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USE OF PATRIOTIC FUNDS BOARD ADOPTS POLICY P.A. WELLINGTON, Aug. 11 The New Zealand Patriotic Fund Board, at a meeting to-day, outlined its future . policy. The GovernorGeneral, Sir Bernard Freyberg, presided.
Sir William Perry moved that the total funds be expended by the year 2000 and that, to this end, an actuarial investigation of all funds be made immediately and every three years thereafter to show the annual expenditure necesary to exhaust funds, including compound interest, to that date.
After discussion it was decided that no time should be fixed for the expenditure of the total funds, but that an actuarial investigation of all funds should be made immediately and every three years thereafter to enable the board to formulate a policy from time to time.
A summary of receipts and expenditure for the period May 1 to July 31, 1948. showed that the total investments stand at £1,331,647. *
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Bibliographic details
Otago Daily Times, Issue 26848, 12 August 1948, Page 4
Word Count
152NO TIME LIMIT Otago Daily Times, Issue 26848, 12 August 1948, Page 4
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