PUBLIC SERVICE SUPERANNUATION FUND. ACTUARIAL EXAMINATION AS AT 31st MARCH, 1930.

Appendix to the Journals of the House of Representatives, 1932 Session I-II, H-26a

11.—26 a.

1932. NEW ZEALAND.

PUBLIC SERVICE SUPERANNUATION FUND. ACTUARIAL EXAMINATION AS AT 31st MARCH, 1930.

Laid before Parliament in pursuance of Section 49 (4) of the Public Service Superannuation Act, 1927.

REPORT BY THE ACTUARY APPOINTED BY HIS EXCELLENCY THE GOVERNOR-GENERAL TO MAKE THE ACTUARIAL EXAMINATION OF THE PUBLIC SERVICE SUPERANNUATION FUND.

Government Actuary's Department, Wellington, 25th November, 1931. ] I have the honour to submit the following report on the Public Service Superannuation Fund as at the 31st March, 1930, as required by section 49 of the Public Service Superannuation ' '2. The scheme, which came into operation on the Ist January, 1908, embraces, with the few exceptions set out in section 54 of the Act, all permanent publij servants outside the Government Railways Superannuation Fund and Teachers' Superannuation Fund. 3. "The contributions and the benefits provided by the Act, together with the statements showing the progress of active membership, discontinuance of membership from various causes, and the progress of pensions for each year, will be found in Tables I to IV of the appendix to this report. The ages of the contributors at the date of the valuation, together with their contributions and other particulars are shown in Table V ; and the pensions granted during the triennium, with the ages at which they were granted, in Table VI. 4. The income and outgo of the fund since the previous valuation w,ere as follow : — Consolidated Revenue Account of the Public Service Superannuation Fund from the Ist April, 1927, to the 31st March, 1930. Income £ s. d. Outgo. £ s. d. Funds at Ist April, 1927 .. ..2,493,790 711 Pensions to members .. 961,550 19 6 Members contributions .. .. 764,854 8 6 Pensions to widows and children .. 95,472 13 5 Transfers from other funds ..■ .. 1,463 13 10 Contributions returned .. .. U4.012 4 Government subsidy .. .. 358,000 0 0 Transfer to other funds .. 1,701 B 9 Subsidy from Cook Islands and Samoa Loss on realization of securities .. 3,902 11 0 Administrations ■■ 3,129 19 7 Salaries .. .. .. .. 8,282 11 5 Government subsidy under section 114, Public Trust Office Commission .. 11,179 19 10 Public Service Superannuation Act.. 42,66119 8 Travelling and office expenses '" , fla t'fiSl ? n Interest on investments .. .. 448,004 1 5 Funds at 31st March, 1930 .. ..2,882,504 111 Interest on arrears of contributions .. 917 12 1 Fines .. •• ■■ •• 979 4 6 Other receipts .. ... •• 199 ,2 10 £4,114,000 10 4 £4,114,000 10 4 5 It, will be noted that the funds shown herein differ from those shown in the annual report of the Superannuation Fund Board by £64,500, which sum the Board regard as unearned subsidy, and therefore treat as a liability. In this connection I would point out that the accounts of a superannuation fund are obviously not designed to show the annual profit or loss of the fund, nor does the balance-sheet make any pretensions to show, the real contingent liabilities of the fund m connection with pensions or other benefits. Under the circumstances, no good purpose is served by so understating the funds, and the Board is recommended to bring its accounting methods into line with the world-wide practice of financial institutions controlling life-assurance and other funds whose liabilities involve contingencies which cannot be measured by ordinary accountancy standards. I—H. 26a.

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6. Income. —On the income side the chief item requiring comment is the Government subsidy. Compared with the annual subsidies reported as necessary in the last actuarial report, the subsidies paid in during the triennium exhibit a shortage of approximately £500,000, apart from the loss of interest thereon. The effective r-ates of interest credited to the fund during each year of the triennium are given below together with those of the previous period for the purpose of comparison. Rate Rate Year. per Cent. Year. per Cent. £ s. d. £ 8. d. ]924-25 .. .. 515 1 1927-28 .. .. ~ 518 6 1925-26 .. .. 517 11 1928-29 .. .. -.5 14 6 1926-27 .. .. 517 9 1929-30 .. .. .. 514 2 The drop in the interest yield for the last two years appears to have been due to a reduction of the amount invested in mortgage securities, and increased investments in debentures and Government securities. 7. Outgo. —Eetiring-allowances are increasing, and will continue to do so for many years to come. It will be noted that the outgo for benefits during the triennium exceeds the total of the, contribution income and the Government subsidy, and is about 75 per cent, of the combined income from contributions, interest, and Government subsidy. As was pointed out in my last valuation, report, these high percentages are somewhat disturbing, since the liabilities are essentially of a deferred nature, and consequently funds should be increasing rapidly while the fund is young and the membership is expanding. Data. 8. The preliminary particulars required for this examination have been obtained from cards supplied by the Secretary of the Superannuation Fund—a separate card being compiled for each member who was in the Service at the valuation date or who had died or withdrawn since the inception of the fund —and these particulars form the main basis of this investigation and valuation. The Valuation. 9. The main object of an actuarial valuation is to ascertain whether the current funds, together with the present value of the future contributions, will be sufficient to meet the future liabilities. Before the valuation can be carried out it is necessary to make a careful estimate of the various factors on which the payment of the benefits and contributions is dependent. These factors may be briefly summarized as follow :■ — (a) Rate of interest; (6) Mortality-rates of pensioners ; (c) Average salary scales ; (d) Mortality-rates of contributors ; (e) Voluntary-withdrawal rates of contributors ; (/) Retirement-rates of contributors; (y) Marriage-rates of contributors ; (h) Probability of a member leaving children under fourteen years of age, and the average number of such children; (i) Remarriage-rates of members' widows. 10. The rate of interest used in valuing benefits and contributions was 4| per cent., as the fund is State-guaranteed. 11. The mortality-rates adopted for pensioners were those used in the previous valuation, and were based on an investigation of the combined experience of the three Government Superannuation Funds (Public Service, Railways, and Teachers) for the period 1919-1927. 12. Average salary scales in respect of males and females separately were constructed for the year immediately following the valuation date, and the resulting ratios of increase from age to age were applied to the actual salary of each contributor as at the Ist April, 1930. 13. The rates of mortality, withdrawal, and retirement of male contributors used in the valuation were based on an examination of the fund's experience during the triennium under review, together with that of each of the two preceding triennia. As regards mortality, the experience of the whole three triennia was employed as the larger total of deaths recorded could reasonably be expected to minimize the efiect of fluctuations, and so yield more reliable averages for each age. The rates of withdrawal adopted were based solely on the experience of the triennium under review, as it was found that they showed a progressive decline during the three valuation periods. The retirements were again heavy between ages 50 and 59, and as attention has been called in the last two actuarial reports to this feature and to the serious financial effect on the fund of its continuance, the practice of retiring irrespective of age a considerable number of officers with from thirty-five to forty years' service must, for valuation purposes, be regarded as a permanent feature of the fund. The persistence of these heavy rates of retirement between ages 50 and 59 were, as might naturally have been anticipated, accompanied by a flattening of the rates at ages over 60, and this appears to suggest that in future the officers over age 60 retained in the Service will be largely composed of those with only short service to their credit. Rates of mortality, withdrawal, and retirement in respect of female contributors were constructed on similar principles.

