PUBLIC TRUST OFFICE.
I (From Our Parliamentary Reporter.) WELLINGTON, this day. 1 The balance sheet of the Public Trust Office for the year ended Ist March was ' presented to Parliament yesterday. It ' shows a balance m hand of £30,954. Tire ; Auditor General finds that it is correct, ' but attaches the following tag :— "The investment of the moneys, amounting to 1 £500,000, paid to the Public Trustee under Section 8 of the Bank of New Zea--1 land and Banking Act, 1895, continues 1 still to be accounted for as a special investment, though such moneys arise un--1 der an instrument giving no directions ' as. to investment, and are therefore by the force of Section 29 of the Public Trust Office Consolidation Act, 1894, moneys of the common fund, 'and invest- : ments from wliich cannot lawfully be made on account of or belong to any particular estate, and the estate account has not been credited with the rate of interest determined by the Governor-in-Council as payable to the estates whose moneys form the common fund." In reply to this the Premier says that the Public Trustee came to, the conclusion that it was not a common fund investment, and the Solicitor-General had confirmed this view.
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Bibliographic details
Poverty Bay Herald, Volume XXX, Issue 9797, 17 July 1903, Page 2
Word Count
203PUBLIC TRUST OFFICE. Poverty Bay Herald, Volume XXX, Issue 9797, 17 July 1903, Page 2
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