10
429
all.
8.
With regard to paragraph 4, I have to state that enquiry has been made of the Banks, and that none of them are willing to give security for deposits by Government in excess of the prescribed limits.
Under Your Lordship's instructions it would therefore be necessary that the balance of the Praya Fund (which at present amounts to $328,295.23 including deposits) should be drawn on by the Crown Agents and temporarily invested.
9.
But I must point out that the Government only hold the contributions of the Lotholders towards the cost of the Reclamation, in trust, and that it is not possible without the sanction of the Lotholders to remit