ABSTRACT
THE experience of the last fifty years demanded that the new Act should do three things. It should avoid the mistakes of the past; it should provide a viable scheme in which the Beveridge principles of all sharing risks, and all partaking of a certain measure of social security could be maintained; and it should produce a financial position in which the responsibilities of the future would be safeguarded by the rate of contribution, i.e. a funded scheme on the pattern of the commercial insurance of the old workers' compensation type.
