THE UNPLEDGED OR PLEDGEABLE SECURITIES.

Otago Daily Times, Issue 10417, 20 July 1895, Page 8

THE UNPLEDGED OR PLEDGEABLE SECURITIES.

TO THE EDITOB.

Sie,—ln your issue this morning you have quoted an. article from the Timaru Herald in which it is stated that "the real, nature of the trausaetian between each of the lending departments and .the Government is, that the department ■purchases Government debentures, and the Government cease to have any property whatever in them."

If this is so, and I do noli doubt it, how is it that the sellers (the Government) hold the debentures which, they have sold ? Put the case of a private person. Suppose I purchase Government debentures, those, debentures, with the coupons attached, are my private.'property, and are in my possession ; .in like manner debentures purchased from the Government by any department which holds the private moneys of any person should be handed over to the department that finds the money to purchase them, to be placed in a public trust, or Bome.othe?;lilc« qJSce. :> They would then be not only, unpledged; tijit unpledgeable. If not, hara I, a3 a depositor in the Post Ofijce Saving Bank or &s an insurer, in the Government Life Insurapcs department, any security that my money deposited is sate, or that my family will receive the benefic of my payments forinsuiance at my death ?—I am,: &0., Danedin, July 16