GOVERNMENT RAILWAYS SUPERANNUATION FUND. REPORT OF BOARD.

Appendix to the Journals of the House of Representatives, 1936 Session I, D-05

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1936. NEW ZEALAND.

GOVERNMENT RAILWAYS SUPERANNUATION FUND. REPORT OF BOARD.

Laid before Parliament in pursuance of Section 124 of the Government Railways Act, 1926.

The Board has the honour to transmit for the information of Parliament the following report upon the transactions of the Government Railways Superannuation Fund for the year ended 31st March, 1936. The Revenue Account, Balance-sheet, and statements in connection therewith will be found appended. The income for the year exceeded the expenditure by £7,306 Bs. lOd. Members' Contributions--The income under this heading showed an increase of £7,444 10s. 7d. The number of contributors at 5, 6, 7, and 9 per cent, increased by 179, 6, 7, and 1, while contributors at 3 and 4 per cent, decreased by 63 and 8 respectively. The increase in amount of contributions is due to a partial restoration of salary and wages reductions and appointments to the permanent staff. Contingent Contributors. —During the year 146 casual employees elected to contribute to the fund, so that in the event of their subsequently being permanently appointed they would not be faced with a liability in respect of service prior to permanent appointment. The total number of employees so contributing at the end of the year under review was 337, and the amount standing to their credit £12,786 17s. Subsidy. —In addition to the sum of £170,000 paid into the fund by the Working Railways Department, a subsidy of £82,200 as was received from the Treasury in accordance with the provisions of section 17 of Finance Act (No. 2), 1934. Interest. —The interest earned amounted to £65,877 4s. Id., a decrease of £2,116 13s. 3d. as compared with the previous year. Table D, Statement of Investments, shows that the average rate of interest on securities held at the 31st March, 1936, was 4-577 per cent., and the average rate earned on the mean funds for the year 5-484 per cent., as against 4-672 per cent, and 5-697 per cent, respectively for the previous year. Life Allowances. —The expenditure on account of life allowances to members amounted to £419,569 Bs. Bd., a decrease of £2,908 3s. 2d. as compared with the figures for the previous year. Year ended 31st March, 1935, showed a decrease under this heading of £2,715 13s. Table A, Statement of Allowances, shows that the average amount of the eighty-one allowances granted during the year was £153 2s. 4d., and the average amount of 103 allowances discontinued was £151 16s. Bd. Allowances to Widows and Children.—The expenditure under the heading of allowances to widows and children showed an increase of £8 lis. 4d. The sum of £12,962 18s. 9d. was received from the Working Railways Account during the year on account of the increased payments to widows and children as provided in section 114, Part 111, of the Government Railways Act, 1926. Approval was received for the continuance of the cost-of-living bonus to annuitants in cases of special hardship where the allowance was less than £100, the amount of bonus granted being sufficient to bring the allowance up to £100, but with a maximum bonus of £26. The bonus is provided for out of the Working Railways Account, and is not a charge on the Superannuation Fund. At the 31st March, 1936, there were 2,314 members, 631 widows, and 363 children, making a total of 3,308 persons actually on the fund, involving an annual liability of £435,876 2s. 3d. D. G. Sullivan, Chairman, Government Railways Superannuation Fund Board.

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Table A.—Statement of Allowances for the Year ended 31st March, 1936.

