E.—B.

1940. NEW ZEALAND.

EDUCATION: TEACHERS' SUPERANNUATION FUND.

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

No. 1. —THIRTY-FOURTH ANNUAL REPORT OF THE TEACHERS' SUPERANNUATION BOARD. For the Year ended 31st January, 1940. The Hon. the Minister of Education. ® IR r — Wellington, 23rd May, 1940. The Board has to submit the following report for the year ended the 31st January, 1940 :— The Board.—The usual quarterly meetings of the Board were held in February, May, August, and November. The following figures show the transactions, &c., of the fund for the year ended 31st January, 1940, as compared with those for previous year:— 1940. 1939. Contributors on roll at 31st January .. .. .. 9,005 8,653 Increase from previous year .. .. .. .. 352 296 Retiring and other allowances — Annual rate granted during year .. .. .. £12,374 £14,103 Total annual rate at 31st January .. .. .. £326,261 £326,500 Number granted during year— On retirement .. .. .. .. .. 79 76 To widows .... .. .. .. .. 31 21 To children .. .. .. .. .. 8 8 Number discontinued during year — By death .. .. .. .. .. 75 78 By other causes .. .. .. .. .. 15 8 Number current at 31st January—Retired members .. .. .. .. 1,688 1,684 Widows and children ~ .. .. .. 390 388 Income for year — £ £ Contributions .. .. .. .. .. 158,907 146,231 Government subsidy — — Section 112 of Act .. .. .. .. 43,000 82,417* Section 114 of Act .. .. .. .. 4,952 4,934 Section 4, Finance Act (No. 2), 1939 .. .. 102,000 123,000")" Section 9, Finance Act, 1938 .. .. .. .. 113,000 Special on account of interest reductions .. .. 6,027 6,324 Total Government subsidy .. .. .. 155,979 329,675 Interest .. .. .. .. .. .. 42,699 41,315 Total income .. .. .. .. £357,585 £517,221 Expenditure— Retiring and other allowances .. .. .. 330,462 329,096 Contributions refunded or transferred .. .. 32,670 41,765 Administration expenses, &c. .. .. .. 3,112 3,335 Reserves for losses on investments .. .. .. .. 2,000 Total expenditure .. .. .. .. £366,244 £376,196

* This amount includes £39,417 previously shown as paid in advance. t S. 9, Finance Act (No. 2), 1937.

I—E. 8.