XVI

8.—6

The results are entirely satisfactory, and the new system has proved a great convenience to the public, as it is now unnecessary for holders of Treasury cheques to visit the Post Office in order to give receipts for payments and obtain the Postmaster's countersignature to the cheques. The Postmasters have also been relieved of a considerable amount of work. An arrangement has also been made with the Post Office under which claims not exceeding £5 in amount are made payable locally by Postmasters in cash. This arrangement enables prompt payment to be made of small sums owing by the Government, and is not only a matter of great convenience to the public, but has relieved the Treasury of the necessity of writing and posting cheques for thousands of small accounts. In order to simplify the process of paying the salaries of classified officers of the Service, the Treasury Regulations have been amended to enable these payments to be. made before audit, instead of after audit as formerly. This process will relieve Departments and also the Treasury of a considerable amount of work, and will not in any way impair our system of audit as applied to the payment of salaries. An important reform has also been effected in the method of keeping expenditure accounts, full details of which were formerly entered by both the Treasury and the spending Department. The responsibility for keeping the details and apportioning the expenditure between the various items of the votes has now been definitely placed with the Departments, and the Treasury will record the charges against votes as a whole. This change has done away with a considerable amount of duplication, and while it has effected a large saving of labour, it has also expedited the process of payment.

PUBLIC SERVICE SUPERANNUATION FUND. The income during the year ended the 31st December, 1913, was £185,463, including £48,000 annual subsidy from the Government. The amount contributed by members of the fund during the year was £116,425, the balance of the income was made up of interest, £20,804, and fines, £234. The total payments for the year amounted to £71,104. This includes allowances to members and to widows and children of deceased members, £58,238, as against £50,781 for the previous year; contributions refunded, £10,757 ; compensation, £942; and expenses, £1,167. The total value of the fund at the end of the year was £537,914, an increase of £114,358 on the total at the close of the year 1912. The number of contributors at the beginning of the year was 10,027, and 1,427 new contributors have joined since. The number of officers who ceased to contribute during the year owing to resignation from the Service, retirement on pension, or death was 646, leaving a total of 10,808 effective members of the fund at the end of the year. There were 438 members in receipt of retiring-allowances by reason of age or length of service, and 101 by reason of medical unfitness or of injuries received whilst on duty. The number of widows and children in the fund was 138 and 134 respectively. The Government Actuary is now engaged in making the triennial investigation of the fund, under section 48 of the Act, and his report will bejpresented to Parliament before the close of this session.

TEACHERS' SUPERANNUATION FUND. The income during the year ended the 31st December, 1913, was £84,405, made up as follows : Contributions of members, £55,010 ; interest on outstanding contributions, £2,294 ; interest from Public Trustee, £10,101 ; and Government subsidy, £17,000. The expenditure for the year was £33,567. The value of the fund on the 31st December, 1913, was £265,136, as against £214,298 on the 31st December, 1912, an increase of £50,838. The number of contributors increased from 3,641 on the 31st December, 1912, to 4,286 at the end of 1913, an increase of 645. Under section 3 of the Public Service Classification and Superannuation Amendment Act, 1912, forty-six persons in the employ of the University of New Zealand and affiliated institutions on the 31st December, 1912, exercised on or before the 30th June, 1913, their right of election to become members of the fund ; and in like manner 156 persons who were eligible but who failed to join the fund on its inception in 1906 exercised their right to become members on paying up back contributions.