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Details of the Experience Tables adopted and the Life and Service Tables deduced therefrom are given in Tables VII and VIII of the appendix. 14. The factors necessary for the valuation of widows' and children's benefits were built up from population statistics combined with the experience of the fund itself. Kesults of Valuation. 15. The Act (section 49 (2) ) requires the actuarial report to be so prepared " as to show the state of the fund at the close of the period, having regard to the prospective liabilities and assets." The valuation has accordingly been made and the results are shown in Table IX of the Appendix, but they may be shortly summarized as follow : — £ £ Present existing pensions and allowances . . .. . . 3,375,540 Present value of prospective benefits .. .. .. 11,157,495 Less present value of members' contributions .. £3,208,114 And less present value of State subsidy under section 114 of the Act .. .. ... 570,978 3,779,092 7,378,403 Total net liabilities .. .. .. .. .. ..10,753,943 Funds in hand .. .. ... .. .. . • 2,882,504 Present value of total liability of State .. .. .. .. •• 7,871,439 Less present value of present subsidy of £86,000 (if treated as a perpetuity) 1,911,111 Value of future subsidies to" be provided for by the State over and above the present subsidy of £86,000 .. .. .. .. .. .. £5,960,328 16. The above statement shows a total State liability of £7,871,439, as compared with £6,659,770 at the last valuation, giving an increase of £1,211,669. This increase is mainly due to the accumulation at interest of that part of the State's liability which is unprovided for, and to the number of retirements of comparatively young officers with long service being in excess of the valuation assumptions. 17. As regards the first-mentioned source of valuation loss, it is scarcely necessary to point out that if a fund is in deficiency at one valuation, the amount of the deficiency at the succeeding valuation will, all other things being equal, increase at compound interest, since, in addition to the shortage in capital, the fund is deprived of the interest which that capital would have earned daring the. valuation period. Reference has been made in previous valuation reports to the serious drain on the fund due to early retirements from causes other than medical unfitness. While in the case of those officers who are retired at ages ranging from 55 to 60 after completing forty years' service, the additional liability is self-evident not only from the greater number of years during which the Superannuation Fund is called upon to pay pensions, but also from the loss of contribution income until age 65, there appears to be a popular and fairly prevalent impression in many quarters that in the case of officers retired after thirty-five years' service, the fund is fully compensated by the fact that the pension is based on thirty-five-sixtieths of salary instead of the maximum of forty-sixtieths. It may not be out of place therefore, for me to state that in spite of the smaller annual pension, the net liability to the Superannuation Fund in respect of the retirement of a physically fit officer with thirty-five years' service is on the average at least 30 per cent, in excess of the net liability in respect of the same officer for a full pension after completing forty years' service. 18. The importance of the ascertainment of the state of the fund in the form given in paragraph 15 lies in the fact that the shortage in the fund to be made good by the State —viz., £7,871,439 — is equivalent to an annual interest income (at 4| per cent.) of £354,215. It follows that if any less annual sum than £354,215 is paid in by the State as subsidy the total deficiency will increase, and the subsidy must accordingly by way of compensation rise later on to a much higher figure, than £354,215 per annum in respect of present contributors alone. If, however, any annual amount in excess of £354,215 is paid in, the fund would, in respect of present members, attain solvency within a definite period of time. It should be clearly understood that this amount of £354,215 is a perpetuity, and does not cease with the lifetime of the present members, nor does it include any subsidy to new entrants. Ascertainment or State Subsidy. 19. The Act, however, does not provide that the subsidy should be determined from the foregoing actuarial ascertainment. It directs the Actuary to show in his report " the probable annual sums required by the fund to provide the retiring and other allowances falling due within the ensuing three years without affecting or having recourse to the actuarial reserve appertaining to the contributors' contributions." I take this to mean that as the contributions are insufficient to provide the full benefits for service after joining the fund, the principle underlying the section is that the State shall postpone till it emerges the liability for pensions arising out of service before joining the fund, and for such part of the pensions arising out of subsequent service as is not covered by the contributors' contributions.

