Gentlemen,—I have to thank you sincerely for the honour you have conferred upon me in calling me to fill the office of Honorary President this Session. I accepted the honour with hesitation, recollecting the long list of distinguished men who have occupied and adorned the high office since the year 1859, and whose Inaugural Addresses we cherish as a valuable heritage. I felt, however, under such great obligations to the Society for having opened up to me in the past so many new fields of study that I could not refuse to undertake any service to which by your goodwill I might be called.

The subject of State Pensions for the Aged Poor, which I propose to bring under your notice to-night, is one which has occupied public interest and attention to a large extent during recent years. Suggestions numerous and varied have been made for the solution of the difficulties which surround the question, but the problem unsolved still holds the field. This winter it will be again much in evidence, as a Committee on Old Age Pensions, appointed by Government, will meet at the Treasury from time to time under the presidency of Lord Rothschild. It has been remitted to this Committee.