Pub Date : 1988-12-01DOI: 10.1017/S0071368600009897
R. S. Clarkson, J. Plymen
This paper has the strictly practical objective of devising procedures for managing Equity portfolios to the best advantage. First, Modern Portfolio Theory, (MPT) which has been developed over the last 35 years with just this objective, is critically examined; from a study of the history of MPT and of its philosophy, principles and practices, the authors conclude that this discipline makes no contribution whatever to improving the performance.
{"title":"Improving the Performance of Equity Portfolios","authors":"R. S. Clarkson, J. Plymen","doi":"10.1017/S0071368600009897","DOIUrl":"https://doi.org/10.1017/S0071368600009897","url":null,"abstract":"This paper has the strictly practical objective of devising procedures for managing Equity portfolios to the best advantage. First, Modern Portfolio Theory, (MPT) which has been developed over the last 35 years with just this objective, is critically examined; from a study of the history of MPT and of its philosophy, principles and practices, the authors conclude that this discipline makes no contribution whatever to improving the performance.","PeriodicalId":121129,"journal":{"name":"Transactions of the Faculty of Actuaries","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1988-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131495360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1988-09-01DOI: 10.1017/S007136860000985X
M. Iqbal
1.1 In recent years insurance companies have begun to employ marketing techniques in search of greater success in an increasingly competitive market place. Several companies have Marketing Departments. However, those who have used marketing techniques most efficiently are not necessarily those with the largest departments. 1.2 Too often marketing is confused with promotion which is but one facet of a multi-faceted discipline. Another common mistake is to regard marketing as a subset of selling. This is understandable because most senior marketing appointments in the insurance industry have gone to people with a sales background. Levitt in his classic article Marketing Myopia in Harvard Business Review said: “Selling focuses on the needs of the seller; marketing on the needs of the buyer. Selling is preoccupied with the seller's need to convert his product into cash; marketing with the idea of satisfying the needs of the customer by means of the product and the whole cluster of things associated with creating, delivering and finally consuming it. The selling concept starts with the company's existing products and calls for heavy promotion and selling to achieve profitable sales. The marketing concept is a customers' needs and wants orientation backed by integrated marketing effort aimed at generating customer satisfaction as a key to satisfying customer goals. The determination of what is to be produced should not be in the hands of the companies but in the hands of the customers. The companies produce what the consumers want and in this way maximize consumer welfare and earn their profits.”
{"title":"Marketing of Retail Financial Services","authors":"M. Iqbal","doi":"10.1017/S007136860000985X","DOIUrl":"https://doi.org/10.1017/S007136860000985X","url":null,"abstract":"1.1 In recent years insurance companies have begun to employ marketing techniques in search of greater success in an increasingly competitive market place. Several companies have Marketing Departments. However, those who have used marketing techniques most efficiently are not necessarily those with the largest departments. 1.2 Too often marketing is confused with promotion which is but one facet of a multi-faceted discipline. Another common mistake is to regard marketing as a subset of selling. This is understandable because most senior marketing appointments in the insurance industry have gone to people with a sales background. Levitt in his classic article Marketing Myopia in Harvard Business Review said: “Selling focuses on the needs of the seller; marketing on the needs of the buyer. Selling is preoccupied with the seller's need to convert his product into cash; marketing with the idea of satisfying the needs of the customer by means of the product and the whole cluster of things associated with creating, delivering and finally consuming it. The selling concept starts with the company's existing products and calls for heavy promotion and selling to achieve profitable sales. The marketing concept is a customers' needs and wants orientation backed by integrated marketing effort aimed at generating customer satisfaction as a key to satisfying customer goals. The determination of what is to be produced should not be in the hands of the companies but in the hands of the customers. The companies produce what the consumers want and in this way maximize consumer welfare and earn their profits.”","PeriodicalId":121129,"journal":{"name":"Transactions of the Faculty of Actuaries","volume":"124 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1988-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115207927","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1987-09-01DOI: 10.1017/S007136860000923X
D. J. McLeish, C. M. Stewart
1.1. As every actuarial student is taught: “Pay-as-you-go is acceptable for a State pension scheme because the State is, for practical purposes, assured of a continuing existence”. However: “The position is quite different in the case of an occupational scheme, since an employer's business may cease to exist”.
