EDUCATION: TEACHERS' SUPERANNUATION FUND.

Appendix to the Journals of the House of Representatives, 1933 Session I, E-08

K—B.

1933. NEW ZEALAND.

EDUCATION: TEACHERS' SUPERANNUATION FUND.

Presented to both Houses of the General Assembly by Command of His Excellency.

No. 1.— I TWENTY-SEVENTH ANNUAL REPORT OF THE TEACHERS' SUPERANNUATION BOARD. Foe the Year ended 31st January, 1933. The Hon. the Minister of Education. g IR Wellington, 12th August, 1933. The Board has to submit the following report for the year ended the 31st January, 1933 The Board— The usual quarterly meetings of the Board were held in February, May, August, and November. The following figures show the transactions, &c., of the fund for the year ended 31st January, 1933, as compared with those for previous year 1933. 1932. Contributors on roll at 31st January .. .. .. 9,355 9,964 Increase over previous year .. .. .. .. • ■ 55 Decrease from previous year .. .. .. . • 609 "Retiring and other allowances — Annual rate granted during year .. .. .. £44,615 £28,018 Total annual rate at 31st January .. .. .. £296,784 £259,199 Number granted during year — On retirement .. • • • • • • • • 205 126 To widows .. • • • • • • • • 16 20 To children .. • • • • • • • • 3 14 Number discontinued during year— By death .. • ■ • • • • • • By other causes .. • • • • • • 15 21 Number current at 31st January— Retired members .. ■ • • • • • 1 > 530 1,362 Widows and children .. .. . • • • 312 315 Income for year:— £ _ , Contributions .. •• •• •• 113,764 115,961 Government subsidy — Section 112 of Act .. .. 43,000 43,000 Section 114 of Act .. •• •• •• 4,020 3,917 Total Government subsidy .. .. ■■ 47,020 46,917 Interest 61. H? *2,682 Total income .. •• •• •• £221,901 £235,560

* £136,931 less rebate under Finance Act, 1931, £20,970.

I—E. 8.

E.—B.

w 1933. 1932. Expenditure— £ £ Retiring and other allowances .. 283 738 254 927 Contributions refunded or transferred .. .. 33,478 30'628 Administration expenses, &c. .. .. . , 3'709 3'987 Provision for loss on investment .. ~ ~ 7 '500 Total expenditure .. .. .. .. £328,425 £289,542 £ £ Net loss for year 106,524 53,982 Balance at credit of Fund .. .. . ~ 1 111 642 1 218 166 Funds invested at 31st January— At 4f per cent. .. .. . 29,850 29,950 At 5 per cent. .. .. .. .. . 147,960 147,960 At 5j per cent. .. .. 15,800 15,800 At jj per cent. .. .. .. .. 39,510 131,510 At 5J per cent. . . . . .. 4 00 400 At 6 per cent 500 867,104 At 6f per cent. .. .. .. 24,450 At 6 per cent. \ subject to reduction under the National/ 854,582 '. At 6-§ per cent, f Expenditure Adjustment Act, 1932 .. \ 17,432 Mortgage security acquired .. .. .. .. 3,446 Total •• •• •• •- .. £1,109,480 £1,217,174 f unreduced rate .. 5-79 5-78 Average rate of interest (per cent.)<| after reduction as L shown above .. 5-00 Unclaimed contributions held at 31st January .. .. £1,413 £1 051 Cost-of-living Bonus. The payment of this bonus has been continued in necessitous cases. R. Masters, Chairman.

No. 2.—STATEMENTS IN ADDITION TO THOSE PRESCRIBED BY THE ACT AND REGULATIONS. A. Number of Contributors on the 31st January, 1933, arranged according to Percentage of Contribution.

B. Total Number of Contributors who have joined and left the Fund since its Establishment (1st January, 1906, to 31st January, 1933).

