SINKING FUNDS.

Otago Witness, Issue 928, 11 September 1869, Page 15

SINKING FUNDS.

The following is a copy of the resolutions passed at a meeting of the Commissioners of the Public Debts Sinking Funda held on the 23rd August : —

1. A letter from Crown Agents, dated 21st May, 1869, was read, informing theOommistioners that they now hold to the order of the Commissioners the Sinking Fands held by them for the loan of 1863, and requesting iu■tractions as to the investment of oertain cash balances of such Sinking Funds. Ordered — That a copy of this letter be forwarded to both Houses of the General Assembly. 2. The Commissioners have before them a copy of the 8 nkiag Funds Bill now before Parliament. It appears to the Commissioners that the proposal in clause 2 of the Bill, en* abling the Government, at its dinoretion, at any time to remove from the management of the Commissioners any of tho Sinking funds which havtt t>eon placed under their control by Jf arliament, is one which entiroly alters ti:e position of tho Commissioners oa iadependent trustees of the Sinking Fund?, and virtually places the disposal of thesn fnnds at the discretion of the Government of the day. Tho Commissioners fool it their duty to record their respectful protest against being plnocd in a position in which, whilst ro. garded by ths Parliament; and the public as independently responsible for the management of tho Sinking Funds, they virtually arc only responsible so long &\ And to such extent as, the Govornuionb may think proper. In the resolution of the Cornminslonera of the 9th of June, oommunioitort to the Government, with renpeot to the (Sinking Funda of the loan of 1563, tho Commissioner! contemplated that, if tho Government agreed with the viow taken by thw Crown Agents, and coincided in by the Commissioners, they would have been speoificmlly relieved from the luntuvgcinent of thoio Sinking Funds by the same authority by which they received them, nnmttly, by Act of Parliament, p.ml tho Comm siionors, notwithstanding tho lottor of tho Ci-nwu Agents before thoin thi» day, adhoro to thnt opinion. with rcspeot to tuo Canterbury Sinking Funds, tho Commissiontro xnudo no suggostion to tho Government. On furthor con* sidorntiou, howovor, they think it right to oxprcas tlioir opinion that, whilst it wou'd. bu dcsirablo to reliovo thorn from tho m.anajwmont of so muoh of tho Canterbury Sinking Funds as has alroady b:cu paid to Mr italic, Ihoro >s no rcwoa why all futnro payments on account of such Sinking Funds shoitld nob bo made to tho Commissioners under tho Aot of l<vst your. With roapoct to olauao 0 of tho Bill, tho Commismonorn feel it their duty to nrgo upon tho Govornraont that it is hardly fair to imposo upon them tho duty of determining, as between & now provinoo or oounfcy, and tho provinoo of whioh it watt once apart, tho respective portions of released .Sinking Funda payablo to each, beoauso the Comrninoionom havo do official information of tiio apportionment of tho liabilities in such oam by law. Tho Commissioners think that, having pjtfcl any rotaasod Sinking Fund into tho Conanlidated Fund, their duties in respect of suob. moneys, aud all responsibility thoraon, should bo at an ond, nnd that it should lw tho duty of the Treasury ta pay thoso moneys in th« manner directed by Parliament. Ordered— That » cony of theao r«iolati<mi bo forthwith tnuumituU to th# Goran* mooK