D.—s.

1903. NEW ZEALAND.

GOVERNMENT RAILWAYS SUPERANNUATION FUND.

Laid before Parliament m ptrsvzvce of section 25 of "The Covirnmmt Railways Superannuation Fund Act, 1902."

In accordance with section 25 of " The Government Eailways Superannuation Fund Act, 1902," the Board has the honour to transmit for the information of Parliament its report and balance-sheet for the three months ending the 31st March, 1903. The Act became operative on the Ist January last, and every person appointed to the permanent staff of the Eailway Department on or after that date had, under provision of section 6 of the Act, to become a contributor to the fund as a condition of his employment, but all persons who were on the permanent staff of the Department prior to the Ist January last are, by section 5 of the Act, given the option of joining the fund at any time within six months of the date of the coming into operation of the Act. This optional period will expire by effluxion of time on the 30th June, 1903. Although the Act has been in operation for so short a period, no fewer than 3,586 of the employees, representing 57 per cent, of the whole permanent staff, have joined the fund. The Board is of opinion that this is most creditable to the service, and that it augurs well for the success of the fund. It is also anticipated that practically the whole of the members of the permanent staff will become contributors to the fund before the expiration of the optional period, the 30th June, 1903, and thus make proper provision against the privations which in the great majority of cases unfortunately follow closely upon the disablement from any cause of the breadwinner of the family. Payments from the fund do not commence until the 30th April, 1903. It will be seen by a perusal, of the balance-sheet appended hereto that the receipts amount to £7,075 Bs. 3d., comprising £3,606 7s. 9d. transferred from the Eailway Servants' Fines Fund, £3433 ss. Id. contributions from subscribers to the fund, and £35 15s. sd. interest; the disbursements were £18 16s. 6d.: leaving a balance of £7,056 11s. 9d. to the credit of the fund. The condition of the fund is highly satisfactory, and the Board has every confidence as to its stability and future prosperity. J. G. Ward, Minister for Eailways, Chairman, Board of Administration.

Balance-sheet of the Government Railways Superannuation Fund for the Period ended 31st March, 1903, under Section 24 of " The Government Railways Superannuation Fund Act, 1902."' Dr £ s. d. Or. &s. d. To Amount transferred from the Railway By Refund of part fine to F. A. Hallmond 1 13 4 Servants Fund .. .. .. 3,606 7 9 Public Trust Office commission, at Contributions, &c, from members from * per cent. .. .. .. 17 3 2 Ist January, 1903, to 28th February, Balance .. .. .. .. 7,056 11 9 1903 .. 3.433 5 1 Interest added by Public Trustee for three months to 31st March, 1903 .. 35 15 5 £7,075 8 3 £7,075 8 3 J. G. Ward, Chairman of the Board of Administration. A. C. Fife, Railway Accountant. Examined and found correct.—J. K. Warbukton, Controller and Auditor-General.