PUBLIC SERVICE SUPERANNUATION FUND. ACTUARIAL EXAMINATION AS AT 31st MARCH, 1924.

Appendix to the Journals of the House of Representatives, 1927 Session I, H-26a

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1927. NEW ZEALAND.

PUBLIC SERVICE SUPERANNUATION FUND. ACTUARIAL EXAMINATION AS AT 31st MARCH, 1924.

Laid before Parliament in pursuance of Section 48 (4) of the Public Service Classification and Superannuation Act, 1908.

REP O E T BY THE ACTUARY APPOINTED BY HIS EXCELLENCY THE GOVERNOR-GENERAL TO MAKE THE ACTUARIAL EXAMINATION OF THE PUBLIC SERVICE SUPERANNUATION FUND. Wellington, 21st September, 1926. 1. I have the honour to submit the following report on the Public Service Superannuation Fund as at 31st March, 1924, as required by section 48 of the Public Service Classification and Superannuation Act, 1908. 2. The scheme, which came into operation on the Ist .January, 1908, embraces, with the few exceptions set out in section 52, all permanent public servants outside the Government Railways Superannuation Fund and the Teachers' Superannuation Fund. 3. The contributions and the benefits provided by the Act, together with the statements showing the progress of active membership, discontinuance of membership from various causes, and the progress of pensions for each year, will be found in Tables I to IV of the appendix to this report. The ages of the contributors at the date of the valuation, together with their contributions and other particulars, are shown in Table V ; and the pensions granted during the triennium, with the ages at which they were granted, in Table VI. 4. The income and outgo of the fund since the previous valuation were as follows :—- Consolidated Revenue Account of the Public Service Superannuation Fund from the Ist January, 1920, to the 31st March, 1924. Income. £ s. d. Outgo. £ s. d. Funds at Ist January, 1920 .. 1,288,197 10 2 Pensions to members .. 720,283 5 6 Members'contributions .. 963,181 0 2 Pensions to widows and children 60,556 15 0 Transfers from other funds .. 4.489 7 1 Contributions returned .. 245,869 6 6 Government subsidy .. 500,000 0 0 Transfers to other funds .. 534 2 7 Interest .. • • • ■ 392,200 0 0 Salaries .. .. .. 9,330 4 5 Transferred from Unclaimed Public Trust Office commission 9,807 6 9 Contributions Account .. 2,000 0 0 Travelling and office expenses 2,647 19 7 Fines .. -. •• 2,404 2 0 Funds at 31st March, 1924 .. 2,103,542 19 11 Fee remitted .. .. 100 0 10 £3,152,572 0 3 £3,152,572 0 3 Object op Valuation. 5. A distinguishing peculiarity of a superannuation fund is that its liabilities are essentially of a deferred, nature. Each individual contributor must pay contributions for years before benefits accrue to him. Consequently the income of such a fund must for many years greatly exceed the outgo. Taking the simplest case, where a fund consisted entirely of young contributors, age 20, contributing for a pension at age 60, it would be forty years before the outgo commenced, and it would not be possible by any ordinary rough-and-ready method to determine during those forty years whether the

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fund was solvent or not. The case is clearly more complicated when there are thrown in with these young men a number of contributors of all ages up to 65 paying less adequate contributions, who, if the matter is not properly regulated, may commence to draw upon the accumulations pertaining to the younger men, a procedure which clearly cannot conduce to greater solvency ; and the matter is still further involved when other benefits in addition to the pension are provided. In order to measure the relative magnitude of all these sums of money by way of contributions and benefits payable at different periods and upon different contingencies, it is necessary to reduce them to present values at a common point of time. In no other way can they be weighed against one another and the sufficiency or insufficiency of the financial provisions against the liabilities discovered. This is what the actuarial valuation purports to do. It so happens that the Public Service Superannuation Fund presents, even to a superficial examiner, some symptoms calling clearly for closer inspection. The following table, for example, conveys a suggestion that the outgo for benefits is rapidly overtaking the combined contribution and interest income :—• Combined Contribution and Interest Income Year. (exclusive of State Subsidy) per £100 of Outgo for Benefits. 1909 .. .. .. .. .. .. £370 1914 .. .. .. .. .. .. £186 1919 .. .. .. .. .. .. £149 1924 .. .. .. .. .. .. £114 This table shows that where the income was more than treble the benefit outgo some fifteen years ago, the two are now nearly equal, so that the outgo is increasing much more rapidly than the income. Basis of Valuation. 6. In estimating the value of the liabilities of the fund it is necessary to take into account the proportion of the members who will withdraw, die, or retire, and the probable rates of increase of salaries. These factors have been carefully investigated in the light of the fund's experience since the previous valuation, and the rates and the Life and Service Tables which have been adopted in the valuation as a result of this investigation are stated in Tables VII and VIII appended. The next factor entering into the calculations is the average rate of interest which will be earned by the fund during the whole future lifetime of the members. The average rate earned since the previous valuation was £5 lis. 7d., but in view of the very long period over which the liabilities extend it is hardly safe to assume a greater rate than 4 per cent., which has accordingly been adopted. Any interest which may be earned from time to time over and above the rate of 4 per cent, free of depreciations and losses will come into a.ccount as and when it is earned, operating in this way as an amelioration of the position ; but it is clear that it will all be needed to help the finances of the fund. Results of Valuation. 7. The Act (section 48 (2) ) requires the actuarial report to be so prepared " as to show the state of the fund at the close of the period, having regard to the prospective liabilities and assets." The valuation has accordingly been made, and the results are shown in Table IX appended, but they may be shortly summarized as follows : — £ Present value ox the liability for benefits .. .. .. .. 10,222,545 Present value of contributions receivable from members £2,584,829 Funds in hand.. .. .. .. .. 2,103,543 4,688,372 Present value of total liability of State .. .. .. .. 5,534,173 Less present value of subsidy of £136,000 (if treated as a perpetuity) . . 3,400,000 Value of future subsidies to be provided for by the State over and above subsidy of £136,000 .. .. .. £2,134,173 The above statement shows a total State liability of £5,534,173, as compared with £4,142,989 at the last valuation, giving an increase of £1,391,184. This increase is due partly to the accumulation at interest of that part of the State's liability which is unprovided-for, partly to normal expansion of the service, and partly to the enforced retirement of officers with long service. The last-mentioned item is casting a considerable liability upon the fund, and it is understood that the statutory subsidy of £86,000 has been increased to £136,000 on this account. 8. The importance of the ascertainment of the state of the fund in the form given in paragraph 7 lies in the fact that the total liability of the State as there disclosed (viz., £5,534,173) can be readily commuted therefrom into an equivalent annual payment. For example, the capital liability of £5,534,173 is equal (at 4 per cent.) to a perpetual subsidy of £221,367 per annum. If the subsidy in respect of present members were fixed at a higher figure than £221,367, solvency would be attained within some definite time. It follows from this that if the State subsidy is fixed at any lower figure now, it must by way of compensation rise later on to a much higher figure than £221,367 per annum even in respect of present contributors alone.

