COPY.
A.
Your Excellency,
C. O.
22910
22 JUN C3)
252
The principle underlying the regulation is
good but the regulation is so very wide that the application may
involve hardship on the Service for very few investments will
remain open to its members. Moreover, the rule may do harm for
the lack of good investments in the Colony may deter men from
saving and investing their savings.
As almost every Stock in the local market
might be included in Rule 76-4, for at any time a local Company
might want to acquire an additional plot of land or water, say,
I think the most practical way will be to draw up a list of
investments that Civil Servants may not make, and to call upon
all Civil Servants to report within say 3 months whether they
hold any, and if so what, interest in such prohibited invest-
ments. It can then be decided whether they are to be allowed to
continue to hold or not.
If not Government will of course have to
pay them the difference between the rates they bought at and
the rates realised at sale.
The list of tabooed investments might be
brought up half-yearly for revision.
-
As to Mortgages which were excepted an
the last occasion Vide 0.0.0.214/1892 and Government Notifica-
tion No. 406/1892 - I presume they must now be re-considered
along with other investments.
12th. May, 1903.
(Sa) B. H. May,
Col. Secy.
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