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The Pamphlet Collection of Sir Robert Stout: Volume 69

Friendly Societies

Friendly Societies.

The Registrar of Friendly Societies received returns for the year ending the 31st December, 1887, from 347 lodges, courts, tents, &c., of various Friendly Societies throughout the colony. The number of members on that date was 24,928.

The total value of the assets of these societies was £383,515 9s 2d, equivalent to £15 7s 8d per member. Of the total assets the value of the sick and funeral benefit funds amounted to £339,614 os 10d, an increase of £43,946 18s 7d on the value of these funds at the end of 1886.

Of the funds, only £244,072 were invested at interest, of which the amount lent on mortgages of freehold property was £165,567, at an average rate or interest of 7.7 per annum; £56,044 were with the Post Office Savings Bank and other banks, at an average of 4.9 per cent, interest; the residue was variously invested at rates averaging 6.9 per cent.

The receipts during 1887 on account of the sick and funeral funds amounted to £55,436, and the expenditure to £35,804, of which the sick pay amounted to £20,847. The sum of £4216 was paid as funeral donations.

In addition to sick pay out of the benefit funds, the sum of £23,645 was expended out of the medical and management expenses fund for medical attendance and medicine.