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I estimate the pensions falling due during the financial years 1930-31, 1931-32, and 1932-33, the amounts provided by the contributions, and the subsidies payable on the basis laid down by the Act, to be as follow :— 1930-31. 1931-32. 1932-33. fi £ £ Estimated pensions .■. .. .. .. 385,447 394,189 406,900 Amount provided by contributions .. .. 141,180 147,362 155,060 Amount due to be paid by the State in respect of the three years mentioned (but see also next paragraph) .. .. .. ..244,267 246,827 251,840 20. The above figures would give for the years 1930-31, 1931-32, and 1932-33 an average subsidy of approximately £248,000 per annum, or £162,000 more per annum than is at present being paid. The following considerations, however, must be taken into account: — (a) The actuarial recommendations made in the past in pursuance of the Act have not been fully carried out, the actual payments into the fund to the 31st March, 1930, being short by £1,301,000 of the amounts recommended. From Table X of the Appendix it will be seen that this shortage, accumulated at 4| per cent, interest to the end of this year, amounts to £1,776,357, and I consider that at least £80,000 per annum will require to be added to the future subsidies on this account. (6) The State subsidy should also provide year by year the amount charged to the superannuation fund in administration expenses, less possibly the amount of commission due in connection with investments which might be regarded as a deduction from interest. The payment of expenses from the fund is a definite departure from the original scope of the superannuation scheme, and my interpretation of section 49 (2) of the Act is that expenses amounting to say £4,000 per annum should form part of the subsidy. 21. Ī have therefore to report that in accordance with the system laid down by the Act the annual subsidy required for each year of the period ending 31st March, 1933, is as follows : — £ Subsidy now being paid .. .. . . . , , . .. 86, 000 Further annual subsidy required — £ Paragraph 20.. .. .. .. .. .. 162,000 Paragraph 20 (a) .. .. .. .. ..80,000 Paragraph 20 (b) .. .. .. .. .. 4,000 246,000 Annual subsidy required for the years 1930 31, 1931-32, and 1932-33 .. £332,000 When making provision for this annual subsidy it is important to see that it is back-dated to 1930, and that interest at the rate of 4§ per cent, per annum is added to any portion paid late. 22. In my last actuarial report I drew attention to the method laid down by the Act of arriving at the State's subsidy, and suggested in lieu thereof an automatic basis which, although requiring increased payments at the outset, would minimize the rate of increase in future subsidies. It is not necessary to add anything further to the remarks made in that report, beyond pointing out that the suggested subsidy of 8 per cent, of the salary roll would now need to be increased by reason of the short-payment in subsidies during the intervening three years. 23. Should it be desired to go further than I have indicated so as to more rapidly redeem the deficiency, a higher subsidy could be fixed or alternatively, the fund could be strengthened by suitable amendments to the Superannuation Act. For example, the following alterations in the scheme would considerably lessen the liabilities of the fund without unduly prejudicing contributors : — (a) Modify the present right of members to retire by length of service by restricting it to those who have attained a specified age — e.g., age 60 in the case of males, and age 55 in the case of females — and also increase by 5 years the minimum age or length of service at which a female contributor has the right to retire. To enable the matter to be more readily visualized I have set down side by side the present position and that proposed : — Present Rights. Proposed Rights. Males. (i) After age 65. (i) After age 65. (ii) After forty years' service. (ii) After age 60 if combined with forty years' service, (iii) At any age if medically unlit. (iii) At any age if medically unfit. Females. (i) After age 55. (i) After age 60. (ii) After thirty years' service. (ii) After age fifty-five if combined with thirtyfive years' service, (iii) At any age if medically unfit. (iii) At any age if medically unfit.

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(b) Eliminate all existing powers of extending the provisions of the Act to provide for early retirements. Such powers appear in the past to have been wrongfully regarded by contributors as options to retire with the Minister's consent, but were clearly designed to cover only exceptional cases. Some provision should, of course, be made to obviate possible hardship in the case of those compulsorily retired through no fault of their own, especially if such retirements arc the result of a general retrenchment policy. Two methods of meeting this contingency suggest themselves —namely, to grant pensions based on service on the understanding that the Consolidated Fund pays the necessary retiring-allowances until the attainment of the earliest normal retiring-age set out in (a) above ; or, secondly, to provide such actuarially calculated pensions as will throw no additional strain on the Superannuation Fund. It will be seen that the Superannuation Fund is safeguarded by either method, the only difference being that in the first case the extra liability is borne by the State and in the second case by the officer compulsorily retired. (c) (i) Alter the basis of calculation of " final salary " to the average salary of the last seven or ten years instead of three years as at present ; or (ii) Disregard for pension (and contribution) purposes any salary increases after a specified age, say age 55. Of these two the former has the merit of correlating to some extent the retiring-allowance and the average salary received in the years preceding retirement, while from the viewpoint of the fund the latter alternative has the advantage of being as effectual as the former in minimizing violent fluctuations in the pension liabilities due to salary increases immediately preceding retirement, and at the same time does not penalize those retiring medically unfit to the same extent as the former basis would. In making this suggestion I am fully conscious that it violates one of the canons of a good pension-fund scheme, but, having regard to the constitution of the Public Service Superannuation Fund, and its present parlous financial position, I feel compelled to recommend it for urgent consideration. General Eemaeks. 24. It is not my function to comment on policy matters, but I would be lacking in my responsibility if I did not enunciate the general principle that any additional financial strain on the Superannuation Fund due to policy measures of Government should be a charge on the Consolidated Fund by way of special subsidy. Such a method, I may mention, is followed in the South African Public Service Superannuation Scheme, where, if an officer is forced to retire on pension due to a retrenchment scheme or other policy measures, all pension payments up to the date of his attaining the normal pension age are paid out of public revenue, and not out of the Superannuation Fund. The Commonwealth of Australia safeguards its Public Service Superannuation Fund by fixing age 65 as the normal pension age, with provision that if any officer is retired after age 60, either compulsorily or of his own wish, he is granted a reduced pension actuarially calculated. It is important to note that, although the problem is approached from different angles, both Governments agree in recognizing that the Superannuation Fund must be financially safeguarded in the event of any departure from what might be termed its fundamental obligations to the contributors. 25. In conclusion, I have to acknowledge the assistance of the small but efficient staff engaged in carrying out the heavy work of the valuation. C. Gostelow, Fellow of the Institute of Actuaries (London), Government Actuary.

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A P P Ē NDIX, TABLE I. The Benefits and Contributions provided for by the Act. (' The contributions vary according to the age at the time when the first contribution becomes payable, and are as follows : — Age 30 and under .. .. .. .. 5 per cent, of pay. Over 30 and not exceeding 35 .. .. .. .. 6 ~ Contributions ..< 35 40 .. .. .. 7 " 40 ',', 45 •■ ■ • ■ ■ .. 8 „45 „ 50 .. .. .. .. 9 „50 .. .. .. .. .. ..10 fl. On Attainment of Pension — Males at Age 65, or after Forty Years' Service ; Females at Age So, or after Thirty Years' Service. (1) A pension of one-sixtieth of yearly salary for each year's service, with a limit of forty" sixtieths (two-thirds) of salary. Maximum pension for entrants after 24th December» 1909, £300. (2) Or the option, in lieu thereof, of a return of total contributions. (Note. —The Minister in charge of a Department may retire contributors on pension in the following cases : — (a) Where the age of a male contributor is not less than 60, or of a female contributor not less than 50. (6) Where the age of a male contributor is not less than 55, if his length of service is not less than thirty years. (c) Where the length of service of a male contributor is not less than thirty-five years. In any such exceptional cases the Minister may impose upon the retiring contributor such terms and conditions as to payments into the fund or otherwise as he thinks fit.) 11. On, Retirement before Pension Age (on the Grounds of being Medically Unfit for Future Duty), (1) At any time, on the certificate of two doctors approved by the Board, a pension of one sixtieth of yearly salary for each year's service, limited to forty-sixtieths. Benefits .. (2) Or the option, in lieu thereof, of a return of total contributions. (Where officers of the Police Force are incapacitated by injuries received on duty the Board may increase the pension up to three-fifths of salary.) 111. On Retirement before Pension Age (on other Grounds than Medical Unfitness). j (1) On voluntary retirement or dismissal for misconduct, a return of total contributions. (2) On compulsory retirement for any reason other than misconduct, after twenty years' service, a return of total contributions with 3| per cent, interest. IV. At Death, whether before or after becoming entitled to a Retiring-allowance. (1) Leaving no widow or children : A return of total contributions, less any sums received from the fund during lifetime. (2) Leaving a widow : — (a) £31 yearly during widowhood ; or (5) A return of total contributions, together with such compensation (if any) as the contributor would have been entitled to receive from the Consolidated Fund on compulsory retirement, less any sums received from the fund during lifetime. (If death occurs before retirement the compensation is paid from the Consolidated Fund ; if after retirement, from the Superannuation Fund.) L(3) Leaving children : 10s. weekly to each child until age 14. (Note. —The contributions and pensions are payable monthly, and the pensions are computed on the average salary for the last three years.)

