PUBLIC RECORD OFFICE
Reference :-
וויון
C.O.
.885
.
Query No. 1 and Reply on the Account of the Crown Agents' Quarterly Returns of Cash Balances, &c., for the Year 1907.
Exchequer and Audit Department, 20th March, 1908. Query. Included in the Crown Agents' General Cash Balance at the Bank of England on 31st December, 1907, are sums representing unclaimed dividends which have remained unpaid for periods exceeding ten years. Information is requested as to any rules under which the Crown Agents act with regard to the disposal of stock and unclaimed dividends in such circumstances.
Answer or Explanation of the Accountant.-The rules which the Crown Agents have followed in the past with regard to the disposal of dividends which have remained unclaimed for periods exceeding ten years are as follows:-Where any of the self-governing Colonies have requested that unclaimed dividends should be handed over to their Agents-General the Crown Agents have done so on an under- taking being given that the money would be at once refunded if required.
This system is in force in the case of the Cape and of Natal, and interest unclaimed for ten years is regularly paid over. In the case, however, of New Zealand, no request for payment has been made since 1897.
In the case of Western Australia the Colonial Government has not up to the present asked for any unclaimed dividends to be paid over.
The Crown Agents consider that a distinction exists between unclaimed dividends relating to the loans of Colonies having responsible government and the dividends relating to Crown Colony loans.
In the case of the former the Crown Agents are provided with funds of specific amount to meet certain liabilitics, and in the event of the money not being required, they consider that it is desirable that it should be refunded periodically for the funds credit of the Colony concerned. In the case of a Crown Colony, however, any which may not be required at the time remain in the account of the Colony and are used for other purposes until required for the special purpose for which they were provided, thus preventing temporarily to that extent monies lying idle.
The Crown Agents propose to continue the present system, but in future, instead of waiting until the Governments of New Zealand and Western Australia request them to hand over dividends which have remained unclaimed for ten years, the Crown Agents propose to pay them over automatically on the usual understanding that the necessary funds will be available at once in the event of outstanding warrants or coupons being presented for payment.
A list of unclaimed dividends relating to loans of Crown Colonies is annexed, from which it will be seen that their number and amount are insignificant, viz., four in all, amounting to £39.
In addition to those dividends to which reference has been made, there are certain dividend warrants, stocks, and cheques representing coupon interest which have been issued but which have not been cleared.
These relate to loans of both Colonies having responsible government and to Crown Colonies, but as the entries in support of the issue of such warrants and cheques have appeared in the accents of the Colonies concerned, and the warrants and cheques consequently appear as outstanding liabilities on the monthly balance sheets and payment may be demanded at any time, it has always been held to be inadvisable to pay over the amount of such warrants or cheques, and the Crown Agents are of opinion that their method of treating these dividends in the past is the correct one, and they propose to adhere to it.
E. E. BLAKE,
Crown Agent for the Colonies.
-37665
No. 105.
(ORANGE RIVER COLONY.)
LAW OFFICERS to COLONIAL OFFICE.
[Effect of Article 39 of the Orange River Colony Constitution on a Bill passed by the Legislative Assembly to which amendments were subsequently made by the Legislative Council and not accepted by the Legislative Assembly.]
MY LORD,
Royal Courts of Justice,
15th October, 1908. We were honoured with your Lordship's commands signified to us in Sir C. P. Lucas's letter of the 8th ultimo, stating that he was directed by your Lordship to inform us that the Governor of the Orange River Colony had reported that on the passage of the National Hospital Bill through the Legislative Council an amendment was made which the Legislative Assembly subsequently refused to accept. That the Council adhered to the amendment, and stated their reasons for it, and that the Assembly refused to entertain the reasons given, and re-submitted the Bill for the consideration of the Council. That in the further discussion of the Bill in the Council, the Opposition moved that in terms of Article 39 of the Consti- tution, the subject could not be again brought forward during the existing Session. That the motion was overruled by the President of the Council, and the amendment rescinded.
That in view of the importance of the question, the Governor had asked the Attorney-General of the Colony for a legal opinion upon the point, and had requested that our opinion might also be obtained; and that your Lordship would be glad if we would report to you whether, in our opinion, the effect of Article 39 of the Orange River Colony Constitution was to necessitate the abandonment for the session in being of any Bill to which after its passage through the Legislative Assembly amendments were made by the Legislative Council, and not accepted by the Assembly.
We have taken the matter into our consideration, and, in obedience to your Lordship's commands, have the honour to
Report-
That in our opinion the procedure prescribed in Article 39 is only applicable if the proposed law is introduced in the session next after that in which the dis- agreement between the Legislative Council and the Legislative Assembly has arisen, and that that Article does not necessitate the abandonment for the session in being
of a Bill to which, after its passage through the Legislative Assembly, amendments are made by the Legislative Council which are not accepted by the Assembly
We have, &c.,
The Right Honourable
The Earl of Crewe, K.G.,
&C..
&c.,
&c.
W. S. ROBSON. S. T. EVANS.
10th July, 1908.
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16 PUBLIC RECORD OFFICE, LONDON
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