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On AttainmenfooLtMng Age or for " X A, ; Se °« on lls - s <£®°? us - Total Retiring and other Length of Service. Medically Unfit. ] Widows. Children. Allowances. Number. Number. Number. Number. j !rl*rW™^ir nnUalAm0Unt ' - A -A— ■ I SHfeperAXi 1 " Axnount. M. F. | Total. M. 1'. Total. M. F. Total. M. F; I Total. Retiring and other allowances — £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Existing at beginning of year .. 1,817 1 1,818 362,005 17 9 518 .. 518 61.029 14 1 620 19,220 0 0 180 192 ; 372 9.672 0 0 2,515 8133,328 451,927 11 10 Granted during year .. .. 37 37 6,373 7 0 44 .. 44 6,029 0 0 31 961 0 0 23 26 49 1,274 0 0 104 57; 161 14,637 7 0 Total .. .. 1,854 1 1,855 368,379 4 9 562 .. 562 67,058 14 1 651 20,181 0 0 203 218 1421 10.946 0 0 2,619 870|3,489 466,564 18 10 Discontinued during year .. 78 78 12,971 17 8 25 .. 25 2,666 18 11 20 620 0 0 26 32 ! 58 1,508 0 0 129 62: 181 17,766 16 7 Existing at end of year .. 1,776 1 1,777 355,407 7 1 537 .. 537 64,391 15 2 631 19,561 0 0 177 186 363 9,438 0 0 2,490 8183,308 448,798 2 3 b J . i • ; I I" 1 - I Particulars of Retiring and other Allowances discontinued during the Year. How discontinued — By death .. .. .. 78 78 12,971 17 8 25 .. 25 2,666 18 11 10 310 0 0 .. .. .. .. 103 10 113 15,948 16 7 By expiry .. .. .. .. 10 310 0 0 26 j 32 58 1,508 0 0 26 42 68 1,818 0 0 Total .. .. 78 .. 78 12 971 17 8 25 .. 25 2,666 18 11 20 j 620 0 0 26 32 58 1,508 0 0 129 52 181 17,766 16 7 Progress of Retiring and other Allowances since Establishment of the Fund to 31st March, 1936. Total granted*! •• •• 3,179 2 3,181 512,333 15 2 882 1 883 94,393 8 3 1,007 28,617 0 0 904 899 1,803 37,869 0 0 4,965 19096,874 j 673,213 3 5 Total discontinued* .. .. 1,403 1 1,404 156,926 8 1 345 1 346 30,001 13 1 376 9,056 0 0 727 713 1,440 28,431 0 0 2,475 10913,566 1 2 Total existing at 31st Mai ch, 1936.. 11,776 1 1,777 355,407 7 1 537 .. 537 64,391 15 2 631 19,561 0 0 177 186 363 9,438 0 0 2,490 8183,308 448,798 2 3 ■ — —_ Less amount receivable from the Working Railways Account on account of increased payments to widows and children .. .. .. .. .. .. .. .. 12,922 0 0 £435,876 2 3 * Total allowances granted and discontinued include 200 widows at £18 only, and 693 children at £13 only, exeunt prior to increase of allowances. t These figure £ include 134 allowances totalling £15,620 lis. per annum granted under section 14, Finance Act, 1931.

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Table B. —Statement of Contributors.

Table C. —Progress of the Fund. Balance forward. Allowances granted. £ s. d. £ s. d. 1903.. .. .. .. .. 7,056 11 9 1904.. .. .. .. .. 40,357 17 3 12,010 14 8 1905 .. .. .. .. .. 68,670 7 8 8,519 7 8 1906.. .. .. .. .. 90,984 1110 6,348 13 7 1907.. .. .. .. .. 110,736 12 3 4,398 14 11 1908.. .. .. .. .. 126,642 18 11 7,332 7 11 1909.. .. .. .. .. 157,15114 9 6,359 11 0 1910.. .. .. .. .. 173,876 1 8 11,828 0 6 1911.. .. .. .. .. 207,242 7 11 8,064 11 5 1912.. .. .. .. .. 233,457 8 6 7,065 16 4 1913.. .. .. ;. ~ 264,455 5 4 8,568 6 6 1914.. .. .. .. .. 295,469 11 6 9,865 17 8 1915.. .. .. .. .. 346,155 18 2 11,87114 3 1916 .. .. .. .. .. 362,810 4 2 9,662 2 5 1917.. .. .. .. .. 377,585 2 1 11,733 1111 1918 .. .. .. .. .. 373,097 12 7 8,386 4 0 1919.. .. .. .. .. 363,804 4 4 9,252 17 8 1920.. .. .. .. .. 408,232 10 8 20,341 7 3 1921.. .. .. .. .. 464,490 17 0 20,346 8 9 1922.. .. .. .. .. 543,53110 8 23,050 2 0 1923.. .. .. .. .. 584,219 2 4 22,791 1 0 1924.. .. .. .. .. 671,827 6 6 21,272 4 0 1925.. .. .. .. .. 734,112 8 11 36,409 14 0 1925 (increased allowances to widows and children) .. .. .. .. .. 12,246 0 0 1926 .. .. .. .. .. 862,139 3 6 23,509 6 0 1927 .. .. .. .. .. 985,828 4 0 28,281 4 0 1928.. .. .. .. .. 1,111,199 11 2 21,120 12 0 1929.. .. .. .. .. 1,288,673 11 8 23,006 11 0 1930.. .. .. .. .. 1,371,918 12 3 27,986 14 0 1931.. .. .. .. .. 1,488,565 18 3 40,573 13 0 1932.. .. .. .. .. 1,454,173 8 4 143,807 12 0 1933.. .. .. .. .. 1,333,245 8 1 26,199 19 0 1934.. .. .. .. .. 1,240,830 15 8 12,970 9 0 1935.. .. .. .. .. 1,239,705 5 0 13,394 7 0 1936.. .. .. .. .. 1,246,984 7 11 14,637 7 0 £ s. d. 673,213 3 5 Less members died, &c. .. .. 224,415 1 2 Less liability of Working Railways Account on account increased payments to widows and children .. .. .. 12,922 0 0 237,337 1 2 Annual liability at 31st March, 1936 .. .. £435,876 2 3

