CO129-244 - Governor Des Voeus Acting Governor Fleming - 1890 [1-4] — Page 31

30

12.2

proportion to the amount,

4 paid by cach, the time during which such amount

and the time

has remained unexpended,

But the question arises as to the m

mamer in which theee amounts shall be

invested. According to instructions received from the Sconetary of State only

balance may Iwtituctions,

a certain

be retained in local Banking

any

excess to be remitted for investment in England; and as the

of

the

aggregate

amount paid in respect of the Reclamation

Scheme is littely to be con

continually

the

cause

of such excess, it would be His Excellency's duty to remit the greater part of the

the amount

to England, if the Colonial Government is to

αό

liable to the contributors in

be regarded respect of any principal.

But, as investment in England will

course, a very considerable loss

involve, of course, a

f

in interést and a risk

-risk of further loss on

exchange in the event

a rise in the value

of ar

of silver, His Excellenay would be glad to know the views of the contributors

views

om...

on

the

point

point.

It must, however, be clearly understood.

that if, for the oute of higher interest, they

desire to have the investment made in the

Colomy, the Gover -for any loss cublained thereby, the Governor being quite satisfied

that only

ment will not be liable

on euch

terms will the Secretary of State consent to

a

relaxation of the rule with investment in England.

I have

(Signed) A.

Lister;

regard

d to

to

Acting Colonial Secretary.