Exactly twenty years have elapsed since I first had the honour of addressing the members of the Actuarial Society as their Honorary President, being then but on the threshold of my official life.

Again ten years later I once more occupied this chair.

And now after the lapse of another ten years, as my professional career draws somewhat near its close, and you have again kindly asked me to become your President, there comes on me in meeting you at the beginning of your session for the purpose of offering to you a few words of welcome, a desire, on the one hand, to look back over the past—to get out of the trees, as it were, and see the forest,—and on the other, already throwing loose the trammels of daily routine, to turn in the forward direction with an endeavour to peer some way into the future and see what is in store for us there.

I will accordingly endeavour to ascertain in what way our science and the great practical businesses built upon it—and to promote which actuarial science mainly exists—have been tending during these more recent years, and, by carrying on the lines in the same direction, to make some forecast of the conditions that will prevail when you, who are entering on the actuarial profession, in your turn take the helm of management.