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T should state here that in arriving at these results it has been assumed that retirement is compulsory at age 65 only, and that on the earlier attainment of forty years' service it is merely optional to the employee. This system has latterly been departed from to the extent of compelling a considerable number of retirements at the end of forty years' service irrespective of age. If this marks a permanent change in policy, a very considerable addition to the liabilities will have to be allowed for. Ascertainment of State Subsidy. 9. But the Act does not provide that the subsidy should be determined from the foregoing actuarial ascertainment. Instead, it goes on to say that the Actuary's report should show " the probable annual sums required by the fund to provide the retiring and other allowances falling due in the ensuing three years without affecting or having recourse to the actuarial reserves appertaining to the contributors' contributions." This is taken to mean that the Actuary should indicate what portion of the ensuing three-years outgo is not provided for by the actuarial accumulations ; and by inference this is to constitute the amount of the State subsidy. I proceed to comply with the directions of the Act, and to make the required estimate accordingly. The estimated pensions falling due during the financial years 1924-25, 1925-26, and 1926-27, the portions provided by the contributions, and the portions to be paid by subsidies, are as follows : — 1924-25. 1925-26. 1926-27. £ £ £ Estimated pensions .. .. .. 262,799 267,4.-23 274,490 Deduct amount provided by contributions .. 70,747 75,006 80,333 Amount due to be paid by the State in respect of the three years mentioned (but see also next £192,052 £192,417 £194,157 paragraph) — 10. The above figures give an average subsidy requirement of £193,000 per annum for each of the above years. In addition to this amount, however, the State will require to make provision for redeeming the arrears detailed in Table X appended. As will be seen from this table, these arrears (up to the 31st March, 1925) accumulated with interest at 4 per cent, to the 30th June, 1926, amount to £528,588, and I consider that at least £27,000 per annum will require to be added to the future subsidies on this account. To this must be added a further sum of, say, £12,000 per annum in respect of unexpected forced retirements in the past not provided for in the Actuary's past estimates of outgo. If the same policy regarding retirements is to be maintained during the next three years a still further sum should be added on this score. The State should also refund year by year the amount spent out of the Superannuation Fund in staff salaries and office expenses : this clearly cannot be properly charged against a fund which is in itself insufficient (without the help of a subsidy) to carry out its engagements in the way of pensions, &c. I accordingly have to report that according to the system laid down in the Act the minimum annual subsidy required for the three financial years 1924-25, 1925-26, and 1926-27 is £232,000 per annum, plus the annual appropriation for staff salaries and other office expenditure. This sum has been calculated on the assumption that each year's subsidy will be paid during the year it falls due, so that in the event of the payments not being made on the due date it will be necessary to add interest at 4 per cent, to the date of payment. A further sum should be added on account of the additional'liabilities falling upon the fund by reason of section 29 of the Finance Act, 1925, which provides for the inclusion of house allowance, &c., as salary for superannuation purposes. It is not practicable to estimate this at the present time in the absence of complete data. These additional liabilities have not been taken .into account in making the valuation. Remarks upon Method of arriving at State Subsidy. 11. As indicated in the preceding paragraph, the Act appears to lay down a certain method of arriving at the State's subsidy, the principle being that while members contribute upon the basis of paying their share of the liabilities as they are incurred, the State pays only as they mature. That is to say, the State subsidy is based on the principle of deferring payment to the last possible moment, and in the past the State has even lagged behind this low standard.. I have sufficiently indicated that, apart from any addition to the liabilities due to possible continuance of a policy of compulsory retirements at the end of forty years' service, and without reckoning the additional liabilities due to the inclusion of house allowance, &c., the State's liability in respect of present members is (at 4 per cent.) equal to a subsidy of £221,367 per annum in perpetuity (see paragraph 8). The subsidy for the next three years ascertained under the directions of the Act is £232,000. As the Act aims at extinguishing the liability for present members during their lifetimes, the subsidy thereunder will clearly have to amount to a higher figure than £232,000 before long, and it is certain that, with the present deliberative method of fixing the subsidy, trouble will constantly arise. 12. In my opinion the subsidy should be placed upon an automatic basis —as, for example, a percentage of the contributions made by the members. In this connection I would recommend as a commencement the figure of 110 per cent, of members' contributions, which would give a subsidy for the year ended 31st March, 1925, of £255,000. The modern tendency in these schemes is to apportion the cost equally between the employer and employees, and the foregoing suggestion virtually proceeds on this basis, with some allowance for arrears on the part of the State. It would amount to about per cent, of the salaries, a not unreasonable amount to pay.