TABLE II. Statement of Progress of Active Membership.*

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New Members. ! [increase by Promotion, > Discontinued. Total in Force at End of Year, * ear - i Annual il ; Annual j Annual Annual Number. Salaries, Contribu- '; Salaries, ! Contribu- > Number. Salaries. Contribu- Number. Salaries. Contributions, tious. : '■ tions. tions. II J j __ ■?*■££'£ ■£ £ £ £ 1908-11.. 11,036 1,529,468 106,826 251,404 15,141 I 1,896 276,431 21,297 9,1401,504,441j 100,670 1912-16.. 8,185 732,323 42,597 574,648 33,369! 4,012 523,821 34,792 13,3132,287,591! 141,844 1917-21.. 9,401 1,181,356 68,762 1,906,126108,419 6.932 1,131,248 71,005 15,7824,243,825 248,020 1922-23J ! 1,200 152,922 8,362 43,092 2,298 j 1,993 ! 658,874! 41,271 14,9893,78Q, 965 217,409 1923-24.. i 1,219 159,496 8,917 139,589 7,369 j 1,187 j 257,682] 16,003 15,0213,822,3681 217,692 1924-25 i 1 921 278 898 16,035 228,471 12,140 ! 1,160 j 248,856 15,264 15,7824,080,881 230,603 1925-26 I 682 231,794 12,870 204,658 11,035 ! 1,136 | 254,497 15,512 16,328;4,262.836j 238,996 1926-27.. 1,518 193,451 10,487 157.749 8,328! 932! 204,675 12,176 16,9144,409,361 245,635 1927-28.. ! 1,000 150,212 8,298 146,611 7,585 j 912; 207,138 12,496 17,0024,499,046 249,022 1928-29 . 1,046 164,175 8,931 162,631 8,427 I 871 \ 204,057 12,048 17,1774,621,795! 254,332 1929-30.. 1,665 I 215,032 11,737 174,518 9,031 i 866 ! 203,199 11,716 17,976 4,808,146 263,384 ; I I I , , Totals .. I 39,873 4,989,127 303,822 3,989,497 223,142 '21,897 |4,170,478263,580 I I ' ! * Compiled Jrom Annual Reports. t Fifteen months.

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TABLE III. Particulars of Discontinuance of Active Membership.*

TABLE IV. Statement of Progress of Pensions.*

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By Withdrawal By Pensions. By Transfer By Death. or old Aw or T mirth toother Total discontinued. Dismissal. ofSejvke Medically Unfit. ! Funds. &»■ II ! i li ! Ifi s§" III s§ I %e II §§ I p (i i pip ji 11,1 p i! II I fill! II I ! ~ £ £ £ ££ £ £ £ ££ 1908-11 ..I 122 2,591 1,785; 1,348 14,692 3431 236 36,475 71 .. 6.211 12 501,896 17.569 44,471 191216 .. 37115,963 5,676; 3,138 53,828 389 2,196 46,915 78 237 4,341 36 ! 8834,012 73.107 56,932 1917-21 .. 719 42, 530 7,863 5,618161,160 48715,398 86,769 84 .. 6,353 24=1 862 6,932 209^950100,985 1922-231 .. 63 7,672! 1,117 1,573 69,145: 320; 1,853 69,6201 33 .. 2,405! 4 1 2041,993 78,874 73,142 1923-24 .. 55 6,261 761 986 44,644 ! 128! 1,126 32,259 13 .. i 1.380 5! 681,187 52,099 34,400 1924-25 ... 55 5.499 1,220 992 54,465 91 .. j 20,086i 11 ..I 1J085J 111 272 1,160 60,236 22,391 1925-26 .. ( 61 8,850 1,167 900 42,1981 150 .. 40,793 16 . . 1,418 9 185 1,136 51.233 43,378 1926-27 .. 68 8,496 1,473 739 36,092 98 .. i 21,601 22 .. i 1,865! 5 28 932 44,616 24,939 1927-28 .. 6614,228 1,976 726 35,292, 93| .. j 18,734 24 .. 3 465 912 49,985 23,327 1928-29 ,. 65 10,074 2,003 656 32,945 115 .. 25,626 29 .. 2,805 6 516 871 43,535 30,434 1929-30 .. 7810,906 1,9.03 661 37,32l| 101 .. 24,997! 23 .. 13,011 3 810 866 49..037 29,911 Totals .. |l,723 13307026,944117,337581,782J2,315 10,809423,875j'4O4 23733,491 1184,343 21897 730,241484,310 * Compiled from Annual Reports. t Fifteen months.

