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1915. NEW ZEALAND.

GOVERNMENT RAILWAYS SUPERANNUATION FUND: REPORT OF BOARD.

Laid before Parliament in pursuance of Section 91 of the Government Railways Act, 1908.

In accordance with section 91 of the Government Railways Act, 1908, the Board has the honour to transmit, for the information of Parliament, its balance-sheet;, which shows the transactions in the Government Railways Superannuation Fund, for the year ended 31st March, 1915. The superannuation allowances actually paid during the year amounted to £69.638 14s. 3d., representing grants to 916 members of the Railway service who have either voluntarily resigned or been retired as medically unfit. Allowances amounting to £7,397 14s. Id. were paid in respect to 212 widows and 321 children, dependants of deceased members of the service who had not retired on superannuation at the time of their death. Payments amounting to £925 Os. lOd. were made to the legal representatives of the deceased members under section 86, subsection (c), and section 82, subsection (3), of the Act. A sum of £9,068 Is. 4d., representing contributions of members of the service who voluntarily retired or whose services were otherwise dispensed with during the year, was refunded to the members concerned in accordance with tire provisions of the Act. Fines remitted to members amounted to £5 17s. 6d; travelling-expenses of members of the Board, £27 18s.; contributions transferred to Public Service Superannuation Fund, £43 19s. ,sd. ; and charges paid to Public Trust Office, £241 10s. The balance to the credit of the Fund on the 31st March, 1915, was £346,155 18s. 2d. The gross income for the year was £138,829 6s. lOd. The income due from contributions of members of the Fund amounted to £75,023 lis. 9d., or £4,912 9s. Id. less than the actual annual liability on 31st March. 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. Allowance granted. £ s. d. £ a. 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 7,332 711 1909 .. 157,151 14 9 6,359 11 0 1910 ... ... ... ... 173,876 1 8 11,828 0 6 1911 ... ... ... ... 207,242 711 8,064 11 5 1912 233,457 8 6 7,065 16 4 1913 ... ... ... ... 264,455 5 4 8,568 6 6 1914 ... ... ... . . 295,469 11 6 9,865 17 8 1915 ... ... ... ... 346,155 18 2 11,871 14 3 102,233 16 5 Less members died, &c. ... ... ... • ... 22,297 15 7 Annual liability at 31st March, 1915 ... ... ... £79,936 0 10 The amounts shown in the lists attached to the balance-sheets are those actually disbursed during the year, and do not represent the total annual allowances granted by the Board to the 31st March, 1915, which were, — £ g d Life allowances on account of voluntary retirements (997 persons) 80,197 7 2 Life allowances on account of retirements as " medically unfit" (172 persons) ... ... ... ... ... 10,837 14 3 Allowances to 260 widows and 500 children ... ... ... 11,198 15 0 Total annual allowances granted ... ...£102,233 16 5 Since the inauguration of the Fund, 277 beneficiaries have, however, died, and 8 members who had been placed on the Fund as " medically unfit" resumed duty. The Fund was relieved of

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