THE FRIENDLY SOCIETIES. Annual Report by the Registrar-General [BY TELEGRAPH OWN CORRESPONDENT.] Wellington, April 28

Te Aroha News, Volume IV, Issue 201, 30 April 1887, Page 5

THE FRIENDLY SOCIETIES. Annual Report by the RegistrarGeneral [BY TELEGRAPH OWN CORRESPONDENT.] Wellington, April 28

The Registrar-General's annual report on the Friendly Societies has been laid before Parliament. The Registrar says inter alia " Reference has been repeatedly made in the official reports of past years to the insufficient rates of contribution which are charged by some societies ; but so long as the valuation summary for the year continues to exhibit so conspicuously as the prevailing cause of deficiency ' inadequate contributions,' the repetition »f the former warning i8 rendered necessary. To all who are about to join a friendly society the advice is given that they should make their selection from those winch are sound in preference to one that is cheap. It is possible that many persons are under the impression that registration of policies implies an official certificate of assurance as to a society's financial position. It may 'be well, therefore, to state that such exclusive registration is not provided for in the Act, nor indeed desirable under certain conditions. The amount paid during the year to secretaries for furnishing statistical returns was £174 10s, ami the cost of the valuations was £900 lo*. The Registrar has much pleasure in testifying to tho care which secretaries generally have taken in making out tho returns, and to the promptness and courtesy with which they have complied with his request for necessary information. " The total number of registrations during the year was 37. Manchester Unity, 7 lodges; 1.0.0.F.,4; D.1L0.0.F.,1 district and 2 lodges; A.O.JT., 6> courts; Druids, 2 ; Rechabites, 0 tents ; H.A.C.8., 6 branches; P.A.F.S.A., 1 lodge ; W. M. C. , 1 club ; specially authorised society, 1. There were, in 188.), 302 lodges of the'various Orders, and the total number of members at the end of the year was 22,794, The following balance-sheet gives their total funds (including those of the central bodies) as at the 31st December, 1885 : Sick and Funeral Funds, £285,614 15s 6d ; Medical and Management Funds, £23,806 2s 9d ; other funds: and property, £1 2,843 2s 4d. Total, £322,264 0s 7d. Assets : Investments at interest, £192,398 'lSs s<Sj. value off hind and buildings, £100,772 6s 9d ; cash not bearing interest, £18,084 18s lOd ; value of goods, £f),615 Is; other assets, £1,392 15s 7d. Total, h 322,264 >os7d. The total amount on deposit in .savings banks and other institutions is set down at £192,398, the average rate of intorest being seven, per cent. Speaking on the question of valuers, the Registrar-General, says : "It would appearthat in some Fjocieties the majority of, members aze utterly indifferent to the fact, that the liabilities are considerably in, excess of their assets. In the ' days o,f i statistical davkness,' that societies shoujd.' : drift igQorarjttly into insolvency was a mjsfortune v bub that societies in full view* of the danger should make no effort to avert it i^ a crime. If, therefore, two consecutive,' valuations of a society shall have- be^en made, and deficiency shall , have- r esulted on • each occasion, and if the; va'iuer in each of his reports shajl have statc'i that the rates of contribution are mad/ equate to meet the promised benefits, $nd the society shall have neglected to take I an 1 /steps to reduce the deficiency shown, •tb .c Registrar considers that it ■will be his i entity to recommend that the Government withdraw the undertaking to, defray the expense of any subsequent valuation ot such society due under the* Act, untfll the valuers shall have been adopted. In providing for the cost of valuation, the Legislature has recognised the importance^ the light upon. Friendly 'Societies' finances, in the interest^ not only of the membersj bitt also of the community at large ; ; and it certainly i&nofc intended. that the valuer's report should; be treated as so m#ph waste paper, or that societies whose, liabilities exceed their assets should continue io promise benefits which there is no reasonable expectation that they will be able to pay, without a strong protest being ej*serert against the dishonesty of such a Qcx\irse, aa well as against the wilful cUaregwd. of the acturial advice placed, gratuitously afc their disposal," ' -