bluuebunny/crossref_metadata_2025 huggingface dataset:
The effects of expander processing and by-product inclusion levels on performance of grower-finisher pigs
Authors: O’Doherty J. V. , Murphy D. , McGlynn S. G.
Published: August 2016

Seventy-two entire male pigs (initially 28 kg body weight) were used to study the effects of by-product (pollard, rapeseed meal, peas and copra meal combined) inclusion level with or without expander processing, on growth performance and nutrient digestibility in a 3 ✕ 2 factorial arrangement of treatments. Productive performance and nutrient digestibility coefficients (no. = 6) were determined in individually fed pigs offered pelleted diets ad libitum containing a low by-product diet (350 g/kg), medium by-product diet (520 g/kg) and high by-product diet (752 g/ kg). The expanded diets were processed at 105ºC for 5 s at 35 bar pressure having been previously conditioned at 85ºC for 5 s. All diets were formulated using standard values for ingredients to have similar concentrations of digestible energy (DE) and ideal protein. Starch contents of 437, 401 and 314 g/kg and crude fibre contents of 48, 58 and 74 g/kg were recorded for the low, medium and high by-product diets respectively. No by-product level ✕ expander processing interactions (P > 0·05) were observed in growth criteria, carcass characteristics or nutrient digestibility. Expander processing decreased (P < 0·05) the apparent organic matter (OM), ash and energy digestibility of the diets, as well as the digestible energy content of the diets. The level of by-product in the diet had no statistically significant effect on the OM, protein and energy digestibility or the DE content of the diets. The increase in by-product inclusion levels decreased (P < 0·05) average daily gain (ADG) (0·899 v. 0·888 v. 0·854 (s.e. 0·014) kg/day) from 28 kg to slaughter and food intake (1·62 v 1·48 v 1·48 (s.e. 0·028) kg/day) in the 28 to 55 kg weight range. Expander processing had no effect on ADG, food intake or food conversion ratio. The increase in byproduct level decreased (P < 0·01) killing-out proportion (723 v 705 v 710 (s.e. 3·94) g/kg) and carcass ADG (0·684 v 0·651 v. 0·635 (s.e. 0·012) kg/day) (P < 0·05). Expander processing decreased (P < 0·05) killing out proportion (707 v. 718 (s.e. 3·22) g/kg). In conclusion, increasing the by-product content of the diet decreased ADG while expander processing had no effect on growth performance.
Effects of level of nitrogen fertilizer application and various nitrogenous supplements on milk production and nitrogen utilization of dairy cows given grass silage-based diets
Authors: Shingfield K.J. , Jaakkola S. , Huhtanen P.
Published: August 2016

Sixteen Finnish Ayrshire dairy cows were used in a cyclic change-over experiment with four 28-day experimental periods and a 4✕2 factorial arrangement of treatments to evaluate the effects of dietary nitrogen (N) source on dry-matter (DM) intake, diet digestibility, milk production, blood metabolite concentrations and N utilization. Experimental treatments consisted of two silages prepared from timothy and meadow fescue swards fertilized with either 52 or 104 kg N per ha (SLand SH, respectively) offered ad libitum supplemented with one of four concentrate supplements offered at 10 kg/day. A basal concentrate (control) was formulated from (g/kg on an air-dry basis) barley (307), oats (460), molassed sugar-beet pulp (200) and vitamins and minerals (33). Three isonitrogenous concentrates were prepared by replacement of basal concentrate ingredients (g/kg) with urea (14·4), wheat-gluten meal (WGM; 57·2) and heat-moisture treated mechanically expelled rapeseed cake (RSC; 188), respectively. Harvesting of secondary growths receiving higher applications of fertilizer N increased silage N content (19·2 and 23·6 g/kg DM, for SLand SH, respectively) but decreased water-soluble carbohydrate concentrations (respective values 149 and 93 g/kg DM). Increases in N fertilizer had no effect on silage DM intake, output of energy-corrected milk, milk fat or milk protein secretion, while provision of additional N in concentrate supplements improved all of these parameters. However, the magnitude of silage DM intake responses to additional N in concentrates was higher (P< 0·05) for SLthan SHsilage-based diets. Increases in dietary N content derived from silage or inclusion of urea, WGM or RSC in concentrate supplements led to a decline in the proportion of N intake secreted in milk. Relative to N derived from silage or urea, WGM and RSC supplements had beneficial effects on milk production. Both the quantity and quality of dietary N sources should be considered in future attempts to improve the efficiency of on-farm N utilization.
Influence of dietary protein concentration on the morphology and enzyme activities of the small intestine of the pre-ruminant calf
Authors: Lallès J.-P. , Montagne L. , Plut C. , Toullec R.
Published: August 2016

The aim of this study was to investigate the impact of a protein-free diet or diets differing in protein level on the morphology and enzyme activities of the small intestinal mucosa of the pre-ruminant calf.

