Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
Analecta.
enlightened student could fail to see that the whole field of science was embraced in tbe subject of Life Contingencies , and its branches . The simple question of the measurement of life , at the very threshold is beset with considerations of the social conditions of individuals , their hereditary descent , their occupation , climate , the prices of food , and the whole range of diseases . AVith regard to the mathematical section of the duties devolved on the members of the Institutehow vast and
, gigantic is that region . Almost nothing had yet been done to bring tbe higher calculus to bear on the resolution of the practical problems of vital statistics . In the observations which had fallen from their President , when dwelling on the monetary elements which enter into the calculations of an Actuary , he seemed almost to elevate this question into so high a position , as to lead them to consider money as one of the great blessings of society ; but he could not consider money in any other sense
than in consonance with the old dogma , as the root of all evil , ancl if any class of men had felt the force of this adage , it must be Actuaries ; for among the perplexing problems which are likely to upset the most careful calculations , is that element which should determine the rate of interest for a given period . Fluctuations in prices is one of the most important questions connected with economic science , and on no other topic is society so much divided in opinion ; and if this Institute would
gain reputation , it would be by centralizing the talent of its members in developing the true laws which afreet the fluctuation in prices in the value of money . To those disturbing causes are clue most of the evils which affect the wealth and industry of society . Destroy fluctuation iu prices , arising from the recognition of false theories , industry would then
take its legitimate course , labour receive its due reward , ancl one of the greatest blessings be conferred on society . The PRESIDENT proposed the health of the Honorary Secretaries and the other Members of the Council . Mr . JONES , in replying , observed , that whilst he had listened with great pleasure to the observations of the Chairman , and the views expressed by Mr . Sylvester and Air . Neison , he was satisfied to make this
Institute permanent , it must be an every day Institute , i . e ., must have a place where they could meet daily , ancl avail themselves of the periodicals of the day , and of a library ; where they could without delay afford each other information upon matters of a special character ; where facilities would be afforded for a free and frank interchange of views and opinions . If this is done , every member will feel that he is getting full value for his annual subscription . Mr . Jones concluded by hoping for the cordial
co-operation of the Council with his colleagues and himself , ancl returning thanks for the honour clone them . Air . PETER HARDY gave the health of Mr . Cleghorn , the Registrar . Those who knew Air . Cleghorn , knew what an excellent fellow he was ; but few , perhaps , knew him better than he did in his relation to this Institute . The earnest friend to it from its earliest formation , the unwearied advocate of its meritsthe zealous and hard-working Honorary
, Secretary ; and nothing but his own modesty prevented his being in the Council of the Institute ; to appreciate him properly , they should have witnessed him in his past arduous avocations in the Enrolment Committee ; now making a valuable suggestion , now entering a minute , now enrolling a fellow , and , with his unconquerable good nature , now smoothing an ascerbity or reconciling a difference . He must also be regarded as the steward of their good things , as the magician who , with one wave
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
Analecta.
enlightened student could fail to see that the whole field of science was embraced in tbe subject of Life Contingencies , and its branches . The simple question of the measurement of life , at the very threshold is beset with considerations of the social conditions of individuals , their hereditary descent , their occupation , climate , the prices of food , and the whole range of diseases . AVith regard to the mathematical section of the duties devolved on the members of the Institutehow vast and
, gigantic is that region . Almost nothing had yet been done to bring tbe higher calculus to bear on the resolution of the practical problems of vital statistics . In the observations which had fallen from their President , when dwelling on the monetary elements which enter into the calculations of an Actuary , he seemed almost to elevate this question into so high a position , as to lead them to consider money as one of the great blessings of society ; but he could not consider money in any other sense
than in consonance with the old dogma , as the root of all evil , ancl if any class of men had felt the force of this adage , it must be Actuaries ; for among the perplexing problems which are likely to upset the most careful calculations , is that element which should determine the rate of interest for a given period . Fluctuations in prices is one of the most important questions connected with economic science , and on no other topic is society so much divided in opinion ; and if this Institute would
gain reputation , it would be by centralizing the talent of its members in developing the true laws which afreet the fluctuation in prices in the value of money . To those disturbing causes are clue most of the evils which affect the wealth and industry of society . Destroy fluctuation iu prices , arising from the recognition of false theories , industry would then
take its legitimate course , labour receive its due reward , ancl one of the greatest blessings be conferred on society . The PRESIDENT proposed the health of the Honorary Secretaries and the other Members of the Council . Mr . JONES , in replying , observed , that whilst he had listened with great pleasure to the observations of the Chairman , and the views expressed by Mr . Sylvester and Air . Neison , he was satisfied to make this
Institute permanent , it must be an every day Institute , i . e ., must have a place where they could meet daily , ancl avail themselves of the periodicals of the day , and of a library ; where they could without delay afford each other information upon matters of a special character ; where facilities would be afforded for a free and frank interchange of views and opinions . If this is done , every member will feel that he is getting full value for his annual subscription . Mr . Jones concluded by hoping for the cordial
co-operation of the Council with his colleagues and himself , ancl returning thanks for the honour clone them . Air . PETER HARDY gave the health of Mr . Cleghorn , the Registrar . Those who knew Air . Cleghorn , knew what an excellent fellow he was ; but few , perhaps , knew him better than he did in his relation to this Institute . The earnest friend to it from its earliest formation , the unwearied advocate of its meritsthe zealous and hard-working Honorary
, Secretary ; and nothing but his own modesty prevented his being in the Council of the Institute ; to appreciate him properly , they should have witnessed him in his past arduous avocations in the Enrolment Committee ; now making a valuable suggestion , now entering a minute , now enrolling a fellow , and , with his unconquerable good nature , now smoothing an ascerbity or reconciling a difference . He must also be regarded as the steward of their good things , as the magician who , with one wave