H.—l

5

Sick and Funeral Funds. The contributions and entrance fees paid to Sick and Funeral Funds were £58,229 ; and, dividing by the mean number of members, the average is found to be £1 8s. 10d., as against £1 8s. 7d.'for 1900. The interest and rent received by the lodges was £25,565, and by central bodies £4,924 : in all £30,489, equal to 15s. Id. per member. The amount of sickness benefit paid was £43,921, equal to £5 7s. Id. per member sick, and an average of £1 Is. 9d. per member, as against £5 9s. and £1 0s. lid. respectively for 1900. Viewing the amount paid in relation to the weeks of sickness the average benefit per week is found to be 14s. 7d.; in 1900 the average was Id. less. The funeral benefit paid amounted to £7,626 ; this is equal to 3s. 9d. per member, and is Id. greater than the average for 1900. The total worth of the Sick and Funeral Funds at the beginning of 1901 being £675,977, and at the end of the year £716,513, the balance of gain on the transactions of the year was £40,536, or slightly over £1 per member. The averages for the five leading Orders, and for all societies, are given in the following table:—

Eate of Interest realised. Although the rate of interest on first-class securities has for some years past been gradually falling, it is satisfactory to find that the total income from investments credited to the Sick and Funeral Funds for 1901 amounted to £30,489, which is found to yield an average rate of £4-48 per cent, (say, £4 9s. 7d.). The formula for finding the rate is, r = , * =. ; r being the rate, I the amount of ini (A + A — 1) terest credited to the fund during the year, and A, A' the values of the fund at the beginning and end of the year respectively. But, while the average rate for societies in the aggregate may be regarded as satisfactory, affording as it does a fair margin for safety over the rate hitherto employed in valuations—namely, 4 per cent.—it has to be remembered that as each lodge is for most purposes under the control of its own committee of management in matters affecting investments, its position will depend in great measure on the care and attention bestowed on this subject by the responsible officers. Hence the position of a district or Order depends almost entirely upon the good or bad management which has characterized the several branches in respect of the investment of the funds. While the rate of interest realised by each lodge cannot be set forth here, some idea of the position in the several societies or Orders will be obtained by an examination of the figures in the last column of the following table :— Table showing the Totai Worth of the Sick and Funeral Fund as on the 1st January, 1901, and the 31st December, 1901, inclusive of the Accumulations held by the Central Bodies; also the Amount and Average Eate of Interest earned.

It may also be added that in the M.U.I.O.O.F., with its sixteen districts, the average rate percent, realised varies from £3-11 in the case of the North Canterbury District to £6-15 in the North Westland District. In the A.O.F., with eight districts, the rate varies from £3 - 51 in the South Canterbury District to £4'83 in the United Otago District.

Order. Income per Member from Contributions. Interest. Outgo per Sicknes. 'ember for Sick-benefit per Member Sick. Average Sickpay per Week. Gain per Member. Funerals. M.U.I.O.O.F. I.O.O.F. .. A.O.F. U.A.O.D. .. I.O.R. £ a. d. 1 11 10 1 10 10 1 6 11 15 7 15 3 £ >. d. 0 18 4 0 12 3 0 15 0 0 7 9 0 19 4 £ a. d. 15 0 0 14 3 117 0 16 9 0 18 11 £ a. d. 0 3 11 0 2 2 0 4 0 0 3 6 0 3 4 £ a. d. 5 15 3 4 4 0 5 14 11 4 3 6 4 10 11 £ a. d. 0 14 6 0 15 6 0 14 5 0 16 7 0 14 11 £ s. d. 17 0 12 7 0 12 11 0 16 0 117 All societies 1 8 10 0 15 1 119 0 3 9 5 7 1 0 14 7 10 1

Name of Society. Total Worth of Sick and Funeral Fund as on— January 1,1901. December 31,1901. Amount of .Interest. Average Rate per Cent. M.U.I.O.O.F. I.O.O.F. .. N.I.O.O.F. .. B.U.O.O.F. .. A.O.F. A.O.S. U.A.O.D. .. I.O.R. S.D.T. H.A.C.B.S. .. P.A.F.S.A. .. R.E.B.S. .. £ 327,524 30,705 3,840 1,100 191,232 989 53,725 34,157 8,950 10,765 9,881 3,109 £ 349,748 32,905 4,122 1,205 198,560 1,043 58,609 35,939 9,724 11,053 10,470 3,135 £ 15,100 1,197 106 39 8,496 50 2,378 1,594 483 393 497 156 £ 4-56 3-84 2-70 3-44 4-46 5-05 4-33 4-65 5-31 3-67 501 5-12 Total 675,977 716,513 30,489 4-48