H.—26.

2

One contributor belonging to the Police Force, who was retired as medically unfit by reason of injuries received whilst in the execution of his duty, was granted an allowance of £175 per annum under section 61 of the Act. Under section 114 of the Public Service Superannuation Act, 1927, the statutory allowances to widows and children were increased from £18 to £31 per annum, and from ss. per week to 10s. per week respectively. The additional expenditure on this account is recovered from the Consolidated Fund. Those officers who retired during the year and who possessed compensation rights under the Civil Service Act, 1866, would have been entitled to receive the sum of £2,045, the amount of compensation accrued to the date when they joined the Superannuation Fund had they not become participants in the benefits of the fund. The total amount of such compensation for which the fund became liable since the initiation of the scheme is £557,150. To this amount must be added accretions to the date of retirement, approximately £135,000, for which the Consolidated Fund would otherwise have been liable, and the whole may be fairly set against the total subsidies paid to the fund during the past twenty-two years, amounting to £1,648,500. One hundred and twenty-seven retiring-allowances were discontinued by death, and seventy-five for other causes —viz., eight widows remarried, and sixty-seven children reached the age of fourteen. The annual amount payable at the close of the year was £372,138 6s. 2d., as shown in the statement attached. Income.—The total income for the year was made up as follows : — £ Members'ordinary contributions .. .. .. .. .. 263,424 Subsidy, Cook and Samoa Administration .. .. .. . . 863 Contributions from Government .. .. .. .. .. 200,844 Fines, &c. .. .. .. .. .. .. .. 405 Interest .. .. .. .. .. .. .. .. 154,758 Total income for year .. .. .. .. £620,294 Outgo.—The pensions paid during the year to contributors who have retired and to dependants of deceased contributors amounted to £367,495 13s. 8d. —viz., £334,342 4s. to members, and £33,153 9s. Bd. to widows and children. Refunds of contributions to contributors who have left the Service amounted to £36,456 ss. Bd., while the refunds under section 42 to personal representatives of deceased contributors and annuitants amounted to £12,785 14s. 9d. Three contributors who were retired elected to accept a refund of their contributions under section 34, amounting to £864 15s. 7d., in lieu of retiring-allowances. Three contributors were transferred to other funds in accordance with the provisions of section 120, and their contributions, amounting to £810 6s. lid., were accordingly transferred to such other funds. The salaries of the staff and other office expenses were £2,724 16s. 3d. and £1,507 16s. 9d. respectively. The Public Trustee's commission on interest collected amounted to £3,865 15s. Id. Medical fees for reports under section 32 amounted to £59 17s. During the year one mortgage security was realized at a loss of £1,662 Is. Id. The total outgo for the year was £428,233 2s. 9d. Accumulated Funds.—These amounted at the end of the year to £2,818,004 Is. lid. Balance-sheet. —On the 31st March the total assets of the fund, which include provision for the outstanding accounts, amounted to £2,909,071 14s. 2d. The balance-sheet appended gives full particulars as to the liabilities and assets. Investment of the Fund. —The total investments of the fund at each rate of interest were as follows :— Inscribed stock:— £ a. d. £ s. d. 5| per cent. .. .. .. .. 30,000 0 0 5J per cent. .. .. .. .. 336,000 0 0 51 per cent. .. .. .. .. 146,350 0 0 6 per cent. .. .. . . . . 40,000 0 0 Rural advances bonds :— 5 per cent. .. .. .. .. 186,070 10 0 Debenture securities : — 4J-per cent. .. .. .. .. 15,000 0 0 5 per cent. .. .. .. .. 35,602-12 7 5| per cent. .. .. .. .. 17,423 0 0 5| per cent. .. .. .. .. 6,700 0 0 6 per cent. .. .. .. . . 458,025 0 0 6-J- per cent. .. .. .. . . 5,000 0 0 ■ — 1,276,171 2 7 Mortgage securities : — 5 per cent. .. .. .. .. 2,310 7 4 5| per cent. .. .. .. .. 9,367 6 9 6 per cent, .. .. .. .. 1,506,832 15 11 61 per cent. .. .. .. .. 51,374 3 2 — 1,569,884 13 2 " £2,846,055 15 9 The above total includes £22,818 12s. Id. invested on Stipendiary Magistrates' Account. The average rate of interest earned for the financial year on the mean funds was £5 16s. 11. per cent.