Diets contained 14, 104, 205 and 279 g crude protein (CP) per kg dry matter (DM) supplied by skimmed-milk powder (SMP) and cream. Holstein male calves (no. = 6) aged 6 weeks (65 to 75 kg) were fitted with an abomasal catheter and simple T-piece cannulae in the duodenum, jejunum and ileum. The milk replacers were continuously infused into the abomasum. Each calf tested the four diets randomly during four experimental periods. Biopsies of intestinal mucosa were collected at each intestinal site through the cannulae and were used for morphology measurements (villus and crypt area, height and width) and the determination of the activities of dipeptidyl-peptidase IV, amino-peptidases A and N, lactase and alkaline phosphatase.

When the dietary CP level increased from 14 to 205 g/kg DM, villus height quadratically increased by proportionately 0·35 (P < 0·05) and crypt width linearly increased by proportionately 0·25 (P < 0·01) at the jejunum. This effect was associated with linear increases in the activities of dipeptidyl-peptidase IV and lactase and a quadratic increase in the activity of alkaline phosphatase.

To conclude, feeding a protein-free diet impacted negatively on the morphology and hydrolytic activity of the calf’s small intestine. These observations may partly explain the fact that endogenous protein losses measured with such a diet are often lower than in physiological conditions.
Some Considerations in the Theories of Combinations, Probabilities and Life Contingencies
Authors: Hardy Peter
Published: August 2016

My object in the following paper is to give, in a few leading problems, a general and somewhat elementary view of the Theory of Probabilities, exhibiting the immediate dependence of the doctrine of Life Contingencies on the laws of probability and combination, and showing how apparently complicated problems, involving two and three lives, can be deduced directly from their very simplest and most elementary forms of expression.
On the Contrivances required to render Contingent Reversionary Interests Marketable Securities
Authors: Jellicoe Charles
Published: August 2016

This subject has been so ably treated by Mr. Sang, in the paper transferred by Mr. Thomson’s permission to the pages of this Magazine, that it might seem almost superfluous to revert to it. Nevertheless, there are considerations connected with it which I believe to be of some importance, and which that gentleman has not adverted to; and I am therefore induced to submit the following remarks, by way of pendant to his observations :—
On the Inequitable Operation of the Property and Income Tax Enactment as regards Life and other Interests; and on the Principles by which Direct Taxation should be regulated
Authors: Jellicoe Charles
Published: August 2016

The mode in which the Property and Income Tax of this country is levied, has created so much dissatisfaction, and is so universally acknowledged to be inequitable, that I am induced to call the attention of the Members of this Institute to the subject, with a view to arrive at some elucidation of the principles upon which direct taxation should be based: being satisfied that there is no tribunal before which the consideration of such a matter could be more properly brought, or where its peculiar features could be more thoroughly and efficiently investigated.
Contributions to the History of Insurance, and of the Theory of Life Contingencies, with a Restoration of the Grand Pensionary De Wit’s Treatise on Life Annuities (Concluded from No. VI)
Authors: Hendriks Frederick
Published: August 2016

We now pass to the traces of the early practice of LIFE INSURANCE, a subject which has in general been but very slightly noticed.

The estimation of the value of human life in its rudest approximation—that is, of the term of years which, on the average of a sufficient number of observations, would be observed to fall to the share of each of a given number of individuals born under certain circumstances, and continuing in certain climates or ranks—was to all appearance a subject the consideration of which, not only the speculations of the remoter ages had no impelling cause to enter upon, but one which, if pursued, would have led not only to scepticism, but even to persecution, for entering on a tacitly admitted forbidden ground.
On the Conditions which give rise to Surplus in Life Assurance Companies, and on the Amount of the Return or “Bonus” which such Conditions justify
Authors: Jellicoe Charles
Published: August 2016

To trace the succession of events which have given rise to the duplex system of assurance in this country, known as the Participating, and Non-participating, would not be altogether uninteresting or unprofitable. There is little doubt, that the immoderate premiums required at the outset by the few who were disposed to embark in the then novel speculation of life assurance, suggested the idea of mutual association, as a means of achieving the same objects on more advantageous terms; and thus the participating system owed, to a certain extent, its origin to the non-participating.
On the Uniform Action of the Human Will, as exhibited by its Mean Results in Social Statistics
Authors: Brown Samuel
Published: August 2016

It has frequently been remarked, that however varied and uncertain may be the occurrence of the events to which the life of a single individual is exposed, the average return in a large mass of persons is so regular, as to be predicted with confidence within very small limits of error. On the uniform happening of these events under similar circumstances, or the discovery of the laws by which they are governed, the actuary depends for the application of the theories of probabilities to the many useful purposes for which they may be rendered available.
Supplementary Remarks on “Auxiliary Tables for Life Contingencies”, including notice of a recent Table by W. T. Thomson
Authors: Hendriks Frederick
Published: August 2016

