FRIENDLY SOCIETIES' FUNDS.

Dominion, Volume 3, Issue 874, 21 July 1910, Page 6

FRIENDLY SOCIETIES' FUNDS.

I OFFICIAL STRICTURES DISSENTED. Speakers at the annual smoke concert of Court Sir George Bowen, Ancient Order of foresters, last evening, had something to say by way of reply , to tho actuarial- criticisms which were recently ■published as part of a report by the Registrar of Friendly. Societies. Bro. Shapcott, D.C.R., said that, notwithstanding the remarks of the actuary the I' riondly Societies of the Wellington district were making progress financially The Registrar'appeared, to think that tho' societies were m a state of insolvency owing largely to the co-oporatiou tatweon them causing them to keep the scale of contributions too low. If there' was any tendency towards such a develonment, tho speaker thought tho remedy' might be found m uniting tho existing' societies into ono large., body. He would verrmuch like to see steps, taken towards such a consummation. Bro. H. Baldwin, of Lower Hutt, ono ■of the trustees of tho Court, also referred \o the official strictures, which ho considered were not borne out by the *xperi- ' ence of Court Sir George Bowen. The nrst yearly balance-sheet. of tho Court, dated 1868, showed that there were then lo members, and the total value of the iunds was ,£35.. The corresponding figures for e\erj tenth year showed a continual increase. of funds, • until in 1908 the oS W t S with a membership of 389. On-June 9/1910, tho total funds were and there were 406 members on the books. The ;total sick pay disbursed by the .Court from its inception to June 20, 1010, was - 7s. Bd., and the total amount paid to medical men and dispensaries was .£6518 7s. fid. The invested funds of <£'7980 .were now earning 5 4 per cent., and thus providing more than enough revenue to meet the sick pay. The membership, ho thought, ought to have increased faster, but it was largely the secessions that kept ud the funds, just as was the case with the insurance companies. So far from tho Court being insolvent, he would like to know what business firm would not be glad to ■ be able to show such a'strong position as that disclosed-by the Court's balajcesheet. The unfavourable' remarks that had been made about tho investment of Friendly Societies' funds .certainly did not apply to Court Sir George Bowen.