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Offices Table is adopted, but only for the purpose of measuring
the relative claims of policy holders on the liquidation of a
Company, and in England, although the fact is probably almost
unknown, the table has been abandoned even for that purpose.
About five years age a small Company in Lendon had to close its
doors, and its affairs came to be administered by the Chancery
Division of our High Courts of Justice. Previous to the stop-
-page of the Company I had been consulted by the Trustees of
the policy holders, and on their instructions made a valuation
by the Institute of Actuaries Table. That valuation was used
for the purpose of reconstructing the Company and transferring
its business, and operation which was effected without any loss
to the policy holders. The transfer had to come before the
Courts under our British Law, and it was necessary to take a
vote of the policy holders, and the relative weight of that vote
had to be measured by the liability under their policies, and
under our Act that liability had to be measured by the Seventeen
Offices Table. The question was brought before the Courte, and
it was pointed out that the table was obsolete, and that con-
-giderable expense would be incurred in making a new valuation,
and the result was that the Court accepted the valuation by the
of Institute Actuaries Table, and the transfer of the business was
carried out accordingly. This would no doubt be a precedent if
similar questions should arise in future, and certainly if the
standard of solvency is to be maintained it should be left to
the discretion of the Courts in Hongkong what mortality table
should be used. I, however, think, and all British Actuaries are
of the same opinion, that to have a standard of solvency is a
mistake, and has the effect, net of securing the permanence of
Companies as set forth in the objects and reasons of the Hong-
-kong Ordinance, but in forcing really sound Companies into
liquidation. If that is to be avoided, then the standard of
solvency must be se low as to be mischievous in other ways,
because there is always a tendency for Companies where there is
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