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The amounts shown in the list attached to the balance-sheet are those actually disbursed during the year, and do not represent the total annual allowances granted by the Board to the 31st March, 1908, which were :— £ s. d. Life allowances on account of voluntary retirements (449 persons) 28,925 13 3 Life allowances on account of retirements as " medically unfit " (87 persons) ... ... ... ... ... 4,971 7 3 Allowances to 109 widows and 211 children ... ... 4,712 18 3 Total annual allowances granted ... ... ... £38,609 18 9 Seventy beneficiaries have, however, died since the inauguration of the Fund, including nineteen during the year under review, and seven members who had been placed on the Fund as " medically unfit" resumed duty. The Fund was relieved of an annual liability of £4,621 18s. in respect to these seventy-seven members. Forty-four children have reached the age of fourteen years (eight during the past year), two children have died, six widows remarried, and three widows died, lessening the liability of the Fund by an additional £761 13s. per annum. Seven hundred and twenty-four persons were actually on the Fund at the 31st March, 1908, involving an annual liability of £33,226 7s. 9d. Begulation to give effect to section 41 of "The Public Service Superannuation Fund Act, 1907," has been gazetted, and the whole of the employees of the "Wellington and Manawatu Bailway Company have become contributors to the Government Bailways Superannuation Fund. Wm. Hall-Jones, Minister for Railways, Chairman of the Board of Administration.

Balance-sheet of the Goveenment Railways Superannuation Fund, under Section 24 of " The Government Railways Superannuation Fund Act, 1902," for the Year ended 31st March, 1908. Dr. £ s. d. Cr. £ s. d. To Balance brought forward on Ist April, By Life allowances paid, Ist April, 1907, 1907 .. .. .. ..110,736 12 3 to 31st March, 1908 .. .. 26,758 16 7 Contributions from members, as per Payments under section 20, (3), of the statement subjoined .. .. 45,669 0 9 Act .. .. .. .. 342 9 1 Fines .. .. .. .. 239 5 0 Payment under section 16, (6), of the Interest added by Public Trust Office Act .. .. .. .. 325 9 3 for year ended 31st Maroh, 1908 .. 5,352 3 0 Allowances paid to widows and orphans, 24th March, 1907, to 21st March, 1908 3,799 12 9 Contributions refunded to members who have left the Service .. .. 3,610 19 7 Fines remitted and refunded .. 2 5 0 Travelling-allowanoe to members of Board attending quarterly meetings 71 10 8 Publio Trust Office Commission .. 442 19 2 Balance at 31st March, 1908, as per statement from Pubho Trust Office, carried forward .. .. .. 126,642 18 11 £161,997 1 0 £161,997 1 0 Wm. Hall-Jones, Chairman of the Government Railways H. Davidson, Superannuation Fund Board. Chief Accountant, New Zealand Railways. Examined and found correct. —J. K. Warburton, Controller and Auditor-General. — 2nd June, 190b.