Having been favoured by Mr. W. T. Thomson with a copy of his large Table, “Carlisle 3 Per Cent.,” and believing that the insertion of a notice of such laborious and useful computations as are brought together in that extensive work is in accordance with the objects of the Assurance Magazine, I beg to offer a brief explanation of some of the most important features of the Table; and such notice will afford an opportunity of referring to particulars which it appears desirable to annex to those submitted in my former paper.
Notes on the Policy of Marine Insurance, with suggestions for its revisal, and proposed forms for a new Policy
Authors: Hopkins Manley
Published: August 2016

“ — Si quid novisti rectius istis

“ Candidus imperti ; si non, his utere mecum.”—HOR.

In making this contribution to the spirit of advance which is characteristic of our age, the writer is fully aware of the danger of reforms. He remembers “the grace which antiquity can lend” even “to error;” and that by an almost universal instinct the Past is consecrated in the eyes of the Present. Thus, the half-lights and imperfections of our forefathers are clung to with a generous pertinacity. We endeavour to manage with the customs and remedies which sufficed for an early state of society, rather than frame new ones to suit the exigencies of our altered condition. In fact, to speak with Scaliger, we had rather eat acorns with our ancestors than bread with the men of our own generation.
Sketch of the recent Progress of the Assurance of Life and Property on the Continent (Continued in v.2)
Authors: Brown Samuel
Published: August 2016

In laying before the members of the Institute of Actuaries this hasty sketch of the Progress of the Assurance of Life and Property on the Continent, I beg to offer a few words of explanation on what induced me to attempt it.

Understanding that several actuaries and managers of Foreign Assurance Companies were likely to be in England at this time, without any general acquaintance with, or means of introduction to, those who are engaged in similar pursuits and studies in this country, the council of the Institute were led to propose a general meeting and conference, and to offer to them the hospitality and attentions which, all classes and professions are vying with each other in paying to our distinguished foreign visitors.
Statistics of Suicide (continued in v.2)
Authors: Jopling R. Thompson
Published: August 2016

In the present paper it is intended to investigate the nature of mortality from Suicide, with a view to assist statists in estimating the value of life, and society in its endeavours to remedy so frightful an evil.

It is usual with Assurance Offices to make void policies which have lapsed from the above cause; and it was not until a very recent period that the justice of this proceeding was called into question,—especially when it is borne in mind that these risks are invariably calculated in the premiums.
On the Value of Policies of Assurance in connection with Life Interests
Authors: Sprague T. B.
Published: August 2016

In the course of an actuary's practice, the question not uncommonly arises—What is the value of a life interest, accompanied by a policy of assurance on the same life ? The most obvious course for solving this question is to value the life interest and the policy separately—the former by the well-known formula . With regard to the policy, it is not so clear how it should be valued. If valued on the same principles as the life interest, the value of a policy for £1 would be 1 − (p + d) (1 + A); but this formula is quite inapplicable, for it gives a negative value for many years to a policy, and almost always a much smaller value than the surrender value allowed by the Office. There is, therefore, apparently no choice but to take the value of the policy at the latter amount.
An Account of the Plan, Objects and Progress of the International Association for obtaining a Uniform Decimal System of Measures, Weights and Coins (Concluded from p. 162)
Authors: Brown Samuel
Published: August 2016

The recommendations were—“That a work should be published, in which should be given the history, and an analytical and comparative table, of the different systems of weights, measures, and coins of the different nations of the earth, to be translated and published, under the supervision of the branch societies, in all the languages of the nations represented in the Association. 2. That, to ensure the accuracy of such a work, the branch societies should furnish information as to the monies, weights, and measures prevalent in each country, with their values in terms of the Metrical System. 3. That each branch society should use every means, especially by aid of the press, to enlighten public opinion on the subject, and to prepare for the meeting of an official International Congress for discussion thereon. 4. That, in the meantime, the branch societies should make every effort to procure that, in all statistical tables and documents, public and private, the different quantities and values should be accompanied by their reduction into the monies, weights, and measures of the Metrical System, so that all nations may have a common medium of comparison. And 5. That unity in the fineness of the coin, unity in the standard of value, and unity in weights and measures of all kinds, should be pursued, in order to facilitate the adoption of a uniform system.”
On the Rates of Premium required to provide certain Periodical Returns to the Assured
Authors: Tucker Robert
Published: August 2016

A well-known contributor to the Assurance Magazine has drawn attention, at pp. 167 and 168 of the Number for April, 1859, to “the incongruity existing between the rates of premium charged at certain ages on bonus policies, and the benefits to which they entitle the holder.”
On the Statistics of First and Subsequent Marriages among the Families of the Peerage, considered specially with reference to the Calculation of Premiums for Assurance against Issue
Authors: Day Archibald
Published: August 2016

