D.—o

2

The amounts shown in the lists 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, 1912, which were, — £ a. a. Life allowances on account of voluntary retirements (760 persons) 55,568 0 7 Life allowances on account of retirements as " medically unfit " (132 persons) ... ... ... ... ... 7,789 9 5 Allowances to 198 widows and 384 children ... ... ... 8,570 8 0 Total annual allowances granted ... ... £71,927 18 0 Since the inauguration of the Fund, 170 beneficiaries have, however, died, including 29 during the year under review, and 8 members who had been placed on the Fund as " medically unfit" resumed duty. The Fund was relieved of an annual liability of £10,793 6s. Id. in respect to these 178 members. 119 children have reached the age of fourteen years (16 during the past year), 5 children have died, 19 widows remarried (2 during the past year), and 8 widows died, lessening the liability of the Fund by an additional £2,102 13s. per annum. There were 1,145 persons actually on the Fund at the 31st March, 1912, involving an annual liability of £59,031 18s. lid. Abthur M. Myers, Minister of Railways, Chairman of the Government Railways Superannuation Fund Board. Revenue Account of the Government Railways Superannuation Fund under Section 90 of the Government Railways Act, 1908, for the Yeab ended 31st March, 1912. Dr. £ ». a. Cr. £ s. a. £ s. d To Balance brought forward on Ist April, By Life allowances paid 50,620 1 0 1911 .. .. .. .. 207,242 7 11 Life allowances due Contributions paid .. £58,404 16 1 notpaid .. .. 240 12 3 Contributions due not paid .. .. 4,746 6 2 £50,860 13 3 Arrears of contribu- Less life allowances tions due by ex- due not paid 31st members Welling. March, 1911 .. 66 9 11 ton and Manawatu 50,794 3 4 Railway Company 177 16 0 Allowances to widows and orphans paid.. £6,397 13 10 £63,328 18 3 Allowances to widows Less contributions due and orphans due not paid 31st March, notpaid.. .. 297 4 0 1911 .. .. 3,873 19 4 59,454 18 11 £6,694 17 10 Fines paid.. .. £447 12 6 Less widows' allowFines due not paid .. 34 2 6 ances due not raid 48115 0| 31st March, 1911 .. 7 16 Payment from Consolidated Funa .. 25,000 0 0 6,687 16 4 Interest receivea .. £12,137 15 1 Payments under section 86 (c) .. 282 17 6 Less interest accrued Payments under section 82 (6) .. 496 18 7 31st March, 1911.. 2,530 3 7 Contributions re9,607 11 6 funded .. .. £8,809 15 0 Contributions duo not refunded .. 830 9 3 £9,640 4 3 Less contribu tion s duo not refunded 31st March, 1911 .. 254 1 3 9,386 3 0 Fines refunded .. .. .. 4 12 6 Travelling-expenses of members of Board .. .. .. .. 18 9 5 Contributions transferred to Public Service Superannuation Fund .. 297 3 5 Publio Trust Office, charges and commission .. .. .. 361 0 9 Amount of Fund at close of year .. 233,457 8 6 £301,786 13 4 £301,786 13 4 Examined and found correct. —Robert J. Collins, 30th May, 1912. Controller and Auditor-General. Balance-sheet of the Government Railways Superannuation Fund under Section 90 of the Government Railways Act, 1908, for the Yeab ended 31st March, 1912. Liabilities. Assets. Dr. £ s. d. Cr. £ s. d. Fund as per Revenue Account above .. 233,457 8 6 In hands of Public Trustee .. .. 229,867 9 4 Life allowances not paid .. .. 240 12 3 j Contributions and fines in transit .. 4,780 8 8 Widows' allowances not paid .. .. 297 4 0 ! Contributions due by ex-members WelContribuiions due to be refunded not lmgton and Manawatu Railway paid .. .. .. .. 830 9 3 Company, payable by instalments.. 177 16 0 £234,825 14 0 £234,825 14 0 Arthur M. Myebs, Chairman of the Government Railways H. Davidson, Superannuation Fund Board. Chief Accountant, New Zealand Railways. Examined and found correct. —Robert J. Collins, 30th May, 1912. Controller and Auditor-General.