I. 2), and to the _English Life Table_, 1864.

The theory of annuities may be further studied in the discussions in
the English _Journal of the Institute of Actuaries_. The institute was
founded in the year 1848, the first sessional meeting being held in
January 1849. Its establishment has contributed in various ways to
promote the study of the theory of life contingencies. Among these may
be specified the following:--Before it was formed, students of the
subject worked for the most part alone, and without any concert; and
when any person had made an improvement in the theory, it had little
chance of becoming publicly known unless he wrote a formal treatise on
the whole subject. But the formation of the institute led to much
greater interchange of opinion among actuaries, and afforded them a
ready means of making known to their professional associates any
improvements, real or supposed, that they thought they had made.
Again, the discussions which follow the reading of papers before the
institute have often served, first, to bring out into bold relief
differences of opinion that were previously unsuspected, and
afterwards to soften down those differences,--to correct extreme
opinions in every direction, and to bring about a greater agreement of
opinion on many important subjects. In no way, probably, have the
objects of the institute been so effectually advanced as by the
publication of its _Journal_. The first number of this work, which was
originally called the _Assurance Magazine_, appeared in September
1850, and it has been continued quarterly down to the present time. It
was originated by the public spirit of two well-known actuaries (Mr
Charles Jellicoe and Mr Samuel Brown), and was adopted as the organ of
the Institute of Actuaries in the year 1852, and called the _Assurance
Magazine and Journal of the Institute of Actuaries_, Mr Jellicoe
continuing to be the editor,--a post he held until the year 1867, when
he was succeeded by Mr T.B. Sprague (who contributed to the 9th
edition of this Encyclopaedia an elaborate article on "Annuities," on
which the above account is based). The name was again changed in 1866,
the words "Assurance Magazine" being dropped; but in the following
year it was considered desirable to resume these, for the purpose of
showing the continuity of the publication, and it is now called the
_Journal of the Institute of Actu