In the paper which I submitted to the Institute on 28 April 1944 I discussed the most equitable method of treating appreciation or depreciation in the assets of an office distributing its surplus by means of a uniform reversionary bonus.
There are in existence numerous charitable funds which provide financial assistance to members or their dependants in the form of either grants or annuities. It might at first sight appear doubtful whether an investigation of such funds on actuarial lines is practicable.
This paper is devoted mainly to the extension of the n-ages method of approximation for product-sums to summations in respect of two variables; some uses in valuation work of the formulae developed are indicated and illustrated arithmetically. Hitherto, apart from a special formula devised for the particular purpose of illustrating the possibilities of valuing whole-life assurances by limited payments grouped by years of entry (J.I.A. Vol. 64), the n-ages method has been confined to one variable.
It is now widely recognized that the future must see far-reaching changes in our monetary system, and that these changes must be in the direction of a conscious and planned management, as distinct from leaving the system to be regulated in a more or less automatic manner by factors which reflect and are governed by international conditions; that the monetary system should in fact be made to serve and not govern the requirements of the economic system.