Institute of Actuaries'

Whilst the greatest effort has been made to ensure the quality of this text, due to the historical nature of this content, in some rare cases there may be minor issues with legibility. The Council of the institute or actuaries, while recognizing the skill with which the first text-book, Part I., on Interest, had been written, felt that in some ways it might be made more suitable for the students for whom it was intended. When, therefore, a new edition was needed, they laid the matter before Mr. Todhunter, requesting him to consider it from this point of View, giving him full liberty to act as he might think best. He found it desirable to re-write the volume.