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I might say that a subsidy of 110 per cent, of the contributions of members would not immediately enable the budget to be balanced, but, though the State's payment would be increased somewhat from the outset, there would be a considerable gain in steadiness in regard to the amount of the subsidy, as well as in point of ease of working. Provided the liabilities were not unduly inflated by the granting of additional benefits, this subsidy would no doubt suffice in time to right the fund. General Remarks. 13. Lest it be supposed that this fund exists only for the benefit of public servants, and that a sum equivalent to 6 J per cent, of salaries is too large for the State as employer to pay, the following remarks by the late H. W. Manly, past president of the Institute of Actuaries, a world-wide authority on pension funds, will bear repetition :■ — " A fund maintained in a sound financial condition is, in my opinion, a blessing to both employer and employed. The employer secures a continuity of service, for the employee will think twice before he leaves a service where he has a number of years to his credit for pension, for a small additional income ; and if he (the employer) makes a proper contribution to the fund, in addition to guaranteeing a good rate of interest, he secures efficiency in the service by superannuating his servants with a reasonable pension when they are no longer useful. His salary list is a good 5 per cent. —I am inclined to think in many cases nearer 10 per cent. —less than it would be if there were no fund ; and I do not think, therefore, that he can reasonably object to subscribe 5 or 6 per cent, of salaries to the fund." —(J.I.A. 45/183.) In this connection the limitation to £300 of pensions of members enrolled after a certain date is a mistake. It has been abundantly shown by experience elsewhere that any limitation of this character tends to defeat one of the main objects of the fund. The officers mainly affected will be the capable and vigorous ones who are able to rise in the service, and the limitation in pension lessens the hold of such men when they are at their best, and at the same time makes it more difficult to retire them when the time for retirement comes. The report of the Departmental Committee on Railway Funds (England, 1911) shows clearly how pension limitations cause retirements to be deferred. 14. The fact that we are passing through a special period characterized by world-wide currencyinflation, and incidentally by changes in scales of salary, has given rise to no little difficulty in arriving at some of the fundamental factors for the valuation. Only the future can say whether the present salary standards are to remain or give way to lower ones as the inflation gradually disappears ; meanwhile, however, the valuation has had to be made upon a suitable judgment of the probable course of the future in this respect. Apart from this, the fund itself has suffered somewhat from the policy of ranking as salary for the purpose of compulsory pensions what are really cost-of-living (or currency-inflation) increases. Some difficulty of a minor kind has arisen from the fact that the accounts of the fund appear to be prepared upon the basis recommended in accounting text-books for arriving at the annual profit of a business. This basis is quite inapplicable to a superannuation fund, the position of which can only be determined by actuarial valuation. Not only are some of the entries therefore futile, but they are actually impediments in the way of the ascertainment of the position of the affairs of the fund, and the procedure is a possible source of serious error. The Actuary has been forced to recast the accounts as a preliminary to the making the valuation. This should be avoided in future. In conclusion, I beg to acknowledge the capable assistance rendered to me by Mr. G. W. Melville, F.F.A., in the work of the valuation. A. T. Traversi, F.F.A., F.C.A.S., Actuary appointed by His Excellency the Governor-General.

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APPENDIX.

TABLE I. The Benefits and Contributions provided for by the Act. The contributions vary according to the age at the time when the first contribution becomes payable, and are as follows : — Age 30 and under .. .. .. .. 5 per cent, of pay. Contributions .J Over 30 and not exceeding 35 .. .. .. ..6 ~ 40 45 .. .. .. 8 „ 45 „ 50 .. .. .. .. 9 „ 50 . . .. .. .. .. . . .. 10 'I. On Attainment of Pension—Males at Age 65, or after Forty Years' Service ; Females at Age 55, or after Thirty Tears' Service. (1.) A pension of one-sixtieth of yearly salary for each year's service, with a limit of fortysixtieths (two-thirds) of salary. Maximum pension for entrants after 24th December, 1909, £300. (2.) Or the option, in lieu thereof, of a return of total contributions. (Note. —The Minister in charge of a Department may retire contributors on pension in the following cases : — (a.) Where the age of a male contributor is not less than 60, or of a female contributor not less than 50. (b.) Where the age of a male contributor is not less than 55, if his length of service is not less than thirty years. (c.) Where the length of service of a male contributor is not less than thirty-five years. In any such exceptional oases the Minister may impose upon the retiring contributor such terms and conditions as to payments into the fund or otherwise as he thinks fit.) 11. On Retirement before Pension Age (on the Grounds of being Medically Unfit for Future Duty). (1.) At any time, on the certificate of two doctors approved by the Board, a pension of onesixtieth of yearly salary for each year's service, limited to forty-sixtieths. Benefits . .<( (2.) Or the option, in lieu thereof, of a return of total contributions. (Where officers of the Police Force are incapacitated by injuries received on duty the Board may increase the pension up to three-fifths of salary.) • 111. On Retirement before Pension Age (on other Grounds than Medical Unfitness). (l.) On voluntary retirement or dismissal for misconduct, a return of total contributions. (2.) On compulsory retirement for any reason other than misconduct, after twenty years' service, a return of total contributions with 3J per cent, interest. IV. At Death, whether before or after becoming entitled to a Retiring-allowance. (1.) Leaving no widow or children : A return of total contributions, less any sums received from the fund during lifetime. (2.) Leaving a widow :— (a.) £18 yearly during widowhood ; or (6.) A return of total contributions, together with such compensation (if any) as the contributor would have been entitled to receive from the Consolidated Fund on compulsory retirement, less any sums received from the fund during lifetime. (If death occurs before retirement the compensation is paid from the Consolidated Fund ; if after retirement, from the Superannuation Fund.) Leaving children : ss. weekly to each child until age 14. (Note. —The contributions and pensions are payable monthly, and the pensions are computed on the average salary for the last three years.)

TABLE II. Statement of Progress of Active Membership.*

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New Members. Increase by Promotion, j Discontinued. Total in Force at End of Year. Year * | Annual Annual j Annual Annual | Number. Salaries. Contribu- Salaries. Contribu- | Number. Salaries. Contribu- Number. Salaries. Contributions. tions. j tions. tions. £ £ £ £ ££ ££ 1908 .. 7,346 1,112,099 80,526 37,769 2,301 310 42,521 3,463 7,2361,107,347 79 364 1909 .. 717 77,877 5,290 58,268 3,425 630 103,414 8,575 7,3231,140,078 79 504 1910 .. 1,520 205,427 12,814 73,936 4,509 472 61,322 4,238 8,3711,358,119 92 589 1911 .. 1,253 134,065 8,196 81,431 4,906 484 69,174 5,021 9,1401,504,441 100'670 1912 .. 1,471 145,396 8,980 96,863 5,730 584 80,469 5,540 10,0271,666,231 109'840 1913 .. 1,428 123,493 7,047 118,571 7,022 646 87,916 5,903 10,8091,820,379 lis'ooe 1914 .. 1,777 170,471 9,996: 135,220 7,990 783 103,170 7,062 11,8032,022,900 128 930 1915 .. 1,916 163,335 9,248! 103,462 5,916 939 121,152 7,870 12,780 2,168,545 13e'224 1916 .•. 1,593 129,628 7,326 120,532 6,711 1,060 131,114 8,417 13,313 2,287,591 14l'844 1917 .. 1,663 121,067 6,763 127,300 7,103 1,192 151,733 9,671 13,7842,384,225 146 039 1918 .. 1,687 138,743 7,835 176,362 9,782 1,400 177,708 10,864 14,0712,521,622 152 792 1919 .. 1,642 217,667 12,927 559,178 32,282 1,497 214,272 13,073 14,216 3,084,195 ]84'928 1920 .. 2,772 445,052 26,409 860,893 49,332 1,601 301,038 19,030 15,387 4,089,102 24l'639 1921 .. 1,637 258,827 14,828 182,393 9,920 1,242 286,497 18,367 15,782 4,243,825 248 O'O 1922-23.. j 1,200 152,922 8,362 43,092 2,298 1,993 658,874 41,271 14,9893,780,965 217,409 1923-24.. I 1,219 159,496 8,917 139,589 7,369 1,187 257,682 16,003 15,0213,822,368 217,692 Totals .. 31,041 3,755,565 235,464 2,914,859166,596 16,020 2,848,056184,368 I J_