In the month of January, 1859, I had the honour to read before the Institute of Actuaries a paper upon the determination of the rates of premium for assuring against issue. Since that period the subject has lost none of its interest; on the contrary, its importance is yearly increasing, and it bids fair to form an important branch of assurance business. It is true that, out of the numerous inquiries made at Assurance Offices respecting the rates of premium for these risks, not 20 per cent, become the subject of policies absolutely granted, still it is desirable that there should be some sort of consistency in the premiums quoted. It would appear that considerable differences of opinion exist among actuaries upon the subject; and I feel, therefore, that I owe no apology to the Institute for departing from our usual routine subjects of rates of interest and mortality, and introducing once more the question of issue policies and the statistics of marriage.
Observations on Mortality Experience, Supplementary to Those Contained in No. XLVI of the Assurance Magazine
Authors: Spens William
Published: August 2016

I Hope, from time to time, to be able to give some further tables bearing on the subject, and to state how far I think subsequent experience and new information confirm or modify the interim conclusions which I ventured to submit in the present state of our knowledge; and I shall be very glad that my recent observations may receive attention, and correction where required, from critics abler than their author.
On a Table for the Formation of Logarithms and Anti-Logarithms to Twelve Places. (Part II)
Authors: Gray Peter
Published: August 2016

In the last number of the Journal I explained and exemplified a method for the formation of logarithms and anti-logarithms to twelve places, and gave the tables requisite for its application. I am now to analyse and farther exemplify the method in question, and demonstrate the rules laid down in the previous paper.
On the Statistics of Second Marriages among the Families of the Peerage
Authors: Day Archibald
Published: August 2016

On a former occasion I had the honour of submitting to the consideration of the members of the Institute of Actuaries some statistics respecting marriages amongst the families of the peerage, from which were deduced tables showing the probabilities of marriage, whether for the first or second time, according to the age of the husband. The subject would, perhaps, have been better fitted for a discussion at a meeting of the Statistical Society, had it not been brought within the range of assurance topics by the avowed object for which the statistics were collected, viz., to throw some additional light on a class of risks which were every day becoming more numerous and important—the class of assurances to protect contingent reversions which would pass from presumptive heirs in the event of issue being born to a present tenant for life. They are now more familiarly known as “issue risks.”
On a Problem in Annuities, and on Arbogast's Method of Development
Authors: De Morgan A.
Published: August 2016

In the investigation of a little curiosity in the matter of annuities, I had occasion to want four or five terms of log (a + bx + cx2 + …), and, by Arbogast's rules I accordingly wrote down the following, without a stroke of the pen more than is here given:—

This I might have continued to any number of terms for little beyond the trouble of writing. The method is easy to demonstrate and easy to practice; and it struck me that I might, in a few pages, give an account of it sufficient for use and detached from anything else. I therefore append it to the problem.
On a Table for the Formation of Logarithms and Anti-Logarithms to Twelve Places
Authors: Gray Peter
Published: August 2016

So far as I am aware, the earliest method for the formation of logarithms, in which it was proposed to resolve the number whose logarithm is required into factors by a continuous process, is one which was published by Mr. Manning in the Philosophical Transactions for 1806. My acquaintance with Mr. Manning's method is derived, not from the original paper, which I have not seen, but from a reprint of it, “nearly as it stands,” in Young's Elementary Essay on the Computation of Logarithms. Mr. Manning applies his method to the formation of Naperian logarithms only; but it is equally applicable to the formation of common logarithms. I repeat, in accordance with this method, an example I have already more than once given.
On the Calculation of Single Life Contingencies (Part I)
Authors: De Morgan A.
Published: August 2016

It is the object of the present article to put together a number of formulae which it may be useful to the actuary to find in one place. At the same time it may show all persons who possess an elementary knowledge of algebra, that they may, with no great amount of tables, and processes of very easy application, learn to compute the value of any benefit in which the duration of one life only is concerned. The same principles, with more extensive tables, apply to cases in which two or more lives are involved.
On the true measure of Liability in a System of Direct Taxation
Authors: Jellicoe Charles
Published: August 2016

