PATRIOTIC FUNDS

Press, Volume LV, Issue 16432, 28 January 1919, Page 4

PATRIOTIC FUNDS

INVESTMENT OF MOXETS. The following information Tcla,tiv« to the investment of the funda held by the Patriotic Societies of the Dominion was given yesterday by tho Hon. G. W. Russell. Tire information in the hards of the De- " partment of Internal Affairs, i£r Russell . said, shows iiat of th« total funds held by the Dominion's Patriotic Societies only £70,000 is non-iirtowt bearing. Tho remainder—£l,39o,SOl—is invested as follows: — ■ With local bodies -« 5M.021 ■ On mortgages ••• •* • In war loans ■••• •• < On fixed deposit .. JBl,o<o i In Government securities •• 2^'.:^ i On current account, at call u., * ,<7l - In Poet Offioo Savings Ban* 5».2e. , Witlj Public Trustee •• •• «,000 i "With Building Societies and sundry other investments •• •• M.OOO A general examination of the amounts held at ca]l on current account shows that in no eaee is an unreasonable amount involved; of necessity. the larger societies have to maintain fiurlv large sums at call. The table shows that, on the who*, Mr Ruiaell continued, the funds available for investment are well invested, and although it is difficult to sav what the average interest w, it is computed bv the Departments officers that the average'rate is between 41 and per cent. Included in the £99,000 invested with building societies. ek*., is one ®um of £80.000 in British Government securities, hold bv tho Auckland Patriotic Society; tho same Society has lent to tho Auckland city the sum of £79,000. The Auckland bociffty ia a proxincial one, a.nd us funds totai about JSEO.OCO.