How each £100 of the Institution's Expenditure wa» paid out in 1950.

£ «. d.

87 18 9 __ _M MHii HBMi New Construction.

85 11 5 •• ••I HH W KMB Maintenance of Life- boats and Stations (including Depot).

18 15 6 __•»«_ Payments to Life-boat Crews.

2 15 0 •• Administration.

9 19 4 MH Propaganda and Pub- licity at Headquarters and 1,046 Branches.

(For full Statement of Expenditure see pages 196 and 198.).