In a short paper, which I read before the Second International Actuarial Congress, held in these rooms in May 1898, I gave the solution of some problems which frequently arise out of the Rules of Pension Funds and Friendly Societies. That paper is printed in the Transactions of the Congress, published by the Institute, page 860. I was unfortunate in the selection of the table which I used for illustrating the formulas, as there was a printer's error in the value of the most important term. That, however, did not affect the formulas themselves. Mr. McGowan, in a letter to the Insurance Record of 2 February 1900, said that my remark on page 861 (of the Transactions), that “it will be P years before the annuity payments equal the price given, does not seem quite correct in the case where P is an integer plus a fraction”, and I explained, in a letter which appeared the following week, that the correction, which would be the value of the assurance of the fraction of the annuity for the fraction of the year in which the fraction would occur, is so insignificant that it might be ignored.
