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Address by the President

  • Gordon Vernon Bayley

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(1) Friedman, M. The role of monetary policy. American Economic Review, 58, March, 1968.
(2) Redington, F. M. Jubilee Lecture. Words and Numbers J.S.S. 20, 172, October, 1972.
(3) The British Economy Key Statistics 1900–1970. Times Newspapers Ltd., London & Cambridge Economic Service; Monthly Digest of Statistics. Central Statistical Office.
(4) Fisher, Irving. The Theory of Interest. Macmillan, 1930. Chapters 2 and 19.
(5) Sargent, T. J. Anticipated inflation and the nominal rate of interest. Quarterly Journal of Economics, May, 1972; GIBSON, W. E. Price-expectations effects on interest rates. Journal of Finance, 25, March, 1970; Inflation, Money, Growth and the Rate of Interest. P. N. Kemp-Gee & Co. February, 1973.
(6) J. M. Keynes recommended its use to the Colwyn Committee in 1924. More recent examples include the Report of the Committee to Review National Savings (Page Committee) (Cmnd. 5273, June, 1973) and FRIEDMAN, MILTON, Monetary Correction (Institute of Economic Affairs, July, 1974).
(7) Indexation of fixed-interest securities. OECD Report by the Committee on Financial Markets. (Paris, 1973), Appendix, §36.
(8) Accounting for changes in the purchasing power of money. Provisional statement of standard accounting practice No. 7, May, 1914. The Institute of Chartered Accountants in England and Wales.
(9) Parker, P. W. AND Gibbs, P. M. D. Accounting for inflation—recent proposals and their effects. April, 1914, J.I.A., 101, 353.
(10) Committee on Inflation Accounting, appointed jointly by the Chancellor of the Exchequer and the Secretary of State for Trade and Industry on 21 January 1974. A copy of the Institute's evidence is in the Library.
(11) An investment purchased for £100 on 5 April 1965, when Capital Gains Tax was introduced, would have to be sold for about £200 now (Oct. 1974) to provide the same purchasing power. C.G.T. at 30% would reduce the proceeds to £170, equivalent to a tax on capital of 15%.
(12) For example, King, A. L. The impact of inflation on income tax liability. British Tax Review 1973, No. 6: ALLAN, J. R., DODGE, D. A. AND PODDAR, S. N. Indexing the personal income tax: a Federal perspective. Canadian Tax Journal, 22, 355, July—August, 1974.
(13) Canada Income Tax Act, 1973, section 117.1.
(14) Some detailed estimates are given by Price, R. W. R. Some aspects of the progressive income tax structure in the U.K. National Institute Economic Review, August, 1973.
(15) Ammeter, Hans. Funding of retirement income. Transactions of the 17th International Congress of Actuaries, 1964, III, 17.
(16) Hall, M. G. and Hobbs, D. H. S. Pension Fund Indicators. Phillips & Drew, Sept., 1973.
(17) Rose, H. B. Pensions Conference, Manchester. Williams' & Glyn's, 21 March 1974.
(18) Retirement Income Security for Employees Act, 1974.
(19) The Pension Benefits Standards Act, 1967 governs organizations under Canadian federal jurisdiction; other Pension Benefits Acts for particular provinces were introduced in 1965 and subsequently.
(20) Social Security Act, 1973.
(21) Better Pensions, Fully protected against inflation. Cmnd. 5713, Sept., 1974.
(22) Linnell, D. R. The effects of inflation on life office practice. Institute of Actuaries Students' Society Meeting, 19 February 1974.
(23) Bragg, J. M. and Stonecipher, D. A. Life insurance based on the consumer price index. T.S.A. 22, 1970, 333; MANSOOR, J. AND STRYJAKOWSKI, D. An actuarial view on variable life insurance in Israel. Transactions of the 19th International Congress of Actuaries, 1972, I, 533.
(24) A brief description of such contracts issued in France was given in a paper by Fernand Pare at a meeting of the Canadian Institute of Actuaries on 14 March 1974.
(25) Zoete, De and Bevan, . Equity and fixed interest investment 1919–1974, January and July, 1974.
(26) Bews, R. P., Seymour, P. A. C., Shaw, A. N. D., and Wales, F. R. Proposals for the Statutory Basis of Valuation of the Liabilities of Long-term Insurance Business, submitted to the Institute 27 January 1975.

Address by the President

  • Gordon Vernon Bayley

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