The Telephone. WITH WHICH IS INCORPORATED THE POVERTY BAY STANDARD. PUBLISHED EVERY EVENING. GISBORNE, FRIDAY, OCTOBER 3.

Poverty Bay Standard, Volume I, Issue 251, 3 October 1884, Page 2

The Telephone. WITH WHICH IS INCORPORATED THE POVERTY BAY STANDARD. PUBLISHED EVERY EVENING. GISBORNE, FRIDAY, OCTOBER 3.

Touching the matter of trust funds the Hon. Sir G. S. Whitmore moved “That a Select Committee be appointed to examine and report upon the securities in which the trust funds of the several departments mentioned in ‘ The Public Revenues Act, 1878,’ are invested ; with power to take evidence and call for papers and persons, and to report in ten days: such Committee.to consist of the Hon. Mr. Waterhouse, the Hon. Mr. Reynolds, the Hon. Dr. Pollen, the Hon. Mr. Wilson, the Hon. Mr. J. C. Richmond, and the mover.” In speaking to the motion Sir George said there was a very general impression, and, to some extent, a feeling of alarm, throughout the country about the investment of the trust funds of the colony, and he thought it would tend to allay that alarm, and give greater confidence in our institutions, if thej’ allowed a Committee constituted like this to go carefully into the nature of the various securities, and frame a report which would guide many people in their opinions. With the assistance of the departmental officers, and with the knowledge of the matter referred to them that the Committee would probably have in itself in all likelihood a very satisfactory report could be obtained. It was hardly necessary to say that, with such important departments as the Post-Office Savings - IBank and the Government Insurance Office, it was of the utmost concern that the depositors and policy-holders should be assured that their money was invested in such a way as to be readily realizable when required, and that it was not put in risky investments. The contrary had been asserted, and widely asserted, throughout the colony, and he thought it would be very desirable to get at the truth; for, if it were found that the trust funds were satisfactorily invested, depositors in the Savings-Bank and policy-holders in the Insurance Deparment would feel a great deal more ease in their minds than at present.