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! I 3 per 4 per , 5 per 6 per 7 per 8 per 9 per T . , Cent. Cent. Cent. Cent. Cent. Cent. Cent. 0 a ' Contributors at commencement of year 1,468 47 8,770 1,322 212 9 4 11,832 New contributors during year .. .. .. 349 32 13 .. 1 395 Total .. .. .. 1,468 47 9,119 1,354 225 9 5 12,227 Contributors discontinued during year 63 8 170 26 6 .. .. 273 Total contributors at 31st March, 1936 1,405 39 8,949 1,328 219 9 5 11,954 *

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Table D. —Statement of Investments.

Per Cent. Per Cent. Average rate of interest on securities held at 31st March .. 4-577 4-672 Average rate of interest earned on the mean funds, including reimbursements made by the Treasury in respect of reduction of interest .. .. • • . • .. 5 ■ 484 5 • 697 Statement of Accounts in accordance with Section 123, Government Railways Act, 1926. Receipts and Payments Account for the Year ended 31st March, 1933. Receipts. Payments. Dr. £ s - d - Gr - £ s. d. To Balance in hands of Public Trustee on 31st By Retiring-allowances paid to members .. 419,600 16 8 March, 1935 .. •• •• 29,259 16 5 Allowances to widows and children .. 29,039 1 5 Contributions by staff . . • • • • 141,563 19 1 Contributions refunded to members who have Contributions by contingent contributors .. 3,638 6 8 left the Service .. .. .. 15,083 18 5 jc; nes _ _ .. . . .. .. 145 5 0 Contributions refunded to contingent members Working Railways Account— who have left the Service .. .. 684 14 9 Subsidy . • •• •• •• 170,000 0 0 Rebates of contributions .. .. .. 83 7 9 Increased allowances to widows and children 12,966 16 4 Refunds to legal representatives of deceased Cost-of-living bonus to annuitants .. .. 1,047 18 4 beneficiaries under section 120 (c) of GoSubsidies from vernment Railways Act, 1926 .. .. 624 14 5 New Zealand Railway Officers'lnstitute .. 414 11 Contributions transferred to other funds .. 600 2 9 Railway Tradesmen's Association .. 24 5 3 Travelling-expenses of Board members .. 78 17 0 New Zealand Engine-drivers, Firemen, and Public Trust charges (legal costs) .. .. 24 18 6 Cleaners' Association .. .. •• 33 10 1 Public Trust commission .. .. .. 1,517 17 1 Consolidated Fund .. . ■ 82,200 0 0 Audit Office fee .. .. .. .. 50 0 0 Interest £ s - d. Insurance premiums (recoverable) .. .. 10 6 5 Investments .. •• 53,291 12 4 Salaries .. .. .. .. 1,177 14 2 Treasury Department .. 11,861 0 0 Postage .. .. .. .. 1511811 65,152 12 4 Printing and stationery .. .. .. 45 9 2 Rates and fees (recovered) .. 79 15 4 Cost-of-living bonus to annuitants .. .. 1,138 1 11 Commission on collection of Go vernment Life Investments .. . . .. .. 5,467 1 3 Insurance premiums .. .. • • 47 15 4 Balance in hands of Public Trustee at 31st March, 1936 .. .. .. .. 30,785 14 6 £506,164 15 1 £506,164 15 1

