D.—s

2

Eighteen beneficiaries have, however, died since the inauguration of the Fund, including thirteen during the year under review. The Fund was relieved of an annual liability of £1,229 19s. 2d. in respect to these eighteen members. Thirteen children reached the age of fourteen years—seven during the past year—and one widow remarried, lessening the liability of the Fund by an additional £187 per annum. 416 persons were actually on the Fund at the 31st March, 1905, involving an annual liability of £19,113 3s. 2d. The election of the second Board took place in March last, and resulted in the return of the whole of the elective members of the first Board with the exception of Mr. M. Thomas, one of the representatives of the Second Division, whose place was taken by Mr. P. Nolan. During the year various representations haVe been made to the Board by members of the railway service in regard to increasing the benefits provided for under the Act, members being apparently under the impression that the Board controlling the Fund can vary the benefits prescribed by the Act as they think fit. Such an impression is entirely erroneous. The Board of Administration is provided merely for the proper administration of the Fund in accordance with the provisions of the Act, and it cannot extend the benefits derivable thereunder in any way whatever. In connection with the requests for increasing benefits already provided under the Act, it may be well to point out to contributors that the benefits are based entirely on the amount of contributions paid to the Fund, and no increase in the benefits could possibly be provided without a corresponding increase in the amount of contributions from the individual members of the Fund. The stability of the Fund being of paramount importance to members of the railway service, all attempts to overload it in any way should be strenuously resisted. The Fund is now in a good financial position, and it is very desirable that this should be maintained under all circumstances. J. G. Ward, Minister for Railways, Chairman of the Board of Administration.

Balance-sheet of the Government Railways Superannuation Fund, under Section 24 of " The Government Railways Superannuation Fund Act, 1902," for the Tear ended 31st March, 1905. Dr. S, s. d. Or. £ s. d. To Balance brought forward on Ist April, j By Life allowances paid Ist April, 1904, 1904 .. .. .. .. 40,357 17 3 to 31st March, 1905 .. .. 14,933 10 0 Contributions from members as per Allowances paid to widows and orphans statement subjoined .. .. 43,38119 6 27th March, 1904,t025th March,l9os 1,454 9 4 Pines .. .. .. .. 277 16 0 Contributions refunded to members Donation .. .. .. .. 5 0 0 who have left the Service .. .. 806 17 7 Interest added by Public Trust Office Fines remitted and refunded .. 4 5 0 for year ended 31st March, 1905 .. 2,180 311 Travelling - expenses of members of Board attending quarterly meetings 76 1 2 Public Trust Office commission on contributions received and on income from investments .. .. 257 5 11 Balance at 31st March, 1905, as per statement from Public Trust Office, carried forward .. .. .. 68,670 7 8 £86,202 16 8 £86,202 16 8 J. G. Ward, Chairman of the Board of Administration. H. Davidson, Accountant, New Zealand Railways. Examined and found correct. — J. K. Warburton, Controller and Auditor-General.