Attainment of Pension Ageor Length of Service. aetire(1 Me(iica|ly Unt( ._ (Section s2-) Year. Granted. Void by Death. | In Force. Granted. ™r Exph^ tb I In Force - N™»- Pension. I »™" [ Pension. J Num- j Pensiori . Num- i Pmsion , i Hum- Pea8lon . ! Num. Pension , £ £ £ £ •£ £ 1908-1 If .. : 383 41,064 40 3,919 ; 343 37,145 114 9,817 I 19 1,978 95 7 839 1912-16 .. 370 46,916 122 12,836 j 591 71,225 74 4,341 ! 50 3,062 : 119 9,118 1917-21 .. 470) 86,769 183 21.082] 878 136,912 84 6,354 48, 3,162 155 12,310 1922-23J .. 322 69,640 63 9,516 1,137 197,036 33 2,405 30 2,087 158 ! 12 628 1923-24 .. ! 128 : 32,259 49 ! 5,922 1,216 223,373 13 I 1,380 10 ! 872 ! 161 i 13 136 1924-25 ... 91 20,086 54 j 8,.811 1,263 234,648 11 1,084 10: 895 162 13 325 1925-26 .. I 150 I 44,279 57 7,587 1,346 271,340 16 1,689 17 ; 1,425 161 j 13,589 1926-27 .. 98 ' 21,666 56 8,152 ! 1,388 284,854 22 : 1,873 8 ; 812 175 14 650 1927-28 .. 93 18,733 48 7,969 1,433 295,618 24 : 2,618 ! 10 I 813 189 i 16,455 1928-29 .. !■ .115 ! 25,625 70 12,897 1,478 308,346 29 2,805 ': 9 901 209 ' 18 359 1929-30 ..I 101 24,997 92. 15,757 1,487 317,586 23 j 3,012 13 j 948 219 | 20,423 Totals .. !2,321 I 432,034 834 114,448 j .. .. 443 | 37,378 224 ' 16,955 _l J i I [ Death of Contributor. Family Pension. „ , , _ (Section 42, .to.) 1 otal Pensions. Year. Granted. V °ot Expfry"" 1 ! Tn Force. Granted. Void. ]n Force. N b ™- I Pension. | »™- j Pension. "™. j Penslon Num- | Pension Num- j Penalon Num- j Penslon £ £ £ £ £ £ 1908-llf .. ' 157 2,466 ! 21 313 136 j 2,153 654 53,347 | 80 6,210 574 : 47,137 1912-16 .. 481 7,258 | 94 1,362 i 523 I 8,049 925 58,515 I 266 17,260 i 1,233 j 88,392 1917-21 .. 663 I 9,979 j 270 3,895 : 916 ; 14,133 1,217 | 103,102 j 501 28,139 1,949 j 163 355 1922-231 .. ! 132 2,001 85 1,200 963' 14,934 487 74,046! 178 12,803 ! 2,258 I 224,598 1.923-24 .. 93 j 1.464 71 I 1,013 985 15,385 234 j 35,103 ; 130 7,807 2 362 251 894 1924-25 .. 134 2,032 88 1,244 1,031 16,173 236 23,202 152 10,950 2,446 : 264 146 1925-26 ... 80 j 15,718! 96 2,606 1,015 j 29,285 246 61,686 170 11,618 2,622 314,214 1926-27 . . 116 3,336 78 2,123 ll,053 30,498 236 26,875 142 11,087 2,816 330,002 1927-28 .. i 106 ; 3,046 101 2,736 11,058 30,808 223 24,397 '■ 159 ! 11,518 I 2,680 342,881 1928-29 .. j 125 j 3,605 74 2,034 1,109 j 32.379 269 32,036'! 153 15,833 i 2,796 • 359,084 1929-30 .. I 152 I 4,417 97 2,667 1,164 i 34,129 276 32,425 j 202 19,371 2 870 372 138 I ! ' _• I _'_ ' Totals .. 2,239 55,322 1,075 | 21,193 .. .. 5,003 j 524,734 |2,133 152,596 | * Compiled from Annual Reports. t Includes pensioners transferred from Police Provident Fund. + Fifteen mouths.

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TABLE V. Present Annual Pay and Contributions of Officers now in Service.

8

Number as at 31st March, i Present Annual Pay as from Present Annual Contributions as 1930. 1st April, 1930. from 1st April, 1930. Age A « e "~ attained. Males. Females. Males. Females. Males. Females. £ £ £ £ 1 r 1 86 4 .. IS 16 36 5 2,842 382 142 19 16 17 ;; ;; 193 31 15,707 2,343 785 in n 18 440 72 37,868 6,236 1,893 312 18 19 630 80 64,289 7,643 3,215 382 19 20 745 123 89,788 J 2,670 4,489 f>33 20 21 667 142 96,148 16,436 4,807 822 21 22 596 134 104,072 17,503 5,204 875 22 23 525 112 109,114 15,968 5,456 798 23 94 453 83 103,324 12,713 5,166 636 24 95 431 107 '108,206 17,518 5,410 876 25 26 437 81 119,434 14,347 5,972 717 26 27 424 110 120,126 20,510 6,006 1,025 28 449 88 130,220 16,354 6,511 818 28 29 445 82 130,048 16,892 6,502 845 29 30 " I! 500 57 153,554 11,383 7,683 571 30 SI 498 72 153,990 14.772 7,722 747 31 32 " 468 56 147,315 12,634 7,427 633 32 33 415 52 130,461 10,520 6,593 ! 538 33 34 418 52 132,395 10,313 6,728 530 34 35 369 54 118,029 11,206 6,054 578 35 36 353 54 112,388 11,305 5,852 595 36 37 " 353 48 115,705 9,895 6,007 535 37 38 374 47 124,217 10,545 6,584 560 38 39 406 33 138,982 7,045 7,296 389 39 40 327 40 109,201 8,995 5,802 496 40 4! " 326 37 111,551 8,713 6,131 485 41 42 324 33 112,136 7,220 6,189 403 42 43 333 36 121.966 8,852 6,666 506 43 44 ■' " I 344 34 122.893 8,310 6,771 469 44 45 321 47 112,921 11,420 6,334 646 45 46 " : 306 42 109,515 10,137 6,395 595 46 47 " i 265 31 95,165 7,929 5,528 458 47 48 i 265 29 99,910 7,120 . 5,869 419 48 49 " ' 275 26 104,411 6,932 5,955 426 49 50 248 ! 27 95,181 7,312 5,572 462 50 51 938 24 90,979 6,626 5,547 456 51 52 222 15 86,380 3,680 5,243 255 52 53 " "I 216 17 90,419 4,809 5,866 323 53 54 155 15 61,031 3,403 4,004 238 | 54 55 : :: us n 53,934 2,680 3,592 210 ■ &, 56 127 11 49,790 2,549 3,260 176 56 57 '.'. "I 92 4 38,131 885 2,591 77 57 58 101 5 38,583 1,165 2,750 92 58 59 94 5 39,985 1,625 2,878 118 59 60 :: ;: 73 3 29,211 eoo 2,154 48 eo 61 .. .. 63 1 26,529 280 1,978 20 61 62 67 1 27 104 225 2,053 22 62 63 " ' i 50 1 18,807 200 1,502 20 63 64 ..52 •■ 20,117 .. 1,672 .. 64 65 32 .. 14,040 .. 1,172 .. t>5 66 " :: I 8 • 1 3 615 270 309 22 66 67 :: :: * .. 2,037 .. 190 f 68 .... 2 .. 870 .. 81 .. 68 69 .... 1 ■.. 900 .. 81 .. 69 70 :: 2 .. low .. 95 to 7] " '" i "2 '.'. 2J00 '.'. 'is9 '.'. 72 73 .. ..I .. .. •• •• •• •■ ™ 74 .. I • - ' 75 '.'. "l •■ 600 •• 60 •■ 7S Totals .. 15,705 2,271 4,449,338 409,070 243,987 21,993

H.—26a.