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TABLE III. Particulars of Discontinuance of Active Membership.*

TABLE IV. Statement of Progress of Pensions.*

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By Withdrawal ! By Pensions. By Trans£eI By Death. or nw i ' toother Total discontinued. Dismissal. 0Id o f g g e r V ice j Medically Unfit. Funds. 1S i S |.g ||| §g I f J S g f| I gg »■£ ! Ph ft -s a 1S & I °"S » n S °"8 I 5 m Ph * t* a -Z! 5r* 5ri 13 uJ i d 0J ,r5 -+3i l i,. CD d" 1 - 5 © d 13 9t3 (2 9 'Cj S3r, d 9 'CJ rQ 3 fl - d £ 3 a & \B % .2 g § S .21 §H § d ; a o'flS I '3,2 a o d 2 a 2 a d 3 & 3 Odd So S o a a 2 d d 2 & 3 a§s 1 |-a g a° a § a° a S- 8 § s = a §■$ § a° § a° a ; s« K | ■? ' J S fc "■ 3 fc |< Ph fe <1 Ph ■< & «i ft i £ £ £ £ £ £ £ £ ££ 1908 .. 24 41 437 190 421 74 .. 6,658 20 .. 1,838 2 22 310 484 8,933 1909 .. 37 148 676 417 3,454 154 21 17,039 19 .. 1,958 3 5 630 3,628 19,673 1910 .. 28! 768 380 387 4,964 42 .. 4,147 13 .. 1,101 2 13 472 5,745 5,628 1911 .. 33 1,634 292 354 5,853 73 215 8,631 19 .. 1,314 5 10 4S4 7,712 10,237 1912 .. 45 2,222 784 450 8,388 64 .. 6,992 19 61 1,017 6 21 584 10,692 8,793 1913 .. 40 1,149 1,043 516 9,364 73 115 8,716 13 78 591 4 5 646 10,711 10,350 1914 .. 53 2,207 1,015 610 9,659 106 471 11,243 11 .. 637 3 37 783 12,374 12,895 1915 .. 99 4,850 1,574 741 12,497 75 974 8,272 21 98 1,345 3 78 939 18,497 11,191 1916 | 134 5,535 1,260 821 13.920 71 636 11,692 14 .. 751 20 742 1,060 20,833 13,703 1917 .. 1 145 6,187 1,299 940 19,618 85 759 14,371 17 .. 1,252 5 175 1,192 26,739 16,922 1918 .. 27211,733 3,129 1,045 21,051 62 946 10,934 15 .. 1,137 6 196 1,400 33,926 15,200 1919 .. 157 9,794 1,189 1,232 34,946 89 1,028 13,496 15 .. 828 4 2291,497 45,997 15,513 1920 .. 80 8,618 1,296 1,370 43,799 127 887 25,095 18 .. 1,471 6 2381,601 53,542 27,862 1921 .. 65 6,198 950 1,031 41,746 124 1,778 22,873 19 .. 1,665 3 24 1,242 49,746 25,488 1922-23 .. 63 7,672 1,117 1,573 69,145 320 1,853 69,620 33 .. 2,405 4- 204 1,993 78,874 73,142 1923-24 .. | 55 6,261 761 986 44,644 128 1,126 32,259 13 .. 1,380 5 681,187 52,099 34,400 Totals .. 1,33075,017|17,202 12,663343,469 1,66710,809272,038 279 237 20,690 81 2,067 16020431,599309,930 * Compiled from Annual Reports.

Attainment of Perrim of Service. Retired Medically Unfit. (Section 36.) • Year. Granted. ! Void by Death. I In Force. Granted. j Expiry!' 1 " In Force. Num- Pension, i Sum " Pension, i Pension. ! Pension. Num- : p ens j on . Pension, ber. ! ber. | ber. tier, j I ber. | ber. £ £ £ £ £ £ 1908 .. 74 6,658 1 57 73 6,601 20 1,838 .. .. 20 1,838 1909 153 17,038 4 324 222 23,315 19 1,959 4 677 35 3,120 1910t 84 8,737 12 945 294 31,107 56 4,706 5 680 86 7,146 1911 72 8,631 23 2,593 343 37,145 19 1,314 10 621 95 7,839 1912 64 6,992 22 2,124 385 42,013 18 1,017 9 526 104 8,330 1913 7] 8,716 18 2,003 438 48,726 1] 591 14 903 101 8,018 1914 100 11,243 28 2,911 510 57,058 II 637 13 730 99 7,925 1915 68 8,272 24 2,072 554 63,258 20 1,345 5 307 114 8,963 1916 67 11,693 30 3,726 591 71,225 14 751 9 596 119 9,118 1917 81 14,371 32 3,938 640 81,658 17 1,252 11 1,018 125 9,352 1918 . 55 10,934 32 4,511 663 88,081 15 1,137 8 491 132 9,998 1919 83 13,496 39 4,179 707 97,398 15 828 14 719 133 10,107 1920 127 25,095 38 4,473 796 118,020 18 1,47) 6 454 145 11,124 1921 124 22,873 42 3,981 878 136,912 19 1,666 9 480 155 12,310 1922-231 322 69,640 63 9,516 1,137 197,036 33 2,405 30 2,087 158 12,628 1923-24 .. 128 32,259 49 5,922 1,216 223,373 13 1,380 10 872 161 13,136 Totals .. 1,673 276,648 457 53,275 .. .. 318 24,297 157 11,161 Death of Contributor. Family Pension. Total Pensions (Section 42.) Year. Granted. V of In I ' orce ' Granted. Void. In Force. Num- ! pension, j Pension. j Pension. j Pension. Pension. Pension. £ £ £ £ £ £ 1908 30 455 1 13 29 442 124 8,951 2 70 122 8,881 1909 47 751 3 39 73 1,154 219 19,748 11 1,040 330 27,589 1910+ 40 635 6 98 107 1,691 180 14,078 23 1,723 487 39,944 1911 40 625 11 163 136 2,153 131 10,570 44 ! 3,377 574 47,137 1912 72 1,086 14 197 194 3,042 154 9,095 45 ! 2,847 683 53,385 1913 90 1,355 12 171 272 4,226 172 10,662 44 3,077 811 60,970 1914 90 1,365 12 176 350 5,415 201 13,245 53 3,817 959 70,398 1915 130 1,945 22 311 458 7,049 218 11,562 51 2,690 1,126 79,270 1916 99 1,507 34 507 523 8,049 180 13,951 73 4,829 1,233 88,392 1917 115 1,755 30 425 608 9,379 213 17,378 73 5,381 1,373 100,389 1918 233 3,474 52 766 789 12,087 303 15,545 92 5,768 1,584 110,166 1919 116 1,733 60 865 845 12,955 214 16,057 113 5,763 1,685 120,460 1920 106 1,603 66 983 885 13,575 251 28,169 110 5,910 i,826 142,719 1921 93 1,414 62 856 916 14,133 236 25,953 113 5,317 1,949 163,355 1922-23t. 132 2,001 85 1,200 963 14,934 487 74,046 178 12,803 2,258 224,598 1923-24" .. 93 1,464 71 1,018 985 15,385 234 35,103 130 7,807 2,362 251,894 Totals .. 1,526 23,168 541 7,783 .. .. 3,517 324,113 1,155 72,219 » Compiled irom Annual Reports. t includes pensioners transferred from Police Provident Fund. t Fifteen months.

