MAJORITY REPORT. 
79 
a 
valuations of Societies and Branches in the United Kingdom 
(including Ireland) was 10,162, the total membership being 
16,250,778. The accumulated funds of Societies at the valuation 
date amounted to £119,479,279, of which reserve values out- 
standing represented £64,017,994. The valuations showed an 
aggregate surplus of £17,192,968, this sum being the difference 
between total surpluses in 9,745 cases amounting to £17,273,887, 
and total deficiencies in 407 cases amounting to £80,919. In 10 
cases the assets and liabilities were of equal value. The average 
amount of surplus was £1:08 per member, taken over the 
membership of the cases in which the surplus was found, while 
similarly the average amount of deficiency, taken over the cases 
in this category, was £25. Of the total surpluses of £17,273,887, 
amounts aggregating £9,184,087 were certified by the valuers to 
be disposable in the provision of additional benefits, leaving sums 
amounting in total to £8,089,800 to be carried forward to the 
next valuation. In addition to these amounts there were also 
carried forward Contingencies Funds approximating closely to 
£6,500,000, the total of the sums carried forward thus being 
about £14,600,000. Of this sum about £14,000,000 may be 
attributed to Great Britain. 
169. The total amount credited to the Benefit Funds of 
Approved Societies in respect of contributions from the com- 
mencement of the Act to 31st December, 1918, is estimated to 
have been about £87,000,000, and the aggregate surplus therefore 
represents 20 per cent. of the contributions received up to the 
valuation date. This striking and, in great measure, unforeseen 
result of the first stocktaking operation is attributed prepond- 
erantly to conditions set up by the Great War. What these 
conditions were, and what was their effect, is shown in con- 
siderable detail in the Report of the Government Actuary, and 
it is unnecessary for us to discuss them at any length. It is 
sufficient to say that the claims upon the funds for sickness and 
disablement benefits were below the ‘‘ expectation ’’ to an 
amount of £10,000,000: that maternity benefits cost £1,700,000 
less than the sum provided for ; that interest on investments pro- 
duced £1,600,000 in excess of the yield required by the basic rate 
of 3 per cent. ; and that interest on the growing surplus accounted 
for £1,200,000. In respect of each of these items, the 
Report referred to finds the governing factor in the profound 
and universal disturbance of the normal life of the community 
in the years over which the gigantic conflict extended. We lay 
stress on this conclusion because it precludes us from assuming 
anything as to the existence of a ‘margin in the contribution 
from the results of the first valuation. 
THE SECOND VALUATION. 
170. The second valuations, which relate to Great Britain, are 
still in progress, and their complete results are not expected to