D.—2.

The Shunting Inquiry Board's report was received in November last and is published as an appendix to this statement. (Appendix E.) Arrangements have been made to give effect, as far as practicable, to the various recommendations made by the Shunting Inquiry Board. SUGGESTIONS AND INVENTIONS COMMITTEE. A Committee to deal with suggestions and inventions was set up during the year. Since its inception in June, 1925, the Committee has received a total of 858 suggestions and inventions, of which 62 were recommended for adoption, 6 are on trial, 165 still under consideration, and 625 were rejected. Suggestions advanced by members of the general public are dealt with by the Committee in addition to those forwarded by railway employees. The matters referred to the Committee cover practically all phases of the Department's operations. Monetary rewards were made in respect of fourteen suggestions, and commendations were noted on the official record of thirty-nine suggesters. The Board is pleased to note the Committee has been of practical value in stimulating the initiative of the staff. SUPERANNUATION FUND. The report of the Government Railways Superannuation Fund for the year ended 31st March, 1926, shows the position to be as follows : — Annual liability, £220,093. £ Members'contributions .. .. .. .. .. .. 154,103 Fines and donations .. . . .. .. . . .. 219 Interest .. .. .. .. .. .. .. .. 43,751 Deficit to be drawn from subsidy .. .. .. .. .. 22,020 £220,093 At the same date the liability to contributors in respect of amounts paid £ in was .. .. .. .. .. .. ..1,161,717 The total accumulated fund was .. .. .. .. .. 862,139 Leaving'a deficit of .. .. .. .. .. £299,578 The annual liability, £220,093, is in respect of 1,367 members, 444 widows, and 521 children, making a total of 2,332 persons actually on the fund on the 31st March, 1926. As from the Ist April, 1924, the amount standing to the credit of the fund has been invested separately by the Public Trustee. The amount standing in the Investment Account in the balance-sheet is represented by the following securities :— £ Mortgages .. .. .. .. .. .. .. 512,046 Local bodies'debentures .. .. .. .. .. .. 195,415 Government securities .. .. .. .. .. 93,000 In hand awaiting investment .. .. .. .. .. 1,100 £801,561 The average rate of interest on securities held on 31st March, 1926, was 5-76 per cent. The average rate of interest earned on the mean funds was 5-684 per cent. We have the honour to be, Sir, Your obedient servants, F. J. Jones (Chairman), \ J.Mason, ■ Board of A. W. Mouat, j Management.

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