A Policy Of Caution.

A POLICY OF CAUTION .

SUBPEISE and disappointment have been expressed at the action of the Committee of Management of the Eoyal Masonic Benevolent Institution , in deciding not to recommond a further increase in the number of annuitants beyond the twenty new pensions created in February last , to mark the groat success of the Jubilee celebration of the Institution . While

the Committee may deserve commendation for pursuing a policy of caution , we are not sure that the course they adopted is wholly a wise one , or likely to produce the best results for the Charity itself . We fully recognise the desirability of increasing the permanent income of each of the Masonic Institutions , and of course there is no safer or more reliable way of accomplishing this than by adding to the

amount of the invested funds , but there are many who do not think it is desirable to provide for the future of this particular Institution in this way , so long as there is such an extensive array of deserving candidates to whom no relief can be accorded . They argue—and all must admit there is force in the argument—that the responsibilities of the Benevolent Institution can be reduced at any moment , provided the state of the funds necessitates such an extreme

course . Tho Benevolent Institution very wisely refrains from a lavish expenditure in bricks and mortar , and so long as its supporters continue to act on the present lines they know exactly what they are

responsible for , and they also know they can easily and speedily reduce that responsibility should the occasion arise for their doing so . In this connection it is urged that the whole of the surplus resulting from the Jubilee Festival should havo been invested for the

express purpose oi paying Jubilee annuities . It is recognised as being undesirable that the Institution should be taxed with any responsibility in consequence of the increase in the number of annuitants in connection with this special event , but it is equally undesirable that any part of the special contributions should be set aside for the ordinary work of the Charity , which could well afford to depend ou the Craft supplying sufficient year by year to maintain it in the position it occupied previous to its Jubilee .

We must admit wo share the surprise and disappointment already referred to as resulting from the decision of the Committee , and we think the subscribers to the Institution—and more particularly those who helped in achieving the grand success of the Jubilee—should consider whether the recommendation was wholly wise , and if unwise tako the earliest opportunit y of amending it . The annual Report of the Institution shows that a total of £ 15 , 708 will be required for the annuities of the present year , which amount includes . £ 720 for the twenty new annuities created m February , so that , apart from the Jubilee benefits , the Institution is pledged to distribute £ 14 , 988 among its pensioners during the current

A Policy Of Caution.

twelvemonth , which amount is no greater than has been required in past years , and which has been cheerfully subscribed by the Craft . Indeed , the Institution has had the gratification of emerging from its yearly labours with a surplus on the right side , and there is no reason to anticipate a falling off in the contributions , which are quite as likely to produce a satisfactory balance in the future as they have done

in the past . Why , then , should any part of the Jubilee returns be set aside to carry on the present work of the Institution , that is to say , the work it was pledged to accomplish previous to the celebration of its Jubilee being started upon ? It is certain this Jubilee movement will result in a surplus of £ 50 , 000 , after paying the ordinary working expenses and the annuities of the year , and there appears to be no

reason why the special income to be derived from this £ 50 , 000 should not be spent in a special manner . It is not yet too late to do what is suggested , indeed , by the time of the next election the Institution will know exactly what position it stands in as regards this special event , and will be able to calculate to a farthing what income will be derived from the investment of the surplus , so that additional annuities could be created to exactly correspond with tho additional income , and we venture to think the

sunporters of the Jubilee movement would be more satisfied with such a disposition of the Jubilee funds than they are with the present arrangement . It is not as though the Institution would be extending its responsibility in creating further Jubilee annuities , it would simply be in the same position as regards responsibility as it occupied before the celebration , with this most important advantage—the special funds subscribed on that occasion will remain intact , and always available in case of dire necessity .

The surplus of the Jubilee celebration should produce a permanent income of at least . 11 , 600 a year , of which sum the Committee have so far decided to spend only £ 720 per annum , leaving a balance of £ 880 for the general purposes of the Institution , or to be added to tho invested funds year by year . This may bo a policy of caution , but we venture to differ with those

who consider it either a necessary or a desirable course of procedure , under all the circumstances surrounding the case . We should not approve , as we have already said , of any present extension of the benefits of the Institution if that extension called for a larger contribution from the Craft each year , but we think there is no necessity for retrenchment to the immediate extent of at least £ 880 a year , always bearing in mind tlisrt . thfiVfi nvn sn innnv rnallv dfispvvinrr nnn / lirln + oa *& 1

- , — * J \ j - ¦ " V . . . . . > . U . B VU on the list approved of as m every way worthy of receiving the assistance of the Institution , providing there are funds available . Those funds are available , and we fail to recognise the expediency of hoarding them up to the detriment of those who are so really in want of the help tho money was meant to provide . The case is one we think the subscribers would do