E.—l.

37. TEACHERS' SUPERANNUATION FUND. The position of the fund at the 31st January, 1938, and the principal figures concerning the transactions for the year, compared with those for the year ended 31st January, 1937, are given below : —■ 1936-37. 1937-38. £ £ Balance at credit of fund at end of year .. .. .. .. 964,605 834,465 Decrease over balance at end of previous year .. .. .. 10,110 103,140 Income for the year — Members' contibutions .. .. .. .. .. 132,631 139,835 Interest 44,187 42,759 Government subsidy .. .. .. .. .. 171,800 54,824* Profit on realization of investments, &c. .. . . . . 34 Total income .. .. .. .. .. £348,652 £237,418 Expenditure — £ £ Retiring and other allowances .. .. .. .. 323, 97 6 328, 007 Contributions refunded, &c. .. .. .. .. 31,481 36,342 Administration expenses, &c. .. .. .. .. 3,306 3,209 Total expenditure .. .. .. .. £358,763 £367,558 1936-37. 1937-38. Number of contributors at 31st January .. .. .. .. 8,058 8,357 Number of members admitted during period . . .. . . 364 760 Number retiring from the fund during period .. .. . . 454 461 Net decrease in membership at 31st January .. .. .. 90 299f Number of allowances in force at 31st January .. .. .. 2,038 2,053 Representing an annual charge of . . .. . . £322,557 £325,130 Ordinary retiring-allowances .. .. .. 1,306 £261,513 1,313 £263,098 Retiring-allowances under extended provisions of section 75 of the Act, and under section 14 of Finance Act, 1931 .. .. .. .. .. 138 £21,883 140 £22,660 Retiring-allowances in medically-unfit cases .. .. 216 £27,830 221 £27,970 Allowances to widows .. .. .. .. 299 £9,277 308 £9,556 Allowances to children .. .. .. .. 79 £2,054 71 £1,846 Funds invested at 31st January — £ £ At 3 per cent. .. .. .. .. .. .. 5,000 5,000 At 3§ per cent. .. .. .. .. .. .. 8,175 5,000 At 3| per cent. .. .. .. .. .. .. 51,681 65,676 At 3f per cent. .. .. .. .. .. .. 1,200 1,200 At 4 per cent. .. .. .. .. .. . .. 24,650 83,291 At 4|-per cent. .. .. .. .. .. .. 280,239 383,759 At 4f per cent. .. .. .. .. .. .. 1,800 1,800 At 4| per cent. .. .. .. .. .. .. 136,730 198,965 At 4§ per cent. .. .. .. .. .. .. 100 300 At 4£ per cent. .. .. . . . . .. . . 1,100 At 4f per cent. .. .. .. .. .. .. 300 100 At 5 per cent. .. .. .. .. .. .. 60,715 At 5£ per cent. .. .. .. .. .. .. 2,250 2,250 At 5| per cent. .. .. .. .. .. .. 2,400 2,400 At 6 per cent. .. .. .. .. .. .. 1,750 269 At 6 per cent. \Subject to reduction under the National]' 376,392 211,432 At 6| per cent. / Expenditure Adjustment Act, 1932 \ 197 Total .. .. .. .. .. £954,679 £961,442 Average rate of interest (per cent.) — Unreduced rate .. .. .. .. .. .. 4-972 4-608 After reduction as shown above .. .. .. .. 4-577 4-378 Unclaimed contributions held at 31st January .. .. .. £855 £1,410

* Since the closing of the accounts the Government has given a further special subsidy of £123,000. t Increase.

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