8.—6

XV

TEACHEES' SUPEEANNUATION FUND. The income during the year ended 31st December, 1912, was £55,265, made up as follows: Contributions of members, £40,130; interest on outstanding contributions, £23; interest from Public Trustee, £8,111 ; and Government subsidy, £7,000. The expenditure for the year was £26,317, the items being: Allowances to members and to widows and children of deceased members, £21,323; contributions refunded, £4,911; Public Trustee, commission, £82. The value of the fund on the 31st December, 1912, was £214,298, as against £185,026 on the 31st December, 1911, an increase of £27,272. The number of contributors increased from 3,387 on the 31st December, 1911, to 3,853 at the end of 1912, an increase of 466. The number of persons who ceased to contribute to the fund during the year by reason of having left the service, retired on pension, or died, was 213, so that the number of contributing members at the end of the year was 3,640. There were 240 members in receipt of retiring-allowances by reason of age or length of service, and 39 by reason of medical unfitness. The number of widows and children on the fund was 52 and 45 respectively. By section 3 of the Public Service Classification and Superannuation Amendment Act, 1912, persons in the employ of the University of New Zealand and affiliated institutions on the 31st December, 1912, were given the right of joining the fund, the right of election to be exercised on or before the 30th June, 1913. Persons first permanently employed by the above institutions subsequent to the 31st December, 1912, were also given the right of joining the fund. By section 5 of the Amendment Act above referred to, those persons who, being eligible, failed to join the fund on its inception in 1906 were given the right to become members on paying up back contributions, together with compound interest thereon at the rate of 5 per cent. The last day. on which the right of election could be exercised was the 30th June, 1913. A number of elections have been made under these provisions. In accordance with the Actuary's recommendation, this fund, in addition to the annual subsidy of £7,000, was during the past financial year supplemented by an extra grant of £10,000. Both this fund and the Public Service Superannuation Fund are subject to triennial investigation by the Actuary. The increased annual subsidies will not be further increased during the next three years. RAILWAYS SUPERANNUATION-FUND. As promised in last year's Budget, the Government is obtaining an actuarial report on the condition of the Railways Superannuation Fund. The report is not yet to hand, but on its receipt careful consideration will be given to this fund so as to place it, if need be, on a sound basis. LEGISLATIVE COUNCIL REFORM. Further consideration was given to this important matter by the Government during the recess, and fresh legislation has' been introduced with the object of bringing the constitution of the Council more into accord with popular feeling. ELECTORAL REFORM. An electoral Bill will be introduced during the present session. STATE ADVANCES OFFICE./ The amounts lent during the year were as follows : — £ Settlers (including loans from Public Debt Sinking Fund) 937,435 Workers .. .. . - .. .. 449,260 Local authorities .. .. . . .. .. 547,295 The report and balance-sheet of the Advances to Settlers Branch shows a profit for the year of £73,864, and that of the Advances to Workers Branch a profit of £11,263. These profits are more than absorbed by the sinking-fund contributions.