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The Board provides an annual subsidy towards the cost of the benefits of 65 per cent, of the members' contributions, and also supplements the pensions for service since joining the scheme, payable out of the fund, by pension at the full rate —viz., one-sixtieth of salary —for each year of service prior to the establishment of the fund. The Consolidated Revenue Account for the period Ist April, 1913, to 31st December, 1916, is as follows :— Revenue. £ s. d. Expenditure. £ s. d. Funds at Ist April, 1913 .. .. Nil. Retiring-allowances .. .. .. 1.42 9 7 Members'contributions .. .. 13,475 12 3 Annuities to widows .. .. .. 239 0 4 Subsidy from Harbour Board (65 per cent. Allowances in respect of children .. 103 15 8 of members'contributions) .. .. 8,759 2 7 Contributions refunded to members .. 829 3 7 Interest .. .. .. .. 1,810 15 5 Contributions refunded to personal representatives.. .. .. .. 83 17 9 Amount of funds at 31st December, 191.6 22,647 3 4 £24,045 10 3 £24,045 10 3 The number of members who joined the scheme up to the 31st December, 1916, was 343, of whom forty-two had left the service of the Board and received a return of their contributions, twelve had died, and twelve had been pensioned, leaving 277 contributors at that date. The annual pensions payable were — By the Fund. By the Board. Totals. £ s. d. £ s. d. £ s. d. To twelve members .. .. 90 10 9 1.394 8 5 1,484 19 2 To eight widows .. . . 144 0 0 .. 144 0 0 To five children . . 65 0 0 .. 65 0 0 Twenty-five pensions ..£299 10 9 £1,394 8 5 £1,693 19 2 Average pension to members, £124 per annum. The condition of the fund is shown in the following valuation balance-sheet: — Liabilities. £ Value of twelve pensions for £90 10s. 9d. per annum granted to members.. 734 Value of eight pensions for £144 per annum granted to widows . . . . 1,663 Value of five pensions for £65 per annum granted to children . . . . 178 Value of prospective pensions for service since contributing . . 11, 434 Value of prospective pensions for future service .. .. .. 44,404 Value of prospective pensions to widows and children . . . . . . 13.231 Value of return of contributions on death or withdrawal . . . . 7 .762 Surplus .. .. .. .. .. .. .. .. 9.272 £88,678 Assets. £ Accumulated funds .. .. . . . . . . . . 22,647 Value of future contributions .. .. . . .. 40,019 Value of subsidy of 65 per cent, of contributions . . . . . . 26,012 £88,678 Auckland Habboub Boabd Supeeannuation Fund. This fund was established on the Ist April, 1913. Persons permanently employed in the service of the Board at that date were given the option of joining the scheme, but persons entering the service after that time are required to join as a condition ol their employment. The right in both cases, however, is conditional on a satisfactory medical examination being passed. The Board contributes an annual subsidy towards the cost of the benefits equivalent to 60 per cent, of the members' contributions, but no additional pensions are given for service prior to joining the fund, as in the Wellington Harbour Board and Buffer County Council schemes. The revenue and expenditure for the period Ist April, 1913, to 31st December, 1916, has been as follows :— Revenue. £ s. d. Expenditure. ,£ s. d. Funds at Ist April, 1913 .. .. Nil. ; Annuity to widow .. .. .. II 7 5 Members'contributions .. .. 2,435 710 Allowances in respect of children .. 8 5 8 Subsidy from Harbour Board (60 per cent. Contributions refunded to members .. 191 .12 (i of members'contributions) .. .. 1,461 4 8 Amount of funds at 31st December, 1916 3.958 8 2 Interest .. .. .. .. 273 1 3 £4,169 13 9 £4,169 13 9