{"title":"Objectives and Methods of Funding Defined Benefit Pension Schemes","authors":"D. J. McLeish, C. M. Stewart","doi":"10.1017/S007136860000923X","DOIUrl":"https://doi.org/10.1017/S007136860000923X","url":null,"abstract":"1.1. As every actuarial student is taught: “Pay-as-you-go is acceptable for a State pension scheme because the State is, for practical purposes, assured of a continuing existence”. However: “The position is quite different in the case of an occupational scheme, since an employer's business may cease to exist”.","PeriodicalId":121129,"journal":{"name":"Transactions of the Faculty of Actuaries","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1987-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126573769","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1983-06-01DOI: 10.1017/S0071368600008739
R. S. Clarkson
The paper describes the construction and application of a general price model based on the hypothesis that prices within an ordinary share market are in equilibrium after all participants have acted on their interpretation of the information available to them. The model can be regarded as a space time co-ordinate system in that all the attributes which affect the price of a share are described in terms of numerical scales and all the measurable changes over time in the equilibrium position correspond to changes in the position of a surface in 4-dimensional space. The application of the model to the U.K. ordinary share market is described. In particular, it is shown how the relative performance of a share can be resolved into various short-, medium- and long-term components, each of which can be studied in isolation using the model as a frame of reference. In the light of this practical experience, a detailed description of the price formation process within an ordinary share market is obtained. Since the principles underlying the practical application of the model have virtually nothing in common with the Modern Portfolio Theory methods currently in use in the United States, an attempt is made to reconcile the differing conceptual approaches. The empirical results of the market equilibrium model indicate that the theoretical foundations of Modern Portfolio Theory are somewhat insecure, and it is therefore concluded that the market equilibrium model offers the better scientific framework for the management of ordinary share portfolios.
{"title":"A Market Equilibrium Model for the Management of Ordinary Share Portfolios","authors":"R. S. Clarkson","doi":"10.1017/S0071368600008739","DOIUrl":"https://doi.org/10.1017/S0071368600008739","url":null,"abstract":"The paper describes the construction and application of a general price model based on the hypothesis that prices within an ordinary share market are in equilibrium after all participants have acted on their interpretation of the information available to them. The model can be regarded as a space time co-ordinate system in that all the attributes which affect the price of a share are described in terms of numerical scales and all the measurable changes over time in the equilibrium position correspond to changes in the position of a surface in 4-dimensional space. The application of the model to the U.K. ordinary share market is described. In particular, it is shown how the relative performance of a share can be resolved into various short-, medium- and long-term components, each of which can be studied in isolation using the model as a frame of reference. In the light of this practical experience, a detailed description of the price formation process within an ordinary share market is obtained. Since the principles underlying the practical application of the model have virtually nothing in common with the Modern Portfolio Theory methods currently in use in the United States, an attempt is made to reconcile the differing conceptual approaches. The empirical results of the market equilibrium model indicate that the theoretical foundations of Modern Portfolio Theory are somewhat insecure, and it is therefore concluded that the market equilibrium model offers the better scientific framework for the management of ordinary share portfolios.","PeriodicalId":121129,"journal":{"name":"Transactions of the Faculty of Actuaries","volume":"143 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1983-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115110496","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1975-09-01DOI: 10.1017/S0071368600009447
R. Bews, P. A. Seymour, A. Shaw, F. Wales
