THE PUBLIC SERVICE

New Zealand Herald, Volume LXXV, Issue 23130, 31 August 1938, Page 14

THE PUBLIC SERVICE

SUPERANNUATION FUND

YEAR'S PAYMENTS £584,242

£3,072.185 NOW ACCUMULATED

fBY TELEGRAPH —SPECIAL REPORTER!

WELLINGTON, Tuesday

The total incomo of tho Public Service Superannuation Board for tho year ended March 31, 1938, was £658,529, against a distribution of £584,242, according to the annual report of tho board, which was tabled in tho House of Representatives to-day. The accumulated funds of the board have risen from £2,997,898 to £3,072,185. The report states that tho total number of now contributors to the fund was 3533, of which 2384 were males and 1149 females. Tho total annual salary of these new contributors was £407,261 and their annual contribution £25,664. Tlie total number of public servants who were contributing to the fund at March 31, 1938, was 24,235, of which 20,567 were males and 3668 females. Their annual salary aggregated £6,542,128 and their annual contributions £347,735. Of the total income of £658,529, a sum of £174,259 came from Government contributions and £137,751 from interest. Court orders under the Mortgagors and Lessees Rehabilitation Act reduced investments by £7496. The total investments of the fund wero £693,090 in Now 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 the fund for tho year on the mean funds was £4 15s Id per cent, a decrease of 3s 7d per cent compared with the previous year.