D.—2.

XXVIII

The fact that there has been an increase of 44 per cent, in the number of suggestions submitted during the past year indicates that the facilities given by the Suggestions and Inventions Committee are appreciated by the staff. A disappointingly large number of the suggestions received were, however, either in no way original or of a general nature dealing with activities already initiated by the Department. The value of the work of the Committee in investigating the suggestions received cannot, therefore, be correctly gauged by the number of suggestions recommended for adoption, but consideration must be given to the value of the psychological effect of the provision of a channel through which the staff may bring their ideas under notice. SUPERANNUATION FUND. The report of the Government Railways Superannuation Fund Board for the year ended 31st March, 1928, shows the position to be as follows: — Annual liability, £247,442. £ Members'contributions .. .. .. .. .. .. 158,600 Interest .. .. .. .. .. .. .. .. 58,293 Deficit to be drawn from subsidy .. .. .. .. .. 30,549 £247,442 At the same date the liability to contributors in respect of amounts paid £ in was .. .. .. .. .. .. .. 1,384,564 The total accumulated fund was .. .. .. .. .. 1,111,200 Leaving deficit of .. .. .. .. .. ..£273,364 The annual liability, £247,442, is in respect of 1,447 members, 467 widows, and 491 children, making a total of 2,405 persons actually on the fund on the 31st March, 1928. The amount standing in the Investment Account in tho balance-sheet is represented by the following securities : — £ Mortgages .. .. .. .. .. .. .. 740,610 Local-bodies'debentures .. .. .. .. .. .. 193,615 Government securities .. .. .. .. .. ..11l ,000 In hand awaiting investment .. .. .. .. .. 6,336 £1,051,561 The average rate of interest on securities held on 31st March, 1928, was 5-82 per cent. The average rate of interest earned on the mean funds was 5*758 per cent. We have the honour to be, Sir, » Your obedient servants, J. Mason \ Board of A. W. Mouat/Management.