རྒྱུུ
13 -
-10-
APPENDIX B.
Table showing Inroute of Ceylou Widows' and Orphans' Peusion Fund from Nett Contributions and Interest and the Percentage of such Income absorbed by Pension Payments.
Year.
Income from Nett Contributious,
Income from Interest.
Income from Nett Contributions
and Interest.
Pension Payments.
Percentage of Income from Nett Contributions and Interest absorbed by Pension Payments.
RA
Rs
Bs
Ks
1881
31,678
384
32.262
109
1843
63,723
5.794
69,517
1,702
1886
85,706
9,220
91,926
5.657
6
1887
86.146
13,870
100,016
7,671
N
1888
95,070
12,417
114,487
10,307
9
1899
99.879
25,717
125,596
12,812
TO
1800
105,392
32,415
137,807
16,780
12
[89]
114,144
39,815
158.959
19,38]
13
1892
123,061
48,004
173,065
21,808
B
1853
136.230
56,974
193,204
2-,399
13
1894
148,735
67,780
216,515
34,397
16
IN9S
174,061
78,398
272.459
42,470
17
[NOG
179.347
90,888
270,235
40,944
15
1897
13.50%
104,432
2:8,840
41,312
15
1898
152,444
118,963
311,407
62,299
20
1599
201,576
133.604
335,140
58,172
17
1900
199,673
149,759
349,433
70.703
22
1901
210.432
169,592
375,024
4,371
1902
210.812
IN1,799
392,6||
*5,907
1903
209 9573
198,894
408,847
94,461
22 28
Note — Tar @guns in the last two volumus world have been lugher if the tibles direl July, 113, had been in force from the commencement of the Fund,
No. 169.
HONGKONG.
Government House, Hongkong, 24th June, 1907.
SIR,- have the honour to acknowledge the receipt of Your Lordship's despatch No. 11 of the 16th of January on the subject of the Ordinance to amend the Widows' and Orphans' Pension Fund Ordinance 1900,
2. The only explanation 1 can offer of the fact that in 1903 the Directors of the Fund and the Executive Council agreed to the proposal for the taking over of the Fund by the Government, is that neither the then Chairman of the Fund or any member of the Executive Council, was a contributor. None of the four Directors who were contributors raised at the time any objection to the transfer, and this being so the Chairman and the Executive Council concluded that there was no opposition to the proposal on the part of the contributors who do not appear to have given the matter detailed consideration.
3. When, however, the Appropriation Bill for 1907, in which the Widows' and Orphans' Pension Fund was included as revenue, came before the Legislative Council the Un-Official Members, as has been explained in Sir M. NATHAN'S despatches No. 243 of the 6th of October, 1905, and No. 280 of the 15th of November last, objected to the inclusion of the fund. A reference to the reports of the meetings of the Council forwarded with the first of those despatches will place Your Lordship in possession of the remarks made on the subject by Messrs. R. SHEWAN and G. STEWART who had been deputed by the Un-Official Members of Council to review and criticise the Budget for the current year.
4. Prior to the meeting of the Legislative Council referred to, Sir M. NATUAN had received representations against the transfer from contributors to the Fund; and he, therefore, decided not to introduce the Bill to amend the Willows' and Orphans' Pension Fund Ordinance until these representations land been put into definite shape by a small Committee of Civil Servants constituted for the purpose.
Er
HON. COLONIAL SECRETARY,-After ascertaining the views of the Contributors to the Widows and Orphans' Pension Fund on the proposal that the Government should take over the Fund we find :-
That a
large majority of members is strongly opposed to the Fund being taken over by the Government.
:
2. With regard to this finding it is argued that the valuation of the Fund as it existed on 31st December, 1900, showed that the gross liabilities of the Fund then amounted to $232,337, that there was a surplus of between 4 per cent and 5 per cent of the liabilities and that therefore the Fund was so far in a sound financial position that although the present liabilities of the Fund could not be determined until a further valuation took place, the balance to credit of the Fund on 31st December, 1906, amounting to $272,022 appeared to indicate that the Fund was maintaining a position of solvency: that the financial position of the Fund as disclosed by the next valuation or by some future valuation might justify an increase in the benefits derived from the Fund and that the benefits now offered were not sufficient compensation for the sacrifice of possible prospective benefits and for the loss of management.
8. As regards the contention that “the Government made in effect a large contribution to the Fund by agreeing to pay interest at the high rate of 6 per cent on the monies belonging to the Fund deposited with it" we would point out that the rate of interest charged on loans against first class security by the Hongkong and Shanghai Banking Corporation since 1891 has been:
To the Public. To the Government.
7% per an. per an. 7% per an. 6% per an.
From 1.1.91-31.8.91
.י
יי
7.
1.9.91-30.9.92
6
1.10.92-30.9.95
1.10.95-date
and on current account :-
From 1.1.91-date
2% per an
per an.
per an.
per an.
7% per an.
From these figures it is evident that the monies belonging to the Fund deposited with the Government have possessed a value to the Government of 2%-54% varying with the state of its banking account, And it is within our knowledge that for some years past and for periods varying in length the Government's account with the Bank has been overdrawn as a result of currency transactions.
It is also evident from the figures that the monies belonging to the Fund have possessed] a umrketable value during the whole period equal to and during part of the period exceeding the Government's contribution.
Further, we have made enquiries and are informed on good authority that the Fund could be lent out on mortgage at the present time at as much as 8-9% and that this form of investment would offer the very best security to the Contributors.
4. We would suggest therefore as a means of relieving itself of the burden of paying 6% on surpluses that the Government might itself invest or appoint trustees to invest the monies belonging to the Fund in approved local securities.
5. In conclusion we would respectfully subunit that the large majority of the Contribu- tors, in view of the fact that they are never likely to be transferred, cannot be regarded as being affected by the argument for the Fund being taken over by the Government and for the introduction of the Ceylon Tables that "it is very desirable that the pension rates in Hongkong, the Straits Settlements and the Federated Malay States should be the same. especially as for some purposes the three administrations are manned by a joint service". The very small section of Contributors who are eligible for transfer have presumably no other advantage to gain, the pension funds of the three administrations being distinct, than that they would not on transfer find themselves possibly compelled to subscribe to a Fund at a higher rate than that to which they have been accustomed.
S. B. C. Ross. FRANCIS CLARK, E. H. D'AQUINO, R. CROFTON.
Directors.
37