The merits and demerits of the present mode of assessing the Property and Income Tax have been so frequently made the subject of popular discussion, and are in themselves questions of such national importance, that I feel no apology to be necessary for again bringing the subject under the notice of the Institute of Actuaries.

A valuable paper on the inequitable operation of this tax was, some time ago, read before the Institute by Mr. Jellicoe; and, more recently, an elaborate and important contribution on the same subject was brought by Mr. Farr under the notice of the Statistical Society of London, which paper has given rise to a lengthened and very interesting discussion. An exceedingly temperate and able pamphlet has also been recently published by Mr. John G. Hubbard, the Deputy Governor of the Bank of England, in which that gentleman has discussed, with very considerable ability, the views of Mr. Warburton, and has, in my opinion, very effectually exposed their absurdity.