TABLE VI. Classification of Pensions granted, showing the Ages at which they were granted, for Period from 1st April, 1927, to 31st March, 1930 (inclusive).*

2—H. 26a.

9

Attainment of Pension Age -Rrf-irerl Moriinoiw Tinflt ! Widows and or Length of Service. (Sections 32 and 61 ? i Chilaven. Total. (Section 26.) (Sections il and bl.) j (Sec , 42 ,&c.) Age at which j - . Pension Granted. No _ No _ No _ ! Amount Amount N || Amount of Pension. of Pension. " og ol Pension M. E. M. F. 9 Pμ M. F. Total. £ s. d. £ s. d. £ £ s. d. 87 .. .. .... .. 1 31 ..1 1 31 0 0 84 • • ...... .. .... .. 1 31 1 1 31 0 0 82 .. .. .... .. 1 , 31 ..1 1 31 0 0 79 • ■ . - .... .. 2 62 .. 2 2 62 0 0 78 .. .. .... .. 1 31 ..1 1 31 0 0 76 .. ....... .. .... .. 2 62 ..2 2 62 0 0 74 .. .. .... .. 5 155 i .. 5 5 155 0 0 73 .. .. 1 .. 495 0 0 .... .. 5 155 15 6 650 0 0 72 .. .. .. j .. .. .... .. 2 62 .. 2 2 62 0 0 71 •■ .. .... .. 5 155 ..5 5 155 0 0 70 .. .. .... .. 7 217 7 7 217 0 0 69 .. 2: .. 756 4 0 .. 10 310 2 10 12 1,066 4 0 68 .. .. 2 [ .. 367 18 0 .... .. 5 155 25 7 522 18 0 67 .. ..2 1 650 7 0 .... .. 8 248 2 9 11 898 7 0 66 .. .. 11 .. 1,917 0 0 .... .. 8 248 11 8 19 2,165 0 0 65 .. .. 51 1 7,876 7 0 .... .. 7 217 51 8 59 8,093 7 0 64 .. . . 22 1 4,598 9 0 .... .. 9 279 22 10 32 4,877 9 0 63 .. .. 4 .. 864 6 0 1 .. 76 13 0 9 279 5 9 14 1,219 19 0 62 .. ..9 2 2,505 10 1.. 198 19 0 8 248 10 10 20 2,952 0 0 61 •• .. 11 2 3,324 7 0 1.. 177 7 0 3 93 12 5 17 3,59414 0 60 .. .. 17 10 4,765 9 0 1.. 197 15 0 3 93 18 13 31 5,056 4 0 59 .. .. 8 .. 3,762 17 0 2.. 267 13 0 5 155 10 5 15 4,185 10 0 58 .. ..8 1 2,907 8 0 3.. 370 9 0 i 4 124 11 5 16 3,401 17 0 57 .. .. 10 2 2,590 16 0 2 .. 262 6 0 2 62 12 4 16 2,915 2 0 56 .. .. 14 1 3,998 13 0 7 .. 1,008 14 0 6 186 21 7 28 5,193 7 0 55 .. . . 23 3 6,014 3 0 4 .. 523 11 0 2 62 I 27 5 32 6,599 14 0 54 .. .. 21 2 6,135 3 0 1.. 132 10 0 4 124 22 6 28 6,391 13 0 53 .. .. 15 1 4,794 9 0 3.. 490 19 0 8 248 18 9 27 5,533 8 0 52 .. .. 21 .. 5,380 14 0 1.. 153 16 0 1 31 22 1 23 5,565 10 0 51 •• ..3 1 751 10 0 6 .. 1,079 9 0 5 155 9 6 15 1,985 19 0 50 .. .. 12 3 2,948 8 0 3.. 489 4 0 4 124 15 7 22 3,561 12 0 49 ■• ..5 1 1,118 14 0 1 j .. 146 6 0 3 93 6 4 10 1,358 0 0 48 .. •■ 2 2 671 9 0 2 .. 277 19 0 5 155 4 7 11 1,104 8 0 47 .. .... I 1 161 13 0 2 I .. 247 7 0 I 1 31 22 4 440 0 0 46 .. .. 11 141 16 0 2 62 13 4 203 16 0 45 .. .. 3 1 537 2 0 8 248 3 9 12 785 2 0 44 .. .. I 4 .. 369 16 0 2 62 4 2 6 431 16 0 43 .. ...... .. ..1 82 11 0 2 62 ..3 3 144 11 0 42 •■ ■• 1 .. 85 2 0 11 341 1 11 12 426 2 0 41 .. ...... .. .... .. 1 31 ..1 1 31 0 0 40 .. .. .. 1 .. .. .... .. 2 62 .. 2 2 62 0 0 39 .. .. .... .. 3 93 ..3 3 93 0 0 38 .. .. 13 203 19 0 6 186 1 9 10 389 19 0 37 .. .. 1 .. 87 2 0 3 93 13 4 180 2 0 36 .. .. 11 96 0 0 7 217 18 9 313 0 0 35 .. .. 2 .. 127 13 0 3 93 2 3 5 220 13 0 34 .. .. 2 1 217 11 0 3 93 2 4 6 310 11 0 33 .. .. .... .. 3 93 ..3 3 93 0 0 32 .. .. .. 1 34 0 0 3 93 .. 4 4 127 0 0 31 .. ■ .. 1 .. 79 8 0 3 93 13 4 172 8 0 30 .. .. 11 101 7 0 .. .. 11 2 101 7 0 29 .. .. .... .. 2 62 .. 2 2 62 0 0 28 .. 1 .. 57 13 0 .. .. 1 I .. 1 57 13 0 27 .. .. .. 1 15 3 0 2 62 .. 3 3 77 3 0 26 .. .. .... .. 2 62 ..2 2 62 0 0 25 .. .. .... .. 1 31 .. 1 1 31 0 0 24 .. .. 1 .. 31 19 0 1 31 11 2 62 19 0 22 .. ...... .. 21 43 90.. .. 21 3 43 90 21 .. .. 1 .. 21 7 0 .. .. 1 1 .. 1 21 7 0 14 .. .. .... .. 3 781 13 .. .. .... .. 12 312 I 12 .. .. .... .. 13 338 J 11 •■ .. .... .. 14 364 I 10 .. .. .... .. 8 208 J 9 . .. .. .... .. 11 286 8 .. .. .... .. 16 416 I 7 .. .. .... .. 15 390 y 93 i 68 161 4,186 0 0 6 .. .. .... .. 16 416 5 .. ...... .. .... .. 8 208 4 .. .. .... .. 15 390 3 .. .. .... .. 13 338 2 .. .. .... .. 4 104 1 .. .. .... .. 8 208 0 .. .. .... .. 5 130j Totals .. 274 35 69,356 5 0 j 64 12 8,433 15 0 383 11,068 431 337 768 88,858 0 0 I * Compiled from cards.

