THE Inangahua Times. PUBLISHED TRI-WEEKLY. FRIDAY, SEPT. 10, 1880.

Inangahua Times, Volume II, 10 September 1880, Page 2

THE Inangahua Times. PUBLISHED TRI-WEEKLY. FRIDAY, SEPT. 10, 1880.

Aretuev lias jinfc been issued from the Viegistrar-freneral's Department, Wellinfi'ion, whicli points in unmistalreable language lo the existence of ei'her a radical defect in the management, or a very grnva fl.-nv in (he constitution of our Friendly Aociefies I'h.e paper "iyps the re-n'ls of the p;iSt w:'i-l('n» nf l.|-e vri'Mpiis, ! r m-lii'-; ')! '. ! . e I.in'i- i :.(Mii!crit-, I <vlc-- nf r!:!M-. ; ->vs, :.\.u., in tiw '">' -M ni^-ni,.;. ■■ 111- !■■«'■•:•:•., ;,,•..-) til S-? !^.' h:-V !■•'-.,■■• au liciuiH-iiii diJL-;.:;:'-v j'i liu-ir .i^^n:-

gate funds of no less a sura than £10 616 19* Bil ; or, in other words, the measure of this deficiency is the Hxcess of the present value of expected claims over the present value cf future contributions. These figures are thmore alarming when it is considered (hat the total number of subscribing members in the wh>le of the lodges i* only 1538. Mirny of the branches are numerically small, tl.e lowest having only 19 members, yet *linwjn* a deficiency in its funds of £231 4- 7d. Ii cannot be inferred that, the general insolvency is attributable altogether to the circumstance that small lodges are ns coatiy to manage as large ones.since we find that.in the table before us the deficiency in many cases in crease? m a perfectly geometrical ratio with the number of members We say in many cases because in one or two instances there is shown an. opposite operation. For example, the Hand and Heart Lodge, which it is to be presumed is the h»ad one of the I District, which it is numerically,, has i 293 members. y«t Hs deficiency only amounts to £27 5s 81, but then we are unable to say bow far the improved financial position of this lod^e may be due to th* special tax usually levied upon subsidiary branches towards the management expenses of the District Lodge. In the absence then of information uuon this point, a"d taking the very exceptional position of this lodge into account, we are unable to accept the Hand andH ari figures as in any way negativing the assumption of the unsoununes^ of the basis upon which Friendly Societies generally arctrading. There are then but two conclusions to be drawn from the return under notice: either the coat of management will have to be reduced, by a union of -lodges- and otherwise, or the rate 6f contribution per member will need to be materially increased. The whole question is one of the deepest concern to the industrial classes of the Colony, and the consequence it must -inevitably enfail if permitted to escipe Legislative attention is one which no State can afford to ig- j nnre. Ano her important question arises here. If such a -grievous blot as this can he found in 'he working ol such an ancient and powerful organisation as the Manchester Unity of Odd» fellows undoubtedly is, is there not fair ground for supposing thit similar defects may ex st in-Mie constitution of othtr incorporated associations in the Colony? Banks and mining companies are compelled by layy to pub, lish half-yearly and yearly statements of [heir liabilities and itsse's, end wesee no reason why friendly societies, building societies, accident, fire and li'e, and all other trading associations should not be brought, wilhin the purview of the same regulation. At all events it is imperative now that at tendon has been dra vn pointedly to the Riilj'cfc that the Government should step in between contributorie-* and the^r lodges "and enforce, some ad* ditional safeguards. The Oddfellows' Society is probably not alone in th's default, and aa oce had link in the chrin weakens the whole, qothinsj short of a careful scrutiny by some competent authority into the trading basis of these benefit asgnc'ations can dispel from the public mind that feeling of distrust which originated with the failure of the European Assurance Company, and culminated with the bursting up of the City of Glasgow Btink " ____