MANAWATU EVENING STANDARD. AND POHANGINA GAZETTE. Circulation, 2,500 Copies Daily THURSDAY, JULY 24, 1902. THAT HALF-MILLION.

Manawatu Standard, Volume XL, Issue 7355, 24 July 1902, Page 2

MANAWATU EVENING STANDARD. AND POHANGINA GAZETTE.

Circulation, 2,500 Copies Daily

THURSDAY, JULY 24, 1902. THAT HALF-MILLION.

Some curiosity was evinced last year by a few members of Parliament to discover what tho Government had done with the half-million debentures paid off by the Hank of New Zealand, and it was discovered that the monoy had been gulped in tho insatiable maw of the New Zealand Treasury, and that debentures at three per cent, interest had been handed to the Public Trustee in exchange for tho money. Unfortunately, in doing so, no provision had been made for keeping the half-million in a special account, with the result that, undor the legislation in fovco iv regard to the Public Trust Office, tbe money became a portion of tho "common fund" and should have been invested at a rate of interest sufficient to recoup that fund and to prevent lossThis was not done and the result is ilia tho Auditor-Geaeral has put one of his celebrated " tags " on the Public Trust balance-shcot, calling attention to the fact that the money has been trant'erred to a special investment account. A3 a matter of tact last year tho amount was shown as part of tho " common fund ' in the Public Trust balance-sheet, and therefore the Public Trustee was on the horns of a dilemma. The answer to tho tag, by tho Acting-Colonial Treasurer is that an error was mado last year, and that both tho Public Trusteo and tho Solicitor-Go noral "(who is such an ob, liging official whon occasion requires it) agree that tho amount should not be rogardod as part of the common fund. It seems to us that tho present Public Trusteo looks upon himsolf purely as a Government official whoso first duty is to study the convenience of tho Ministry, instead of regarding himself purely as a trustee, working in the interests of the beneficiaries, without any ooncorn for anyono elso, oxcopt as far as it effects the moneys to bo placod at his disposal. Tho very idea that his operations aro influenced by tho Ministry of tho day is entirely opposed to tho great principle of a trust and naturally gives ono tho suspicion that if a question was at issue of tho dosires of the Government as against tho welfare of tho institution, j the latter would g) to tho wall. After _.c Herculean work accomplished by Mr J. K. Warbnrton in lifting the Public Truat oflico from the slough of dospondinto which it was in 1891 to the high place it has reached in public o&ti niation, it seems a pity that the blighting effe.cts of Government interference should overshadow the popularity of one of tho most useful State institutions fouud in our midst.