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150   LAN'D'S OF ONTARIO

of what would have been obtained had the full forty years been served.

The Act is administered by a commission composed of a representative of the teachers, a representative of the inspectors, a representative of the Department of Education, an actuary and the Deputy Minister of Education, who is the chairman of the commission. As the pensions for many years to come will exceed those which would have been earned by the contributions made to the fund, it has been necessary to exercise conservatism in increasing the benefits of the fund. It has, however, been placed in a very gratifying position. The fund is made up of contributions by the boards of two and one-half per cent. of the salaries earned, and a contribution of an equal amount by the Province out of the Consolidated Revenue Fund. The monies to the credit of the fund vary from time to time, and any not required immediately for the estimated calls upon the fund are invested in interest-bearing securities of the Province.

Of recent years vocational training schools generally know}i as technical schools, and commercial and agricultural high schools have


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