A ratepayer pointed out that the local currency figures shown against sterling pensions in the 1939 schedule were, lower than the corresponding figures for previous years. A report on this matter was submitted to the Finance Committee by the Treasurer and Controller in May last. The Treasurer and Controller pointed out that previous to the 1939 Budget certain sterling pensions had erroneously been included in the schedules at the stabilized rate of 1/2%d. to the dollar instead of at the equivalent Tate of 2/6d. to the tael as provided for in Clause 7 of the Pensions Trust Deed. 5
The 1939 schedule was therefore amended so as to agree with the statement furnished to the trustees in accordance with the terms of the Deed of Trust. It was as a result of this revision that the local currency amounts shown against sterling pensions in the 1939 schedule were lower than the corresponding figures for previous years, and the amount of exchange compensation provided under General Charges was increased correspondingly.
The Treasurer and Controller also pointed out that revision of Clause 7 of the Deed of Trust and the substitution of the stabilized rate of 1/2%d. to the dollar for the rate of 2/6d. to the tael would necessitate increasing the Pension Fund by approximately $300,000, for which there was no, provision in the capital budget.
The Treasurer and Controller suggested that in future schedules a footnote be added to the effect that pensions granted in sterling had been funded at the equivalent rate of 2/6d. to the tael in accordance with the EXPERIENCED young American or British salesman for old-established
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