In considering a subject on which to address you to-night, it occurred to me that I might invite your attention to some practical matters of office work, especially in connection with valuation books and forms.

Allow me, however, at the outset to express my thanks for the honour you have conferred on me by my election to the office of President. As a duty of my office an address is expected from me, and I must ask your indulgence in attempting to fulfil this obligation towards the close of what is to me the busiest season of the year.

In assessing the risks to be provided against in the case of professional military and naval lives, consideration has to be given to the following distinct elements:

(1) The risk of death at home stations, or the normal mortality.
(2) The risk of death at foreign stations in time of peace, or the climate risk.
(3) The risk of death in active military service in the constantly recurring “small wars.”
(4) The risk of death in active military operations in “national wars.”
(5) The liability, in time of peace, to foreign service.
(6) The liability to active service in the field in “small wars.”
(7) The liability to active service in the field in “national wars.”