How each £100 of the Institution's Expenditure was paid out in 1949.

£ s. d.

32 9 0 _ _ ___i— _ New Construction.

39 9 10 _» _M _ B« M.I __- Maintenance of Life-boats and Stations (including Depot).

14 13 8 « K« _ Payments to Life-boat Crews.

3 11 6 ™» Administration.

9 16 0 Propaganda and Publicity at Headquarters and 1046 Branches.

£100 0 0 (For full Statement of Expenditure see pages 72 and 74.).