D.—s

2

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, 1920, which were, — Life allowances on account of voluntary retirements (1,291 £ s. d. persons) ... ... ... ... ... ... 119,994 16 2 Life allowances on account of retirements as " medically unfit" (305 persons) ... ... ... ... ... 20,743 11 3 Allowances to 491 widows and 923 children ... ... ... 20,87112 3 Total annual allowances granted ... ...£161,609 19 8 Since the inauguration of the fund 530 beneficiaries have, however, died, and 13 members who had been placed on the fund as "medically unfit" resumed duty. The fund was relieved of an annual liability of £38,423 9s. 7d. in respect to these 543 members; 412 children have reached the age of fourteen years, 9 children have died, 65 widows remarried, 38 widows died, 1 widow refused allowance, and 1 allowance remains unclaimed; lessening the liability of the fund by an additional £7,378 15s. 9d. per annum. There were 1,941 persons actually on the fund at the 31st March, 1920, involving an annual liability of £115,807 14s. 4d. W. F. Massey, Minister of Eailways, Chairman of the Government Eailways Superannuation Fund Board. Revenue Account of the Government Eailways Superannuation Fund under Section 90 of the Government Eailways Act, 1908, for the Year ended 31st March, 1920. Dr. £ a. d. Cr. £ s. d. To Balance brought forward on Ist April, By Retiring-allowances to— 1919 .. .. .. .. 363,804 4 4 Members .. .. .. 94,638 2 7 Members'contributions .. .. 103,428 0 G Widows and children .. .. 13,434 15 8 Members contributions on account of Payments under section 82 (3) .. 441 4 3 oasual Borvice .. .. .. 417 lfi 11 Payments under section 86 (c) .. 610 11 10 Fines .. .. .. .. 284 7 6 Contributions refunded .. .. 42,509 2 4 Government contribution .. .. 75,000 0 0 Travelling - expenses of members of Interest .. .. .. .. 17,484 18 1 Board .. .. .. .. 57 7 2 Contributions transferred to Public Service Superannuation Fund .. 190 9 7 Publio Trust Office charges .. 305 3 3 Amount of fund at close of year .. 408,232 10 8 £560,419 7 4 £560,419 7 4 Balance-sheet of the Government Eailways Superannuation Fund under Section 90 op the Government Eailways Act, 1908, for the Year ended 31st March, 1920. Liabilities. Assets. £ s. d. £ s. d. Fund as per Revenuo Aooount .. 408,232 10 8 In hands of Publio Trustee .. .. 394,352 10 2 Retiring and other allowances due, in Contributions and fines in transit .. 9,628 2 6 course of payment— Arrears of contributions due by members Members .. .. .. 962 10 5 in respect to oasual sorvioe .. 6,037 8 4 Widows and children .. .. 191 14 4 Refund of contributions due, in course of payment .. .. .. 631 5 7 £410,018 1 0 £410,018 1 0 W. F. Massey, Chairman of the Government Eailways H. Williams, Superannuation Fund Board. Chief Accountant, New Zealand Eailways. Examined and found correct —Robert J. Collins, Ist July, 1920. Controller and Auditor.