N.Z. GOVERNMENT INVESTMENTS.

Hawera & Normanby Star, Volume LXXIV, Issue LXXIV, 3 August 1917, Page 5

N.Z. GOVERNMENT INVESTMENTS.

I have mentioned, Sir Joseph Ward told the House on Wednesday evening, that the ordinary revenue'reserve invested in London amounted to £3,917,731, but there are moneys belonging ,to other funds also invested there.

While I was in London the great Imperial War Loan was being floated, and, after consulting the Right Hon. the Prime Minister, it was decided that it would be a fitting thing for this important part of the Empire to subscribe a substantial sum towards the loan. I accordingly arranged for the realisation of £5,000,000 of Dominion funds which were then invested in London on short-dated securities and invested the amount in the Imperial loan. This investment also possesses the great advantage of providing an additional £5.000,000 in gilt-edged securities for use from time to time in London for financing the Dominion should such at any time be necessary. The ordinary revenue reserve referred to above contributed' £2,073,000 towards this £5,000.000. I may mention that there are still other moneys invested in Treasury bills or on deposit in London. All these investments can, of course, be realised as occasion requires, but as the whole of the investments with the exception of the ordinary revenue reserve represent portions of certain funds which are not at preesnt being used in the' Dominion the moneys when realised must necessarily be "used for the purposes of the respective funds from which they were drawn. At the 31st May the total amount invested in London was £7,0*48,000.