New Business.

I have placed first among the conditions of success the obtaining of a sufficient amount of new business, tor I regard this as the most indispensable condition. It is in a large and old business that most of the questions will arise which will require the most careful consideration by the actuary, and if the business is small and of a simple character, the actuary's function becomes of comparatively small importance. But when the business has been obtained, there are other conditions that are quite as essential for keeping it together and managing it, so that the office may be considered as really successful. For instance, it is essential for the smooth working and permanence of an insurance company that careful attention should be given to the internal arrangements, and, consistently with what I have already said, I believe that the same principles are applicable here as in the case of other commercial institutions.