8.—9

National Provident Fund. 15. The value of investments and funds held by the Public Trustee on the 31st March, 1925, on behalf of the National Provident Fund was £1,167,837. This figure, which exceeds that of the previous year by £192,531, indicates the rapid rate at which the fund is increasing. All amounts received by the Public Trustee, whether by way of capital or income, are promptly invested in authorized securities on the Ist of the month following the date of the receipt of the moneys. Commission at 2-| per cent, is charged on all interest collected from investments, this charge being an inclusive one for the whole of the Public Trustee's services in connection with the investment and management of the fund. Public Service Superannuation Fund. 16. On the 31st March investments and funds were controlled by the Public Trustee on behalf of the Public Service Superannuation Fund to the value of £2,235,866, representing an increase of £198,027 for the financial year. The authority for the investment of moneys in this fund is vested in the Public Service Superannuation Fund Board. As investments are in order for settlement, the Public Trustee is provided by the Board with the necessary funds to enable settlement to be effected. Thenceforth the collection of interest and the management of the investments are attended to by jfthe Public Trustee, who obtains the direction of the Public Service Superannuation FundJ Board on important matters of policy as occasion may demand. For these services the Public Trustee receives commission on interest on investments at the rate of 2\ per cent, in accordance with regulations Order in Council. Teachers' Superannuation Fund. 17. The Public Trustee's functions in connection with this fund are similar to those in connection with the National Provident Fund. Of the income derived from investments, so much as may be requiredfto meet current claims on the fund is made available on demand, and the surplus income, together with moneys received on the repayment of investments, is invested in authorized securities on the Ist of the month following the date of receipt. As in the case of the National Provident Fund, the Public Trustee's remuneration for his services is fixed at the rate of 2f per cent, on income collected from investments. The value of the investments and funds held by the Public Trustee on the 31st March, 1925, dn behalf of the Teachers' Superannuation Fund was £974,645, as compared with £893,865 on the 31st March, 1924. Government Railways Superannuation Fund. 18. As mentioned in last year's report, a change in the system of investment of moneys belonging to this fund was put into operation on the Ist April, 1924. For moneys held on bahalf of theTGovernment Railways Fundi"on the 31st March, 1924, a fro rata allocation of investments at the various rates of interest was made as at the Ist'fApril, 1924, to the Government Railways Superannuation Fund from the investments held in the Common Fund of the Public Trust Office. From that date, of course, the amount so invested no longer enjoyed the State guarantee. The regulations relative to the fund which were fixed by Order in Council directed that there should be two accounts kept by the Public Trustee —an " Investment Account " and a " Current Account " — and moneys received during the year have been credited to one or other of those accounts, as arranged with the Government Railways Superannuation Fund Board. As in the case of moneys received on behalf of the National Provident Fund and the Teachers' Superannuation Fund, for moneys credited to the Investment Account investments have been allocated to the fund as from the Ist of the month following the date they were so credited/ Moneys credited to the Current Account have been held at call to meet the claims on the fund, and have been credited with interest at the rate of 3 per cent, on the minimum monthly balance.

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