63

E.—l

Teachers' Superannuation Fund. (E.-9, 1911.) The original Act, passed in 1905 and amended in certain respects in the following year, was repealed on the 10th October, 1908, by the Public Service Classification and Superannuation Amendment Act, 1908 (Part I), but existing contributors were allowed the option of electing to remain subject to the provisions of the original Act. The 30th June, 1910, was fixed as the date up to which such election might be made. The chief difference between the Act of 1908 and the former Acts affected the basis of calculation of the retiring-allowance of a contributor. The retiring-allowance was to be one-sixtieth of the average rate of salary received during the three years next preceding retirement, for each year of service, provided that in no case may the allowance exceed two-thirds of that salary : under the former Acts the basis had been one-sixtieth of the total salary received by the contributor during the period of contributing to the fund (or, in other words, one-sixtieth of his average salary for each year of service during the whole period of contribution), and, in addition, in the case of original members, one one-hundred-and-twentieth of the salary during the years of service between Ist January, 1878, and Ist January, 1906, with a further proviso that in no case should an original a retiringallowance of less than £52 per annum. By the same Act of 1908 the right of persons employed on Ist January, 1906, as teachers in public schools or under the Education Department to be admitted at a future date was taken away. The Act of 1908 was amended in the following year by fixing a maximum retiringallowance of £300 per annum in the case of persons who become contributors to the fund after the passing of the Act (24th December, 1909). Preparations are being made to enable the Actuary appointed by the Governor, in terms of the provisions of section 38 of the Act of 1908, to make the first examination of the fund. The examination will cover the period from the commencement of the fund on the Ist January, 1906, to the 31st December, 1910 —five years. Subsequent examinations will be made triennially. The Actuary's report will be duly printed, laid before Parliament, and copies distributed to contributors. At the end of 1910, The number of contributors was .. .. .. .. .. 3,247 Of whom members under Part IX of Education Act, 1908, number .. 128 The annual rate of contribution paid as at the end of the year was over .. £37,300 The number of retiring-allowances in force at the end of the year was 270, representing an annual charge of over £14,261. Of these, — Ordinary allowances were .. .. .. 158, representing £11,437 Allowances in medically unfit cases .. .. 21, „ t1,408 Allowances to widows .. .. . . 47, „ £611 Allowances to children .. .. .. 44, „ £805 The balance at the credit of the fund and invested by the Public Trustee at the end of the year was .. .. . . .. .. £152,149 The average rate of interest earned by the investments at the end of the year was 4-69 per cent. Subsidies to Public Libraries. (E.-10, 1911.) Parliament did not appropriate any sum in 1909-10 for payment of subsidies to public libraries. Last session, however, a vote of £4,000 was granted—an increase of £1,000 over those of previous years. The vote was first granted twenty-seven years ago, and amounted to £6,000. In 1886 the amount was reduced to £4,000. For twelve years after this date no grant was made, but in 1898 a vote of £2,000 was passed by Parliament. The following year it was increased to £3,000, and this amount has been regularly voted each year until 1908.