Mr. President and gentlemen, I should like to express my pleasure at being back in the Faculty Hall, where I was privileged to listen to your interesting discussion last year on “The Growth of Pension Rights”. I am glad to find that the number of occasions on which economists and actuaries are not only on speaking terms but able to take counsel of one another is increasing, for I am sure that there are many problems, of which the future of pensions is only one, that can only be satisfactorily resolved through our joint efforts and deliberations. This conviction rests partly on my experience as a member of the Phillips Committee, which was heavily dependent both on the actuaries who served on it and on the members of the profession who, in one way or another, helped it along; but it is a conviction that is just as forcibly brought home to me when I look across the Atlantic to the inquiry that has been in progress since 1950 into the long-term trends in savings and investment in the United States—an inquiry carried out by economists but sponsored and largely financed by the Life Assurance Association of America.