E.—B

Session 11. 1923. NEW ZEALAND

EDUCATION: TEACHERS' SUPERANNUATION FUND. [In continuation of E.-8, 1922.]

Presented to both Houses of the General Assembly by Command, of His Excellency.

No. I.—EXTRACT FROM THE FORTY-FIFTH ANNUAL REPORT OF THE MINISTER OF EDUCATION. Teachers' Superannuation Fund. Under the provisions of section 54 of the Finance Act, 1922, the financial year now closes on the 31st January, instead of on the 31st December as formerly. The figures quoted in the statements following are therefore for a period of thirteen months. The change makes the financial year coincide with the salary year of the majority of the contributors, and very considerably reduces the clerical work in connection with the keeping of the accounts. 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 33/3/23. £ £ Balance at credit of fund at beginning of year .. ..' ..681,777 779,635 Increase over balance at end of previous year.. .. .. .. 82,474 97,858 Income for the year — Members'contributions.. .. .. .. .. ..96,409 *100,309 Interest .. .. .. .. .. .. .. 35,145 45,041 Government subsidy .. .. .. .. .. .. 43,000 71,583 Total income .. .. .. .. ..£174,554 £216,933 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 * After a3lowing rebates under section 11 (2) of the Public Expenditure Adjustment Aot, 1921-22, amounting to £4,209.

I—B. 8.