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It may be worth while adding that no negative
values are included.
IV.
Pamarks.
A few observations upon this summary and
its result will be serviceable.
1. In accordance with Instructions, I have
made no provision for the future expenses of ad- ministration, and hence the resulting surplus has
been increased.
2. I have included the actual expenses in-
curred in the ascertainment of the surplus, since
such a course appeared to me to be both reasonable
and necessary.
3.
The surplus, at first sight, may seem to
de disproportionately large compared with that which
was disclosed in 1900; but a little consideration
will show the consistency between the two results.
At the Valuation of 1900, a sum $12,996 was retained
as the capitalised value (inclusive of the costs of
the Valuation) of future charges of management
during the currency of the contracts then subsisting.
Part of this Peserve has been absorbed in the
expenditure of the sequent 8 years; and the remainder
(accumulated at interest for an average term) has
augmented the present surplus. On the former occasion, also, a sum of $10,275 was ascertained to
consist of surplus (distinguishing this term from
the expression, "divisible Profit"), but prudential reasons suggested, in my judgment, that the amount
should not be distributed. This sum accumulated
for
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