tabulation exhibits, in similar classification, the outstanding insurance carried by each Company at the close of the year, after excluding all cancelled or otherwise terminated risks. A comparison of the aggregates presented, will suggest interesting and instructive considerations.

The annexed aggregated summary of new business transacted by all the Life Companies represented in Massachusetts, during the last sexennial period, commencing with the extraordinary development of 1866, will be found a convenient and comprehensive form for reference.

It will be observed that the business of 1871 shows a continued and very noticeable reduction. Of the sixty-three Companies included in our tabulations for 1870, sixteen reported an excess of new business amounting to thirty-four millions over the previous year, and forty-seven exhibited a decrease of nearly ninety millions. The same comparison for 1871 indicates that eleven of the fifty-six Companies now represented, have secured an excess of seven millions over 1870; while forty-five exhibit a decrease nearly approaching one hundred millions.

In the exhibit of all outstanding insurance at the close of 1870, fifty-four of the Companies then represented had made an increase of nearly one hundred and seventy millions over 1869; while only nine of the sixty-three had made a loss of less than fourteen millions. The same tabulation for 1871, which appears in the preceding Summary, shows that thirtytwo of the fifty-six Companies now included, have added fiftyfour millions to their outstanding risks; while the remaining

twenty-four exhibit a decrease of about fifty-five millions. As the net result, the aggregate amount of insurance retained by these Companies at the end of the year, shows a small reduction from that held by them in 1870. The falling off in the aggregate held by all the Companies is nearly forty-two millions, as compared with the previous year.

It should be stated that the tabulations from which these very significant statistics are drawn, have been carefully compiled from the returns made by the several Companies. In various instances the policy data appearing upon the registers of the Department have been revised by those of the Companies. If in other cases any apparent discrepancy appears, it is traceable to imperfect or incomplete returns, of which it is hoped another year will secure a careful revision.

In connection with these statistics of new and old business, we introduce also a statement of terminated insurance, including amounts which have ceased by lapse, surrender, purchase, death, etc. As will be seen, the returns made by the Companies strike out of existence upwards of 150,000 policies, and nearly $384,000,000 of insurance, the latter more than $120,000,000 in excess of 1870.

LIFE INSURANCE-PAST, PRESENT AND FUTURE.

The statement made in our last Report in regard to the progress of life insurance in the United States, then predicated upon the exhibit of 1870 and some previous years,—namely, that, although the business had gone on increasing, its volume in that direction was making slower advance,—cannot now be safely re-affirmed. While the ratio of growth was reasonably fair in 1869-70, the constantly ebbing tide of expansion denoted a speedy approach to another turning point which has now been reached, as shown by the statistical results just presented. But when the causes which produced the sudden and extraordinary growth at one time reached by the business in this country are properly understood, the more moderate pace at which it now proceeds will seem but the very natural and necessary sequence. There is in this, however, no ground for discouragement in regard to the prospective interests of the business.

As already indicated, the remarkable and unprecedented advance of life insurance accomplished its longest stride in 1866.