OF THE DISCUSSION Mr P. A. C. Seymour, introducing the paper, said that the Working Party had been asked to consider possible modifications of the valuation method embraced in the six principles which, when combined with assets taken at market values, would ensure a reasonable standard of adequacy in times of rapidly changing interest rates, and which could be expressed in statutory rules. Mr Seymour said he would mention three points which arose in the Faculty discussion the previous week. In Table (a) of Appendix 2 asset values were tabulated based on discounting the net interest receipts and the gross redemption value at the net valuation rate of interest. It had been suggested the previous week that in practice the market value of the stock would be lower, being determined by discounting the gross interest and redemption proceeds at the gross rate of interest. While that might be true, it was not really relevant. As stated in 5.4.8 the valuation interest rate should be based upon the net redemption yield, not upon the gross redemption yield net of tax;. As could be expected, there had been some speakers who favoured the gross premium method. As had been demonstrated in Appendix 5, a gross premium method was extremely sensitive to a difference in the interest rate between the premium basis and the valuation basis. Furthermore, there was great difficulty in deciding what should be laid down in the regulations as a reasonable allowance for future bonuses and expenses. One suggestion to deal with the negative value problem, which had been heard from several gross premium supporters, was that a lapse assumption should be built into the valuation. It had been claimed that such an assumption had the effect of reducing the mean term of the liabilities, making it more feasible to match and reducing the negative values arising. Apart from the difficulty of deciding on what lapse assumption to make, there were other dangers which might be illustrated with a topical example, the income bond. Mr Seymour felt that the correct matching procedure was to invest in negotiable securities yielding the required fixed income and redeemable on the maturity date for the required amount. The surrender values should then be based on the value of such assets at the time of surrender. It seemed quite wrong to guarantee surrender values in sterling, and then invest some of the assets shorter to cover an estimated lapse rate. If more lapses occurred than expected there was mismatching to the surrender values, and if less lapses occurred there was mismatching to the maturity values. Furthermore, selection against the office would tend to aggravate losses. The point was that it was impossible to match surrender and maturity values at the same time; lapses should therefore be ignored in the matching policy. At the Faculty meeting it had been stated that practicalities should not be forgotten. It had, for example, been suggested that condensing a valuation into a single prese
{"title":"Proposals for the Statutory Basis of Valuation of the Liabilities of Long-Term Insurance Business","authors":"R. Bews, P. A. Seymour, A. Shaw, F. Wales","doi":"10.1017/S0071368600009447","DOIUrl":"https://doi.org/10.1017/S0071368600009447","url":null,"abstract":"OF THE DISCUSSION Mr P. A. C. Seymour, introducing the paper, said that the Working Party had been asked to consider possible modifications of the valuation method embraced in the six principles which, when combined with assets taken at market values, would ensure a reasonable standard of adequacy in times of rapidly changing interest rates, and which could be expressed in statutory rules. Mr Seymour said he would mention three points which arose in the Faculty discussion the previous week. In Table (a) of Appendix 2 asset values were tabulated based on discounting the net interest receipts and the gross redemption value at the net valuation rate of interest. It had been suggested the previous week that in practice the market value of the stock would be lower, being determined by discounting the gross interest and redemption proceeds at the gross rate of interest. While that might be true, it was not really relevant. As stated in 5.4.8 the valuation interest rate should be based upon the net redemption yield, not upon the gross redemption yield net of tax;. As could be expected, there had been some speakers who favoured the gross premium method. As had been demonstrated in Appendix 5, a gross premium method was extremely sensitive to a difference in the interest rate between the premium basis and the valuation basis. Furthermore, there was great difficulty in deciding what should be laid down in the regulations as a reasonable allowance for future bonuses and expenses. One suggestion to deal with the negative value problem, which had been heard from several gross premium supporters, was that a lapse assumption should be built into the valuation. It