2

5per 6per 1 7 per 8 per I 9 per I 10 per „ , Cent. Cent. | Cent. Cent, j Cent. Cent. iotals. M. F. M. F. M. | F. M. F. M. F. M. F. M. F. Total. Number at 31st January, 1932 3,363 5,300 309 281 167 212 77 120 47 43 34 11 3 997 S 967 9 <)M New contributors entered during 26 49 5 9 7 8 1 1 3 i 4 2 ' 46 70 11« year 110 Transfers from other funds .. 1.. 1.. 1 3 3,390 5,349 315 290 175 220 78 121 50 44 38 13 4 046 6 10 083 Number left during year .. 81 469 45 36 18 27 6 20 7 8 7 4 164 564 728 Number at 31st January, 1033 .. 3,3094,880 270 254 157 193 72 101 43~36 ~31 9~ 3,8821^473"9^355

. Number. Annual Aun ™\ Rate 5 1 . Total. Salary. Contribution. jg Total entered (including net increases in 6,382 12/799 ,181 4,364,107 248 870 salary and contributions) Total discontinued 2,500 7,326 9,826 2,235,852 135,390 Total existing at 31st January, 1933 3,882 5,473 9,355 2,128,255 113,480"

E.—B.

C. Table showing Progress of Fund since its Inception (1st January, 1906).

No. 3. ACCOUNTS AND STATEMENTS AS PRESCRIBED BY REGULATIONS IN TERMS OF SECTION 110 OF THE PUBLIC SERVICE SUPERANNUATION ACT, 1927. (1) (A) REVENUE ACCOUNT for the Year ended 31st January, 1933. £ s. d. £ s. d. To Balance, 31st January, 1932 .. .. 1,218,165 13 11 By Retiring and other allowances .. .. 283,738 111 Contributions of members .. .. 113,12519 6 Contributions refunded— £ s. d. Additional contributions from Fiji Govern- On voluntary retirement 27,234 0 8 ment in respect to teachers in Fiji schools 214 15 4 On death of members .. 4,227 19 2 Contributions transferred from other funds 423 4 6 On lapse of membership 1,973 7 7 Government subsidy— £ s. d. 33,435 7 5 Under the Act, section 112 43,000 0 0 Contributions transferred to other funds .. 42 13 11 Under the Act, section 114 4,020 7 9 Administration expenses— £ s. d. 47,020 7 9 Commission, G.P.O. .. 547 6 0 Interest — Commission Public Trustee 1,818 17 10 On investments .. 60,901 11 5 Clerical assistance .. 900 0 0 On contributions in arrears 214 19 6 Postage and telegrams .. 124 16 3 61,116 10 11 Office expenses .. .. 137 9 5 Travelling - expenses of Board members .. 96 3 10 Medical fees .. .. 34 1 0 Audit fees .. .. 50 0 0 3,708 14 4 Provision for loss on investments.. .. 7,500 0 0 Balance, 31st January, 1933 .. .. 1,111,641 14 4 £1,440,066 11 11 £1,440,066 11 11 COST-OF-LIVING BONUS ACCOUNT FOR THE YEAR ENDED 31st JANUARY, 1933. £ s. d. £ s. d. To Refund from Consolidated Fund .. .. 1,057 17 1 By Balance due from Consolidated Fund, January, Balance due from Consolidated Fund, 31st Janu- 1932 .. .. .. .. .. 128 3 9 ary, 1933 .. .. .. .. 24 11 3 Payment of bonus .. .. .. 954 4 7 £1,082 8 4 £1,082 8 4 2—E. 8.

3

a . TJ £? V, S ** * b 0>O rrt © rH 11)50 -rt 50 frt 08 fS 50 rS 03 Oe8 *3 -• oN T3 S3 . m S . • ViP • 2 • p • -tJ 5 . Cj SajO» d S Pi fc J? P) O S fiN PI PI CO _ £2 ©go ©grH <»§=£ »§M ®S« &%<% N M ~ U.I-5 0> H >"5 2 S-,l-50> Ht-jOS nb® "£ H? 2 S 43 »-• £ +3 CS^-H ©m o coo S "g a>® ©"S ■ «-g .©"8 H-# Hg a Total number of contributors .. 2,182 5,872 6,858 8,377 9,616 9,964 9,355 Total amount of contributions £32,320 £96,391 £101,632 £147,028 £141,094 £115,961 £113,764£2,199,593 Interest received .. .. £864 £35,146 £48,725 £73,420 £70,144 £72,682 £61,117 £918,996 Subsidy from Government .. £5,000 £43,000 £63,833 £71,428 £71,831 £46,917 £47,020 £1,044,627 Number of allowances payable 84 881 1,078 1,273 1,530 1,677 1,842 Total amount paid on account of £3,147 £74,315 £112,861 £184,707 £222,423 £254,927 £283,738£2,593,236 retiring and other allowances Total amount of contributions £260 £15,804 £19,189 £26,590 £30,377 £30,628 £33,478 £398,209 refunded and transferred Accumulated fund .. .. £34,734 £681,777 £858,662£1,083,155 £1,198,711 £1,218,166£1,111,642

Ē. —B.

