E.—l

51

The standards of qualification for National Scholarships for the year, fixed in accordance with the provisions of the Act, were 64 per cent, for juniors, and ■63-| per cent, for seniors. In the case of junior-scholarship candidates from oneteacher schools the standard of qualification was fixed at its lowest limit allowable •by regulation —viz., 10 per cent, below the ordinary standard. The cost of conducting the examinations was as follows : — Total expenses, including cost of additional clerical services temporarily £ employed, but omitting other salaries .. .. .. 7,236 Less amounts received or to be received— £ Fees paid by candidates for teachers' certificates and others .. 2,631 Contribution by Public Service Commissioner for expense of conducting Public Service Examinations, the fees for which, amounting to £1,312, were credited to him — Public Service Entrance, June, 1920 .. .. 351 Public Service Entrance, November, 1920 .. .. 1,002 Public Service Senior, January, 1921 .. .. 98 4,082 Net expenditure .. .. .. .. £3,154 Teachers Superannuation Fund. (See also E.-9, Teachers' Superannuation.) The position of the fund at 31st December, 1920, and the principal figures concerning the year's transactions, as compared with those for 1919 are given below: — 1919. 1920. £ £ Balance at credit of fund at 31st December .. .. .. 526,702 599,303 Increase over balance at end of previous year .. .. .. 68,646 72,601 Income for the year — Members'contributions .. .. .. .. ..72,561 87,526 Interest .. .. .. .. .. .. .. 26,686 30,295 Government subsidy .. .. .. ... .. .. 43,000 43,000 Total income .. .. .. .. ..£142,247 £160,821 Expenditure — £ £ Retiring and other allowances .. .. . . . . 57,489 66,589 Contributions refunded, &c. .. .. .. 14,735 20,142 Administration expenses .. .. .. . . . . 1,377 1,489 Total expenditure .. .. .. .. £73,601 £88,220 Number of contributors at 31st December .. .. .. .. 5,019 5,174 Number of members admitted during year .. .. .. . . 533 619 Number retiring from the fund during year .. .. ... 408 464 Net increase in membership at 31st December .. .. .. 125 155 Number of allowances in force at end of year .. .. .. 784 836 Representing an annual charge of .. .. .. .. .. £63,448 £70,208 Ordinary retiring-allowances .. .. .. ..400 £40,493 437 £46,269 Be tiring-allowances under extended provisions of section. 12 of the Act .. .. .. .. .. 75 £10,533 76 £10,487 Be tiring-allowances in medically-unfit cases '.. .. 94 £9,029 99 £9,902 Allowances to widows .. .. .. ..117 £2,119 125 £2,263 Allowances to children .. .. .. .. 98 £1,274 99 £1,287 Funds invested at 31st December— £ £ At U per cent, .. .. .. .. .. .. 59,000 58,900 At s"pe r cent, .. .. .. .. .. .. 26,161 14,601 At 5J per cent. .. .. .. .. .. .. 38,460 38.460 At 54 per cent, .. .. .. .. .. .. 385,812 471,612 Total .. .. .. .. .. .. £509,433 £583,573 Average rate of interest on investments at 31st December .. 5-34 per cent. 5-37 per cent. The Government approved of the payment of a cost-of-living bonus to annuitants for the year from Ist April, 1920, to 31st March, 1921, on the following basis : Retired officers whose allowance does not exceed £60 per annum, £40 per annum ; retired officers whose allowance exceeds £60 per annum but does not exceed £100 per annum, an amount sufficient to bring the allowance up to £100 per annum; widows in receipt of allowance, £26 per annum; children in receipt of allowance, £20 per annum. The payment of the bonus is, in the case of widows and children, being continued until the 31st March next, and is also being continued in other cases where,