H.—26

Progress of the Fund.—The following table illustrates the position of matters in relation to the fund since its inception:—

General. —Important legislation affecting the fund was passed by Parliament during last session. Section 27 of the Finance Act, 1925, increases the statutory allowances to widows and children to £31 per annum and £26 per annum respectively. These increases take the place of the cost-of-living bonus of a like amount paid hitherto. Section 29 of the same Act provides for the inclusion in salary of the value of bjard and lodging, free house, or an allowance in lieu of board or lodging or the use of a house, ac the option of the contributor affected within six months after the passing of the Act. Pull contributions from the date of joining the fund, together with interest at the rate of 5 per cent, compounded, have been paid by those contributors who have elected to accept the privilege. W. Noswokthy, Chairman. PUBLIC SERVICE SUPERANNUATION FUND. Revenue Account for the Yeae ended 31st March, 1926. £ s. d. £ s. d. Amount of fund at beginning of year.. 2,197,377 14 7 Retiring-allowances— Members' contributions — To members .. .. .. 286,684 3 8 Under section 29 (ordinary) .. 256,790 1 5 To widows and children .. .. 29,715 15 4 Transfers from other superannuation . Contributions returned — funds .. .. .. 587 13 11 Under section 46 (aa) (left service).. 41,527 0 3 Interest on contributions.. .. 3,804 19 4 Under section 42 .. .. 10,291 13 5 Government subsidy— Under section 32 (/) .. .. 873 8 8 Statutory .. .. •• 86,000 0 0 Under section 38 .. .. 670 7 6 Section 27, Finance Act, 1925 .. 13,268 19 5 Contributions to other superannuation Interest on investments .. .. 132,992 19 11 funds (section 48) .. .. 185 7 6 Fines, &c. .. • • • • 276 15 8 Expenses— Subsidy—Cook Islands and Samoa Medical fees .. .. .. 51 9 0 Administrations .. .. 3, 167 7 7 Election expenses .. .. 6 6 0 Salaries .. .. .. 2,668 4 6 Audit fees .. .. .. 50 0 0 Heating and lighting .. .. 1119 Rent .. .. .. .. 197 0 0 Cleaning .. .. .. 100 17 4 Messenger service .. .. 75 0 0 Public Trustee's charges .. .. 3,324 II 9 Furniture and fittings .. .. 13 11 1 Contingencies .. .. .. 37 10 0 Printing and stationery .. .. 141 16 0 Typewriters and other machines (upkeep) .. .. .. 26 0 1 Postages and services .. .. 216 9 7 Balance as at 31st March, 1926 .. 2,317,398 18 5 £2,694,266 11 10 £2,694,266 11 10 Balance-sheet as at 31st March, 1926. Liabilities. £ s. d. Assets. £ s. d. Superannuation Fund Account — Amount invested by the Board .. 2,300,552 15 5 Balance from Revenue Account .. 2,317,398 18 5 Contributions due in course of transAdd value of office furniture, fittings, mission .. .. .. 5,763 6 1 and machinery .. .. 635 0 0 Interest due and accrued .. .. 39,152 5 3 Cost-of-living bonus recoverable (Con--2,318,033 18 5 solidated Fund).. .. .. 306 13 9 Retiring and other allowances due, in Subsidy, Cook Islands and Samoa .. 55 14 10 course of payment — Subsidy, section 27, Finance Act, 1925 53 11 9 To members . ■ • • • • 1,975 810 Balance in hands of Public Trustee .. 32,899 10 3 To widows and children .. .. 300 13 8 Balance in hands of Postal Department 1,521 310 Refunds of contributions due, in Bank Account .. .. .. 11,320 6 9 course ol payment — Office furniture, fittings, and machinery 635 0 0 Under section 46 (aa) (left service).. 1,585 17 9 Under sections 42 and 43 (death) .. 1,061 8 9 Under section 38 .. .. 515 1 6 Expenses due, in course of payment — Furniture and fittings .. .. 13 11 1 Printing and stationery .. .. 9 14 7 Public Trustee's charges .. .. 978 16 1 Contributions paid in advance or in error .. • • • • • • 1,972 6 4 Unclaimed Account (contributions, &c.) 1,313 10 11 Balance, Government subsidy* .. 64,500 0 0 £2,392,260 7 11 £2,392,260 7 11 * The Government subsidy is paid in January of each year Owing to the change in the date of the financial year to show the.true position of the fund it is necessary to state this item as a liability. I hereby certify that the Revenue Account and Balance-sheet have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby. In the case of one mortgage a sum of £39 has been advanced in excess of the statutory limit. —G. P. C. Campbell, Controller and Auditor-General.

3

Year ended 31st December, Year ended I 1 1 31st March, ! 1908. j 1912. J 1916. | 1921. 1926. Total number of contributors ... 7,235 10,027 13,313 J 15,782j 16,328 Total amount contributed annually ... £79,831 £109,840 £141,844 ! £248,020; £238,996 Interest received... ... ... £1,295 £16,257 £42,314 £85,312 £132,993 Number of pensions and allowances 122 683 1,233 1,949 2,522 payable Annual value of retiring and other £8,881 £53,385 £88,392 £163,355 £314,214 allowances payable Total amount of contributions refunded £484 £10,749 £23,391 £51,705| £53,362 Expenses of administration ... £890 £1,144 £2,318 ! £4,615| £6,920 Total amount of accumulated fund ... £71,481 £423,556 £896,568 |£1,716,837|£2,317,399