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orphans' benefits from New Zealand statistics, that similar calculations cannot yet be made in respect of sickness benefits by reason of the absence of data relating to the higher ages. It is observed that, while the average sickness in early life is light as compared with the English experience, as the age advances the average rises more rapidly than the expectation. The difficulty of the problem is further complicated by the fact that the mortality of members of friendly societies, in common with that of the general population of the colony, is very light. For a length of time an impression prevailed that a favourable sickness might be looked for in conjunction with a favourable mortality. Results have, however, disproved this. With greater average longevity there is an increase in the total sickness, while, as partly accounting for the high ratio of the total sickness per death, as contrasted with English experience, it cannot be doubted that, in New Zealand, sufferers from chronic ailments linger for years who in a less genial climate would die off rapidly. It may be added that insolvent societies which have been long established need something more than standard tables to refer to. Such tables would doubtless afford excellent guidance for societies about to be established, but would be of little value to a society already existing and found to have a large deficiency, for such a society needs advice specially adapted to its particular circumstances. 33. Appendix V. contains lists of the societies and branches valued as at the end of 1892, and established prior to 1888, arranged according to the average rate of interest per annum credited to the benefit fund during the quinquennium 1888-92, exclusive of those which earned less than 4 per cent. The number of societies and branches included in these lists is fifty-nine, and the number excluded is forty. In respect of one society and four branches the rate of interest cannot be calculated owing to the information being incomplete. The investment of capital in hall property accounts for the low rate earned by nineteen, and the only cause which can be assigned in the case of the remaining sixteen is that there has been negligence on the part of the trustees. 34. During last session of Parliament a return was compiled by order of the House of Eepresentatives " in continuation of a return dated 31st August, 1889, relating to friendly societies ; also, a comparative statement setting forth the increase or decrease in the several particulars mentioned in said return between the two last valuation reports of the several Districts and Orders, so as to indicate whether the several Districts and Orders are improving their financial position or otherwise." 35. That summation of the assets and liabilities, and amalgamation of the balances, whether surplus or deficiency, of branches whose funds are not held in common, does not afford a correct indication of the financial position of branches so grouped together, is very clearly explained by the English Chief Registrar in his examination before the Royal Commission on Labour. Speaking of the affiliated societies he says, — Every branch is as financially independent as if it were a distinct society. One branch may have charged proper contributions, carefully supervised its claims, been economical in its management, husbanded and properly invested its funds, and thus accumulated a large fund; no other branch has any claim whatever on that fund, or any portion of it. Another branch may have charged insufficient rates, been loosely managed, wasted its money, and thus have incurred losses, or may have been merely unfortunate, and suffered from a severe run of sickness, and thus have small funds; but it cannot call upon the prosperous branch to contribute to meet the deficiency. 36. It may be noted that, in respect of the several branches of each society valued from time to time, a comparison is made between the results of two successive valuations, and published in an appendix to the Registrar's annual report to Parliament in the following year. Trade-unions. Registration of New Rules. 37. A complete amendment of rules was registered in respect of the undermentioned societies : The Amalgamated Shearers' and Labourers' Union of New Zealand, the Christchurch Operative Bootmakers' Society, and the Wellington Operative Bootmakers' Society. 38. A list of registered trade-unions, as on 31st December, 1893, is given in Appendix 111. Edmund Mason, May, 1894. Registrar of Friendly Societies and Trade-unions.