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, 1924, which were, — Life allowances on account of voluntary retirements (1,611 £ s. d. persons) ... ... ... ... ... ... 188,581 4 2 Life allowances on account of retirements as " medically unfit" (426 persons) ... ... ... ... ... 34,448 11 3 Allowances to 606 widows and 1,164 children ... ... 26,040 0 0 Total annual allowances granted ... ...£249,069 15 5 Since the inauguration of the fund 759 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 £59,995 16s. Id. in respect to these 776 members ; 606 children have reached the age of fourteen years, 15 children have died, 126 widows remarried, 58 widows died; lessening the liability of the fund by an additional £11,385 per annum. There were 2,226 persons actually on the fund at the 31st March, 1924, involving an annual liability of £177,688 19s. 4d. J. G. Coates, Chairman of the Government Railways Superannuation Fund Board.

GOVERNMENT RAILWAYS SUPERANNUATION FUND. Statement op Accounts in accordance with Section 90, Government Railways Act, 1908. Bevenue Aecoitnt for Year ended 31st March, 1924. Expenditure. £ s. d. Income. £ s. d. To Retiring-allowances to members .. 157,238 18 li By Members'contributions .. .. 129,556 J 9 Allowances to widows and children .. .14,425 18 6 Members' contributions on account of Refunds of total contributions .. 27,053 6 5 casual service .. .. .. 3,593 0 5 Refunds of contributions in excess of Fines .. .. .. .. 431 5 0 allowances drawn by deceased bene- Subsidies .. .. .. 125,000 0 0 ficiaries .. .. .. 674 15 2 Donations .. .. .. 5 0 0 Travelling-expenses of Board members (12 0 10 Interest .. .. .. .. 28,565 11 0 Public Trust Office charges.. .. 2 19 6 Audit fees .. .. .. 50 0 0 Transfers to other funds . . .. 33 15 1 Balance carried down, being excess of income over expenditure for year .. 87,608 4 2 £287,150 4 2 £287,150 4 2 , ■ - By Accumulated funds brought forward To Balance, accumulated funds at 31st on Ist April, 1923 .. .. 584,219 2 4 March, 1924 .. ... .. 671,827 6 0 Balance brought down .. .. 87,608 4 2 £671,827 6 6 £671,827 6 6 Balance-sheet as at 31st March, 1924. Liabilities. £ s. d. Assets. £ s. d. Accumulated funds as per Revenue In hands of Public Trustee .. .. 654,546 10 11 Account .. .. .. .. 671,827 6 6 Contributions and fines in transit .. 10,734 6 5 Retiring and other allowances due, not Contributions outstanding .. .. 601 11 3 paid — Contributions due by members in respect Members .. .. .. 529 16 5 of casual service .. .. .. 6,161 10 6 Widows and children .. .. 154 19 1 Allowances recoverable .. .. 76 0 0 Refunds of contributions .. .. 960 610 Treasury, cost-of-living bonus .. .. 1,473 12 7 Refunds of contributions in excess of allowances drawn by deceased beneficiaries . . . . .. .. 116 11 5 Transfers to other funds .. .. 4 115 £673,593 11 8 £673,593 11 8 COST-OP-LIVING BONUS ACCOUNT. Disbursements and Becoveries during the Year ended 31st March, 1924. £ s. d. £ s. d. To Balance due by Treasury, 31st March, By Cash received from Treasury .. 18,708 0. 7 1923 .. .. .. ■• 1,481 (i 2 ' Balance due by Treasury, 31st March, Disbursements to annuitants .. 18,700 7 0 1924 .. .. .. .. 1,473 12 7 £20,181 13 2 £20,181 13 2 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.