D.— 5

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, 1923, which were,— Life allowances on account of voluntary retirements (1,537 £ s. d. persons) ... ... ... ... ... ... 171,754 6 2 Life allowances on account of retirements as "'• medically unfit" (394 persons) ... ... ... ... ... 31,432 5 3 Allowances to 575 widows and 1,097 children ... ... 24,611 0 0 Total annual allowances granted ... ...£227,797 11 5 Since the inauguration of the fund 695 beneficiaries have, however, died, and 17 members who had been placed on the fund as "medically unfit" resumed duty. The fund was relieved of an annual liability of £53,944 15s. 9d. in respect to these 712 members ; 564 children have reached the age of fourteen years, 14 children have died, 110 widows remarried, 54 widows died; lessening the liability of the fund by an additional £10,466 per annum. There were 2,149 persons actually on the fund at the 31st March, 1923, involving an annual liability of £163,386 15s. Bd. J. G. Coates, Chairman of the Government Railways Superannuation Fund Board.

GOVERNMENT RAILWAYS SUPERANNUATION FUND. Statement of Accounts in accordance with Section 90, Government Railways Act, 1908. Revenue Account for Year ended 31st March, 1923. Expenditure. £ s. d. Income. £ s. d. To Retiring-allowances to members .. 143,331 14 4 By Members'contributions .. .. 120,967 0 4 Allowances to widows and children.. 14,083 1 4 Members'contributions on account of Refunds of total contributions .. 19,046 18 5 casual service .. 1,969 12 9 Refunds of contributions in excess of Pines .. .. .. .. 572 5 0 allowances drawn by deceased Subsidies .. .. '.'. 75,000 0 0 beneficiaries .. .. .. 690 11 6 Donations .. .. .. 5 0 0 Compensation ... ... .. 112 14 1 Interest .. .. .. 26,175 2 7 Travelling-expenses of Board members .. .. .. .. 64 12 3 Public Trust Office charges .. 309 17 11 ■ Audit fees '.. ' .'. .. 50 0 0 Transfers to other funds .. .. 181 2 3 Rebates of contributions (Section 11 (2) Public Expenditure Adjustment Act, 1921-2) .. 780 11 9 Balance carried down, being excess of income over expenditure for year 51,438 2 10 £230,689 6 8 . _ £230,689 6 8 To Rebates of contributions in respect of By Accumulated Funds brought forward previous years (Public Expenditure on Ist April, 1922 .. .. 543,53110 8 ' Adjustment Act, 1921-22) .. 11,196 19 10 Refunds of contributions, unclaimed," I. Balance, Accumulated Funds at. 31st, .. ...... .written off .. .. .. 31415 4 March, 1923 .. .. .. 584,219 2 4 Allowances unclaimed, written off .. 131 13 4 Balance brought down .'..' .', 51,438 210 £595,416 2 2 £595,416 2 2 Balance-sheet as at 31st March, 1923. Liabilities. £ s. d. Assets: £ s. d. Accumulated funds as per Revenue In hands of Public Trustee .. ■•■ .. 529,950 17 5 Account.. .. .. .. 584,219 2 4 Contributions and fines in transit .. 9,981 11 4 Retiring and other allowances due, not Contributions outstanding .. .. 1,025 8 7 paid— Contributions due by members in respect Members ... .. .. 485 8 8 of casual service .. .. .. 5,728 2 8 Widows and children .. ... 75 17 0 Treasury, cost-of-living bonus .. 1,481 6 2 Refunds of contributions .. .. 1,404 15 11 Treasury payments in transit .. 50,000 0 0 Transfers to other funds .. .. 410 8. Rebates of contributions (Public Expenditure Adjustment Act, 1921-22) 11,977 11 7 ;, £598,167 6 2 £598,167 6 2 COST-OF-LIVING BONUS ACCOUNT. Disbursements and Recoveries during Year ended 31st March, 1923. £ s. d. . .. £ s. d. To Balance due by Treasury, 31st March, By Cash received from Treasury .. 19,894 17 3 1922 ... .. '■ ■.. '.. 975 5 1 ' Balance due by Treasury, 31st March, Disbursements to annuitants .... 20,400 18 4 1923.. .'. ' " .."' .. 1,481 6 2 £21,376= 3 -5 £21,376 3 5 : i . : J. G. Coates, .Chairman of the Government Railways Superannuation Fund Board. L. Hamann, Chief Accountant, New Zealand Railways. I hereby certify that the statement of receipts and payments, Revenue Account, and balancesheet have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby. G. F. C. Campbell, Controller and Auditor-General.

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