JOURNAL

OF THE

INSTITUTE OF ACTUARIES.

"I hold every man a debtor to his profession, from the which as men of course do seek to
receive countenance and profit, so ought they of duty to endeavour themselves by way of
amends to be a help and ornament thereunto."-BACON.

VOL. XLIV.

LIBRAR

OF THE

UNIVERSITY

OF

CALIFORNIA

LONDON:

CHARLES AND EDWIN LAYTON,

FARRINGDON STREET..

PARIS S, RUE LAMARTINE, 8.

BERLIN: CARLSTRASSE 11.

MELBOURNE: MCCARRON, BIRD & CO

NEW YORK: THE SPECTATOR COMPANY.

1910.