Considering the repeated discussions which have taken place on the question of the Income Tax, it is not a little surprising that the true understanding of it has not made greater progress. After all that has been said to demonstrate the injustice and unequal pressure of the tax as at present levied, the perseverance of some portion of the press, and of one or two persons of considerable reputation as regards their understanding of such matters, in the opposite opinion, is quite unaccountable. It will be seen by the Second Report of the Committee of the House, just published, that some still maintain that the taxing a temporary annuity at the same rate as a perpetuity is perfectly fair and equitable, because, as they are at great pains to show, the present value in each case is mulcted in the same ratio. It is, at all events, satisfactory to find that these authorities so far admit that “present value” is the proper thing to tax. They maintain, in fact, that in these cases a property tax and an income tax have an identical operation; and as they approve of the one, they must clearly give their sanction to the other. But, unfortunately, the identical character of the two does not hold good, in spite of the assertion of these gentlemen to the contrary; they do not observe that in the case of the temporary annuity the wave of taxation having once passed over, must, to make their argument good, leave it ever untouched thereafter, let the capital out of which it arises reappear in what shape it will: otherwise it is clear that such capital is liable to be taxed over and over again.
On the Life Assurance Companies of Germany—their Constitution, Condition and Prospects: being the substance of a Paper presented to the Institute of Actuaries
Authors: Hopf Herr Rath G.
Published: August 2016

Next to England, Germany is the country in which the principles of life assurance have had the most successful development. It is true the more recent French Companies, La Caisse Paternelle, L'Equitable, La Caisse des Ecoles et des Families, which also call the assurances granted by them assurances sur la vie, show a greater extension in a shorter time; but what they guarantee to the public are not life assurances in our sense of the word. They are neither assurances granted for previously specified sums, nor is the payment of the claim dependent on the death of the assured. The more modern French life assurances are rather indefinite reversions obtained by paying in any sum the assured pleases, the interest of which (as in the Tontines), according to the mortality found to prevail in the different classes, may prove sometimes greater, sometimes less, and is only divided amongst those who attain the term of life which may have been previously agreed on. The contributions of those who die early, together with the interests thereon, go to augment the dividends to the surviving members. Whilst life assurance amongst the English and Germans is therefore calculated to be on the death of the assured a source of provision for their families, the more recent mode of life assurance amongst the French principally aims at granting to the assured himself, in his lifetime, an annuity or sum of money, which, increasing according as the computations are made for an earlier or later period, affords him the means of extending his business, of completing his education, of securing a dowry on marriage, or a provision in old age. In consequence, partly of the prospect of selfenjoyment of the reserve thus made, partly the possibility of obtaining a high profit for a small investment through a greater mortality in the classes than the tables assumed, this kind of assurance became very much in vogue amongst the French. Recently, however, a clearer understanding of the matter, and the exposure of some deceptions which a few of the Companies or their managers have been guilty of, have in some degree cooled the public favour.
On the Life Assurance Companies of Germany—their Constitution, Condition, and Prospects: being the substance of a Paper presented to the Institute of Actuaries
Authors: Hope Rath G.
Published: August 2016

V. The life assurance branch of the General Assurance Company (Assicurazioni Generali Austro Italiche) in Trieste was established in 1834 as a separate branch of business of this Company, which also undertakes fire and marine assurance; and its operations extend not only to all Austria and Germany, but also to other European countries, and especially to Italy. It is a purely Proprietary Company, the assured receiving no part of the profits of the Company. The security for the fulfilment of the Company's engagements is a share capital of two millions gulden (£200,000), in 2000 shares of 1000 gulden (£100) each, of which 10 per cent. is paid up. One half of the capital is specially set apart for the guarantee of the life and annuity business. The Company offers to the public the choice of a great variety in the modes of assurance. Assurances for the whole life, for fixed periods of years, of sums deferred for a given time—assurances of the sum payable either in case of death or on attaining a given age—survivorships, the last with the return of premiums in case of the life against which the assurance is made dying first—as well as endowments and life annuities—are granted. As in other established Companies, by far the greater part of the business consists of the single assurances for the whole life, and the other modes are resorted to but seldom. The premiums appear to be computed on some peculiar data, or a table not generally recognized.
Concerning the Renewal of Leaseholds for Lives or Years that have been the subject of Settlement
Authors: Bunyon C. J.
Published: August 2016

When the entire ownership of renewable leaseholds for lives or years is vested in one person, common prudence dictates the setting aside of a portion of the annual income towards the payment, in the one case of the premiums of a policy upon the lives of the cestuis-que-vie, or, in the other case, to accumulate at compound interest, so as to form a fund for the future renewal, the amount reserved being proportionate to the length of the term. When, however, such a property has been settled, and successive interests have been carved out of it, if there is no separate fund provided for the purpose, questions arise between those entitled for life and in remainder, whether there is in the particular case any obligation to renew at all, and, in the event of renewal, by whom the expense is to be borne. In such cases the first point to be considered is, what are the provisions of the instrument by which the leaseholds are settled—whether they prescribe renewal expressly or by implication; and if so, whether they point out the mode by which the expenses of the renewal are to be paid: for (1), property of this description may be given in such a mode as to indicate that it was not intended to impose any obligations to renew; and (2), the donor or settlor may so model his dispositions as to throw the burden upon all or any of those in whose favour he has created limitations of the estate; or (3), he may expressly charge the renewals upon the annual income, to the intent that they may become as it were incidents to the estate, prior to any beneficial enjoyment by the objects of his bounty; or (4), upon the corpus, with the intent that the estate should be settled subject to the subordinate direction that it is to undergo a perpetual diminution, with a view to its being otherwise preserved.
Abstract of a Paper on the Physiological Law of Mortality, and on certain Deviations from it observed about the Commencement of Adult Life
Authors: Buchanan A.
Published: August 2016

I. The object of the first part of this memoir was to determine the normal course of mortality as affected by age alone, without reference to other circumstances.

