Gentlemen,—I have to thank you for the honour you have conferred upon me in electing me to be your Honorary President—an honour which I appreciate all the more when there are so many gentlemen connected with the profession better qualified to adorn the post. Had I consulted your interests, I certainly should have declined the office, but the honour was too great to be refused, even although the acceptance sacrificed your advancement.

Having resolved to accept the position, the difficulty which presented itself to my mind was, on what subject to address you. At first I felt inclined to take as my topic the Education of an Actuary, but on reflection I found that it would be impossible to add anything to what had been said by my predecessors; and however satisfactory this would have, been to me, I felt it might not be so to you; so I at length concluded that, as a scientific paper would be out of place, I could not do better than give you a few practical notes relating to the actuarial profession.