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TABLE V. Present Annual Pay and Contributions of Officers now in Service.

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Number. j Present Annual Pay. Present Annual Contribution. | Age t I A § e , attained. attained. Males. | Females. Males. Females. Males. Females. __ . £ £ £ 15 .. .. 9 .. 710 .. 36 .. | 15 16 .. 86 1 6,611 105 331 5 j 16 17 .. 325 7 26,508 577 1,325 29 17 18 .. .. 428 37 37,862 3,645 1,893 182 18 19 .. .. 480 62 49,722 6,653 2,486 333 19 20 .. 440 98 54,558 11,188 2,728 559 20 21 .. .. 392 147 60,694 19,535 3,035 977 21 22 .. .. 408 141 77,721 20,345 3,886 1,017 22 23 .. .. 408 147 88,043 22,256 4,402 1,113 23 24 .. .. 461 142 110,714 22,469 5,536 1,123 24 25 .. .. 460 143 117,534 23,546 5,877 1,177 25 26 .. .. 425 111 115,840 19,117 5,792 956 26 27 .. .. 374 93 102,710 15,597 5,135 780 27 28 .. .. 374 74 105,442 12,847 5,272 642 28 29 .. .. 330 80 94,189 13,995 4,709 700 29 30 .. .. 300 83 86,906 14,731 4,347 737 30 31 .. .. 359 70 104,453 11,959 5,272 602 31 32 .. .. 329 62 98,797 12,422 4,973 624 32 33 .. ..I 400 42 122,472 7,650 6,209 385 33 34 .. 347 44 105,213 8,419 5,387 431 34 35 .. | 313 47 96,082 9,552 5,086 503 35 36 .. .. 312 39 96,832 8,126 5,134 435 36 37 .. .328 40 108,544 8,431 5,705 448 37 38 .. .. 343 40 110,592 8,616 5,867 467 38 39 .. .. 331 50 107,404 11,426 5,866 605 39 40 .. .. 309 48 99,404 ; 10,497 5,563 598 40 41 .. .. 275 36 89,118 : 8,417 5,014 471 41 42 .. .. 288 35 98,012 1 8,165 5,583 465 42 43 .. .. 297 30 100,943 6,995 5,638 430 43 44 .. .. 270 33 95,243 7,873 5,537 467 44 45 .. .. 249 28 85,779 7,241 5,143 476 45 46 .. .. 255 22 88,491 5,226 5,319 341 46 47 .. .. 261 26 98,579 6,564 6,306 430 47 48 .. . 205 22 74,639 4,866 4,836 339 48 49 .. .. 183 20 65,536 4,900 4,262 341 49 50 .. .. 170 18 62,397 4,134 4,084 291 50 51 .. .. 137 9 53,136 1,860 3,565 146 51 52 .. .. 146 14 54,570 3,240 3,885 251 52 53 .. .. 149 13 58,957 3,580 4,197 264 53 54 .. .. 116 10 45,729 2,435 3,302 186 54 55 .. 117 6 49,884 1,560 3,676 119 55 56 .. .. 118 7 49,296 1,710 3,683 146 56 57 .. .. LOO 10 39,152 2,485 3,110 212 57 58 .. 77 8 30,071 2,190 2,460 183 58 59 .. 63 2 25,512 530 2,098 45 59 60 .. .. 50 3 19,154 610 1,590 52 60 61 .. .. 56 1 22,142 290 1,932 23 61 62 .. 40 3 16,099 510 1,464 48 62 63 .. 42 1 19,223 160 1,679 14 63 64 .. 34 2 14,537 350 1,300 32 64 65 .. .. 29 .. 10,704 .. 893 .. 65 66 .. 5 .. 3,780 .. 343 .. 66 67 .. .. 2 .. 1,490 .. 149 .. 67 68 .. 3 .. 1,730 .. 173 .. 68 69 .. 2 .. 850 .. 85 .. 69 70 .. 1 .. 825 .. 82 .. 70 71 .. 1 I 705 .. 71 .. 71 73 .. 1 ! 53 .. 5 .. 73 77 .. 1 | 600 .. 60 .. 77 Totals .. 12,814 2,207 3,562,493 389,595 203,466 21,200

H . '.-(jA.

TABLE VI. Classification of Pensions granted, showing the Ages at which granted, for Period from 1st January, 1920, to 31st March, 1924 (inclusive).

