CO129-453 - Acting Governor Claud Severn - 1919 [1-3] — Page 39

- 12.

2. With regard to the question of the transfer of the Fund the Committee desire to point out that the Government has, under Section 13 of Ordinance No. 30 of 1890 and Section 5 of Ordinance No. 8 of 1900, guaranteed that all contributions shall during the cou- tinuance of the Funul bear interest at the rate of 6% per annunt.

3. Under present circumstances the Government employs the Fund for purposes of The Com. General Expenditure paying 6% compound interest for the use of the money. mitter understands that it is now proposed that the Government should continue to use the money but should cease to pay interest upon it, on the ground that the Government will eventually be called upon to pay in pensions and expenses of management a sum equivalent to the total present capital together with future annual contributions with 6% compound interest all.

4. The Fund has at the present time a credit balance of $220,000, which at the rate of interest guaranteed by the Government, and with the addition of a year's contributions, estimate at $29,000, would at the close of 1906 be increased to a total of $262,200. The pensions payable in 1906 are estimated at a sum of $5.475 and the expenses of management during that period would probably not exceed the sum of $2,500; so that at the beginning of 1907 there would be a total expitul sum of $254,225 which would continue to increase at compound interest.

5. The Government is apparently of the opinion that the annual expenditure in respect of pensions and cost of management will ultimately equal if not exceed the sum of the anual contributions together with interest on the capital cafrulated at 6%. The Civil Service on the other hand anticipate that the capital of tlie Fand will increase so largely as to make it possible at some future date to revise and to increase the rates of pension; and they are prepared to undertake for themselves the risk that the Government now proposes to undertake, namely that the expenditure may eventually excveil the income,

6. With regard to the second of the Committee's findings it is urged by a majority of the contributors that each officer is in natura justice entitled to the eventual return with interest of that portion of his salary which he has been compelled to surrender. They sug- gest in place of the existing scheme a scheme of compulsory individual insurance based the present 4% reduction of salary with the stipulation that the policies shall be held by the Government or by a Board of Directors and that an officer shall have no power to alienate his policy from his wife or children or to discontinue his payments thereon.

7. The Committee have taken steps to ascertain the prospects of each individual contri butor under an insurance scheme based upon these principles and when definite figures have been obtained they propose to ask for a definite expression of opinion from all officers concerned.

8. In the meantime they have the honour to request that His Excellency the Governor will be good enough to move the Secretary of State to postpone for the present any action in connection with the proposed transfer of the Fund, as the Ordinance authorizing the transfer can, in the event of such proposals as may be put forward being disapproved, he made retrospective and with effect from the date orginally intended.

We have, &e..

The Honourable,

THE COLONIAL SECRETARY,

HENRY S. BERKELEY.

FRANCIS CLARK,

L. A. M. Jonxstoa. A. G. M. FLETCHER

Whitno

of Income in

Contributions i Income from

and Interest BUG por gent

Inbsorbed by

l'ension

Payments.

Fond accumulating at i per cunt. Interest.

Fand accumulating at 33 per cent. Interest.

Fund without

Interret,

38010144]

Increase

Fund at end

Interest

Tueronse

Fund at end

coryod.

carded.

Tund

Your.

or Decrease in

Forl

Fund at end.

of Year.

APPENDIX

A.

Table showing Fond derived from Accumulated Contributions of 1,000 Contributors assumed to enter at age 35 with Wives agoi 30; each Contributor assumed

to pay 1 per annum to the Fund to secure a Widows' noul Orphans' Pension of 3'95 (see Tables dated July, 1903, page 14).

Contributions and l'ensions.

מוסי!

Entry, beginning

of Year.

lors at

Widows

| Contrilatione

Pensions paid

Contributions

max

poajcomm

during Visar. |

אל

of Your

during Year,

Pensions.

-kartu poj

Wives

Ju Nolly

30 Bay

Year

HOT

HU

الي

R.

20

1,023

1,070

1.117

BR

1991

1 122

2017*1

grot

221

Isa't

FILE

1.232

5.519

16,0900

GET

1,381

6.960

1,129

1,462

CAVA

9-

5001

*

NE'

ONIST

FNRA

E82'01

1922

10,302

BM

501

Re

R

LEKKE

זי

RS

The reast

ክ

87

1+02

2.0012

ײַן

3,000

201

! לאון

זי

: 11

100'4

3.20

་

6,975

201

#76

7,931

-

--

25T

..

SHW

282

HER

300

زاد توتو

11,72%

3:21

B03

12,631

881

BJR

37%

SALLI

SIR

27

12

918

ale

..

wrt

Far

703

་

Minas

11.208

7.027

15,1933

202

100%

5337852

TING

36

892 11

289

GRIXI

**

1.656

1663

1.690

1.701

1,731

11,832

12.00

$2,200

::

*

12.257

Decrease

36.

21

tak

OK6Y

127

-

bod

另行

1.071

1,140

NOPSI

FIG

24,252

sut

874

1.224

0.217

231

21,161

好恋に

1L18

1.01:

DEGN

1.241

301

1,246

to

040

ז-

:

¡