R
37660
No. 104.
(GENERAL.)
LAW OFFICERS to COLONIAL OFFICE.
[Method of Disposal by Crown Agents of unclaimed dividends, etc., on Colonial Stocks.]
Royal Courts of Justice, MY LORD,
15th October, 1908. We were honoured with your Lordship's commands, signified to us in Sir C. P. Lucas's letter of the 25th August last, stating that he was directed by your Lordship to lay before us the accompany-
Audit Office, 13th August, 1908. ing copy of a letter from the Exchequer and Audit Department covering a copy of a query on the accounts of the Crown Agents for the Colonies, and of their reply, with regard to the method of disposing of divi- dends, &c., on Colonial stocks which might have remained unclaimed for periods exceeding ten years.
That your Lordship had nothing to add to the explanation given by the Crown Agents in reply to the query; and that Sir C. Lucas was to request that we would be so good as to take this matter into our consideration and to report whether, in our opinion, the action hitherto adopted by the Crown Agents is correct, or, if not, what procedure they should adopt in future.
We have taken the matter into our consideration, and in obedience to your Lordship's commands have the honour to
Report-
That, on the facts before us, we think that the action hitherto adopted by the Crown Agents is correct.
The Right Honourable
The Earl of Crewe, K.G.,
We have, &c.,
W. S. ROBSON. S. T. EVANS.
&C..
&c., &c.
PUBLIC RECORD OFFICE
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C.O.
Reference :-
.885
16 PUBLIC RECORD OFFICE, LONDON
(296:13)
SIR,
Exchequer and Audit Department, Victoria Embankment,
London, EC., 13th August, 1908.
I AM directed by the Comptroller and Auditor-General to acquaint you that he has been in communication with the Crown Agents for the Colonies respecting the disposal of dividends, &c., on Colonial stocks which may have remained un- claimed for more than ten years.
(2.) From the reply to Query 1/1907, a copy of which is enclosed, the practice of the Crown Agents appears to be either to refund the unclaimed monies to the Colonies or to retain them indefinitely to meet possible claims.
(3.) In the case of dividends on Government stocks being unclaimed for more than ten years, it is provided by Part VII. of the National Debt, 1870 (33 & 34 Vict., C. 71), that the stock and unclaimed dividends shall be transferred to the National Debt Commissioners; but although Section 18 of the Colonial Stock Act, 1877 (40 & 41 Vict., C. 59), requires Registrars of Colonial stocks to keep lists of stock- holders on whose stock the dividends have been unclaimed for ten years, that Act does not expressly direct how much money shall be ultimately applied. ·
(4.) In view of the title of the Crown to unclaimed personal estate the manner of dealing with money arising from unclaimed dividends is of considerable importance. The Comptroller and Auditor-General would therefore be glad if the Secretary of State would obtain an authoritative ruling on the question whether the Crown Agents' method of treating these dividends in the past is correct and has legal sanction.
I have, &c..
The Under-Secretary of State,
Colonial Office.
25 Wt 231 1,09 D&S 2 12149
C. H. ARCHIBALD.
1
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