What we name the law of mortality is not a simple law, but a compendious expression, by which we denote the operation of various laws, physiological, physical, and moral. Of these, the physiological laws are so uniform in their operation that they impress certain characteristic features upon the law of mortality, according to age, which are observed amidst all the diversities which it exhibits under varying circumstances, physical and moral.
On the Origin and Progress of the Calculus of Probabilities
Authors: Brown Samuel
Published: August 2016

The application of the doctrine of chances to questions connected with the money values of contingencies depending on human life is now become so common, in this and many other countries, that we may he apt to forget its origin and the process by which it arrived at its present degree of improvement. Although the history of this calculus may be well known to some members of this Institute, there may be others whose time is, perhaps, too occupied to allow of more than the mere study of the calculations and formulæ necessary for the daily routine of a Life Assurance Office, and who may not be aware of the number of other subjects to which, at an early period, the calculus of probabilities was suggested to be applied. I hope, therefore, that in taking a rapid glance at the changes and improvements effected since the first crude ideas on the subject, I may not only be able to excite an increased interest in the science, but induce a further extension of its usefulness.
On the Practical Application of the Doctrine of Chances, as it regards the Subdivision of Risks
Authors: Young Thomas
Published: August 2016

It is well known to those who have studied the theory of chances. that where the magnitude of a risk may be divided into an indefinite number of parts, it is possible, by this multiplication of smaller parts, to confine the probability of the occurrence of any given excess or deficiency in the result, above or below its mean value, within any given limits; and it is of great practical importance to ascertain both how far the subdivision ought to be carried with regard to insurances, and what are the inconveniences to be apprehended from the admission of occasional deviations from the general rule.
On the Use of Integral Calculus in determining Averages, with certain Applications to the Theory of Life Contingencies
Authors: Younger Samuel
Published: August 2016

In a paper which was read before the Institute of Actuaries on the 8th January, 1855, the idea was first suggested by Mr. Farren of introducing into the theory of life contingencies the hypothesis of a constantly fluctuating rate of interest, in lieu of the supposition hitherto adopted of a uniform rate.

Abundant reasons are assigned, in the paper referred to, for making the proposed change; and no one, at all acquainted with the practice of life assurance, can fail to see that the effect of Mr. Farren’s suggestion, if carried out, will be to base all computations upon an assumption which is in the closest possible accordance with actual facts.
The Case Book of John Rowe, of London and Exeter, from 1775 to 1790. Edited from the original MS., with an Introductory Notice
Authors: Hendriks Frederick
Published: August 2016

John Rowe was the author of an Introduction to the Doctrine of Fluxions, which reached its third edition in 1776. The work was then advertised with an extract of a letter to the author “from the learned and well known Reverend J. Stubbs, M.A., Fellow of Queen's College, Oxford,” setting forth that he had received Rowe's valuable present, and was much surprised to find it so prodigiously improved. Indeed, it so much resembled a new work, when compared with the first edition, that he wished no mention had been made of its being the third, but that the two former editions should be left to be forgotten.
On a Method of Testing the Solvency of an Assurance Company, with some considerations respecting the Terms upon which a Society’s Business may be Purchased
Authors: Younger Samuel
Published: August 2016

It appears to be an admitted principle in the commercial world, that great evils have a tendency to work their own cure. Over-trading will bring about a state of things by which eventually it must be checked, and excessive speculation has its limit by the same invariable law.

More than two years ago, it was quite evident that the rapid manner in which new Companies were being formed for the purpose of assuring lives would ere long produce sad and humiliating results.
On the calculus of finite differences and its application to problems in the doctrine of compound interest and certain annuities
Authors: Otter Wm. Curtis
Published: August 2016

The calculus of finite differences was created by Taylor, in his celebrated work entitled Methodus Incrementorum, and it consists, essentially, in the consideration of the finite increments which functions receive as a consequence of analogous increments on the part of the corresponding variables. These increments or differences, which take the characteristic Δ to distinguish them from differentials, or infinitely small increments, may be in their turn regarded as new functions, and become the subject of a second similar consideration, and so on; from which results the notion of differences of various successive orders, analogous at least in appearance to the consecutive orders of differentials. Suc h a calculus evidently presents, like the calculus of indirect functions, two general classes of questions:—

1. To determine the successive differences of all the various analytical functions of one or more variables, as the result of a definite manner of increase of the independent variables, which are generally supposed to augment in arithmetical progression.

