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
