H.—l7

1924. NEW ZEALAND.

NATIONAL PROVIDENT FUND: THIRTEENTH ANNUAL REPORT OF THE BOARD FOR THE YEAR ENDED 31st DECEMBER, 1923.

Pre/pared in Terms of Section 2H of the National Provident Fund Act, 1910.

At the 31st December, 1923, the contributors to the fund numbered 23,230, as compared with. 22,118 at tho close of the previous year. At the same date the fund amounted to £969,945 lis. 4d., an increase of £176,801 13s. 6d. The total income amounted to £227,141 13s. 3d., payments by contributors accounting for £142,931 17s. 3d., and interest for £46,922 lis. 3d. The rate of interest earned, £5 9s. per cent., is slightly higher than in 1922. A total of £40,188 was claimed in respect of maternity allowances, and of this amount £33,228 was for members of " approved " friendly societies and £6,960 for contributors to the fund. The amount paid out in allowances on retirement and incapacity, and to widows and children, is steadily increasing, and shows a total of £15,034 16s. 6d. These payments represent a comparatively minor phase of the fund's beneficence, its main obligations being the pensions, which, however, will not for some years yet bulk largely in the current accounts. The administration expenses for the last four years give the following percentage to the contributions in respect of ordinary contributors' business : 1920, 29-9 per cent. ; 1921, 29-8 per cent. ; 1922, 24-8 per cent. ; 1923, 24-4 per cent. At the time of writing this report the total funds are well over a million, representing a notable thrift accumulation, mainly against the contingency of old age. R. Heaton Rhodes, Chairman of the Board. A. T. Traversi, Wellington, 28th August, 1924. Superintendent of the Fund.