PUBLIC TRUST FUNDS.

Auckland Star, Volume LIII, Issue 142, 17 June 1922, Page 13

PUBLIC TRUST FUNDS.

METHOD Or INVESTMENT. I POINT RATSKD IN COURT. Dur'nip 'lip hearing of 11 will caw on Thursday 'it the Supreme Court nt Wellington a <li-. ussinn arose hptween his Honor thi' Chief Justice (Sir Robert Stout I and tin" various counsel concerned in tho proceedings a* to tlip disposition u f fund* I«"fl ■» Ilic hands nf the Public. Trustee. yir. Hose fior tlip Public Trustee I stated thai unless specilically invested under the terms of a will, all trust moneys were held in a common fund, 5 per cent interest being allowed to the various estates as the rate lixed by statute. There was. however, said Mr. Hose, 11 further bonus distributed, which usually amounted to about one-half per cent, thus makin_ a gross interest return of about Tii per rent. His Honor surested that then, should ho an amendment of the Public Trust Act, whhh allowed only so small a rate of interest to heiiellciaries. It was. said his Honor, rather hard on widows and orphans to allow their funds to stand at such low interest. Money to-day was worth far more. Mr. Wilford, counsel for the widow. contended thai, if the money were taken out of the l'ulilie Trustee's common fund and invested in bonds of the City Council it would be better for all concerned. The Council needed the money, he said, the security was pood, and the interest would he li per cent.