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Funds invested at 31st March. 1936. 1935. I £ s. d. £ s. d. At 3 per cent. .. .. .. . ■ . • • • 5,446 9 4 „'3-375 „ .. .. .. •• •• 25,000 0 0 3-5 „ .. .. .. •• 13,121 7 6 2,600 0 0 ,4 „ .. .. •• .. •• 232,145 10 0 233,965 5 0 „ 4-25 „ .. .. •• •• •• 188,120 1 3 146,468 19 10 „4-4 „ .. .. .. -. • • 335 0 0 655 0 0 „4-5 „ .. •• •• ■■ •• 117,354 11 2 43,248 16 3 „5-0 „ 576,038 7 10 717,589 5 8 ,5-2 „ .. .. .. .. .. 90 0 0 120 0 0 „6-0 „ .. .. •• 3,255 5 0 3,295 15 0 Cash in hand .. .. .. •• •• 68,272 12 6 64,876 2 11 1,223,732 15 3 1,218,265 14 0

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Statement of Accounts, etc.— continued. Revenue Account for the Year ended 31st March, 1936.

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EXPENDITURE. 1935-36. 1934-35. J INCOME. 1935-36. 1934-35. £ s. d. £ s. d. | £ s. d. £ s. d. To Retiring-aUowances to members .. .. .. 419,569 8 8 422,477 11 10 By Members' contributions .. .. .. .. 142,098 14 2 134,886 11 11 Allowances to widows and children .. .. .. 29,038 14 3 29,020 2 11 j Members'contributions on account of casual service .. 2.737 10 8 2,505 2 4 Refund of total contributions .. .. .. .. 14,863 2 5 20,785 2 1 ' Fines .. .. .. .. .. .. 139 5 0 135 10 0 Refund of contributions in excess of allowance drawn by 624 14 5 480 11 10 , Subsidies — deceased beneficiaries | Consolidated Fund .. .. .. .. 82,200 0 0 87,000 0 0 Transfers to other funds .. .. .. .. 611 9 2 183 13 6 \ Working Railways .. .. .. .. | 170,000 0 0 170,000 0 0 Reserve for bad and doubtful debts .. .. .. 1,086 7 3 1,891 1 3 Working Railways, on account of increased allowances to I 12,962 18 9 12,999 8 3 Administration charges widows and children Travelling-expenses of Board members .. .. 78 17 0 77 1 0 New Zealand Railway Officers' Institute .. .. 13 3 9 18 11 2 Public Trust Office commission .. .. .. 1.519 13 5 1,581 18 3 New Zealand Railway Tradesmen's Association ■ .. j 23 19 0 24 15 0 Public Trust charges (legal costs) .. .. .. 24 18 6 62 18 11 New Zealand Engine-drivers, Firemen, and Cleaners' 32 19 8 31 0 9 Audit Office fee .. .. .. .. .. 50 0 0 50 0 0 Association Salaries .. .. .. .. .. .. 1,177 14 2 1,154 7 0 Interest— £ s. d. Postages .. .. .. .. .. .. 151 18 11 194 2 6 Investments .. .. .. 54,016 4 1 Printing and stationery .. .. .. .. 45 9 2 33 12 0 Treasury Department .. .. 11,861 0 0 Balance carried down, being excess of income over expendi- 7,306 8 10 .. 65,877 4 1 ture for the year Premium on securities converted .. .. .. 5 5 9 67,993 17 4 Commission on Government Life Insurance collections .. j 47 15 4 1,342 10 4 Balance carried down, being excess of expenditure over j .. 48 3 10 income for the year j 1,006 12 2 476,138 16 2 477,992 3 1 476,138 16 2 477,992 3 1 To Balance brought down .. .. .. .. .. 1,006 12 2 By Accumulated funds brought forward on 1st April .. 1,239,705 5 0 1,240,830 15 8 Amounts previously written off now claimed: Refund of 27 5 11 118 18 6 j Balance brought down .. .. .. .. 7 306 8 10 contributions Balance accumulated funds as at 31st March .. .. 1,246,984 7 11 1,239,705 5 0 1,247,011 13 10 1,240,830 15 8 j 1,247,011 13 10 1,240,830 15 8

