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1950 NEW ZEALAND

NATIONAL PROVIDENT FUND THIRTY-NINTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1949

Presented to Both Houses of the General Assembly Pursuant to the National Provident Fund Act, 1926, Sections 72 and 74

PART I—THE FUND (Section 72) 1. During its thirty-nine years of operation the Fund, established by Act in 1910, has made progress unequalled by any New Zealand institution. Accumulated funds now stand at £10,877,619 ; annual income is in excess of £1,000,000, and outgo exceeds £490,000. Summarized figures for the annual periods ended 31st December, 1939 and 1944> shown along with those for the year 1949, form a ready basis for comparison : 1939. 1944. 1949. New contributors .. .. .. 2,997 2,856 2,881 Total contributors .. .. .. 28,729 28,054 23,815 . Pensioners .. .. .. .. 935 1,462 2,316 Income— £ £ £ Contributions .. .. .. 299,308 357,887 665,778 Interest (including fines) .. .. 213,054 271,155 338,515 Total income (including State subsidy) .. 632,128 754,673 1,188,188 Outgo— Pensions .. .. .. .. 82,353 118,900 226,173 Other benefits .. .. .. 188,521 192,755 263,327 Total outgo .. .. .. .. 273,971 314,977 492,423 Funds at end of year .. .. .. 5,648,415 7,732,833 10,877,619 Effective interest earnings (per cent.) .. £3 18s. 3d. £3 12s. 9d. £3 4s. lid.