66 the you "Institute in their professional studies, and they have now to r "decided upon making the experiment cf forming a class for th "of the second year's examination subjects, to be conducted b being paid in part by the Institute, should, in addition to his "deliver three lectures to be open to all members. Mr. Wm was appointed the tutor, and, in consequence of the above "students were enabled to avail themselves of all the advantag 66 at the moderate fee of £2 28. each. The three lectures which "in conformity with the regulation laid down by the Coun printed in the Journal. Notwithstanding that a period of onl "intervened between the date at which the class was formed a "examination, the Council have the satisfaction to report that, men who joined the class, eight were enabled to present "examination, of whom six passed. This proof of the advantag a class confers upon the younger members, encouraged the Cou "the experiment; and they are gratified at being able to add tha "the present year shows a very considerable increase in th 66 members. "The Council have the satisfaction to report the completion "tion of the monetary tables, based upon the Mortality Experi "by the Institute. The volume is now on sale, each member of "being entitled to obtain one copy at half-price at the rooms of "To the Tables is prefixed an Introduction by Mr. Peter Gray "describes at length the processes adopted in their formation, a "them by detailed numerical examples. The Council take thi "of recording their sense of the important and disinterested s "Mr. Gray has rendered in the production of the volume, and h "mend to all students a careful study of the ingenious processes "which he has elaborated. 66 Appended to the volume is a complete system of Notation tingencies, which has been settled by a Special Committee wit suggestions and contributions from various quarters; but the "that they are principally indebted to Mr. Sprague for the great to the work of collating and finally bringing into shape th "systems proposed or already in use. The Council entertain a co "that this system will be found well adapted for practical use; "will before long be universally recognized and employed by the "all countries as a convenient and efficient medium of intercomm The PRESIDENT said "Gentlemen, it is now my duty to pro "That the report of the Council, the abstract of income and expe the balance sheet, be adopted, entered on the minutes, and pri Journal.' I think that every one interested in the success of the Actuaries must allow that the Council are able to present a very report, and one which gives very flattering evidence of progress. We are increasing the number of our members, we are increasing and, so far as our ordinary expenditure is concerned, it is somewhat That, however, must be taken with some allowance, because the ex ture for the new class brings us pretty near the ordinary amount had some very important and interesting papers read to us in the c session. Our meetings have been very numerously attended, and which we have had the pleasure of hearing at those meetings hav to very extensive and valuable discussions-all of which must be ing to every well-wisher of the Institute. (Hear, hear.) The grea our last year's proceedings is undoubtedly to be found in the pla announced in our last year's report, but about which we were no position to give definite information. We then stated that we had in contemplation a mode of making the Institute available for the education and assistance of the younger members. That plan was very speedily developed in the form of Mr. Sutton's class, which is particularly referred to in this report; and I think that everybody will now agree that in this matter we have made a great step in forwarding the objects for which the Institute was established. (Hear, hear.) The result has been exceedingly satisfactory. The junior members of the Institute have been able to obtain, at moderate cost, instruction, which they could not have obtained at anything like that cost by any other mode. They have also had three valuable lectures reported in our Journal, which will be most useful as matters of reference to the members, who are prosecuting their studies in actuarial science. All this must be very gratifying to every well-wisher of the Institute. Another most important feature, and one which I think is a subject for congratulation, is the publication of this volume which I hold in my hand. (Hear, hear.) We have been engaged— and most laboriously engaged-for a long period in producing tables founded upon the observations of mortality, obtained through the liberality of the various insurance offices. The task has been an exceedingly tedious and heavy one, and we certainly have not been able to bring it to a conclusion so soon as we expected; but I think it will be considered that that conclusion is a most satisfactory one, and that this volume will be found most useful and valuable to every one connected with actuarial science. (Hear, hear.) We propose to sell it to the public at the price of one guinea; every member of the Institute, however, will be entitled to buy a single copy at half price, that is to say, for half-a-guinea, by application at the rooms of the Institute, but of course we can only sell a single copy to each member at that price. This useful book is preceded by a very valuable introduction by Mr. Peter Gray, as to the mode in which the tables were constructed, which is in itself a most important study to every one engaged in actuarial science. I can remember a great many years ago, when I first began to look into these matters, being told by an able actuary and an