had been claimed that such an assumption had the effect of reducing the mean term of the liabilities, making it more feasible to match and reducing the negative values arising. Apart from the difficulty of deciding on what lapse assumption to make, there were other dangers which might be illustrated with a topical example, the income bond. Mr Seymour felt that the correct matching procedure was to invest in negotiable securities yielding the required fixed income and redeemable on the maturity date for the required amount. The surrender values should then be based on the value of such assets at the time of surrender. It seemed quite wrong to guarantee surrender values in sterling, and then invest some of the assets shorter to cover an estimated lapse rate. If more lapses occurred than expected there was mismatching to the surrender values, and if less lapses occurred there was mismatching to the maturity values. Furthermore, selection against the office would tend to aggravate losses. The point was that it was impossible to match surrender and maturity values at the same time; lapses should therefore be ignored in the matching policy. At the Faculty meeting it had been stated that practicalities should not be forgotten. It had, for example, been suggested that condensing a valuation into a single prese","PeriodicalId":121129,"journal":{"name":"Transactions of the Faculty of Actuaries","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1975-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125034119","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1973-06-01DOI: 10.1017/S0071368600009551
J. Brumwell
{"title":"Notes on the Financial Times–Actuaries Index in 1975","authors":"J. Brumwell","doi":"10.1017/S0071368600009551","DOIUrl":"https://doi.org/10.1017/S0071368600009551","url":null,"abstract":"","PeriodicalId":121129,"journal":{"name":"Transactions of the Faculty of Actuaries","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1973-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116966955","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1968-09-01DOI: 10.1017/S0071368600007898
C. S. S. Lyon
Social security in the United Kingdom is at a crossroads. Should it become more selective, and if so, what form should the selectivity take ? Should the traditional methods of finance be changed ? What is to be done about the pockets of poverty which still exist ? Occupational pension schemes, too, are coming increasingly under public scrutiny. Are they fulfilling their role adequately ? In what ways do they need to be improved ? The Government is expected to announce next year its proposals for a new State pension scheme. These seem likely to include a change in the financing of National Insurance benefits generally. They may contain features which could set the State scheme and occupational schemes on a collision course. The paper examines some of the issues involved and indicates lines along which future developments might take place. It concludes by describing a way in which State and occupational schemes could continue to work in partnership.
{"title":"Social Security and Occupational Pension Schemes","authors":"C. S. S. Lyon","doi":"10.1017/S0071368600007898","DOIUrl":"https://doi.org/10.1017/S0071368600007898","url":null,"abstract":"Social security in the United Kingdom is at a crossroads. Should it become more selective, and if so, what form should the selectivity take ? Should the traditional methods of finance be changed ? What is to be done about the pockets of poverty which still exist ? Occupational pension schemes, too, are coming increasingly under public scrutiny. Are they fulfilling their role adequately ? In what ways do they need to be improved ? The Government is expected to announce next year its proposals for a new State pension scheme. These seem likely to include a change in the financing of National Insurance benefits generally. They may contain features which could set the State scheme and occupational schemes on a collision course. The paper examines some of the issues involved and indicates lines along which future developments might take place. It concludes by describing a way in which State and occupational schemes could continue to work in partnership.","PeriodicalId":121129,"journal":{"name":"Transactions of the Faculty of Actuaries","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1968-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124034157","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1956-12-01DOI: 10.1017/S0071368600006595
H. W. Haycocks, J. Plymen