(B) BALANCE-SHEET as at 31st January, 1933. Liabilities. £ s . d. Assets Fund as per Revenue Account .. ..1,111,641 14 4 Amount held by Public Retiring and other allowances due and unpaid .. 2,102 4 4 Trustee £ s d £ d Refund of contributions due and unpaid .. 939 16 9 Invested 1 109 480 8 9 S " ' Administration expenses unpaid— Uninvested " ' 37'056 19 2 Commission, Post and Telegraph £ s. d. * ' , r „_ _~ Department .. .. 183 8 6 Contributions of members— ' ' Clerical assistance .. 750 0 0 In transit 3 703 14 2 Postage and telegrams .. 100 0 0 Duo and outstanding 3,' 667 9 6 Office' expenses, printing, and 7 T7l q c a i° ner y ■ • • • 20 11 0 Interest on investments— Audit tee .. .. .. 41 13 4 Due and outstanding .. 17,711 911 TT . 1,095 12 10 Accrued, but not due .. 15,320 13 0 Unclaimed contributions .. .. 1,412 10 7 S3 032 2 11 Amounts paid into fund m error .. .. 2 18 4 Interest on arrears of contributions due and outUovernment subsidy Statutory standing (contributors) .. .. .. 355 (5 •! grant paid m advance for 1933. . 39,416 13 4 Due by annuitants (contributions and interest) 1 1 11 Less additional subsidy under sec- Consolidated Fund, on account of cost-of-living tion 114 of Act not yet paid .. 318 4 5 bonus .. .. .. .. . 24 11 3 Less additional subsidy under sec- Refund of contributions, passed in advance for tion 114, payable in respect to 1933-34.. .. 95 19 6 allowances outstanding at 31st .... a „ January, 1933 .. .. 53 8 7 39,045 0 4 Rent received from securities leased (in excess of allocation for interest) .. .. .. 53 12 9 Reserve— For commission payable to Public Trustee in respect to interest due or accrued .. 1,101 0 0 For commission to Post and Telegraph Department in respect to vouchers issued but unpaid .. .. .. 36 0 0 — 1,137 0 0 Reserve for loss on realization of securities— Balance at 31st January, 1932.. 4 10 8 Added, 31st January, 1933 .. 7,500 0 0 7,504 10 8 Vouchers issued but unpaid at 31st January, 1933 .. .. 19,283 9 3 Add Post Office Account overdrawn .. .. .. 3,199 3 3 22,482 12 6 £1,187,417 13 5 £1,187,417 13 5 Notes.—-Since the closing of the Account for the year the Government has given a further subsidy on account of the loss suffered nLnAotr. T ?o e 4 ? e /;°™r ° f , the National Expenditure Adjustment Aet, 1932. The amount accrued for the period to vHst January, 1933—n0t included in the year s accounts—is £7,335. Apt Too « Q? dor sectio ° 9 of , tl f National Expenditure Adjustment Act, 1932, as amended by section 25 of the Finance Act (No. 2), 1932-33, in respect to the rebate to those contributors who did not elect to continue to contribute on ths higher rate of -11 f f. m 1932 " 0t besn . taken , lnto account the foregoing statement. The benefit (which is payable upon onn mOUn w ll? a ®? re § ate ' to approximately £30,000; but the additional liability is only approximately £5,000, as the remaining £25,000 would, in any case, be refunded as contributions in the ordinary way upon retirement before full age or service. „ . _ C. E. Crawford, A.R.A.N.Z., Education Department Secretary, Teachers' Superannuation Board. Wellington, 12th June, 1933. • i. certify that the Revenue Account and Balance-sheet have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby, subject to the above departmental notes. —G. F. C. Campbell, Controller and Auditor-General.

4

E —8.

(2) STATEMENT of CONTRIBUTORS, showing Annual Rates of Salaries and Contributions as at the 31st January, 1933.

(3) PARTICULARS of CONTRIBUTIONS discontinued and Allowances granted and Refunds of Contributions made during the Year ended 31st January, 1933.

