As many of you are aware, I received my early training in this city. Well do I remember the meetings of the Actuarial Society and the growing interest I took in its proceedings; but in which on account of my inexperience I was seldom able to take part. After an absence of nearly twenty years in Australia, where I read with interest and undoubtedly profited by the papers published by the Society from time to time, it seemed fitting, when I had the honour to be asked to contribute to your proceedings on my return to this country, that I should choose a subject distinctively Australian, in the hope that my fellow-members might in return profit in some degree by my experience on the other side of the world. The fact that several Scottish offices had lent large sums on mortgage in Australia led me to choose “Investments” as my subject. The addresses of Mr. A. H. Turnbull, Mr. David Paulin, and others, to the Actuarial Society and elsewhere, render it unnecessary for me to enlarge upon the principles and practices of British life offices in this respect, although I propose to make use of figures previously submitted, for purposes of comparison.