H.—l7

Session 11, 1918. NEW ZEALAND.

NATIONAL PROVIDENT FUND. SEVENTH ANNUAL REPORT OF THE BOARD FOR THE YEAR ENDED 31st DECEMBER, 1917.

Prepared in Terms of Section 23 of the National Provident Fund Act, 1910.

The total contributors to the fund at the 31st December, 1917, numbered 12,124, as compared with '9,847 at the close of the previous year. The total fund amounted to £176,210, an increase of £53,849. The gross annual contribution-rate at the 31st December last was £56,706 12s. 4d. During the past year some of the main objects of the fund were realized on the termination of the first five-yearly waiting-period. Valuable benefits were claimed by widows and children, while in certain instances allowances were due to incapacitated contributors. The system of benefits authorized for approved friendly societies by the Finance Act, 1916, was first in operation during the year under review. While the number of annuities taken up under these tables has not been large, the maternity side of the system has been fully appreciated by the societies. A total amount of £14,786 9s. was paid out through the fund during the year for maternity grants, the amount to contributors being £4,054 95., and to members*of approved friendly societies £10,732. Further steps were taken in connection with the enrolment of local authorities as " contributors " ■on behalf of their employees in terms' of the 1914 Amendment Act, and this branch of the fund's operations is now well established. An examination of the year's work shows further improved results in the conservation of business. The expenses for the year were at the rate of 19-5 per cent, of the contribution income. Arthur M. Myers, Chairman of the Board. R. E. Hayes, Wellington, 22nd August, 1918. Superintendent of the Fund.

NATIONAL PROVIDENT FUND. (1.) Revenue Account for the Year ended 31st December, 1917. & s. d. £ «. d. Amount of fund at beginning of year .. 122,361 8 7 Maternity claims (section 18) .. .. 4,054 9 0 Contributions.. .. .. .. 41,817 1 0 Maternity claims (approved friendly Interest .. .. .. .. 5,900 13 1 sooieties) .. .. .. .. 10,732 0 0 Pines .. .. .. .. 292 9 6 Refund of contributions on lapse, reducBenefits refunded by deduotion.. .. 369 13 10 tion, and withdrawal .. .. 3,588 4 9 Government contribution under Act .. 10,164 13 6 Death: Refund of contributions .. 1,649 8 1 Refund of maternity claims by the State 14,786 9 0 Allowances .. .. .. .. 70 14 10 Refunds unolaimed .. .. .. 720 18 8 Pensions .. .. .. .. 109 3 8 Miscellaneous receipts.. .. .. 0 10 0 Amount of fund at end of year .. .. 176,209 16 10 £196,413 17 2 £196,413 17 2 Balance-sheet as at 31st December, 1917. £ s. d. £ s. d. Fund as per Revenue Account .. .. 176,209 16 10 Invested with Public Trustee .. .. 160,723 11 9 •Claims due and in oourse of payment— * Balance with Post Office .. .. 490 16 3 Maternity .. .. .. .. 2,342 11 2 Balances in transit .. .. .. 527 3 9 Death ... .. .. .. 954 6 2 Contributions outstanding or in course of Allowances.. .. .. .. 9 15 0 transmission— * Pensions .. .. .. .. 28 11 6 (a.) Contributions in oourse of transRefunds in suspense .. .. .. 3,049 710 mission .. .. .. 1,393 12 0 Deposits on incomplete applications to (6.) Contributions due but not overdue 6,563 13 1 join fund .. .. .. .. 618 4 (c.) Contributions overdue .. .. 1,658 4 3 Suspense account .. .. .. 33 7 2 Government subsidy due under Act* .. 10,164 13 6 •Contributions prepaid .. .. .. 2,617 511 Refund due in respect of maternity claims* 2,420 10 0 Fines due .. .. .. .. 207 5 6 One-half contributions of members of Expeditionary Forces due by the State* .. 1,102 910 £185,251 19 11 £185,251 19 11 * Included in Revenue Account. Examined and found correct. R. E. Hayes, Robert J. Collins, Superintendent. Controller and Auditor-General.