D.—s

2

The amounts shown in the list attached to the balance-sheet are those actually disbursed during the year, and do not represent the total annual allowances granted by the Board to the 31st March, 1906, which were :— £ s. d. Life allowances on account of voluntary retirements (317 persons) 20,741 15 9 Life allowances on account of retirements as " medically unfit " (60 persons) ... ... ... ... ... 3,107 5 1 Allowances to 72 widows and 133 children ... ... 4,029 15 1 Total annual allowances granted ... ... ... £27,878 15 11 Thirty-two beneficiaries have, however, died since the inauguration of the Fund, including fourteen during the year under review. The Fund was relieved of an annual liability of £2,072 16s. 3d. in respect to these thirty-two members. Twenty-four children have reached the age of fourteen years —eleven during the past year—one child has died, and one widow remarried, lessening the liability of the Fund by an additional £343 17s. lOd. per annum. Five hundred and twenty-four persons were actually on the Fund at the 31st March, 1906. involving an annual liability of £25,462 Is. lOd. Albert Pitt, Acting 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 Year ended 31st March, 1906. Dr. £ s. d. Cr. £ a. d. To Balance brought forward on Ist April, By Life allowances paid, Ist April, 1905, 1905 .. .. .. .. 68,670 7 8 to 31st March, 1906 .. .. 19,228 0 2 Contributions from members, as per Payments under section 20 (3) of the statement subjoined .. .. 42,790 3 9 Act .. .. .. .. 422 4 3 Fines .. .. .. .. 204 14 0 Allowances paid to widows and orphans, Interest added by Public Trust Office 26th March, 1905, to 24thMarch, 1906 2,293 911 for year ended 31st March, 1906 .. 3,533 15 4 Contributions refunded to members who have left the Service .. .. 1,830 18 6 Pines remitted and refunded .. 0 15 0 Travelling - expenses of members of • Board attending quarterly meetings 77 0 8 Legal opinions obtained .. .. 13 13 0 Public Trust Office commission .. 348 7 5 Balance at 31st March, 1906, as per statement from Public Trust Office, carried forward .. .. .. 90,984 1110 £115,199 0 9 £115,199 0 9 Albert Pitt, Acting-Chairman of the Board of Administration. H. Davidson, Accountant, New Zealand Railways. Examined and found correct. —J. W. Poynton, Deputy Controller and Auditor, —6th June, 1906.