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Monthly payments under the Licensing Implement and paying therefrom instalments in aid of Police purposes, it was naturally found impossible to place the entire amount at the highest rate of interest obtainable in the Colony.
A portion of the Fund was deposited at 5 per cent, yet whilst some of it was necessarily producing interest at all, and some was left in the Oriental Bank at the ordinary current rate of 2 per cent interest.
3. Since the receipt, however, of Your Lordship's instructions in requiring the closing of the Licensed Houses, and the disposal of the Land, it has now been found practicable to place nearly the entire amount in various banks producing a fixed rate of interest.
But regarding the past, Your Lordship will observe that interest at the rate of 4 per cent has been credited to the Fund, and I may take this opportunity of correcting an error in General Whitfield's Despatch, No. 98 of the 4th July 1871, wherein it is stated that in the Return then forwarded the interest had been calculated at 5 per cent. The matter of fact then was...