PUBLIC SERVICE

Dominion, Volume 31, Issue 287, 31 August 1938, Page 6

PUBLIC SERVICE

Report Of Superannuation Board Total income of the Public Service Superannuation Board for the year ended March 31, 193.8, w-as £658.529, against an outgo of £581.242, according to the annual report of tlie board which was tabled in the House of Representatives yesterday. The accumulated funds of the board have risen from £2,997,898 to £3.072,185. The report states that the total number of now contributors to the fund was 3533, of whom 2381 were males and 1149 females. The total annual salary of these new contributors was £467.26.1 and their annual contribution £25.564. The total number of public servants who wore contributing to the fund rrt March 31, 1938, was 24.235, of whom 20.567 were males and 3668 females. Their annual salary aggregated £6,542,128 and their annual contributions £347,735.

Of tlie total income of £658,529, sum of £314,911 came from members' contributions, £174,259 from Govern meat contributions, and £137.751 from Interest. Court orders under the Mortgagors and Lessees Rehabilitation Act reduced investments by £7496. Total investments of the fund were £693.090 in New Zealand Government inscribed stock, £236,155 in Rural Advances Bonds, £50.000 in Mortgage Corporation stock, £700.577 in debenture securities and £1,254,829 in mortgage securities. The report, states that the average rate of interest earned by tlie fund for the year on the mean funds was £-1/15/1 per cent., a decrease of 3/7 per cent, compared, wilt.fa the previous year,