eminent mathematician, that the theory of the science was complete, that nothing more could be done for it, and that all that remained to be done was to make accurate observations and apply them to the scientific formulæ then established. There is no doubt that the gentleman who made that observation to me was a man of great ability and experience, but his prophecy has been singularly falsified. Since that time, we have had the development of Barrett's method by Mr. Griffith Davies, and we have had the development of Mr. Gompertz's theory by Mr. Makeham and Mr. Woolhouse, which promises to open up a wide field for us in improving our calculations; and we have now got this most important and valuable contribution on the construction of tables by Mr. Peter Gray. It is impossible for me-and in saying this I am sure the Council will agree with me, it is impossible for me to speak in too high praise of the patience and labour that that gentleman has shown in assisting the Council in bringing forward these tables. We owe a deep debt of gratitude to him which I am sure we shall on all occasions be most anxious to acknowledge. (Hear.) I may mention, with regard to the tables, that we are enabled to give, with respect to two lives, what has never been published,—that is, we not only give annuities upon two joint lives, but also annuities upon the last survivor of two lives. It is true that these annuities can be deduced from the tables of annuities ordinarily published, but obtaining them by a tabular reference saves time and labour and the chances of error, and I have no doubt this part of the tables will be found very valuable. (Hear, hear.) The volume also contains a new system of notation. This, I may observe, is what has principally delayed the work, which we should otherwise have been able to publish much sooner. But, as we had long had in contemplation the object of establishing a new system of notation, the Council thought it desirable that it should go forth in this volume, which would make it more generally known than if it were put forth in any other form. For this system of notation we are indebted to several contributors. A meeting of gentlemen connected with circulated amongst the members of the committee. Mr. Samue favoured us with some important and valuable suggestions upon notation, which he also printed and circulated; and we had from Curtis, who took a considerable amount of trouble in the matt series of suggestions upon the subject, which were printed and the committee. These gentlemen are all members of the Ins besides them, we are greatly indebted to Mr. F. Hendriks, who is of the Institute, but who was most constant in his attendance on th and was very anxious indeed to assist in developing a system to general advantage of the profession. (Hear, hear.) These are points connected with the past year that I wish to bring befor that I may mention as a gratifying fact that we have had contrib proceedings from several young members. Those of us who have time members of the Institute, and engaged in the actuarial pro always urged upon the younger members that it is to them we m the continuity and permanence of the Institute. It is upon their c and their abilities and scientific knowledge that the Institute mu permanent existence, because of course we all grow older and mus in time. Therefore, I think it is very gratifying indeed to find th of young contributors to our transactions have come forward in t last session. (Hear, hear.) I am sure that every one who has d proceedings of the Institute, as I have observed them, will feel tha always been great anxiety on the part of the Council to give ev facility and encouragement to the younger members, and to secu every advantage the Institute can afford them. (Hear, hear.) there is another point which does not come specially within the bus meeting, but which perhaps may be gratifying if I mention it to y is that in the course of last session we have been referred to by Trade as an authority on actuarial matters. I think it gives the standing and position to be referred to by a great public departm subject of life assurance, and it will be gratifying to the membe that such is the case. We were applied to by the Board of Tr opinion as to the accounts of a particular company, and we repli Institute was strictly a scientific body, and made it a rule not to affairs of any individual life assurance company. The Board of Trad to us some more general queries, irrespective of any particular Office for information upon the subject. The Council took the matter full sideration, and gave answers to the enquiries submitted to them, a letter of acknowledgment which we received from the Board of Tr 'Board of Trade, Railway Department, 'London, S.W., 19th May, 18 'Sir, I am directed by the Board of Trade to acknowledge the your reply of the 15th inst., to the letters from this department of th and 27th ult., stating the opinion of the Council of the Institute of as to what items should be included under the head of "expenses ment," in the accounts of life assurance companies, deposited with of Trade under the Life Assurance Companies Act of 1870. 'I am to request that you will have the goodness to convey the the Board of Trade to the Council of the Institute of Actuaries opinion in the matter. 