Admitting the correctness of the new method, we must conclude that the present single premium is not sufficiently loaded to cover its own expenses, while the annual payment policy pays more than its just share. A prominent and thoroughly informed life insurance president says in this connection: "Many of the policies, particularly the short term endowments, are charged with too high a percentage of expenses to prove a good investment at maturity or profitable to the insured in case of surrender." This is not to be wondered at when the applicant for a 10-year endowment policy sees at a glance that he must pay, in the gross, more than is returned unless he should die in the interim, in which case a plain "life" or "term" policy would have answered the purpose. Under the new system of assessing expenses one form is as desirable as another, from the standpoint of the insured or the company. The new premium for the 10-year endowment policy, $89.71, commends itself at once to the applicant, who can easily see that his total outlay must fall short of the amount ultimately to be realized, of course, disregarding interest and probable dividends in both cases. In discounting the future expense contributions I have not taken the chances of dying into account. Hence the expense reserve in any instance applies only to that individual case, and, in the event of death or surrender before the maturity of the policy, the amount of the expense fund not used would naturally revert to the insured. The scheme of expense assessment outlined above will doubtless be pronounced impracticable by the majority of insurance men. Such a far reaching reform is too much to hope for, at least in the immediate future. No well informed life insurance expert will deny that there are opportunities for improvement in the business, but to graft new methods on old companies is a hopeless undertaking. It is well, however, to have new methods well matured in advance of the public demand, and I feel convinced that the ideas here set forth are in the line of the reform which, before long, must be instituted by the companies if they would retain the confidence and patronage of the community. Doubtless many insurance presidents could tell of suggestions which have impressed them favorably and which they would gladly have adopted were it not for the injustice done thereby to older members and the changes necessary to bring existing contracts into conformity with the new system. Similar objections may be urged against the ideas here advanced, and I must confess I hardly see a way by which the present suggestions can be utilized by existing companies. We can only hope that sooner or later some of the new theories may be practically tested. Meanwhile the companies at present in the field are doing a great work for the good of humanity, even though their methods may be, in some particulars, more practical than scientific. Winchester, Mass. FRANK J. WILLS.