5

Number. Annual Rate of Annual Rate of M F. Total. Salary. Contributions. £ £ Contributors at 31st January, 1932 ... 3,997 5,967 9,964 2,402,347 128,640 New contributors entered during the 46 70 116 24,782 1,578 year ended 31st January, 1933 Transfers from other funds during the 3 ... 3 918 56 year Net decrease in salaries and contributions ... ... ... 119,795 6,462 during the year Totals 4,046 6,037 10,083 2,308,252 123,812 Contributions discontinued during the 164 564 728 179,997 10,332 year ended 31st January, 1933, by resignation, &c. — Totals at 31st January, 1933 ... 3,882 5,473 9,355 2,128,255 113,480

Number of Annual Rate at Date of n.-.ci. Contributors. Withdrawal. How discontinued. ~ Other Pay - M. F. | Salary. Contributions. An °„aXtê. ments < n ° u " £ recurring). By death before allowance £ £ £ s. d. £ s. d. entered upon — (a) Contributions paid to per- 3 7 10 ' 2,506 205 .. 1,399 14 3 sonal representatives (b) Leaving widow or child 4 4 2,174 148 109 0 0 2,217 12 1 By voluntary retirement .. 61 395 456 82,999 4,440 .. 27,234 0 8 By lapsed membership .. 19 33 52 8,520 437 .. 2,021 8 3 By transfer to other funds .. .. 2 2 200 10 .. 42 13 11 By allowances granted on retirement — (a) Ordinary .. .. 63 96 159 67,388 4,069 38,047 11 0 (b) Medically unfit .. 9 9 18 7,032 384 3,133 0 0 (c) Extended provisions .. 6 9 15 5,290 359 1,957 16 0 (d) Under section 14, Finance .. 13 13 4,135 292 902 6 0 Act, 1931 By death of annuitants • • • • 465 0 0 610 12 10 165 564 729 180,244 10,344 44,614 13 033,526 2 0 Less previously written oS 1 1 247 12 .. 48 0 8 as lapsed but now included above under " Medically unfit" Net totals.. .. 164 564 728 179,997 10,332 44,614 13 033,478 1 4

E.—B.

(4) STATEMENT of RETIRING-ALLOWANCES (including Allowances to Widows and Children) for the Year ended 31st January, 1933.

By Authority: G. H. Lonky, Government Printer, Wellington.— 1933.

Approximate Cost of Paper.—Preparation, not given; printing (850 copies), £9 10s.

Price 6d.~]

6

12) (^) v ' Details of Column (2). Total Allowances. Retiring-allowances. Allowances to Particulars. Ordinnrv <\m nr Extended Provisions and „ ,, _ y ( g oervice). geo finance Act. 1931. Medically unlit. Widows. Children. Number. j Number. Number. Number. Number. w o Annual Rate. & - Annual Rate. Annual Rate. ; Ar.nual Rate. Number. Annual Rate. Annual Rate • EH M F. M. P. M. P. M. F. Allowances as at 31st January, 1932 558 11191,677 259499 3 0350 738 14 0 79 29 18,448 *9 0 90 76 21,106 17 0 242 7 515 3 0 39 34 1 898 0 0 Allowances granted during the year at 80 129 209 44,149 13 0 63 96 38,047 11 0 6 22 2,860 2 0 9 9 3 133 0 0 1 31 0 0 9 1 7ft n n retirement or decease of contributors ' Allowances granted during the year ... 15 15 465 0 0 . 15 4fi<i 0 n to widows and children of deceased "' "' annuitants ah Totals. 63812631,901303,813 16 0413 834 248,278 5 0 85 51 21,308 11 0 99 85 24,239 17 0 258 8,011 3 0 41 35 1 976 0 0 Allowances discontinued during the 7,029 9 0 18 8 4,462 14 0 3 ... 481 5 0 8 ... M73 6 0 7 222 4 0 5 10 890 0 0 Allowances existing at end of year ... 604 1238 1,842 296,784 7 0395 826 243, 815 11 0 82 51 20,827 6 0 ~91~ ~85~ 22,766 if ~0 251 7,788 19 0~36~ ~2fT Ī^586~T~Ō Particulars of Allowances discontinued during the Year. How discontinued— By death ... ... ... 29 15 44 6,639 9 0 18 8 I 4,462 14 0 3 ... 481 5 0 8 ... 1.473 6 0 7 222 4 0 By6Xpiry 5 10 15 390 0 0 z - - . Sib 390-0 0 Totals -" ••• 34 25 59 7,029 9 0 18 8 4,462 14 0 3 ... 481 5 0 8 ... 1,473 6 0 7 222 4 390 Ō C) Progress of Allowances since Establishment of Fund to the 31st January, 1933. Total granted ... 10871640 2,727 375,039 11 0621 956 293,072 9 0 133! 55 29,218 5 0 166 116 35,858 14 0 362 10 520 3 0 167 Til r wn n n Total discontinued 483 402 885 78,255 4 0226 130 49,256 18 0 51 1 4 8,390 19 0 75 31 13,092 3 0 111 2J31 I 0 1K ill t'fsi ? 0 Total existing ... ... 60412381,842 296,784 7 0395 826 243,815 11 0 82! 51 20,827 6 0 91 85 22,766 11 0 251 7,788 19 0 ~36 25~.l 586 0 0