'I have the honour to be, Sir, The President of the Council 'Your most obedient Servant of the Institute of Actuaries, '12, St. James's Square, S.W.' I believe, gentlemen, I have gone through all the matters in the report, and I have now only a few observations to make in consequence of this being the last time I shall have the honour to preside over your meetings as President of the Institute. Originally, you will recollect, we had a permanent President. We went on very satisfactorily under our first two Presidents, Mr. Finlaison and Mr. Jellicoe, and the custom was to re-elect the President every year. But Mr. Jellicoe felt that that was not a satisfactory arrangement, and he strongly urged upon the Council the necessity of a change. We fell in with his view, however much we regretted his leaving the chair; and we then came to a sort of understanding that we would elect a new President every three years. I should have felt great pleasure and gratification in holding for another year the distinguished position in which you were kind enough to place me two years ago, if I felt I was in a position to perform the duties satisfactorily, and to do justice, so far as my humble abilities extend, to the office you so kindly conferred upon me. But, unfortunately, domestic anxiety has placed me in such a position that I feel it incumbent upon me to retire; and I therefore thought it right to give the Council an early intimation to that effect. The circumstances that have induced me to make that intimation are unfortunately still more urgent than they were, and I feel that I have made a very proper resolution. I thank you very much for your kindness to me at all times, but more especially since I have been in this chair; and I will now conclude by moving the resolution of which I have already given notice." (Cheers.) Mr. R. TUCKER-"I beg leave to second the adoption of the report." Mr. SPRAGUE "Mr. President, I think the statement we have received from you, and the particulars contained in the report, are extremely satisfactory, and it is a matter of congratulation to see that the Institute is pursuing its steady course, increasing in numbers, and in experience and usefulness, and gaining in an increased degree the confidence of the public, and we may add now of the authorities of the Government, which is shown by the letter you have read to us from the Secretary of the Board of Trade. I do not know that you have left much for me to say. You have gone so fully into the whole affairs of the Institute, that if I were to take any particular point and dwell upon it I could not say much more than you have already put before us. Therefore, I will only make one further remark, and it is this: seeing that the funds of the Institute are now increasing year by year, it appears to me, as an individual member, that the Institute has become rich enough, and the Council may take it into consideration whether they cannot find some means of disposing of their surplus revenue to the general advantage of the members. One step has already been taken by the formation of a class to study the Second Year's subjects. Probably the Council may consider at an early date whether they cannot extend the same system to the First and Third Years' examinations. (Hear, hear.) The Second Year's was fixed upon as the most important, and it was decided to try the class as a sort of experiment. That experiment has answered very well, and I should think that competent instructors might be found to undertake a similar task for the First and Third Years' examinations. I am sure that this and all other matters which will in any way promote the interests of the Institute will not be lost sight of by the Council." (Hear, hear.) The motion for the adoption of the report was then carried unanimously. Mr. W. P. Clirehugh and Mr. Searle having been appointed scrutineers, a ballot was taken for the election of President, Vice-Presidents, Officers, and Council, for the ensuing year, which resulted in the election of the following gentlemen :— The CHAIRMAN "Gentlemen, we are very much indebted to and Mr. Searle for undertaking the duty which they have just I think we ought to give them a vote of thanks for their serv your pleasure to give them a vote of thanks, you will please approval in the usual way." The motion was carried unanimously. The CHAIRMAN-"It is the duty of the meeting to appoint have now Mr. Emmens, Mr. Hopkinson, and Mr. Searle, who auditors for the past year. It is necessary that the audito Associates of the Institute. Mr. Emmens has become a Fello quently, he is not qualified to act again. Mr. Hopkinson and M expressed their willingness to serve again, and Mr. T. E. Young gested as the new auditor. I will, therefore, propose that the be the auditors for the ensuing year. Mr. CLIREHUGH seconded the motion, which was at once agre Mr. S. BROWN-" Mr. President, I am about to propose a resol under ordinary circumstances, forms part of the more extende which includes all the officers of the Institute. I think on thi are called upon to pass a special vote of thanks to our late P that, therefore, we may fairly separate his name from the rest of and give him a cordial and hearty vote of thanks for the great se rendered to the Institute. (Cheers.) During the time he has chair we have gone on most prosperously, and seem to have accom more than we have ever done in any similar period before. F prosperity which is at the present moment attending the Insti greatly indebted to the services of the late President, Mr. Hodge, a what I would beg to propose is this, "That the warmest thanks of t be offered to the retiring President, Mr. W. B. Hodge, for the great has rendered to this Institute during his period of office, and for and courtesy with which he has on all occasions presided over it (Cheers.) Mr. R. TUCKER seconded the motion, which was received cordiality. The PRESIDENT-"I am sure, gentlemen, I am very deeply you for taking such a kind and partial view of my endeavours to * New Members. |