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1938. NEW ZEALAND.

EDUCATION: TEACHERS' SUPERANNUATION FUND.

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

No. I.—THIRTY-SECOND ANNUAL REPORT OF THE TEACHERS' SUPERANNUATION BOARD. Foe the Yeae ended 31st January, 1938. The Hon. the Minister of Education. Sie, —- Wellington, 9th May, 1938. The Board has to submit the following report for the year ended the 31st January, 1938 : —- 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, 1938, as compared with those for previous year:— 1938. 1937. Contributors on roll at 31st January .. .. .. 8,357 8,058 Increase from previous year .. .. .. .. 299 90* Retiring and other allowances — Annual rate granted during year .. .. .. £12,709 £17,591 Total annual rate at 31st January .. .. .. £325,130 £322,557 Number granted during year — On retirement .. .. .. .. .. 68 88 To widows .... .. .. .. .. 21 26 To children .. .. .. .. .. 5 8 Number discontinued during year — By death .. .. .. .. .. 65 69 By other causes .. .. .. .. .. 14 11 Number current at 31st January— Retired members .. .. .. .. 1,674 1,660 Widows and children .. .. .. .. 379 378 Income for year — £ £ Contributions .. .. .. .. .. 139,835 132,631 Government subsidy— Section 112 of Act .. .. .. .. 43,000 43,000 Section 114 of Act .. .. .. .. 5,277 4,350 Section 23, Finance Act, 1936 s .. .. .. .. 115,000 Special on account of interest reductions .. .. 6,547 9,450 Total Government subsidy .. .. .. |54,824 171,800 Interest .. .. .. .. .. .. 42,759 44,187 Profit on realization of investments, &c. .. .. .. 34 Total income .. .. .. .. £237,418 £348,652 Expenditure — Retiring and other allowances .. .. .. 328,007 323,976 Contributions refunded or transferred .. .. 36,342 31,481 Administration expenses, &c. .. .. .. 3,209 3,306 Total expenditure .. .. .. .. £367,558 £358,763 * Decrease. f Since the closing of the Accounts the Government has given a further special subsidy of £123,000 under authority of section 9, Finance Act (No. 2), 1937,

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