E—l.

Teachers' Superannuation Fund. The position, of the fund at the 31st January, 1931, and the principal figures concerning the transactions for the year, compared with those for the year ended 31st January, 1930, are given below : — 1929-30. 1930-31. £ £ Balance at credit of fund at end of year .. .. 1,198,711 1,272,148 Increase over balance at end of previous year .. .. 26,721 73,437 Income for the year — Members'contributions .. .. .. .. 141,094 143,392 Interest .. .. .. .. .. .. 70,144 73,105 Government subsidy .. .. .. .. 71,831 126,106 Total income .. .. .. .. £283,069 £342,603 Expenditure— Retiring and other allowances .. . . . . . . 222,423 235,902 Contributions refunded, &o. .. .. ~ .. 30,377 29,305 Administration expenses, &c. .. .. .. .. 3,548 3,960 Total expenditure .. .. .. £256,348 £269,167 Number of contributors at 31st January .. .. .. 9,616 9,909 Number of members admitted during period .. .. 911 853 Number retiring from the fund during period .. .. 576 560 Net increase in membership at 31st January .. .. 335 293 Number of allowances in force at end of period .. .. 1,530 1,582 Representing an annual charge of . . . . , . .. £226,966 £239,624 Ordinary retiring-allowances .. .. .. ..973 £180,696 1,015 £192,710 Retiring-allowances under extended provisions of section 75 of the Act .. .. .. .. .. 11l £18,648 103 £17,971 Retiring-allowances in medically unfit eases .. .. 147 £18,766 155 £19,936 Allowances to widows . .. .. .. 214 £6,647 227 £7,112 Allowances to children .. .. .. ..85 £2,210 80 £2,080 Funds invested at 31st January— £ £ At 4| per cent. .. .. .. .. .. 30,150 30,050 At 5 per cent. .. .. .. .. .. 55,917 147,960 At 5| per cent. .. .. .. .. .. 15,800 15,800 At 5| per cent. .. .. .. .. .. 138,510 138,510 At 5| per cent. .. .. .. .. .. 300 400 At 6 per cent. .. .. .. .. .. 921,374 881,688 At 6| per cent. .. .. .. .. .. 30,920 35,704 Total .. .. .. .. .. £1,192,971 £1,250,112 Average rate of interest on investments at 31st January .. 5-83 per cent. 5-796 per cent. Subsidy to Public Libraries. The usual practice of distribution of a certain sum of money voted by Parliament for the purpose to public libraries in country districts on the basis of subsidy on moneys raised locally by voluntary contributions was not followed this year. It is hoped that a revival of the practice will be made possible by a grant by Parliament when the financial position improves.

32