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sioner about it in technical language that nobody but other actuaries can understand."

" Does the commissioner understand him ? "

" No," we says, "but he swears the actuary to it and then hopes. In ten days you will know whether the house has fell on you or whether you have got a clean bill."

It was settled that as a policyholder and local agent we would go down next day and pike around when Paulhamus come in. Bro. Logsden was pretty nervous and said that he wasn't going to let him nose around before finding out what he wanted. So the first thing he asked him was what he wanted to do and Paulhamus says he thought he would value the policies first.

" But you can't do that," says Logsden, "because our policies haven't got any value till the man's (lead and even then we can't tell what value it's got till we get in the assessment."

"I mean the expected value," says Paulhamus.

" We don't care about that," says Logsden. " You can put that anything you want, because they always expect a daui sight more than they get." And he laughed.

" I mean the expected value by the formula," says Paulhamus. "Take the rate per thousand, age of entry, mortality table—H divided by M minus Z2 plus X raised to the iith degree equals the attained value at date."

Bro. Logsden's eyes bulged out and fell over on his cheeks like California grapes on saucers.

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