If.—l

Lower interest yields on the accumulated funds were inevitable as the societies were affected, in common with other institutions accumulating funds, by interest-reduction legislation enacted during the depression years. The bases adopted for the valuation were, in general, the New Zealand friendly societies' experience at 4 per cent, interest. Suitable modifications of this standard were adopted where examination of the experience disclosed definite and apparently permanent departures from the standard. The financial results disclosed by the valuations are given in detail in Appendix B. In the following table they are summarized briefly and compared with the results of the preceding valuations :—

It will be observed tliat, alter allowing for such portion of the previous surplus as was appropriated for the benefit of members, the valuations revealed substantial improvement in the financial position of each society. These results are particularly gratifying, especially in view of the two adverse features noted above. PART lI.—TRADE-UNIONS. The registrations of twelve trade-unions were cancelled during the year—viz., New Zealand Federated Boot Trade Union ; Southland Trades and Labour Union ; New Zealand Boot-manufacturers' Association ; New Zealand Locomotive Engineers, Firemen, and Gleaners' Association ; The Timaru Waterside Workers' Union; The Auckland Stock and Station Agents Clerical Workers' Guild; The Canterbury Stock and Station Agents Grain and Seed Merchants Clerical and Allied Employees' Union ; The New Zealand Workers' (in Employers' Organisations) Trade Union ; The Canterbury Associated Retailers' Union of Office Employees ; The Hawke's Bay Clerical Workers (Employed by Retail Traders) Trade Union of Workers; The Nelson Stock and Station Agents Clerical Employees' Trade Union; the Auckland Sugar Manufacturing Industry Technical and Engineering Staff and Office Employees' Trade Union. The following change of name was approved : " Hawke's Bay Public Accountants' and Sharebrokers' Employees' Guild " to " Hawke's Bay and Wairarapa Public Accountants' and Sharebrokers' Employees' Guild." One partial amendment of rules was registered : Hawke's Bay and Wairarapa Public Accountants' and Sharebrokers' Employees' Guild. There were eight unions on the register at the end of the year.

6

Previous Valuation. Pregent Society. Valuation T Surplus. S * ttW I-P— 1 appropriated. I M.U.I.O.O.F.— £ £ £ £ New Zealand .. .. .. 149,524 75,929 148,985 75,390 Lyttelton District .. .. 7,700 4,485 7,317 4,102 South Canterbury District .. .. 7,691 1,200 10,335 3,844 Otago District .. .. .. 71,773 20,200 102,016 50,'443 A.O.F.— Taranaki District .. .. .. 23,237 10,140 23,129 10,032 Nelson District .. .. .. 7,482 750 11,845 5,113 U.A.O.D.— Grand Lodge of Canterbury, New 15,640 12,401 24,279 21,040 Zealand Fountain of Friendship Lodge .. 15,369 12,000 10,275 6,906 W. and 0. Society, "Wellington District, 804 416 1 033 '645 M.U.I.O.O.F. 299,220 137,521 339,214 177,515