MONEY LYING IDLE

Hokitika Guardian, 13 October 1932, Page 7

MONEY LYING IDLE

£58,030,000 DORMANT AT HOME. LONDON,, October 8. About) £58.000,000 is Ifring “dormant” in the'High Court, County Courts, and the Land Registry Insurance Fund. The “Dormant Funds Committee” announces that funds in (possession of the High Omi-t total £55,500,000. The nominal value of the investments is £53,000,000, while the crash and money on deposit- total £2,500,000. Besides these there are securities to the nominal value of £1,175,965, uninvested cash amounting to £916,395, and money on deposit to the extent of £324,554. The income of the investments in the names of Commissioners of. the National .Debt is applied to. provide interest on the money on deposit, and- the surplus is added to the Commissioners’ Fund... In the year 1930-31, this surplus amounted to £35,000. “The continued' exigence of this invested, r fun<jl..is,, we, essential for administrative convenience,” says the committee. The committee -suggested, however, that surplus income might be surrendered to the Exchequer, and that if the fund became larger than appeared necessary, part of it should be cancelled. Recently a fund was paid out of court which, on account of the mental Incapacity of the patient, had remained there for forty-eight years. The committee points orrE that there were 1200 accounts which had been dormant for over eighty years, their total value being not less than £200,000. Claims to dormant funds’ are established at the rate of two or three a year,