281

H.—2

Total Funds of the Association at 31st October, 1896. Investments— - £ s. d. £ s. d. £ s. d. Mortgage of freehold security .. .. .. .. .. 92,718 0 0 New Plymouth Borough debentures .. .. .. .. .. 10,.927 0 0 Oamaru Harbour Board debeniures (1883 issue) .. .. .. 400 0 0 City of Christchurch drainage loan debentures .. .. .. 1,400 0 0 Freehold acquired under mortgage (satisfactorily leased with purchasing clause) .. .. .. .. .. .. 3,539 11 7 Balance of freehold acquired under mortgage (in course of realisation) .. .. .. .. .. .. .. 5,298 510 Amounts due on account of scales .. .. .. .. 475 6 9 5,773 12 7 114,758 4 2 Balance in bank awaiting investment .. .. .. .. .. .. 20,463 5 8 £135,221 9 10 (The average return on investment at this date is £5 12s. 2d. per cent, per annum, and on the total funds £5 ss. lOd. per cent, per annum.) Audited and found correct — R. W. Gibbs, Secretary. J. H. Mentiplay.

EXHIBIT 47. BANK OF NEW ZEALAND OFFICERS' GUARANTEE AND PROVIDENT ASSOCIATION. Pension List.

Fund established, 1879. Wellington, 17th June, 1897. R. W. Gibbs, Secretary,

EXHIBIT 48. Bank of New Zealand Guarantee and Provident Association, Dear Sir,— Wellington, 9th December, 1895. I beg to advise you that the trustees, beiug apprehensive that, in consequence of the fall in the rate of interest and other causes, pensions were being paid on a scale exceeding the capabilities of the fund, determined upon a further investigation, as provided by clause 12 of the rules and regulations in the deed of settlement. This has been completed, and the report of our actuary, Mr. Manly, came to band by last San Francisco mail. The result shows that the trustees' fears were not groundless, and it is with regret that I have to inform you that the report makes it imperative that the scale of pensions bo immediately reduced. The trustees have reluctantly resolved that the new scale provided—viz., " A sum equal to one-fortieth of 48 per cent, of the average salary for each year of service "—take effect as from the Ist proximo. From that date the pension payable to you will be at the rate of £104 19s. per annum. I am, &c, Thomas Steele, Esq., Wellington. Richard W. Gibbs, Secretary.

Name of Pensioner. Pension per Annum. Pension paid since D. L. Murdoch F. Larkworthy John MurrayJames Peele .. W. O. Allender T. M. Stewart John Gray .. E. Campbell C. G. Gentil F. Ronalds .. H. B. Macnab J. G. Fildes .. W. F. Russell J. W. Matthews John Winstone J. N. Flower S. S. Revans T. W. Balfour C. Campbell .. Thos. Steele .. B. A. Dickinson H. F. Christie J. W. Henderson J. C. Boddington Chas. Furness W. G. Forbes J. P. Harris John Holloway £ a. d. 500 0 0 500 0 0 368 15 0 101 6 0 71 5 0 345 15 0 48 1 0 104 13 0 103 0 0 133 1 0 214 11 0 153 12 0 225 12 0 157 14 0 72 19 0 80 16 0 135 1 0 218 0 0 113 18 0 104 19 0 125 9 0 128 2 0 80 2 0 163 12 0 116 12 0 106 14 0 152 8 0 189 3 0 1st June, 1888. 1st November, 1888. 1st November, 1889. 1st February, 1889. 1st February, 1889. 10th November, 1890. 1st July, 1891. 8th March, 1892. 16th July, 1892. 1st August, 1892. 31st August, 1893. 1st February, 1894. 1st February, 1894. 1st February, 1894. 1st April, 1895. 1st April, 1895. 1st June, 1895. 4th June, 1895. 1st July, 1895. 1st July, 1895. 12th May, 1896. 1st July, 1896. - 1st February, 1897. 1st February, 1897. 16th February, 1897. 19th February, 1897. 2nd March, 1897. 11th April, 1897. Total £4,815 0 0