An examination is made of the more important events in past years, with the object of assessing their consequences on the structure of Life Office investments. Reference is made to certain monetary and trade developments during the period 1919-39. Some aspects of the world depression of 1929-32 are examined. Special attention is paid to the period following the suspension of the gold standard, when Treasury control of interest rates was initiated and developed.

Investment problems which arose during the 1939-45 war are then considered. This is followed by an analysis of the factors influencing (1) the yield on British Government securities, and (2) the outlook for British trade. Lastly, the probable effect on the investments of Life Offices of the nationalisation programme is discussed.