Ary 
MAJORITY REPORT 
emerge. It may be laid down as an axiom that changes in a 
system which at its inception was submitted to the closest 
scrutiny in every aspect are only to be recommended when a 
good case for them has been made out as the result of subsequent 
experience. In the present instance we must hold that no such 
case has been established. 
616. We see no adequate reason for the adoption of the 
suggestion that wider powers of investment should be 
given to Societies, having regard to the ample range 
of securities available for trustee investments. Here 
again we ust point out that the present regulations 
are the result of a careful study of the whole question, 
in this case by a body of financial experts who composed 
the Investments Advisory Committee set up in 1913 and 
whose report emphasised the sufficiency of the scope of the list 
of trustee securities for the investments of Approved Societies. 
617. We recommend that no change be made in the provisions 
of Sections 70 and Tl of the 1924 Act relating to societies’ 
powers of investment of their accumulated funds. 
ATLOWANCES TO APPROVED SOCIETIES FOR EXPENDITURE ON 
ADMINISTRATION 
618. We are informed that the: whole question of the sums 
to be made available to Approved Societies for the purposes of 
administration was the subject of close inquiry by a Depart- 
mental Committee in 1921, and we are satisfied that the evidence 
we have heard on the subject is not such as to warrant any 
reconsideration of the matter. Apart from the general con- 
sideration to which we refer in paragraph 229 above, we are 
informed that the present rate of allowance is sufficient for all 
types of societies, and the evidence which we have received 
from the Approved Societies themselves would generally seem 
to confirm this view. The Ancient Order of Foresters (Q. 3945) 
think that the present rate of allowance is “ sufficient without 
being generous.”’ The Manchester Unity of Oddfellows 
(Q. 5474) think the allowance is adequate. The National Con- 
ference of Friendly Societies (Q. 10,646-10,648) * are not 
satisfied, but make the best of it.”” The Association of Approved 
Societies, however, express the opinion (App. XLV., 27-32; 
Q. 14,392-14,411) that ‘‘ the amount allowed to Approved 
Societies for administration: purposes is too low, and militates 
against efficiency without voluntary service,” and advocate an 
increase to cover the reasonable expenditure of each type of 
Society. The Order of the Sons of Temperance (App: 
TXXXIX, 22-25; Q. 21,405-21,413) informed us that °° when 
the number of members is 15,000 and over the allowance meets 
the requirements, and when the smaller units do not require 
office accommodation or permanent staff. there again the