51

E.—l

The position of the fund at 31st January, 1923, and the principal figures concerning the transactions for the period, compared with those for 1921, are given below:— Thirteen 1921. Months to 31/1/23. £ £ Balance at credit of fund at beginning of year .. .. .. 681,777 779,636 Increase over balance at end of previous year.. .. . . .. 82,474 97,859 income for the year- — Members'contributions.. .. .. .. .. ..96,409 *100,309 Interest .. .. .. .. .. .. .. 35,145 45,042 Government subsidy .. .. .. .. .. ..43,000 71,583 Total income .. .. .. .. ..£174,554 £216,934 Expenditure — Retiring and other allowances .. .. .. .. .. 74,315 100,132 Contributions refunded, &c. .. .. .. .. .. 15,804 16,755 Administration expenses .. .. .. .. .. 1,961 2,188 Total expenditure .. .. .. .. .. £92,080 £119,075 Number of contributors at 31st December .. .. .. .. 5,872 6,296 Number of members admitted and reinstated during period .. .. 1 ,048 838 Number retiring from the fund during period .. .. .. . . 350 414 Net increase in membership at 31st December ' .. . . . . 698 424 Number of allowances in force at end of period .. .. .. 881 984 Representing an annual charge of .. .. .. .. .. £79,355 £100,641 Ordinary retiring-allowances .. .. .. .. 475 £54,393 554 £72,174 Retiring allowances under extended provisions of section 12 of the Act .. .. .. .. .. .. 78 £10,698 88 £12,490 Retiring-allowances in medically unfit cases .. .. 102 £10,648 108 £12,217 Allowances to widows .. .. .. .. .. 133 £2,407 141 £2,551 Allowances to children .. .. .. .. .. 93 £1,209 93 £1,209 Funds invested at 31st December— At 4| per cent. .. .. .. .'. .. .. 41,050 40,930 At 5 per cent. .. .. .. .. .. .. 13,801 13,031 At 51 per cent. .. .. .. .. .. .. 38,360 38,360 At 5_ per cent. .. .. .. .. .. .. 405,048 258,392 At 5f per cent. .. .. .. .. .. .. 93,158 81,905 At 6 per cent. .. .. .. .. .. .. 65,168 28,900 At 6i per cent. .. .. .. .. .. .. .. 274,808 Total .. .. .. .. £656,585 £736,348 Average rate of interest on investments at 31st December .. 5-5 per cent. 5 - 84 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, 1922, to 31st March, 1923, the rate being—widows, £13 per annum ; children, £13 per annum; other annuitants, sufficient to bring the allowance up to £100 per annum, but with a maximum bonus of £26. Approval has also been given for the continuance of the bonus at the same rate up to the 30th September, 1923. This bonus is not a charge on the Superannuation Fund, but is provided for out of the Consolidated Fund. Subsidies to Public Libraries. Owing to the financial position, the practice of distributing small sums to public libraries in country districts for the purchase of books has not been resumed. Tables relating to Cost op Education. In the following tables —A, B, C, D, E, and F —an attempt is made to analyse the public expenditure on the various branches of education, to show under what heads the increase of expenditure in recent years has taken place ; and to give the expenditure per head of the population and per head of the roll of schools.

* After allowing rebates under section 11 (2) of the Public Expenditure Adjustment Act, 1921-22, amounting to £4,209.

B—E. 1.