CO129-453 - Acting Governor Claud Severn - 1919 [1-3] — Page 32

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been granted special pensions at the rate of £104, would in

normal circumstances have received £61 8 0, £37 10

and £23 13

•

1 respectively.

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P

5

I remember that in the cuse or the fund

in the Straits Settlements Actuarial valuations have been

made from time to time, and also that in certain cases in the

Federated Malay States the pensions awarded under the law

were supplemented by sums voted by the Federal Council. Such

measures are, however, not a very satisfactory method of

dealing with the matter, as they are of a charitable nature

which is not in keeping with a system based on definite

rights acquired by law.

4.

For the year 1919 the income of the fund

is estimated at $53,000, the outgoings at 827,000, and if to

the income is added interest at 6 per centum upon the

capital sum of the Fund, there will be a balance of over 890,000 in favour of the Government upon the year's working. It seems apparent from these figures that it would be possible to grant to the contributors conditions considerably more favourable than those which at present obtain. For this purpose a new valuation of the Fund is desirable, and I should be glad if you would authorise the making of such a

valuation.

5.

It would, I think, be much appreciated by the contributors if the making of the valuation could be en trusted to local Chartered Accountants of whom there are at least two firms entirely competent to do the work. It is thought that any firm domiciled in the United Kingdom must necessarily be handicapped by its lack of knowledge of local conditions. For instance, although Chinese contributors largely preponderate, there are only 47 Chinese pensioners

1

in