Praza Reclamation Fund
as well as ordinary
Current account
balances & deposits should
not exceed $350,000.
2.
It will therefore apparently
be necessary for
a portion of the Praza
Fund to be remitted
temporarily invested
in this country, and I am not prepared to admit that the sanction of the Law Officers need be obtained before this course is taken. On
the contrary it is the
Duty of the Colonial Treasurer
as the nature of
the Praza
Fund is a trust money,
Ta6234/90
[234/40]
434
to pay greater attention to the security, than
it has
In any
case to a high rate of interest, in investing it. Despatch No. 68 of 18th
April 1890 I pointed
out that the Law Officers had no legal claim
to interest, although I
added that
such
interest
as that might be obtained
by depositing the money at a Bank (not necessarily
the local Banker)
might fairly be credited to the Fund
3. I observe that in
the smedertaling
of this paragraph given
in the dotted despatch
under