2

D.—s

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, 1907, which were :— Life allowances on account of voluntary retirements (376 persons) 23,599 15 1 Life allowances on account of retirements as " medically unfit" (71 persons) ... ••• •■■ ■■■ ••• 3,797 12 11 Allowances to 91 widows and 172 children ... ... ••■ 3,880 210 Total annual allowances granted ... ... ■•■ £31,277 10 10 Fifty-one beneficiaries have, however, died since the inauguration of the Fund including nineteen during the year under review, and six members who had been J?}!? Ed °° th _ e g J™ ** " medically unfit " resumed duty. The Fund was relieved of an annual liability of £3,523 2s 4d. in respect to these fifty-seven members. Thirty-six children have reached the age ot fourteen years—fourteen during the past year—one child has died, and five widows remarried, lessening the liability of the Fund by an additional £572 6s. sd. per annum. Six hundred and ten persons were actually on the Fund at the 31st March, 1907, involving an annual liability of £27,182 2s. Id. A friendly suit to determine the position and rights of widows to receive compensation under section 16, subsection (6) of the Act, in cases where their husbands who were contributors to the fund died before becoming entitled to come on the fund, was taken to the Supreme Court, Wellington by agreement between the parties concerned. The case was subsequently taken by the Board to the Court of Appeal, which upheld the decision of the Court below and gave judgment in favour of plaintiff as against the Board. Wμ. Hall-Jones, Minister for Eailways, Chairman of the Board of Administration.

Balance-sheet of the Goveknment Railways Supekannuation Fund, under Section 24 of " The Government Railways Superannuation Fund Act, 1902," for the Year ended 31st March, 1907. D r £ c. d. Cr. £ s. <iTo Balance brought forward on Ist April, By Life allowances paid, Ist April, 1906, 1906 .. .. .. 90,984 1110 1 to 31st March, 1907 .. .. 2'2,d79 11 10 Contributions from' members, as per Payments under section 20 (3) of the statement subjoined .. .. 43,933 17 5 Act .. ... .. .. 155 0 2 PiTl p R 310 17 6' Allowances paid to widows and orphans, Interest added by Public Trust Office 25th March, 1906, to 23rd March, 1907 3,069 17 11 for year ended 31st Maroh, 1907 .. 4,602 10 2 Contributions refunded to members who have left the Service .. .. 2,621 5 4 Pines remitted and refunded .. 2 15 0 Travelling • expenses of members of Board attending quarterly meetings 68 6 6 Payment under section 16 (6) and costs and interest in connection with test case .. .. .. .. 371 17 8 Publio Trust Office commission .. 426 10 3 Balance at 31st March, 1907, as per statement from Publio Trust Office, oarried forward .. .. ..110,736 12 3 £T59,831 16 11 I £139,831 16 11 Wμ. Hall-Jones, Chairman of the Board of Administration. H. Davidson, Accountant, New Zealand Railways. Examined and found correct.— J. K. Warbubton, Controller and Auditor-General.— 26th June, 1907.