APPENDIX A. 
S47 
operated through a common fund. From the practical point of view we 
doubt, however, whether any such margin would arise if the approved 
society system, which has its own administrative advantages, were 
abrogated. 
34. In conclusion we desire to record our appreciation of the services 
rendered to us by our Secretary, Mr. M. B. Knowles, F.I.A., of the 
Government Actuary’s Department. It has been necessary in the course 
of our work to require the preparation of a large number of memoranda, 
many of them dealing with technical questions of great intricacy. We 
have profited alike by Mr. Knowles’s knowledge of the subject and by his 
willingness to undertake every task we have placed upon him. 
We are, My Lord, 
Your obedient Servants, 
Arrrep W. WarsoN (Chairman). 
A. D. Besant. 
Lovurs E. CriNton. 
ArrrED HENRY. 
R. CG. MAUDLING. 
M. B. Kxowres (Secretary). 
13th October, 1925. 
54.709 
Vi