It is more than 25 years since the subject of Index Numbers and their application to Investment Policy was last discussed by the Faculty (See C. M. Douglas, T.F.A. 12 and A. C. Murray, T.F.A. 13). When these papers were written, ordinary shares were only just beginning to be recognised as suitable investments for Life Assurance Funds. Douglas and Murray anticipated that as ordinary shares became more popular with the offices, index numbers would be useful for the following purposes:— (1) Assessing the current position relative to the trade cycle; if this could be achieved, the timing of share purchases and sales would be greatly facilitated. (2) Comparing the prospects for the different industries. As a result of these original papers, the Actuaries Index Service commenced in 1930. In this paper, the authors review developments that have taken place in investment policy over the last 25 years, and study the contribution to these policy considerations that the Actuaries Index and other Index Numbers can provide. The paper is divided into five parts as follows:— Part I deals with the various economic and market factors which affect the level of share prices; usually share prices are closely correlated with the level of business activity. Sometimes, however, as in 1949 share prices fall, due to conditions overseas, without a corresponding decline in business activity. Practical uses of the Index are discussed in Part II. Particulars are given of the numerous applications of Share Indexes to problems arising in day-to-day investment management. In this part also, the authors describe certain techniques, developed to deal the first objective of Douglas and Murray (i.e. that of assessing the current position relative to the trade cycle). It is suggested that these techniques, which involve comparison of the Share Index with Activity Indexes, and with the Financial Times Industrial Profits Tables, merit investigation, and provide an interesting field for research. Finally, details are given of an investigation into the results of a portfolio of ordinary shares held over 25 years. This investigation shows that the appreciation of ordinary shares, both as regards capital and dividends, has to a large extent kept in step with the very considerably increased cost of living, sustained during this period. In Part III, reference is made to recent Institute Papers, where the principle has been developed of selecting investments according to the “expected yield” (See J. B. H. Pegler, J.I.A. 74 and H. G. Clarke, J.I.A. 80). An attempt is now made to extend these ideas and consideration is also given to the link up between the “expected yield” of an ordinary share, the “earnings yield”, and the return provided by new money invested in the company concerned. Part III concludes with an investigation, based on Actuaries Investment Index data, showing the comparative results of purchasing shares carrying low, medium or high dividend yields. For the period 1950 to 1955
该学院上一次讨论指数及其在投资政策中的应用已经超过25年了(参见T.F.A. 12的C. M. Douglas和T.F.A. 13的A. C. Murray)。在撰写这些文件时，普通股才刚刚开始被认为是人寿保险基金的合适投资。道格拉斯和默里预计，随着普通股越来越受到办公室的欢迎，指数将有助于以下目的:-(1)评估相对于交易周期的当前头寸;如果能够做到这一点，股票买卖的时机将大大便利。(2)比较不同行业的前景。由于这些原始文件，精算师索引服务于1930年开始。在本文中，作者回顾了过去25年来投资政策的发展，并研究了精算师指数和其他指数对这些政策考虑的贡献。本文共分为五个部分:第一部分论述影响股价水平的各种经济和市场因素;通常股票价格与商业活动水平密切相关。然而，有时，如1949年，由于海外情况，股票价格下跌，而商业活动却没有相应的下降。索引的实际用途将在第二部分讨论。详细介绍了股票指数在日常投资管理中出现的问题的众多应用。在这一部分中，作者还描述了某些技术，这些技术是为了处理道格拉斯和默里的第一个目标而开发的(即评估相对于贸易周期的当前位置)。有人认为，这些技术，包括股票指数与活动指数的比较，以及与金融时报工业利润表，值得调查，并提供了一个有趣的研究领域。最后，详细介绍了对持有超过25年的普通股投资组合结果的调查。这项调查表明，普通股的增值，无论是资本还是股息，在很大程度上都与这一时期生活成本的大幅增加保持同步。在第三部分，参考了最近的研究所论文，其中根据“预期收益”选择投资的原则已经发展(见j.b.h. Pegler, J.I.A. 74和h.g. Clarke, J.I.A. 80)。现在，人们试图扩展这些概念，并考虑到普通股的“预期收益”、“盈利收益”和投资于有关公司的新资金所提供的回报之间的联系。第三部分的结论是基于精算师投资指数数据的调查，显示了购买低、中、高股息收益率股票的比较结果。在1950年至1955年期间，优势似乎在于提供最低股息收益率(但可能提供卓越的盈利或增长前景)的股票组。第四部分详细讨论了指数的构建和维护。该部分涉及证券的初始选择，加权，平均和分组的方法，以及保持指数最新的程序。为此，将精算师指数所使用的方法与伦敦和剑桥经济局股票指数所采用的相应程序进行比较。第五部分讨论了作者关于投资政策的结论，他们的主要观点是:(1)对于机构投资者来说，主要关注收入，一个良好的分散和管理的普通股投资组合应该产生比固定利率投资高得多的长期回报。(2)为使股票投资组合的建立和维持达到最佳效益，应采取积极的政策，使“预期收益率”尽可能高。为此，应使用精算师工业集团指数表，以保持对较进步行业的最大兴趣，并减少对衰退行业的参与。
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Pub Date : 1954-12-01DOI: 10.1017/S0071368600006364
F. Bacon, B. Benjamin, M. Elphinstone
{"title":"The Growth of Pension Rights and their Impact on the National Economy","authors":"F. Bacon, B. Benjamin, M. Elphinstone","doi":"10.1017/S0071368600006364","DOIUrl":"https://doi.org/10.1017/S0071368600006364","url":null,"abstract":"","PeriodicalId":121129,"journal":{"name":"Transactions of the Faculty of Actuaries","volume":"121 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1954-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116044255","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1925-07-01DOI: 10.1017/S0071368600005917
G. J. Lidstone
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