CORRESPONDENCE.

Wairarapa Daily Times, Volume 5, Issue 1444, 31 July 1883, Page 2

CORRESPONDENCE.

To THE EDITOR.

■ Sir,—Your lender of to-day, devoted to the Registrar-General's report upon Friendly Societies, brings before your readers the result of the last quinquennial valuation, shewing the various Courts in the Wellington District to be in an unsound financial position, With your permission I will write a few words upon the other aspect of the question, .it-is a.very-easy matter to demonstrate that an institution is bankrupt, if you only go the right way to work, as has been done in the valuations referred to. Ido not question the accuracy of the valuer's calculations, but the system is wrong, as the following will shew: —The Masterton Court is adjudged liable for funeral benefits for members,- members wives, and widows of deceased members, at the present value of £866 lis 9d, apd against this liability is a credit of £ll 5s 8d (pMp'ortion of'the district funeral fund), shewing a deficiency of £789 6s Id. Here is the rub. As a .matter of fact, tho Court is not liable for any part of this 1866 lis 9d; nor entitled to the £X7,5s §d, or the deficiency, as, according, to ths contract between the Court and the. members, under - the rules .of the Order the % district isprimarily liable, and in the event of a run on the district funds every member is liable pro rate; but the Court funds. cannot be touched. Again, no allowance is made by the.-.valuer for .members withdrawing or leaving the Order, although this is a regular asset; and last, but not least, the valuer, not being-able to obtain the ages of members', wives, has based his calculations upon the members ages v and : I venture to say that, if their good ladies had him in a corner, the valuer..would very soon acknowledge that'&e'wivies were youiigor'tliiin .the husbandsj if not more athletic," .~, , •■•... • ■ lam, &c., : .Forester. Masterton, July 30th, 1883.