8

Attainment of Pension Age Keti red Medioaliy Unfit. Ketired. 1 Total 01 35?) (Section 36.) (Section 28.) Age at which j <m Pension No No. No. 2 * No * granted. . Amount Amount Amount §•§ Amount of Pension. I of Pension. of Pension. * og of Pension. M. F. M. I F. M. M. F. Total. £ s. d. £ s. d. £ s. d. £ £ s. d. so .. .. .. .. 1 18 .. 1 1 18 0 0 ™ .. .. .. 3 54 .. 3 3 54 0 0 „ ' .. .. .. 4 72 .. 4 4 72 0 0 76 " " !! !! .... .. • • • • 3 54 .. 3 3 54 0 0 75 !' 1 . ! 151 10 0 .. •• •• •• ■■ •• 1 •• 1 151 10 0 74 .. . . .. 3 54 .. 3 3 54 0 0 73 " i " 805*11 0 3 54 1 3 4 859 11 0 72 1 40 13 0 . • • • • • 4 72 1 4 5 112 13 0 71 " '.. .... .. .. •• 1 18 .. 1 1 18 0 0 70 " 'i " 987 19 0 .. •• •• •• •• 3 54 1 3 4 1,041 19 0 69 . 3 .. 570 12 4 .. ■• •• •• •• 5 90 3 5 8 660 12 4 68 5 .. 1,098 10 0 .. .. •• •• •• 4 72 5 4 9 1,170 10 0 67 22 1 4,531 13 0 .. .. 2 36 22 3 25 4,567 13 0 66 41 .. 7,146 3 0 .. .. •• •• •• 5 90 41 5 46 7,236 3 0 65 :: 121 .. 20,827 4 3.... •• •• •• 5 90 121 5 126 20,917 4 3 64 47 1 11,328 3 0 1 •• 143 16 0 .. •• 1 18 48 2 50 11,489 19 0 63 " 40 1 7,835 3 0.... .. •• •• 7 126 40 8 48 7,961 3 0 62 29 5 7 540 14 0 1 .. 19 0 0 .. .. 3 54 30 8 38 7,613 14 0 6l "44 7 9 644 17 0 2.. 207 2 0 .. .. 3 54 46 10 56 9,905 19 0 60 31 5 9 865 19 0 1 143 5 0 4 380 12 0 2 36 36 7 43 10,425 16 0 ,0 " 27 1 8 874 12 0 •• 12 1,534 3 0 6 108 39 7 46 10,516 15 0 r.Q ; ' 32 3 9 404 11 0 . . •. •• 7 765 19 0 6 108 39 9 48 10,278 10 0 <57 ' 26 2 7'277 8 0 3 548 .13 0 4 547 8 0 4 72 33 6 39 8,445 9 0 56 " 31 5 9'469 3 0 2 .. I 51 16 0 2 287 19 0 4 72 35 9 44 9,880 18 0 55 " 18 3 5 190 12 0 4 .. 608 16 0 .. .. 7 126 22 10 32 5,925 8 0 54 '! 21 5 6 735 6 0 1 ■ • 178 0 0 4 763 13 0 2 36 26 7 33 7,712 19 0 k-J ]4 4 3913 14 0 3 506 11 0 3 611 9 0 .. .. 20 4 24 5,031 14 0 50 " 9 2 2 112 6 0 3 339 6 0 3 679 0 0 4 72 15 6 21 3,202 12 0 r, " 11 3 2526 13 0 4 365 7 0.. .. 2 36 15 5 20 2,928 0 0 50 " () 7 2 497 13 0 2 . . 329 12 0 1 271 16 0 5 90 12 12 24 3,189 1 0 49 3 2 '932 8 0 6 ..! 777 5 0 4 885 9 0 4 72 13 6 19 2,667 2 0 48 " 1 2 436 5 0 2 1 297 19 0 1 169 7 0 2 36 4 5 9 939 11 0 47 " 1 2 469 1 0 3 .. 382 10 0 2 353 18 0 3 54 6 5 11 1,259 9 0 46 " 3 1 410 16 0 2 400 18 0 2 36 5 3 83 847 14 0 45 .. 1 1 114 9 0 .. .. 1 18 1 2 3 132 9 0 44 " .. .. .. 4 72 .. 4 4 72 0 0 40 1 .. 10 18 0 .. .. 2 36 1 2 3 46 18 0 4 o 1 .. 39 15 0 .. .. 4 72 1 4 5 111 15 0 4, " ... .. .. • • 7 126 .. 7 7 126 0 0 40 . .. .. .. 5 90 .. 5 5 90 0 0 on 4 292 2 0 .. .. 3 54 4 3 7 346 2 0 00 2 .. 55 5 0 .. .. 8 144 2 8 10 199 5 0 07 . .. .. .. 5 90 .. 5 5 90 0 0 36 " " " 1 73 17 0 .. .. 4 72 1 4 5 145 17 0 05 " 1 105 14 0 .. .. 3 54 1 3 4 159 14 0 04 1 .. 47 4 0 .. .. 8 54 1 3 4 101 4 0 00 I 2 .. 29 7 0 .. .. 1 18 2 1 3 47 7 0 00 Ill 57 2 0 .. .. 4 72 1 5 6 129 2 0 O, I 4 .. 268 11 0 .. .. 6 108 4 6 10 376 11 0 o 0 3 166 17 0 .. .. 3 54 3 3 6 220 17 0 on 1 .. 15 19 0 .. .. 6 108 1 6 7 123 19 0 oq 2 65 7 0 .. .. 5 90 2 5 7 155 7 0 07 3 97 14 0 .. •• •• 3 3 97 14 0 26 1 . . 36 2 0 .. .. ' 2 36 1 2 3 72 2 0 05 .... .. .. .. 1 18 .. 1 1 18 0 0 24 2 38 14 0 .. .. 3 54 2 3 5 92 14 0 03 " ° ° .. 4 64 3 0 .. .. 1 18 4 1 5 82 3 0 00 .. 1 .. 14 3 0 .. •. .... 1 .. 1 14 3 0 91 " " 2 19 3 0 .. .. .... 2 2 19 3 0 14 .. .. .. 6 78 1 ,0 ... .. .. .. 15 195 ,2 . .. .. . . 18 234 if .. .. .. 12 156 Jo I " .. .. .. 17 221 „ ' .. .. .. 12 156 o : " . .. .. .. 20 260 7 1 .. .. .. .. 18 234 127103 230 2,990 0 0 0 I . .. .. .. 21 273 5 i ! .. .. .. 13 169 4 | " ..I .. .. .. 25 325 o ' .. .. .. 11 143 2 ' . .. .. .. 18 234 , .. .. .. 13 169 0 :: :: :: :: * •• •• j •• - Totals 590 61 3 7 79 4 6,922 0 0 49 7,651 11 0 424 6,482 845 362 1,207 163,269 14 7

H.—26a

TABLE VII. EXPERIENCE TABLE. Rates pee Cent. per Annum of Withdrawal, Mortality, and Retirement.

