FRIENDLY SOCIETIES.

Star (Christchurch), Issue 4713, 3 August 1893, Page 1

FRIENDLY SOCIETIES.

THE EEGISTBAE'S EEPOBT. fPEOM OUB SPECIA.Ii COBBESPONDENT.] WELLINGTON, August 2. From the report of the Registrar of Friendly Societies, just laid on the table of the House, it appears that the total number of registrations for the year>lß92 was 14; the number of Lodges in 1891 whose returns were tabulated was 365, and of central bodies 31. The total assets amounted to .£476,133, which was invested as follows : — Deposits in the Post Office Savings Bank, £28,851; deposits in other banks, <£57;253 j mortgages on freehold property, ,£221,58&; Government and municipal debentures, .£12,320} other investmentp, .£9350. The average rate of interest from all these sources was 6£ per cent.. The valuation report does not always contain a comparative statement of the actual or expected sickness for the period under review. The number of members in those Societies in respect of; which comparieon iB made is 5400. The membership of those established more than five years, but less than twenty years, and- more than twenty years, respectively, was 2091 and 3309. Of those established more than five years, but leas than twenty, the average sickness per member per annum was , nearly 20 per cent below the expectation, and of those established more than twenty years the average sickness was nearly 15;. per cent above the expectation. There are wide differences in the experience of Societiea, Bituated in the same locality with outwardly similar conditions, but the sickness of Societies as a whole is higher than the standard, although lower at the younger ages. The obvious inference is that th» experience of newly-established Societies affords no guide to expectation throughout life. In regard to interest on accumulated funds, the report points out that the time isiast passing away when the New Zealand Societies will be able to avail themselves of a high rate of interest. Frequently the estimate put on freehold property exceeds the capitalised value of the interest earned. Sometimes the actuarial valuer has -written down property,, and in othes instances while expressing disbelief as to the correctness o$ the figures displayed to him, has transferred theu unaltered to the balance-sheet, v*he?e an estimate in excess of tke true value had been accepted and entered in the valuation bulance-Bhset either as surplus wholly or in part fictitious, or as deficiency understated by the amount of such eice&B. It is urged that where there is no reasonable probability that property will in future yield interest clear of all charges at the rats? of" 4 por cent at least, either the Society Bhould get rid of it A or write oS such Bum for depreciation as will 3ea_ve a true estimate of. its value. S.ome Lodges show a serious deficiency, and the repot t points out tjwt in these the j claims of existing members can only be i met by an increase of the contributions or ! by tae introduction of new members. &.% tho laltar method is na'c capable of indefinite extgnaon, the burden, although i transferred to other shoulders, cannot be | got rid of, and the greater the number lof claims paid In full, tbo greater

wifl be the average deficiency per itneriiber surviving. It should, however, be borne in mind that where there |is a deficiency HO mode of transference of existing obligations can reduce by one penny the value of, the liabilities. The following Sosieties were registered under "The Trades Union Act, 1878," during the year 1692,- viz., United Employees' Society, Boilermakers and Iron Shipbuilders, New Zealand Btfot Manufacturers' Association, Boilermakers and Iron Shipbuilder*/ Society, GhristehDreh.