H 26a.

TABLE VII. EXPERIENCE TABLE. Probabilities pep Cent. per Annum of Withdrawal, Death, and Retirement used in the Calculation of Valuation Factors for the Public Service Superannuation Fund.

10

Contributing Members : Males. Contributing Members : Females. Probabilities of Withdrawal, Death, or Be- Probabilities of Withdrawal, Death, or Retirement, within a Year (expressed as a tirement within a Year (expressed as a Percentage of the Number Existing in Percentage of the Number Existing in Age- the Service at the Beginning of the Year). the Service at the Beginning of the Year). Age. Withdrawal. Death. Retirement. Withdrawal. Death. Retirement. . . Per Cent. Per Cent. Per Cent. I Per Cent. Per Cent. Per Cent. 15 .. .. 5-50 0-17 .. 4-00 0-13 .. 15 16 .. .. 5-48 0-18 .. 4-80 0-13 .. 16 17 .. .. 5-40 0-18 .. 6-20 0-13 .. 17 18 5-20 0-18 .. 8-00 0-13 .. 18 19 .. .. 4-90 0-18 .. • ! 10-00 0-13 .. 19 20 .. 4-50 0-18 .. 12-10 0-13 .. 20 21 4-14 0-19 .. 13-90 0-13 .. 21 22 .. 3-82 0-19 .. 15-20 0-13 .. 22 23 .. .. 3-54 i 0-19 0-08 15-90 0-13 .. 23 24 .. .. 3-30 0-19 0-08 16-10 0-14 .. 24 25 .. .. 3-10 0-20 0-09 16-10 0-15 .. 25 26 .. .. 2-94 0-20 0-09 15-90 0-16 .. 26 27 .. 2-81 0-20 0-09 15-50 0-17 .. 27 28 .. .. 2-70 0-21 0-09 14-90 0-18 .. 28 29 .. 2-60 0-22 0-10 14-10 0-19 0-10 29 30 .. 2-51 0-23 0-10 13-20 0-20 0-10 30 31 .. .. 2-43 0-24 0-10 12-30 0-21 0-11 31 32 2-35 0-25 0-10 11-40 0-22 0-12 32 33 .. 2-28 0-26 0-10 10-50 0-23 0-13 33 34 .. .. 2-22 0-27 0-10 9-60 0-24 0-14 34 35 2-16 0-28 0-10 8-70 0-25 0-15 35 36 .. 2-10 0-29 0-10 7-80 0-26 0-17 36 37 .. 2-04 0-30 0-10 6-90 0-27 0-19 37 38 .. .. 1-98 0-31 0-10 6-10 0-28 0-21 38 39 ..1-92 0-32 0-10 5-40 0-29 0-23 39 40 .. .. 1-86 0-33 0-10 4-70 0-30 0-25 40 41 .. .. I 1-80 0-35 0-10 4-10 0-31 0-28 41 42 .. .. 1-74 0-37 0-10 3-50 0-32 0-32 42 43 .. .. 1-67 0-39 0-11 3-00 0-33 0-38 43 44 1-60 0-42 0-13 2-50 0-34 0-48 44 45 .. 1-53 0-46 0-15 2-00 0-35 0-72 45 46 .. .. 1-46 0-51 0-19 1-50 0-37 1-45 46 47 .. ... 1-39 0-57 0-26 1-10 0-39 2-30 47 48 .. .. 1-32 0-64 0-52 0-70 0-41 3-20 48 49 .. 1-25 0-72 0-90 0-40 0-43 4-20 49 50 .. .. 1-17 0-81 1-46 0-20 0-46 5-30 50 51 .. .. 1-09 0-90 2-10 0-10 0-49 6-45 51 52 .. .. 1-01 ' 0-99 2-86 .. 0-52 7-65 52 53 .. 0-93 1-08 3-60 .. 0-55 8-80 53 54 .. .. 0-85 1-17 4-30 .. 0-58 9-80 54 05 .. .. 0-76 1-26 4-90 .. 0-61 10-60 55 56 .. .. 0-66 , 1-35 5-46 .. 0-64 11-20 56 57 .. .. 0-55 1-45 6-00 .. 0-67 11-70 57 58 .. .. 0-42 1-55 6-46 .. 0-71 12-10 58 59 .. .. 0-27 1-65 6-84 .. 0-75 12-50 59 60 .. .. 0-10 1-75 7-14 .. .. j 100-00 60 61 .. .. .. 1-85 7-34 62 .. .. .. 1-95 7-58 63 .. .. .. 2-05 8-30 64 .. .. .. 2-15 14-00 65 .. .. .. .. 100-00

H.—26a.

TABLE VIII. LIFE AND SERVICE TABLE. Based upon the Rates per Cent. per Annum of Withdrawals, Mortality, and Retirements given in Table VII, applied to 100,000 Entrants at Age 15.