2—H. 26A.

9

Contributing Members : Males. Contributing Members : Females. Rate of | Rate of Hate of Kate of Rate of Rate of Withdrawals, ! Mortality, Retirement, Withdrawals, Mortality, Retirement, A ge Public Public Public Public Public Public . Service j Service Service Service Service Service ® Superannuation! Superannuation Superannuation Superannuation Superannuation Superannuation Fund. ; Fund. Fund. Fund. Fund. Fund. 15 .. .. 6-50 0-19 .. 3-50 0-13 .. 15 16 .. . . 6-40 0-19 .. 3-60 0-13 .. 16 17 .. .. 6-28 0-19 .. 3-90 0-13 .. 17 18 .. .. 6-16 0-20 .. 4-40 0-13 .. 18 19 .. .. 6-03 0-20 .. 6-40 0-13 .. 19 20 .. .. 5-90 0-20 .. 9-40 0-13 .. 20 21 .. .. 5-75 0-21 .. 12-10 0-13 .. 21 22 .. . . 5-61' 0-21 .. 13-80 0-13 .. 22 23 .. .. 5-46 0-21 0-10 14-80 0-13 .. 23 24 .. .. 5-30 0-22 0-10 15-30 0-13 .. 24 ' 25 .. .. 5-13 0-22 0-10 15-50 0-13 .. 25 26 .. .. 4-95 0-23 0-10 15-30 0 14 .. 26 27 .. .. 4-76 0-24 0-10 14-90 0-15 .. 27 28 .. .. 4-55 0-25 0-10 14-00 0-16 .. 28 29 .. .. 4-30 0-26 0-10 13-10 0-17 .. 29 30 .. .. 4-10 0-27 0-10 12-20 0-18 .. 30 31 .. .. 3-90 0-28 0-12 11-30 0-19 .. 31 32 .. .. 3-73 0-29 0-14 10-50 0-20 .. 32 33 .. .. 3-57 0-30 0-16 9-80 0-21 .. 33 34 .. .. 3-43 0-31 0-18 9-10 0-22 .. 34 35 .. .. 3-32 0-32 0-20 8-50 0 23 .. 35 36 .. .. 3-22 0-34 0-20 8-00 0 24 .. 36 37 .. .. 3-12 0-36 0-20 7-50 0 25 .. 37 38 .. . . 3-02 0-38 0-21 7-10 0-26 0-01 38 39 .. . . 2-92 0-40 0-22 6-80 0 27 0-04 39 40 .. . . 2-82 0-42 0-23 6 60 0-28 0-07 40 41 .. .. 2-72 0-44 0-24 640 0-29 0-10 41 42 .. .. 2-62 0-47 0-25 6-10 0-30 0-30 42 43 .. .. 2-52 0-50 0-26 5-80 0-31 0-60 43 44 .. . . 2-42 0-53 0-27. 5-40 0-32 1-00 44 45 .. .. 2-32 0-57 0-28 4 90 0-33 1-50 45 46 .. . . 2-22 0-61 0-29 4-40 0-34 2-00 46 47 . . . . 2-12 0-65 0-30 3-80 0 35 2-50 47 48 .. .. 2-01 0-70 0-41 3-10 0-37 3-00 48 49 .. .. 1-91 0-75 0-53 2-30 0-39 4-00 49 50 . . .. 1-81 0-80 0-68 1-50 0-41 5-00 50 51 .. .. 1-70 0-86 0-88 0-70 0-44 6-00 51 52 .. .. 1-60 0-92 1-12 .. 0-47 7-00 52 53 .. .. 1-50 0-98 1-37 .. 0-50 8-00 53 54 .. . . 1-40 1-05 1-69 .. 0-54 9-00 54 55 .. .. 1-30 1-12 2-07 • .. 0-59 10-00 55 56 . . .. 1-20 1-19 2-52 .. 0-64- 11-00 56 57 .. .. 1-09 1-27 3-05 .. 0-70 15-00 57 58 .. .. 0-98 1-35 3-74 .. 0-70 15-00 58 59 .. .. 0-88 1-43 4-57 . . 0-70 15-00 59 60 .. . . 0-73 1-52 5-81 . . .. .. 60 61 .. . 0-52 1-61 7-91 .. . . . . 61 62 .. . .. 1-71 13-00 . . .. . . 62 63 .. .. .. 1-83 21-20 i .. .. 63 64 .. .. .. 1-98 29-50 j .. .. 64

11. 26 A.

TABLE VIII. LIFE AND SERVICE TABLE. Based upon the Rates per Cent. per Annum of Withdrawals, Mortality, and Retirement given in Table VII applied to 100,000 Entrants at Age 15.

