Many valuable papers have been read before this Institute in recent years on the subject of the sources of surplus, on various methods of bonus distribution and on kindred subjects, notably those of Mr. Sunderland in 1887 and 1890 (J.I.A., xxvi, 357, and xxviii, 257); Mr. Rothery in 1892 (J.I.A., xxx, 131); Mr. G. F. Hardy in 1894 (J.I.A., xxxi, 261); and Mr. G. J. Lidstone in 1895 (J.I.A., xxxii, 73); which are, in my opinion, contributions to actuarial science of the utmost value and models of concise language and elegant demonstration for the actuarial student.