ANNUAL REPORT OF THE POST AND TELEGRAPH DEPARTMENT FOR THE YEAR 1932-33.

CONTENTS. PAGE PAGE Receipts and Payments .. .. 1, 7 Money-orders 16 Savings-bank .. . ■ •• ..1,16 Postal Notes •• •• •• Sta,ff • • • • • .. 2, 7 British Postal Orders .. .. . ■ 16 Commercial Branch .. .. .. 2, 9 Post Office Investment Certificates . . 16 Buildings and Land .. .. ..2,10 Work performed for other Departments .. 16 Inland and Ocean Mail-services .. 3, 11, 12 Alteration in Rate' for Cable Messages to Air Mails .. • ■ • • .. 3, 13 Australia and Suva .. .. . . 18 Postage-stamps .. • ■ .. 3, 13 Closing of Wellington Cable Station . • 18 International Telegraph and Radio-telegraph Maintenance of Telegraph and Telephone Conference .. . ■ • ■ .. 4, 17 Communication . . .. 18 Broadcasting Service .. .. .. 4, 23 Machine-printing Telegraphs .. .. 19 Empire Broadcasting Station .. ..B, 24 Battery Maintenance .. . . 19 Wireless Patent Rights .. .. • • 5 Sunday Telegraph Attendance .. .. 19 Telephone Exchange Services .. .. 5, 25 Toll Service : Improved Methods of Opera-Long-distance Telephone Communication .. 6, 19 tion . . .. • ■ .. 19 Radio Telegraph and Telephone Services .. 6, 21 Carrier . curre nt Telephone Systems and Appeal Board .. ■ • ■ ■ ■ ■ Voice-frequency Toll Repeaters .. 19 Departmental Correspondence School .. 8 Extension of Telegraph and Toll Systems .. 20 Examinations .. ■. • • ■ • 9 Poles and Wire .. . . 20 Suggestions Board .. • • • • 9 New Zealand Submarine Cables .. . . 21 Stores Branch .. . ■ • ■ • • Overseas Radio Telephone Service .. 21 Workshops .. .. ''-J Departmental Radio-stations: Operation.. 21 Departmental Motor-vehicles . . .. 10 E Raclio stations .. .. 22. Reduction m Postage Rates .. . • ll Ead i o . te legraph Service with Small Coastal Division of Auckland and Wellington into Vessels .. .. .. .. 22 Postal Districts .. . . 14 Q penin g 0 | Commercial Radio - telegraph Burglary of Post-office Premises, &c. .. 15 22 Average dumber of Letters posted per Unit Trans-Tasman Air Flights 24 of Population .. .. .. 15 Development of Telephone Exchange SysDead Letter Office '' - - .. 15 terns .. _ .. • • • ■ 25 Prohibited Correspondence .. • • 15 Telephone Statistics .. .. 26 Missing Postal Packets .. .. •• 16 Automatic Telephone Exchanges -• 27

TABLES.

98 1. Receipts and Payments .. .. • • ■ • • • • ■ ■ • 2. Money-order Business since 1863 .. .. ■ • • • • • • • .. 28 OQ 3. Parcel-post, Overseas .. .. • ■ •• •• •• •• 4. General Statement of Post Office Savings-bank Business for Year ended 31st March, 1933 .. 30 5. General Statement of Post Office Savings-bank Business from inception in 1867 to 1933 .. 31 6. Letters, Newspapers, Parcels, &c., posted and delivered .. .. .. . • "" 7. Telegraph and Toll Business, 1932 and 1933 .. ~ .. .. • • -. 33 8. Cable, Radio-telegraph, and Radio-telephone Business, 1932 and 1933 .. .. .. 34 i—F. 1.