11

Males. Females. , Existing in With- Retire- Existing in With- «»„«,;, Retire- . Age - Service. drawals. Meatus. ments _ gerv j ce . diawals. Deatns - ment s. A S e - 15 .. .. 100,000 5,500 170 ! .. 100,000 4,000 130 .. 15 16 .. .. 94,330 5,169 170 .. 95,870 4,602 125 .. 16 17 .. .. 88,991 4,806 160 .. 91,143 5,651 118 .. 17 18 .. .. 84,025 4,369 151 .. 85,374 6,830 111 .. 18 19 .. .. 79,505 3,896 143 .. 78,433 7,843 102 .. 19 20 .. '.. 75,466 3,396 136 .. 70,488 8,529 92 .. 20 21 .. .. 71,934 2,978 137 .. 61.867 8,600 80 .. 21 22 .. .. 68,819 2,629 131 .. 53,187 ! 8,084 69 .. 22 23 .. .. 66,059 2,338 126 j 53 45,034 I 7,160 59 .. 23 24 .. .. 63,542 2,097 121 ! 51 37,815 6,088 53 .. 24 25 .. .. 61,273 1,899 123 55 31,674 5,100 48 25 26 .. .. 59,196 1,740 118 53 I 26,526 4,218 42 .. 26 27 .. .. 57,285 1,610 115 52 22,266 3,451 38 27 28 .. .. 55,508 1,499 117 50 18,777 34 28 29 .. .. 53,842 1,400 ! 118 54 15,945 2,248 30 16 29 30 .. .. 52,270 1,312 | 120 52 13,651 1,802 27 14 30 31 .. .. 50,786 1,234 | ]22 51 11,808 1,452 25 13 31 32 .. .. 49,379 ! 1,160 I 123 49 j 10,318 1,J76 23 12 32 33 .. .. 48,047 I 1,095 \ 125 48 9,107 956 21 12 33 34 .. .. 46,779 ! 1,038 j 126 \ 47 8,118 779 19 11 34 35 .. .. 45,568 j 984 | 128 : 46 7,309 636 18 11 35 36 .. .. 44,410 j 933 129 j 44 6,644 518 17 1] 36 37 .. .. 43,304 I 883 130 I 43 6,098 I 421 16 12 37 38 .. .. 42,248 j 837 131 ' 42 5,649 345 16 12 38 39 .. .. 41,238 792 132 : 41 5,276 285 15 12 39 40 .. .. 40,273 I 749 133 40 4,964 233 15 12 40 41 .. .. 39,351 j 708 138 39 4,704 193 15 13 41 42 .. .. 38,466 669 142 38 4,483 157 14 14 42 43 .. .. 37,617 628 147 41 4.298 129 14 16 43 44 .. .. 36,801 589 155 48 4.139 103 14 20 44 45 .. .. 36,009 551 166 54 4,002 80 14 29 45 46 .. .. 35,238 514 180 67 3,879 58 14 56 46 47 .. .. 34,477 479 197 90 3,751 41 15 86 47 48 .. .. 33,711 445 ! 216 175 3,609 25 15 115 48 49 .. .. 32,875 411 | 237 296 3,454 ]4 15 145 49 50 .. .. 31,931 . 374 I 259 j 466 3,280 7 15 174 50 51 .. ., 30,832 j 336 277 ; 647 3,084 | 3 15 199 51 52 .. .. 29,572 ' 299 293 ! 846 2,867 I .. 15 219 52 53 •• •• 28,134 262 I 304 1,013 2,633 I .. 14 232 53 54 .. .. 26,555 226 j 31] 1,142 2,387 j 14 234 54 55 .. .. 24,876 189 313 1,219 2,139 \ 13 227 55 58 .. .. 23,155 153 313 1,264 1,899 .. 12 213 I 56 57 .. .. 21,425 118 311 ! 1,286 1,674 .. 11 196 57 58 .. .. 19,710 83 : 306 1,273 1.467 | 10 178 58 59 •• •• 18,048 I 49 i 298 1,234 1,279 i .. 10 160 59 60 .. .. 16,467 16 288 1,176 1,109 .. .. 1,109 60 61 .. .. 14,987 .. 277 1,100 62 .. .. 13,610 .. J 265 1,032 63 .. .. 12,313 .. 252 1,022 64 .. .. 11,039 .. 237 1,545 65 .. .. 9,257 .. .. 9,257 . !

H 26a.

TABLE IX. SUMMARY OF PUBLIC SERVICE SUPERANNUATION RESULTS. Valuation Balance-sheet as at 31st March, 1930. Liabilities. Males— £ £ Value of — 1,503 pensions for £321,052 18s. per annum already granted .. .. .. 2,879,873 773 pensions for £23,963 per annum granted to widows of contributors or pensioners.. 259,724 391 pensions for £10,166 per annum granted to children of deceased contributors or pensioners .. .. .. .- •• •■ ■• •• 36,772 Prospective pensions for back service .. .. •• •■ ■■ 4,803,315 Prospective pensions for future service .. .- •• •• •• 3,878,383 Prospective pensions to widows .. .. • ■ • • • • • • 843,480 Prospective pensions to children .. .. ■• •• •• •• 179,916 Return of contributions on death .. .. .. .- ■• •• 61,379 Return of contributions on withdrawal .. .. ... •• •• 637,403 Females— Value of — 203 pensions for £16,956 Bs. 2d. per annum already granted .. .. •• 199,171 Prospective pensions for back service .. .. • ■ • • • • 000,016 Prospective pensions for future service .. • • • • • ■ • • 295,252 Return of contributions on death .. .. .. •• ■• •• 8,990 Return of contributions on withdrawal .. .. .. •■ •• 83,061 £14,533,035 Assets. £ Accumulated funds •• ■• 2,882,504 Future contributions from males .. .. .. •• •• •• •■ •• Future contributions from females .. -. •• •• •• •• •■ 163,961 Subsidy of £86,000 per annum now being paid .. .. ■ ■ • • • • • ■ 1,911, 111 Subsidy under section 114, Public Service Superannuation Act .. .. •• •• 570,978 Future increases in subsidy to be provided .. .. .- •• •• •• •• 5,960,3L8 £14,533,035

TABLE X. Statement showing Subsidies paid as compared with Subsidies required under the System indicated in the Act.

Approximate Cost of Paper,— Preparation, not given; printing (2,050 copies), £22 10s.

By Authority: W. A. G. Skiotek, Government Printer, Wellington.—l 932.

Price 6d.~\

12

„, , Shortage accumulated at Year ended. Subsidy required. Subsidy paid. Shortage. 4 J per Cent, to 1931. £ £ £ £ 31st December, 1908 .. (Say) 20,000 20,000 1909 .. „ 20,000 20,000 1910 ., „ 22,500 22,500 1911 . 48,000 23,000 25,000 60,294 ' 1912 .. 48,000 23,000 25,000 57,696 1913 .. 48.000 48,000 1914 . 66,000 48,000 18,000 38,041 1915 .. 66,000 48,000 18,000 36,403 1916 66,000 48,000 18,000 34,835 1917 .. 86,000 48,000 38,000 70,373 1918 .. 86,000 48,000 38,000 67,345 1919 .. 86,000 86,000 1920 .. 125,000 86,000 39,000 63,291 1921 125 000 86,000 39,000 60,566 1922 125,000 86,000 39,000 57,958 1923 .. 172,000 86,000 86,000 122,300 "aSffif 1924* .. 43,000 34,000 9,000 12,661 31st March, 1925 .. 240,000 136,000 104,000 140,007 1926 . 240,000 86,000 154,000 198,391 1927 240 000 86,000 154,000 189,846 1928 ' 285 000 86,000 199,000 234,756 1929 285 000 86,000 199.000 224,647 1930 285,000 186,000 99,000 106,947 Totals .. .. 2,827,500 1,526,500 1,301,000 1,776,357 * Taken as one-fourth of a full year's factors.