Some years ago I had the honour of reading before this Institute a paper which, though mainly devoted to a study of surrender values, treated such surrender values as purchases by life offices of reversions. On that occasion I stated that sound British companies could well afford to repurchase their own acceptances at 6 or even at 5 per-cent. Subsequent experience has done much to confirm me in the opinion then expressed, but I did not then, nor do I now assert that offices should on such terms purchase other reversions than their own policies; and I trust it will not be thought wasting your time, if I preface this paper by enumerating a few considerations which seem to indicate that the present market price of reversions gives, comparatively, a return none too high to an investor. Such market rate I take to be 5 per-cent in the case of an investor who does not stand, or, what is the same thing, arrives at his price as if he did not intend to stand, any risk of loss, whether through longevity of life tenant or death of reversioner.