2. Reciprocally to start from these differences, or, more generally, from any equation established between them, and go back to the primitive functions themselves or to their corresponding relations
Cotton-Spinning Problem
Authors: Woolhouse W. S. B.
Published: August 2016

Some years ago, before the enactment of the Ten Hours Factory Bill, I had the honour to be engaged by the Earl of Shaftesbury (then Lord Ashley) on an investigation of the average distances traversed daily by children and others employed as “piecers” in the cotton mills about Manchester and the surrounding districts. After taking the various dimensions of the mules or spinningjennies, and making the requisite observations as to the number of strokes of each machine per minute, and the average number of breakages of the threads at each stroke, I found that the necessary calculation involved a preliminary discussion of a somewhat curious mathematical problem.
On the Value of a Policy
Authors: Meikle James
Published: August 2016

The author commences by stating that he does not propose to consider what sums should in practice be given for the surrender of policies, or what is the value to a purchaser of a policy offered for sale in the public market; but on this occasion confines himself to the examination and explanation of the theoretical value of a policy.
Determination and Distribution of Profit
Authors: Meikle James
Published: August 2016

In the paper which I had recently the pleasure of submitting to the Institute, I gave an explanation of what was meant by the phrase “the value of a policy.” It was therein stated that, in one view, the value of a policy was the difference between the present value of the sum assured payable by the Office, and the present value of the premiums payable by the person assured; and in another view, that the value of a policy was the difference between the premiums received and the claims paid, accumulated at the rates of mortality and interest inherent in the calculation of the premiums.
On the present Position of Friendly Societies in England and Wales
Authors: Brown Samuel
Published: August 2016

The Friendly Societies, which are sometimes called Benefit Clubs, have for many hundred years been highly popular in England; not merely because they supplied one of the principal wants of the working classes—namely, relief in sickness or accidents which disable them from obtaining their usual wages—but because, by mutual association, they afforded some scope for the talents and sagacity of some of the members to be recognised and appreciated by others. But by the very nature of their composition they were deficient in the element of stability ; and notwithstanding the best intentions of the members, the Societies have been constantly broken up and reformed.
On the Methods pursued at the Present Day for estimating the Value of Contingent Reversionary Interests
Authors: Tucker Robert
Published: August 2016

The subject proposed for discussion this evening is one of considerable importance to all who engage in the pursuits of an actuary. The old practice of valuing life contingencies by a pet table of mortality and at one fixed rate of interest has long since been found to work unprofitably; and parties seeking investments in securities of this description have been compelled, for their own safety and advantage, to adjust the valuation of the actuary before determining the price to be given for the particular property under consideration. If such a state of things is unsatisfactory to the public, it must be equally so to the actuary to find his calculations used only as a partial guide, instead of being, as in fact they ought to be, the index by which a proposed purchaser may know the rate of interest and the other advantages to be derived by obtaining the security in question at the price fixed by the actuary. In the ordinary transactions of a Life Assurance Office, where the fluctuation in the rate of mortality is protected by the admission of large numbers, it is necessary also to protect its pecuniary interests by limiting the amount to be assured on each life. Even with this precaution, it not unfrequently happens that particular years have proved less favourable than might have been expected—not so much from an increase in the number of deaths, as from the average amount of the sums insured by the policies so lapsed being greater than the average of the whole number. When, however, the average of a number of years is taken, and the amount insured upon any one risk is properly limited, these fluctuations become less apparent and generally disappear.
Answers to Fallacies on the Decimal Question: Balance of Trade, Exchanges, and Common Coins
Authors: Brown William
Published: August 2016

Let us suppose France and the United States to enter into a convention with us to issue pieces of gold of the same weight and fineness as our sovereign—that is, containing 113 grains of fine gold; the three countries would then have a common standard of gold money. Let us examine whether, in the face of the operations of commerce, the international quality of value of these coins could at all times be maintained. The temporary balance of trade is always fluctuating in favour of one or the other country; a permanent balance against any country is impossible.
On the Valuation of Government Securities
Authors: Farren Edwin James
Published: August 2016

