E.—8,

1925. NEW ZEALAND.

EDUCATION: TEACHERS' SUPERANNUATION FUND. [In continuation of E.-8, 1924.]

Presented to both Houses of the General Assembly by Comm.and of His Excellency.

No. I.—EXTRACT FROM THE FORTY-SEVENTH ANNUAL REPORT OF THE MINISTER OF EDUCATION. Teachers' Superannuation Fund. The position of the fund at the 31st January, 1925, and the principal figures concerning the transactions for the year, compared with those for the thirteen months ended?3lst January, 1924, are given below: — 1923-24. 1924-25. £ £ Balance at credit of fund at end of year .. .. .. .. 858,662 942,755 Increase over balance at end of previous year .. .. .. .. 79,027 84,093 Income for the year — Members'contributions .. .. .. .. .. 101,632 111,025 Interest .. .. .. .. .. .. .. 48,725 53,689 Government subsidy .. .. .. .. .. 63,833 68,000 Total income .. .. .. .. .. £214,190 £232,714 Expenditure — Retiring and other allowances .. .. .. .. .. 112,861 126,232 Contributions refunded, &c. .. .. .. .. .. 19,189 19,462 Administration expenses .. .. .. .. .. 3,113 2,927 Total expenditure .. .. .. .. .. £135,163 £148,621 Number of contributors at 31st January .. .. .. .. 6,858 7,443 Number of members admitted and reinstated during period .. .. 1,029 1,044 Number retiring from the fund during period . . .. .. .. 467 459 Net increase in membership at 31st January .. .. .. .. 562 585 Number of allowances in force at end of period . . .. . . 1,078 1,153 Representing an annual charge of .. .. .. .. .. £118,562 £132,687 Ordinary retiring-allowances .. .. .. .. 620 £87,477 667 £98,499 Retiring-allowances under extended provisions of section 12 of the Act.. .. .. .. .. .. 99 £14,544 107 £16,152 Retiring-allowances in medically unfit cases .. .. 11l £12,544 119 £13,818 Allowances to widows .. .. .. .. .. 152 £2,749 165 £2,983 Allowances to children .. .. .. .. .. 96 £1,248 95 £1,235 Funds invested at 31st January — £ £ At 4J per cent. .. .. .. .. .. .. 38,250 38,150 At 5 per cent. .. .. .. .. .. .. .. 13,004 12,920 At 5J per cent. .. .. .. .. .. 38, 360 38,260 At 5£ per cent. .. .. .. .. .. .. 146,192 137,002 At 5J per cent. .. .. .. .. .. .. 80,825 80,795 At 6 per cent. .. .. .. .. .. .. .. 219,400 376,531 At 6J per cent. .. .. .. .. .. .. 277,306 216,706 Total .. .. .. .. .. .. £813,337 £900,364 Average rate of interest on investments at 31st January .. 5'93 per cent. 5-93 per cent.

I—E. 8.