The Council of the institute or actuaries, while recognizing the skill with which the first text-book, Part I., on Interest, had been written, felt that in some ways it might be made more suitable for the students for whom it was intended. When, therefore, a new edition was needed, they laid the matter before Mr. Todhunter, requesting him to consider it from this point of View, giving him full liberty to act as he might think best. He found it desirable to re-write the volume.