BRITISH THRIFT

Hokitika Guardian, 24 February 1931, Page 2

BRITISH THRIFT

In a year of grave industrial derosion, with more than 2,000,000 workers unemployed, it is a remarkable tribute to the thrift of British workers that the voluntary friendly societies have again made numerical progress and added materially to their financial reserves (says a writer in the “Times”). It is the more remarkable now that practically the whole working population is compulsorily insured against sickness from sixteen years of age, When national health insurance was brought into existence by Mr Lloyd George it was an almost universal ’ belief that the friendly societies were doomed, instead of which they are to-day much stronger in membership and have nearly doubled their cash reserves in the eighteen years they have had to meet competition by the State. To-day there ure about 10,000,000 workers who are making an independent insurance against sickness and disablement and their aggregate reserves are about £100,000,000. Societies affiliated to vhe National Conference have a membership of 8,359.843, and have reserve funds of £87,071,200. Their payment- in sickness and funeral benefits and benevolent grants totnl about £7,000,000 during 1930. _ An increasingly great social work is being done by practically all the friendly societies in making advances on mortgage loans to their members to enable them to become the owners of the houses in which they live. Something like £40,000,00 is now invested on mortgages of house property.