I think the time has arrived when the subject indicated in the title of this paper may be fairly and fully considered. It is certainly one which must frequently have presented itself to the managerial mind; and there can be no reason why this question should not be discussed with as much philosophic calmness as any of the many theoretical problems, or points in practice, which continually present themselves for reflection, and perchance for decision.

The point may indeed arise—whether I am the proper person to introduce the topic. I take the individual responsibility of deciding in the affirmative. I have, on the one hand, been as frequently assailed by the insurance press, as any one, and, on the other, received as much kindness and friendly recognition as any man can desire, and more than I claim to deserve. It may be that in either case the extreme has been reached, or passed. I have the advantage of having been a writer upon the press, insurance and general, from the days of my youth, and I say at once that my sympathies are largely on that side. But I think that the familiarity which draws me to the side of its virtues, also renders me, at least in some degree, cognizant of its short-comings. I have the further advantage of having been on various occasions consulted by managers on the one hand, and by editors on the other, upon the points which I now proceed to discuss.