D.—s

1911 NEW ZEALAND.

GOVERNMENT RAILWAYS SUPERANNUATION FUND: REPORT OF BOARD.

Laid before Parliament in pursuance of Section 91 of the Government Raihvaijs Act, 1908. In accordance with section 91 of the Government Eailways Act, 1908, the Board has the honour to transmit, for the information of Parliament, its report and balance-sheet for the year ending 31st March, 1911. The accounts show that members actually contributed £57,008 6s. lid. (including £474 19s. 7d., being arrears paid by the Wellington and Manawatu Eailway Company's staff, and £82 3s. 4d. for broken service, purchased in terms of section 18 of the Public Service Classification and Superannuation Amendment Act, 1909); contributions due and not paid, £3,860 9s. 4d. ; fines paid, £560 2s. 6d. ; fines due and not paid, £13 10s.; allowance overpaid refunded, £1 7s. Bd. ; donation, £1 10s.; payment from Consolidated Fund, £25,000; interest received, £9,219 14s. 9d.; interest accrued and not paid, £2,530 3s. 7d. (less interest accrued 31st March, 1910, £2,508 6s. 6d.). These amounts, together with the sum of £173,876 Is. Bd. brought forward from last year, bring out an aggregate of £269,562 19s. lid. on the debit side. ' The superannuation allowance actually paid during the year amounted to £45,762 12s. 7d., and allowances amounting to £66 9s. lid. were due but not paid, representing grants to 708 members of the Eailway service who have either voluntarily resigned or been retired as medically unfit. Allowances amounting to £5,740 16s. lid. were paid in respect to 152 widows and 262 children dependants of deceased members of the service who had not retired on superannuation at the time of their death, and £7 Is. 6d. due to widows and orphans remained unpaid; payments amounting to £216 16s. 3d. were made to the legal representatives of deceased members under section 86, subsection (c), and £784 10s. 6d. under section 82, subsection (6), of the Act. A sum of £8,749 18s., representing contributions of members of the service who voluntarily retired or whose services were otherwise dispensed with during the year, was refunded to the members concerned, in accordance with the provisions of the Act; and £254 Is. 3d., contributions due, still remain to be refunded under this head. Fines remitted to members amounted to £3 as.; travelling-expenses of members of the Board, £47 15s. ; contributions transferred to Public Service Superannuation Fund, £121 os. 7d. ; and commission paid to Public Trust Office, £565 19s. 6d. ; making a total of £62,320 125., and leaving a balance of £207,242 7s. lid. to the credit of the Fund on the 31st March, 1911. The following show the balances brought forward at the end of each year, and also the annual value of the allowances actually granted by the Board in each year:— Balance forward. Allowance granted. £ s. d. € s. d. 1903 ... ... ... ... 7,056 11 9 1904 ... ... ... ... 40,357 17 3 12,010 14 8 1905 ... ... ... ... 68,670 7 8 8,519 7 8 1906 ... ... .. •■• 90,984 11 10 6,348 13 7 1907 .. ... ... ... 110,736 12 3 4,398 14 11 1908 ... ... ... ... 126,642 18 11' 7,332 711 1909 .. 157,151 14 9 6,359 11 0 1910 ... ... 173,876 1 8 11,828 0 6 1911 ... ... •• 207,242 7 11 8,064 11 5 64,862 1 8 Less members died, &c. ... ... ... ... L 0,717 15 11 Annual liability at 31st March, 1911 ... ... ... 54,144 5 9