The King, accompanied by the Queen, formally opened the new
buildings of the Hearts of Oak Benefit Society in the Euston Road last Saturday afternoon. In the interesting address read by Mr. Sim, the Chief Registrar of Friendly Societies, the development of the thrift movement was illus- trated by some striking figures. Deriving their origin partly from the ancient Trade Guilds and partly from the Huguenot refugees, the Friendly Societies now own funds amounting to fifty and a half million pounds and have a membership of fourteen millions, while if all the registered thrift societies and savings-banks are included, the figures are respectively four hundred and two and a quarter millions of funds and thirty millions of members. Five millions annually are devoted to relief in sickness and payments in old age or at death. About ten per cent. of the total receipts are absorbed in management expenses, arid a balance of one and a quarter millions is set aside to meet the contingencies of the future. The King, in reply to an address of welcome, congratulated the Hearts of Oak Society on its progress since its establish- ment sixty-four years ago, and recognised the important influence it had exerted on the prosperity of the working classes. His Majesty's recognition of the truly national work done by the Friendly Societies—a work in which the Hearts of Oak Society has played so large a part—is most gratifying at a moment when it is the fashion to talk as if self-help was entirely " played out," and as if no working man could possibly provide by his own efforts against sickness and old age.
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