Among the indirect advantages to be derived by the public from the establishment of Life Assurance Companies, may be fairly cited that of fostering a system of elaborate calculation so closely allied to the fiscal requirements of the times, that, allowing for hyperbole, the nation's finance minister might in the present day be in some degree characterized as the nation's actuary. Whether the incidental possession of analogous qualifications to those expected in insurance managers will ever be indirectly exacted by the general community from its finance ministers, would perhaps be presumptuous in us as actuaries to further discuss; but certain it is that, apart from insurance and its ramifications, no other definite school has hitherto been presented in which financial questions, and especially those relating to contingent finance, have ever been so elaborately and usefully developed. The interest and annuity tables alone, of insurance writers, form indeed an addition to financial literature of considerable importance.
General Average (Continued from page 361, vol. xii)
Authors: Morrison Richard
Published: August 2016

In considering the various expenses, or, as some writers term them, expenditures, that are the results of a general average act, the same test must be applied as in the case of sacrifices. Were they had recourse to as being, in the exercise of sound judgment and prudence, indispensably necessary for procuring the safety of all concerned in the adventure? Might the act from which they proceeded be the means of arresting any course of events which, if allowed to take their full scope, would terminate in the destruction of the vessel and the consequent loss of the freight and cargo? It is true human judgment is likely to err under these, as in other circumstances of like nature, and expenses may be incurred needlessly, for the ultimate consequences of an act cannot be always perceived; but if the end proposed will admit of no other course by which the vessel and the property in her may be preserved at the time, and if the measures resorted to are such as would not be employed in the ordinary prosecution of the voyage, there is reason for admitting such as a lawful subject of contribution. When common sense is exercised, and the circumstances are regarded comprehensively and clearly, the results are generally found to justify the means adopted in cases of danger needing prompt action.
A Budget of Paradoxes (Continued from page 54)
Authors: De Morgan A.
Published: August 2016

Old and new logic contrasted: being an attempt to elucidate, for ordinary comprehension, bow Lord Bacon delivered the human mind from its 2,000 years' enslavement under Aristotle. By Justin renan. London, 1839, 12mo.

Logic, though the other exact science, has not had the sort of assailants who have clustered about mathematics. There is a sect which disputes the utility of logic, but there are no special points, like the quadrature of the circle, which excite dispute among those who admit other things. The old story about Aristotle having one logic to trammel us, and Bacon another to set us free—always laughed at by those who really knew either Aristotle or Bacon—now begins to be understood by a large section of the educated world. The author of this tract connects the old logic with the indecencies of the classical writers, and the new with moral purity: he appeals to women, who, “when they see plainly the demoralizing tendency of syllogistic logic, they will, no doubt, exert their powerful influence against it, and support the Baconian method.” This is the only work against logic which I can introduce, but it is a rare one, I mean in contents, I quote the author's idea of a syllogism:—

“The basis of this system is the syllogism. This is a form of couching the substance of your argument or investigation into one short line or sentence—then corroborating or supporting it in another, and drawing your conclusion or proof in a third.”
Eighth Census of the United States, in 1860
Authors: Brown Samuel
Published: August 2016

In the course of last year a very important document was published by the American Government, under the direction of the Secretary of the Interior, entitled “Statistics of the United States (including Mortality, Property, &c.) in 1860; compiled from the original Returns, and being the final Exhibit of the Eighth Census.” It contains an introduction by J. M. Edmunds, Commissioner of General Land Office, in charge of census, and a still fuller introduction to the mortality statistics for the year ending June 1st, 1860, by Dr. Edward Jarvis, a very able writer, who was a delegate to the Statistical Congress, when it was held in London, and is a Corresponding Member of the Statistical Society of London.
On the Arrangement of the Data furnished by certain Life Assurance Companies in Scotland, and on the formation of Tables, &c., therefrom; being Contributions towards the ascertainment of the Rate of Mortality of Assured Lives
Authors: Meikle James
Published: August 2016

The mortality statistics of the Scottish Assurance Offices, whose experience it is proposed to develop before combining it with that of the English contributing Offices, have, after passing through various committees, and receiving the benefit of their consideration, eventually passed into my hands for final adjustment and development. Having accordingly considered the subject thus confided to my professional care, I venture to lay before the Institute a brief statement of the views which have occurred to me in regard to the processes which it is proposed to adopt for the arrangement of these data and transforming them into that shape which it is necessary they should assume before becoming the subject of comparison or of calculation.
On the Construction of Tables by the Method of Differences. Section III
Authors: Gray Peter
Published: August 2016

We have now to apply the principles laid down in the previous sections to the construction of tables, first of rational, and secondly of irrational, functions. It is only formations of the class last mentioned that are of real importance. A little previous attention to the class first mentioned, however, is desirable, as affording an opportunity of elucidating, under elementary conditions, the arrangement of the work which is found most convenient in practice. The present section will, therefore, be devoted to the formation of successive values of rational functions.
On the Value of Apportionable (or Complete) Annuities. (Continued.)
Authors: Sprague Thomas B.
Published: August 2016

Having thus found the required formula for the value of , viz.:—

we are now in a position to processed with the transformation of the expression found in the Number of this Journal