I propose to bring under your consideration this evening, the investigation of a question which has been a good deal discussed from time to time; and which, I observe, is attracting some notice at the present day. It is one of some interest and importance to persons engaged in our pursuits, and I therefore trust that the endeavour to throw a little more light upon it will not be altogether unacceptable.

The question I allude to has reference to the mode of valuing the risks of a Life Assurance company. The actuaries, with some exceptions, of what I may, perhaps, without impropriety call the old school, contending that the same elements should be used in valuing as those upon which the Table of Premiums is constructed. So that, for instance, an office charging premiums deduced from the Northampton Table, should, according to their view, make its valuations in accordance with the data from which those premiums are deduced; whilst some of the more modern practitioners advocate the using, in these valuations, tables based upon what may be considered—as far as our present knowledge goes—a true rate of mortality, and a true rate of interest.