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D. G. Sullivan, W. Bishop, Chairman of tie Government Railways Chief Accountant, New Zealand Railways. Superannuation Fund Board. I hereby certify that the Statement of Receipts and Payments, 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.— G. F. C. Campbell, Controller and Auditor-General.

Statement of Accounts, etc.— continued. Balance-sheet as at 31st March, 1936.

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LIABILITIES. 1935-36. 1934-35. ASSETS. 1935-36. 1934-35. £ s. d. £ s. d. £ s. d. £ s. d. Accumulated funds as per Revenue Account .. .. 1,246,984 7 11 1,239,705 5 0 Investment Account — £ s. d. Casual employees' contingent contributions .. .. 12,786 17 0 10,507 16 5 Investments .. •• .. 1,155,460 2 9 Retiring and other allowances due (not paid) — Cash in hand .. .. .. 68,272 12 6 „ Members .. .. .. .. .. •• 210 14 5 254 8 11 1,223,732 15 3 1,218,265 14 0 Widows and children .. .. .. • • • • 97 3 10 113 17 10 Current Account Refund of contributions authorized (not paid) .. .. 147 12 2 346 9 1 Cash in hand .. .. .. .. •• 30,785 14 6 29,259 16 5 Transfers to other funds authorized (not paid) .. •• 29 0 8 17 14 3 Contributions and fines in transit .. .. .. 11,552 7 10 10,799 10 11 Interest paid in advance .. .. .. •• 259 15 1 284 15 4 Contributions outstanding .. .. .. .. 1,553 7 6 674 9 8 Public Trust Office .. .. .. .. • • 1,221 18 4 1,220 2 0 Contributions due by members in respect of casual service 3,217 0 4 2,688 8 0 Reserve for bad and doubtful debts .. .. •• 6,000 0 0 5,000 0 0 Working Railways — Rebates of contributions (National Expenditure Adjustment 42,525 8 7 43,016 3 6 On account of cost-of-living bonus .. .. .. 155 15 0 65 11 5 Act, 1932) On account of additional allowance to widows and children 1,033 3 4 1,037 Oil Subsidv paid in advance.. .. .. .. .. 0711 .. Interest due not paid . . .. .. .. .. 24,713 13 2 24,109 6 8 Interest accrued but not due .. .. .. • • 13,240 12 6 13,203 16 10 Rates and fees paid .. .. .. .. .. 247 12 7 350 0 1 Insurance premiums .. .. .. .. .. 22 12 11 12 6 6 Sundry debtors .. .. .. .. .. 8 110 0 10 11 1,310,263 5 11 1,300,466 12 4 1,310,263 5 11 1,300,466 12 4

