A13 篮 Xolo AOR 1 645 To the Fuclio. To the Government #ro# 1.1.91 31.8.91 74 per annJI. # 1.9.91 - 30.9.92 1.10.93 - 30.9.95 1.10.95 - Jute 2% per annum. 5/2 1/23 per annum. per acnuN. 7% per annum. per annus. 4% per annue 4x per annum. and on current account:- from 1.1.01 date 27 per annus,
From these figures it is evident that the monies belonging to the Fund deposited with the Government have possessed a value to the Government of 28 - varying with the state of its banking account. And it is within our knowledge that for some years past and for periods varying in length the Government's account with the Bank has been overdrawn as a result of currency transactions.
It is also evident from the figures that the monies belonging to the Fund have possessed a marketable value during the whole period equal to and during part of the period exceeding the Government's contribution.
Further, we have made enquiries and are informed on good authority that the Fund could be lent out on mortgage at the present time at as much as 7% and that this form of investment would offer the very best security to the contributors.
4. We would suggest therefore as a means of relieving itself of the burden of paying interest on surpluses that the Government might itself invest or appoint trustees to invest the monies belonging to the Fund in approved local securities.
In conclusion, we would respectfully submit that the large majority of the contributors, in view of the fact that they are never likely to be transferred, cannot be regarded as being affected by the argument for the Fund being taken over by the Government and for the introduction of the Ceylon scheme that "it is very desirable...