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REPOKT BY THE ACTUARY. The Registrar. As in previous years, the valuations made during 1912 were based upon the experience of New Zealand friendly societies up to age 70, and upon Sutton's English Sickness Tables and Farr's Healthy English Mortality Tables after that age. Where the society's experience showed a systematic deviation from the standard, as in the case of miners and females, the results were suitably modified. Though the above tables are on the whole very suitable for the valuation of New Zealand societies, it is found that in certain geographical districts and in certain societies there are well-defined departures from the standard rates of mortality and sickness, and before long it will become necessary to undertake a thorough investigation of the data with a view to the construction of auxiliary tables. I append brief notes regarding the societies valued in the year. New Plymouth District, M.U.1.0.0.F. : Valued as at the 31st December, 1910. At the valuation date there were eleven branches, with a membership of 1,081. The sickness experience for the quinquennium was favourable to the extent of £1,367, or about 25 per cent. The mortality experience for an extended period has been below the standard tables. Out of the eleven branches eight maintained an interest rate of over 4 per cent, on their funds, and the mean rate earned over the whole society was nearly 4f per cent. The valuation discloses deficiencies in four lodges totalling £1,208, and surpluses in seven lodges amounting to £4,157, the net surplus being £2,949. The district as a whole shows a great improvement as compared with the position at the previous valuation. Wanganui District, M.U.1.0.0.F.: Valued as at the 31st December, 1910. At the valuation date there were thirteen branches, with a membership of 962. The sickness experience of the quinquennium was favourable to the extent of £283, or about 5 per cent. The mortality rate for the past ten years has been very low, the number of deaths in that period being thirty-three, as against fifty-six expected by the standard tables. Most of the lodges earned satisfactory rates of interest, the exceptions being lodges with only small accumulations. The mean rate of interest earned over the district as a whole was over 4-J; per cent. The valuation shows deficiencies totalling £1,219 in eight lodges, and surpluses amounting to £2,205 in five lodges, the net surplus being £986. The district shows a very much better position than at the previous valuation, and as none ofjthe deficiency lodges are far short of solvency it should not be long before complete solvency is attained. Wellington District, M.U.1.0.0.F. : Valued as at the 31st December, 1910. At the valuation date there were eighteen branches, with a membership of 2,124. The sickness experience for the four years was favourable to the extent of £1,586, or about 16 per cent. The deaths in the past twenty-three years numbered 255, as against an expectation of 289 by the tables. All the lodges but four maintained an interest rate of over 4 per cent., and the mean rate over the whole society was over 4f per cent. The valuation shows small deficiencies in two lodges totalling £75, and a net surplus over the whole district of £14,885. The excellent position [oi the district is due to- an adequate scale of contributions, combined with good management. Marlborough District, M.U.1.0.0.F. : Valued as at the 31st December, 1910. At the valuation date there were two branches, with a membership of 177. The sickness experienced for the four years was favourable to*the'*extent of £80, or about 5f per cent., while during the past nineteen years the mortality has agreed closely with the standard tables, the deaths in that period numbering thirty-four, as compared with an expectation of thirty-seven. Both lodges earned over 4 per cent, or their funds, and the mean rate over the district as a whole was 5 per cent., nearly. The valuation shows that the lodges have surpluses, the total amounting to £1,617. The district has succeeded very well on a low scale of contributions, owing to its good fortune in earning exceedingly high rates of interest in the past. Nelson Distiict, M.U.1.0.0.F. : Valued as at the 31st December, 1910. At the valuation date there were seven branches, with a membership of 895. The sickness experience of the quinquennium was unfavourable to the extent of £378, or about 5i per cent. The mortality during the past twenty years has agreed very closely with the standard, the deaths over that period numbering 180, as compared with an expectation of 178 by the tables. Only one lodge failed to earn 4 per cent, on its funds, and the mean rate of interest earned over the whole society was nearly 4f per cent.