BY LIEUTENANT-COLONEL WARD. 221 



At the end of the third year, the contributions of those 



who have subscribed one, two, and three years . . 800 

 and so on, making, in ten years, an aggregate amount, of which 

 the present value is about 9500. 



The subscriptions of the entire public service to the Super- 

 annuation Fund amount to about 10,000 per annum, and the 

 present value of such an income for ten years, at 5 per cent, 

 interest, is 77,215. 



From these results it will be seen that the endowments already 

 received, and those to be expected during the next ten years, are 

 not equal in value to the pensions which have been already granted; 

 also, that at the end of ten years from the present time, the fund 

 will probably have received from two sources an endowment equal 

 in the aggregate, and at the present time, to about 18,000, and 

 that it will have become liable for payments not fairly chargeable 

 to it, of which the present value is about 100,000. The differ- 

 ence, or about 82,000, is the present value of the extra charge 

 which will, by that time, have been imposed on the fund, and 

 which the united subscriptions of the whole of the public service, 

 up to that period, will be found barely sufficient to meet. 



In the calculations I have submitted, no consideration has 

 been given to the following claims to which the Superannuation 

 Fund is liable, and which are sufficient to absorb one half of the 

 fund created by the Act : 



1. An Officer under sixty years of age can obtain a pension 

 equal to half his salary after fifteen years' service, on submitting a 

 medical certificate of incapacity ; and for every additional year of 

 service an additional pension equal to one-thirtieth of his salary. 



2. If above sixty years of age he can obtain the same pension, 

 for the same service, without medical certificate. 



3. If of a shorter service than fifteen years, he can obtain a 

 pension varying from one month's pay for a year's service to two 

 months' pay for three years' service. 



4. If an Officer die in the service, his relatives of any degree 

 become entitled to receive a month's pay for each year of his 

 service. 



Under these circumstances, the prospects of the Civil Service 

 under the Superannuation Act of 1864 may be considered to be 



