquennial report that has come out recently, the companies are gradually adopting this improved table; and we have had one instance recently of a large office dividing something

like a quarter of a million of profit, having changed from the Carlisle to the HM 3 per-cent; and without breach of confidence I may also mention that it is in contemplation in other older and larger companies also to change their basis of valuation from the Carlisle table to that of the Institute. We shall all be happy to see that result. The sales of the book figure in this year's accounts for the not insignificant sum of £105, showing that there is a growing demand on the part of those interested in the question of mortality amongst insured lives for this authentic record of the facts upon which the mortality of insured lives is hereafter to be founded." He concluded by formally moving "That the report of the council, abstract of income and expenditure, and balance sheet be adopted, entered on the minutes, and printed in the Journal."

Mr. A. BADEN seconded the resolution, remarking that the report was extremely satisfactory.

The motion was unanimously agreed to.

A ballot was taken for the election of the Council and officers for the ensuing year, and the following list, as recommended by the Council, was unanimously confirmed:

Mr. U. W. Gage, Mr. Thomas James Searle, and Mr. F. W. White were elected auditors for 1876-7.

On the motion of Mr. C. D. HIGHAM, a vote of thanks was passed to the Council and Officers of the Institute, for their services during the past year.

INSTITUTE OF ACTUARIES.

Income and Expenditure for the Year ending 31 March 1876.

INDEX TO VOL. XIX.