( xix ) 



years — a loss to the Society of £21 on each compounding 

 Fellow, or on 105 compounders of £2,205, as accruing at the 

 dates when he receives the benefits. 



It would, however, probably be reasonable to assume that 

 we might do a little better with our investments, say nearly 

 up to 3i %, with safety. 



On this basis the loss, at date of composition, would be, £5 5s. 

 each, or £551 5s., at dates of benefits enjoyed about £1,600. 



I have obtained the following data and remarks from an 

 actuary (Mr. C. Livingston Milligan, F.I.A.) : — 



" The average lifetime of the 20 who compounded up to 

 1849, namely 38'4 years, coincides with the expectation 

 of life by the Institute of Actuaries Healthy Males 

 (H"^) table at age 25, viz. 38-405 years. 



" This age agrees with the assumption you make as to tlie 

 average age at entry (of compounders) being 25 to 30. 



" If it be assumed that a member will enjoy the benefits 

 of the Society for life, we must value the annual 

 subscriptions he would pay by an ' annuity due ' (that 

 is, first payment now due). 



"The value of an annuity due of £1 Is. by the H'^ 

 table is : — 



3 y 31 y 



At age 25 ... £23 2s.^ 9d. ... £21^^81 id. 

 „ 30 ... £21 I8s. 3d. ... £20 7s. 9d. 

 „ 47 ... ... £15 17s. dd. 



" I consider that the Society could obtain a higher rate 

 than 3 %, after allowing for income tax, by reinvesting. 



"My general conclusion is that if it be assumed that the 

 benefits of membership will be enjoyed for life, the 

 composition should be raised to £21. This would be a 

 round figure, and would very fairly represent the actual 

 value of the future annual subscriptions. 



" On this assumption, the Society is at present losing 

 £5 5s. on each man who compounds." 



T. A. 0. 



After Dr. T. A. Chapman, Mr. W. E. Sharp, Mr. F. 

 Merri FIELD, Mr. J. W. TuTT, Mr. A. J. EosE, the Rev. F. D. 

 MoRiCE, Mr. G. H. Verrall, Mr. A. Sigh, Lieutenant-Colonel 

 N. Manders, and Mr. R. W. Lloyd had spoken to the motion, 

 the President put it to the meeting. There voted in favour 

 24, and against 27, mnny Fellows not voting. The motion 

 was therefore lost. 



