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1924. NEW ZEALAND

GOVERNMENT RAILWAYS SUPERANNUATION FUND. REPORT OF BOARD.

Laid before Parliament in pursuance of Section 91 of the Government Baihvays Act, 1908.

In accordance with section 91 of the Government Railways Act, 1908, the Board has the honour to transmit, for the information of Parliament, its balance-sheet, which shows the transactions in the Government Railways Superannuation Fund for the year ended 31st March, 1924. The superannuation allowances actually paid during the year amounted to £157,186 Bs. 5d., representing grants to 1,325 members of the Railway service who have either voluntarily resigned or been retired as medically unfit. Allowances amounting to £14,412 Bs. lid. were paid in respect to 436 widows and 582 children, dependants of deceased members of the service who had not retired on superannuation at the time of their death. Payments amounting to £558 3s. 9d. were made to the legal representatives of the deceased members under section 86, subsection (c), of the Act. A sum of £27,497 15s. 6d., representing contributions of members of the service who voluntarily retired or whose services were otherwise dispensed with during the year, was refunded to the members concerned in accordance with the provisions of the Act, and contributions transferred to the Public Service Superannuation Fund amounted to £33 14s. 4d.; travelling-expenses of members of the Board amounted to £62 6s. lOd.; fines remitted to members, £5 10s.; Audit Office charges, £50; and charges paid to Public Trust Office, £2 19s. 6d. The balance to the credit of the accumulated fund on the 31st March, 1924, was £671,827 6s. 6d., an increase of £87,608 4s. 2d. The gross income for the year was £287,150 4s. 2d. The income from contributions of members of the fund amounted to £133,148 Bs. 2d., or £44,540 lis. 2d. less than the actual annual liability on 31st March. The following show the balances brought forward at the end of each year, and also the annual value of the allowances actually granted by the Board in each year :— Balanoe forward. Allowanoe granted. £ s. d. £ s. d. 1903 ... ... ... ... 7,056 11 9 1904 ... ... ... ... 40,357 17 3 12,010 14 8 1905 ... ... ... ... 68,670 7 8 8,519 7 8 1906 ... ... ... ... 90,984 11 10 6,348 13 7 1907 ... ... ... ... 110,736 12 3 4,398 14 11 1908 ... ... ... ... 126,642 18 11 7,332 711 1909 ... ... ... .. 157,151 14 9 6,359 11 0 1910 ... ... ... ... 173,876 1 8 11,828 0 6 1911 ... ... ... ... 207,242 7 11 8,064 11 5 1912 ... ... ... ... 233,457 8 6 7,065 16 4 1913 ... ... ... ... 264,455 5 4 8,568 6 6 1914 ... ... ... . . 295,469 11 6 9,865 17 8 1915 ... ... ... ... 346,155 18 2 11,871 14 3 1916 ... ... ... ... 362,810 4 2 9,662 2 5 1917 ... ... ... ... 377,585 2 1 11,733 11 11 1918 ... ... ... ... 373,097 12 7 8,386 4 0 1919 ... ... ... ... 363,804 4 4 9,252 17 8 1920 ... ... ... ... 408,232 10 8 20,341 7 3 1921 ... ... ... ... 464,490 17 0 20,346 8 9 1922 ... ...' ... ... 543,531 10 8 23,050 2 0 1923 ... ... ... ... 584,219 2 4 22,791 1 0 1924 ... ... ... .... 671,827 6 6 21,272 4 0 249,069 15 5 Less members died, &c. ... ... ... ... 71,380 16 1 Annual liability at 31st March, 1924 ... ... ...£177,688 19 4

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