E.—l

The cost of conducting the examinations was as follows:— Total expenses, including cost of additional clerical services temporarily £ employed, but omitting other salaries .. .. .. .. 7,498 Less amounts received or to be received— £ Fees paid by candidates for teachers' certificates and others . . 3,908 Contributed by Public Service Commissioner for expenses of conducting Public Service Examinations, the fees for which, amounting to £1,449, were credit to him .. 1,517 5,425 Net cost to Department .. .. .. .. £2,073 In addition to the examinations referred to above, the Department also conducted, on behalf of the City and Guilds of London Institute, examinations in technological subjects, particulars of which are given in E.-5 (Technical Education.) Teachers' Superannuation Fund. The position of the fund at 31st December, 1921, and the principal figures concerning the year's transactions, as compared with those for 1920 are given below : — 1920. 1921. £ £ Balance at credit of fund at 31st December.. *.. ■ .. .. 599,303 681,777 Increase over balance at end of previous year .. .. .. 72,601 82,474 Income for the year— Members' contributions .. .. .. .. ..87,526 96,409 Interest .. .. .. .. .. .. .. 30,295 35,145 Government subsidy .. .. .. .. .. ..43,000 43,000 Total income .. .. .. .. ..£160,821 £174,554 Expenditure— £ £ Retiring and other allowances .. . . . . .. 66,589 74,315 Contributions refunded, &c. .. .. .. .. ..20,142 15,804 Administration expenses .. .. .. .. .. 1,489 1,961 Total expenditure .. .. .. .. £88,220 £92,080 Number of contributors at 31st December .. .. .. .. 5,174 5,872 Number of members .admitted during year .. .. .. .. 619 1,048 Number retiring from the fund during year .. .. .. 464 350 Net increase in membership at 31st December . . . . . . 155 698 Number of allowances in force at end of year .. .. .. 836 881 Representing an annual charge of .. .. .. .. .. £70,208 £79,355 Ordinary retiring-allowances .. .. .. ..437 £46,269 475 £54,393 Retiring allowances under extended provisions of section 12 of the Act .. .. .. .. .. 76 £10,487 78 £10,698 Retiring-allowances in medically-unfit cases .. 99 £9,902 102 £10,648 Allowances to widows .. .. .. ..125 £2,263 133 £2,407 Allowances to children .. .. .. .. 99 £1,287 93 £1,209 Funds invested at 31st December— £ £ At 4| per cent. .. .. .. .. .. ..58,900 41,050 At 5 per cent. .. .. .. .. .. .. 14,601 13,801 At 5£ per cent. .. .. .. .. .. .. 38,460 38,360 At 5| per cent. .. .. .. .. .. .. 471,612 405,048 At 5f per cent. .. .. .. .. .. .. .. 93,158 At 6 per cent. .. .. .. .. .. .. .. 65,168 Total .. .. .. .. .. ... £583,573 £656,585 Average rate of interest on investments at 31st December . . 5-37 per cent. 5-5 per cent. Approval was given for the continuance of the cost-of-living bonus to widows and children, and, in cases of special hardship, to other annuitants, for the year Ist April, 1921, to 31st March, 1922, the rate being the same as allowed during the previous year —-viz., widows, £26 per annum ; children, £20 per annum ; other annuitants, sufficient to bring the allowance up to £100 per annum, but with a maximum bonus of £40.

52