10

Males. Females. _ - Existing in . With- ! loathe I Ketire- ; Average Existing in j With- Death* Eetire- | Average | . g Service. drawals. i ments. Salary. Service. | drawah. ' ments. Salary, j - ' £ £ 15 .. 100,000 6,500 190 .. 70 100,000 3,500 130 .. 70 15 16 .. 93,310 5,972 177 .. 74 96,370 3,469 125 .. 75 16 17 .. 87,161 5,474 166 .. 80 92,775 3,618 121 .. 85 17 18 .. 81,52] 5,022 163 .. 89 89,037 3,918 116 .. 95 18 19 .. 76,336 4,603 153 .. 105 85,004 5,440 111 .. 105 19 20 .. 71,580 4,223 143 .. 131 79,453 7,469 103 .. 116 20 21 .. j 67,214 3,865 141 .. 158 71,880 8,697 93 .. 128 21 22 .. 63,208 3,546 133 .. 186 63,090 8:706 82 .. 139 22 23 .. : 59,529 3,250 125 60 ' 212 54,301 8,036 71 .. 148 23 24 .. 56,094 2,973 123 56 ' 236 46,194 7,068 60 .. 155 24 25 .. 52,942 2,716 116 53 255 39,067 6,055 51 .. 160 25 26 .. 50,056 2,478 115 50 269 32,961 5,043 46 .. 165 26 27 .. 47,413 2,257 114 47 277 27,872 4,153 42 .. 170 27 28 44,996 2,047 113 45 282 23,677 3,315 38 .. 175 28 29 42,791 ] ,840 111 43 287 20,325 2,662 35 .. 180 29 30 .. 40,797 1,673 110 41 291 17,627 2,150 32 .. 184 30 31 .. 38,974 1,520 109 47 294 15,445 1,745 29 .. 188 31 32 .. 37,298 1,391 108 52 298 13,670 1,435 27 .. 192 32 33 .. 35.746 1,276 107 57 302 12,208 1,196 26 .. 196 33 34 .. 34,306 1,177 106 62 306 10,986 1,000 24 .. 200 34 35 .. 32,961 1,094 105 66 311 9,962 847 23 .. 204 35 36 .. 31,695 1,021 108 63 315 9,092 727 22 .. 208 36 37 .. 30,504 ! 952 110 61 319 I S,3»43 626 21 .. 212 37 38 .. 29,381 i 887 112 62 323 j 7,696 546 20 1 216 38 39 .. 28,320 | 827 113 62 327 j 7,129 485 19 3 220 39 40 .. 27,318 ! 770 115 63 330 j 6,622 437 19 5 224 40 41 .. 26,370 I 717 116 63 333 ! 6,162 394 18 6 . 228 41 42 .. 25,474 ! 667 120 64 336 | 5,744 350 17 17 232 42 43 .. 24,623 j 621 ! 123 64 339 | 5,359 311 17 32 235 43 44 .. 23,816 ! 576 126 64 343 I 4,999 270 16 50 238 44 45 .. 23,049 j' 535 131 65 348 I 4,663 228 15 70 240 45 46 .. 22.318 i 496 136 65 353 4,349 191 15 87 242 46 47 .. 21,622 j 458 141 65 358 | 4,056 154 14 101 244 47 48 .. 20.958 | 421 147 86 364 3,787 117 14 114 246 48 49 .. 20 j 304 ] 388 152 108 370 3,542 81 14 142 247 49 50 .. 19,656 ! 356 157 134 375 3,305 50 14 165 248 50 51 .. 19,009 323 163 167 380 3,076 22 14 185 249 51 52 .. 18,356 1 294 169 206 385 2,857 .. 13 200 250 52 53 .. 17,688 ! 265 173 242 390 2,643 .. 13 211 250 53 54 .. 17,007 I 238 179 287 394 2,419 .. 13 218 250 54 55 .. 16,303 i 212 183 338 398 2,188 .. 13 219 250 55 56 .. 15,571 187 18-5 392 402 1,956 .. 13 215 250 56 57 .. 14,806 161 188 452 406 1,729 .. 12 2'59 250 57 58 .. 14,005 137 189 524 410 1,457 .. 10 219 250 58 59 .. 13,155 116 188 601 413 1,228 .. 9 184 250 59 60 .. 12,250 89 186 712 415 1,036 .. .. 1,036 250 60 61 .. 11,262 59 181 891 415 .. .. .. .. .. 61 62 .. 10,132 .. 173 1,317 415 .. .. .. .. .. 62 63 .. 8,641 .. 158 1,832 415 .. .. .. .. .. 63 64 .. 6,651 .. 132 1,962 415 .. .. .. .. .. 64 65 .. 4,557 .. .. 4,557 415 .. .. .. ! 65 I * These salary scales are not in themselves assumed in making the valuation. but rather the ratios of increase derived therefrom are applied to the actual present salary of each contributor.

H —26A

TABLE IX. SUMMARY OF PUBLIC SERVICE SUPERANNUATION RESULTS. Valuation Balance-sheet as at 31st March, 1924. Males- Liabilities. £ £ Value of — 1,269 pensions for £229,726 Os. lOd. per annum already granted .. .. .. 2,113,894 516 pensions for £9,288 per annum granted to widows of contributors or pensioners .. .. .. .. .. .. .. .. 101,120 469 pensions for £6,097 per annum granted to children of deceased contributors or pensioners .. .. .. .. .. .. .. .. 24,121 Prospective pensions for back service .. .. .. .. .. .. 3,260,657 Prospective pensions for future service .. .. .. .. .. 2,773,701 Prospective pensions to widows '.. .. .. .. .. .. 441,013 Prospective pensions to children .. .. .. .. .. .. 81,887 Return of contributions on death . . .. .. .. .. .. 45,056 Return of contributions on withdrawal .. .. .. .. .. 710,830 9,552,279 Females — Value of— 108 pensions for £6,782 19s. lid. per annum already granted .. .. .. 84,853 Prospective pensions for back service .. .. .. .. .. .. 245,193 Prospective pensions for future service .. .. .. .. .. 233,934 Return of contributions on death and withdrawal .. .. .. .. 106,286 070,266 £10,222,545 Assets. £ Accumulated funds .. .. .. .. .. .. .. .. 2,103,543 Value of— Future contributions from males .. .. .. .. .. .. .. .. 2,429,693 Future contributions from females .. .. .. .. .. .. . . 155,136 Subsidy of £136,000 per annum now being paid .. .. .. .. .. .. 3,400,000 Future increases in subsidy to be provided .. .. .. .. .. ... 2,134,173 £10,222,545

TABLE X. Statement showing Subsidies paid as compared with Subsidies required under the System INDICATED IN THE ACT.

Approximate Cost of Paper.—Preparation, not given ; printing (4,525 copies), £35.

By Authority : W. A. G. Skinnek, Government Printer, Wellington.—l 927.

Price 6d.\

11

'I 'I Year ended. j Subsidy required. ! Subsidy paid. i Shortage. , ** £ ! £ £ £ 31st December, 1908 . . (Say) 20,000 20,000 1909 .. (Say) 20,000 20,000 1910 .. (Say) 22,500 22,500 .. ' 1911 .. 48,000 23,000 25,000 ; 45,020 1912 .. 48,000 23,000 25,000 43,288 1913 .. 48,000 48,000 1914 .. 66,000 48,000 18,000 28,817 1915 .. 66,000 48,000 18,000 27,709 1916 .. 66,000 48,000 18,000 26,644 1917 .. 86,000 48,000 38,000 54,084 1918 .. 86,000 48,000 38,000 52,004 1919 .. 86,000 86,000 1920 .. 125,000 86,000 39,000 49,347 1921 .. 125,000 86,000 39,000 47,449 1922 .. 125,000 ; 86,000 39,000 ' 45,624 1923 .. 172,000 86,000 86,000 . 98,673 1st January to 31st March, 1924* .. 43,000 34,000 9,000 9,929 Totals .. .. 1,252,500 ' 860,500 j 392,000 528,588 * Taken as one-fourth of a full year's factors.