Local Expenditure it seems later on will be an important consideration. As the safekeeping of the fund is the first consideration, I would not deposit it with the Banks except against securities. It will, of course, earn less interest. In such a case, during the construction of these works, considerable sums will have to be dealt with as balances awaiting Local Expenditure, however carefully the Estimates are prepared and the instalments apportioned; and it would then be worthwhile to make special arrangements with the Banks in this regard.
Should it not be as well to telegraph to know what portion of their first instalment is expected to be spent on machinery, materials, and stores imported from England?
I submit.
GR717/3
Cocal Expenditure it seems latter an
all
*
Ande Enfedient to lock it up with Treasury bouth, lent as the tafeli ofthe foucument is the first conviduation, I would not deposit it with the Banks seept against securities It will, of course, Earn less intent In Leele a case, heat during the constuction of there work, Emrichumble turns will Love to be death with as balances awaiting Local Expenditure, however confull tho Estimates are prepared and the instalments appertimed [Herrn; and it would them;
Lance Leash
been the worth while to make special Arrangement with the Banks in Wthem-
ireand
Eight it not be as well & telegraft
23
what portion of their first instalment
is supected ble spent machinery
in materials,
and stores imported from daytonall
mbo
I submit Jeluding
Ju717/3
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