How each £100 of the Institution's Expenditure was laid out in 1938.

£ s. d.

69 18 0 «.H_ _i. H_HMM. _H__MM__M_ _MM_Con.st ruction, Repairs, Upkeep and Inspection of Life- boats and Life-boat Stations.

14 8 0 M M M M Payments to Life-boat Crews.

12 12 0 ___ Propaganda and Publicity at Headquarters and 1,072 Branches.

3 2 0 •• Administration.

£100 0 0 (For full Statement of Expenditure see pages 124 and 126.) The Institution's Income at a Glance.

How each £100 of the Institution's Income was obtained in 1938.

£ s. d, 36 12 0 ••M MMBHI KHB B H Subscriptions, Donations, and Life- boat Days.

40 16 0 «M_-__H__ — —»—• Legacies.

12 0 0 _«__ Income from Investments.

9 10 0 __i Special Gifts.

1 2 0 - Other Sources.

£100 0 0 (For full Statement of Income see pages 125 and 127.).