1).—5

1908. NEW ZEALAND.

GOVERNMENT RAILWAYS SUPERANNUATION FUND: REPORT OF BOARD.

Laid before Parliament in pursuance of Section 25 of " The Government 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 balancesheet for the year ending 31st March, 1908. The balance-sheet shows that members contributed £45,669 Os. 9d. to the Fund during the year; fines amounted to £239 55., and interest to £5,352 3s. These amounts, together with the sum of £110,736 12s. 3d. brought forward from last year, bring out the aggregate sum of £161,997 Is. shown on the debit side of the balance-sheet. The superannuation allowances paid during the year amounted to £26,758 16s. 7d., representing grants to 484 members of the railway service who have either voluntarily resigned or been retired as medically unfit. Allowances amounting to £3,799 12s. 9d. were paid in respect to 105 widows and 173 children, dependants of deceased members of the service who had not retired on superannuation at the time of their death ; and refunds amounting to £342 9s. Id. were paid to the legal representatives of deceased members under section 20, subsection 3, of the Act. A sum of £3,610 19s. 7d., representing contributions of members of the service who voluntarily retired or whose services were otherwise dispensed with during the year, was refunded to members concerned, in accordance with the provisions of the Act! Fines remitted and refunded to members amounted to £2 55., travelling-expenses of members of the Board to £71 10s. Bd., and commission paid to Public Trust Office to £442 19s. 2d. Payment under section 16 (6) of the Act amounted to £325 9s. 3d., making the total disbursements for the year £35,354 2s. Id., and leaving a balance of £126,642 18s. lid. to the credit of the Fund on the 31st March, 1908. The following show the balances brought forward at the end of each year, and also the annual value of the allowances actually granted by the Board in each year :— 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 11 10 6,348 13 7 1907 ... ... ... ... 110,736 12 3 4,398 14 11 1908 ... ... ... ... 126,642 18 11 7,332 7 11 38,609 18 9 Less members died, &c. ... ... ... ... 5,383 11 0 Annual liability at 31st March, 1908 ... ... £33,226 7 9