(2) 

 No. of subscribers in the service 1 yr. to 5 yrs. 



5 yrs 



. " 10 " 



" " " 10 " 



" 15 " 



" " " 15 " 



" 20 " 



" " " 20 " 



" 25 " 



" " " 25 " 



" 30 " 



u « u 3Q u 



" 35 " 



" " " 35 " 



" 40 " 



.80 

 .70 

 .36 

 .33 

 .12 

 . 2 

 . 1 

 . 1 



We are especially indebted to Mr. S. Herbert Wolfe for his 

 services in making an examination of the operations of the 

 Pension Fund. Mr. Wolfe, in a recent letter, makes the fol- 

 lowing comments : * * * "I am pleased to be able to advise 

 you that its condition [the Pension Fund] appears to be excel- 

 lent. The mortality experienced is well within the expected 

 mortality upon which the Fund was predicated, and the manner 

 in which its funds have been invested has produced an interest 

 revenue considerably in excess of that assumed in its calcula- 

 tions." 



We are also profoundly grateful to Mr. Lewis L. Delafield 

 for the legal advice and counsel which he has at various times 

 given the Pension Board. 