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Life Allowances granted, Year ended 31st March, 1936. Name - Amount. Name. Amount. Name. Amount £ s - d. £ s. d. £ s d .. 226 0 0 Eorster, E. L. .. .. 169 8 0 Melville, J. R. .. 139 3 O ® am / W - N - • • .. 127 12 0 Gill, G. .. .. 145 12 0 Munro, G. .. .. 125 19 0 Bi«ter D 85 13 0 Gilmour, H. H. .. 114 3 0 MeGovern, W. J. .. 104 15 0 V,V ; AT," • ■ 73 6 0 Gosden > A - • ' .. 241 1 0 McKenzie, J. S. G. .. 290 19 0 Boult, A.A.B ..275 7 0 Gray, W. T. .. .. 150 10 0 McKeown, T. .. .. 86 11 0 Braoewell, G. P. J. . . 161 11 0 Hampton, R. .. .. 300 0 0 McQuinn, L. .. .. 170 3 0 Buckendge, R. W. .. 86 4 0 Haslemore, J. . . .. 169 7 0 Niall, D. C. . 137 15 0 Burnett, W. H. .. 32 14 0 Haynes, E. G. .. 199 17 0 Oswald, R. 5. 1! 80 10 0 Bums, J. H. .. .. 167 14 0 Henderson, A. .. 196 8 0 Pennington, W. H. .. 152 8 0 nT ' f vF' ' ' • • 165 3 0 Henderson, P. .. 85 15 0 Pidgeon, W. H. .. 151 9 0 Calvert, G. .. .. 103 3 0 Henry, T. .. .. 165 0 0 Purdue, E. .. .. 151 2 0 Campbell, J. G. .. 130 19 0 Hepburn, A. .. .. 167 6 0 Reid, J. .. .. 168 10 0 Chalmers, T. .. .. 122 17 0 Heyward, H. G. . . 183 9 0 Rumbal, B. H. .. 202 17 0 Clough, W. .. .. 182 19 0 Hicks, R. I. .. . . 187 6 0 Sanders, A. E... .. 102 17 0 „ ,y, b. •• •• 119 6 0 Hoffman, A. P. .. 90 0 0 Scarborough, D. .. 120 11 0 Cook, R . . 106 3 0 Holland, E. 1). . . 188 1 0 Scott, J. J. .. .. 134 5 0 Cooper, A. H. .. 270 7 0 Hutchison, A. W. M. . . 31 12 0 Sisley, H. C. .. .. 114 11 0 Cossins, F.EW .. 120 8 0 Jesse, A. E. . . .. 124 15 0 Smart, E. A. .. .. 258 4 o Cranston, H. N. C. .. 35 11 0 Jones, A. G 176 6 0 Taylor, J 109 6 0 Davidson J .. 142 2 0 Jury, R. R 181 6 0 Thomson, A 129 18 0 Bay, G. EH. .. 211 17 0 Kavanagh, H. J. . . 153 19 0 Tuck, W. M. .. . . 206 0 0 Deare, G. A. .. .. 293 17 0 Knapp, A. L. .. . . 159 10 0 Webber, E. .. .. 201 11 0 151 10 0 Knight, D. . . .. 130 10 0 Westbrooke, B. .. 141 12 0 Dodd, H .. .. 177 18 0 Leary, J. C 136 3 0 White, W. R 126 10 0 T - ' • .. 171 12 0 Lincoln, A. D. .. 197 9 0 Williams, W. P. .. 117 3 0 Duller, H.R .. 130 12 0 Locke, R. J. .. .. 136 5 0 Woolston, A. E. .. 118 2 0 Dumbleton, W. .. 106 18 0 Maunder, R„ R. .. 159 11 0 Wright, J. H. . . .. 240 4 0 Allowances to Widows and Children. Widows, £31 per annum ; children, £26 per annum. Armstrong, L. W., and one child. Mathie, M. A. Bennie, D. G., and two children. Milnes K. O. C. Castle, A. M., and one child. Mintro'm A. Cox, E. M. J. Munro, Ê. B. Ourson, B. R„ and one child. Myers, M. C„ and one child. Benson B. E„ and one child. McCleary, R. B„ and three children. imiay, V.A., and three children. R oss , E., and three children. ioreman, E„ and two children. Sligo, 0. M„ and three children. Eraser G E and one child. g llow , M. H„ and two children. uooaau, L. V. M., and six children. Stowers, F. M. and three children - Straehan, M. Ā., and two children. «rimth, M. Taylor, M., and two children. Haigh, J. Watt, M. E., and two children. Harper, E. and two children. Willyams, E. M„ and three children. Harwood, A. V., and three children. Young, G. 0., and two children. Irwin, P.

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