3

H.—26

Progress of the Fund. —The following table illustrates the position of matters in relation to the fund since its inception : —

Gene rai. --Several alterations in the Superannuation Act are necessary, and the Government will be requested to introduce a Bill to Parliament at the first opportunity embodying the necessary amendments. The Board is pleased to report that section 26 of the Appropriation Act, 1918, authorizes the increase of the amount of the annual Government subsidy to £86,000, that being the sum reported by the Actuary as required to meet liabilities falling due for each year of the triennial period 1917 to 1919, inclusive. G. W. Russell, Chairman. Public Sbkvicb Supeeannuation Fund. Revenue Account for the Year ended 31st December, 1918. £ s. d. I Retiring-allowances— £ s. d. Amount of fund at beginning of year.. 1,015,603 9 5 ! To members .. .. .. 92,921 6 1 Members'contributions— To widows and children .. .. 9,978 7 5 Under seotion 29 (ordinary) .. 150,806 1 9 Contributions returned— Transfers from other supeiannuation Under seetion 46, Amendment Act funds .. .. .. .. 92 11 10 (left service) .. .. .. 21,051 0 10 Government contribution .. .. 48,000 0 0 Under seetion 42 or 43 (death) .. 10,733 1.1 5 Interest .. .. .. ' .. 55,703 10 4 , Under section 32 (__) .. .. 1,293 19 8 Pines, &c... .. .. .. 257 15 2 i Under seotion 32 (e) .. .. 792 4 11 Under seotion 32 (/) .. .. 4,302 16 11 Under section 38 (retirement) .. 946 7 1 Transfers to other superannuation funds (seotion 48) .. .. 195 19 9 Expenses— Salaries .. .. .. 762 18 5 _~,_ _ Office expenses .. ... ......._ 280-11 2 Public Trustee's charges .. .. 1,392 17 5 Investment expensos .. .. 2 6 9 Election expenses .. ' 2 "2 0" Medioal fees .. .. .. 46 4 0 Board members'travelling-expenses 5 4 4 Post Office charges .. .. 50 0 0 Amount of fund at end of year .. 1,125,705 10 4 £1,270,463 8 6 £1,270,463 8 6

Year ended 31st Doeember, 1908. 1910. 1913. i 1917. 1918. Total number of contributors ... 7,235 Total amount contributed annually ... £79,831 Interest received ... ... ... £1,295 Number of pensions and allowances 122 payable Annual value of retiring and other £8,881 allowances payable Total amount of contributions refunded £484 Expenses of administration ... £890 Total amount of accumulated fund ... £71,481 j 8,371 10,809 ; 13,784 £92,589 ; £118,006 £146,039 £10,212 | £20,804 £49,378 487 | 811 1,373 £39,944 j £60,970 £100,389 £5,745 ' £10,750 ! £28,656 £1,657 £1,167 £2,531 £263,948 ! £537,914 £1,015,603 J . 14,071 £152,792 £55,704 1,584 £110,166 £39,316 £2,542 £1,125,706