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1939. NEW ZEALAND.

EDUCATION: TEACHERS' SUPERANNUATION FUND.

Presented to both Houses of the General Assembly by Command of His Excellency. No. 1. —THIRTY-THIRD ANNUAL REPORT OF THE TEACHERS' SUPERANNUATION BOARD. For the Year ended 31st January, 1939. Tie Hon. the Minister of Education. Sir, — Wellington, 10th May, 1939. The Board has to submit the following report for the year ended the 31st January, 1939 : The Board. —The usual quarterly meetings of the Board were held in February, May, August, and November. The following figures show the transactions, &c., of the fund for the year ended 31st January, 1939, as compared with those for previous year:— 1939. 1938. Contributors on roll at 31st January .. .. .. 8,653 8,357 Increase from previous year .. .. .. .. 296 299 Retiring and other allowancesAnnual rate granted during year .. .. £14,103 £12,709 Total annual rate at 31st January .. .. .. £326,500 £325,130 Number granted during year — On retirement .. .. .. .. .. 76 68 To widows .... .. .. .. .. 21 21 To children .. .. .. .. 8 5 Number discontinued during year — By death .. .. .. .. .. 78 65 By other causes .. .. .. . . .. 8 14 Number current at 31st JanuaryRetired members .. .. .. 1,684 1,674 Widows and children .. .. .. 388 379 Income for year — £ £ Contributions .. .. .. .. .. 146,231 139,835 Government subsidy— Section 112 of Act .. .. .. .. 82,417* 43,000 Section 114 of Act .. .. .. .. 4,934 5,277 Section 9, Finance Act (No. 2), 1937 .. .. 123,000f Section 9, Finance Act, 1938 .. .. 113,000 Special on account of interest reductions .. .. 6,324 6,547 Total Government subsidy .. .. .. 329,675 54,824 Interest .. .. .. .. .. .. 41,315 42,759 Total income .. .. .. .. £517,221 £237,418 Expenditure — Retiring and other allowances .. .. .. 329,096 328,007 Contributions refunded or transferred .. .. 41,765 " 36", 342 Administration expenses, &c. .. .. .. 3,335 3,209 Reserves for losses on investments .. .. .. 2,000 Total expenditure .. .. .. .. £376,196 £367,558 * This amount includes £39,417 previously shown as paid in advance, f For financial year 1937-38,

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