Papers and reports

Investment conditions have changed widely and rapidly in the post-war era; and since the publication of Mr Lewis G. Whyte’s textbook, Principles of Finance and Investment, there has been a spate of papers on investment theory, each of them either covering a small part of the subject or setting forth a particular view. The aims of this paper are: 1) To suggest a balanced and consistent approach to investment principles as they affect funds of actuarial interest. 2) To discuss the application of these principles to particular types of funds.

The Government White Paper ‘ Provision for Old Age ‘ (Cmnd. 538) published in October 1958 contained the Government’s views as to the future development of the National Insurance Scheme and as to the principles which should govern further action. The White Paper also contained the Government’s proposals for amending the system of National Pensions in the light of these principles.

Two Ordinary General Meetings were held, on 10 and 24 November 1958, to discuss the Government's White Paper entitled as above (Cmnd. 538). This paper is an abstract of the discussion on 10 November which was devoted primarily to consideration of the financial structure of the proposed scheme as a whole.