X—l3,

APPENDICES. APPENDIX A. Return handed in by Mr. D. M. Luckie. Government Insurance Account—List of Fixed Deposits—Bank of New Zealand.

• Interest, 6 per cent, for first twelve months and 5J per cent, for second twelve months, payable half-yearly.

APPENDIX B. (1.) Legal Opinions referred to in Evidence by the Hon. Major Atkinson. We are clearly of opinion that, where an Act specifies a particular mode of investment, there is no power to go outside its terms. Even where a general power of investment is given we do not think placing money on fixed deposit at a bank could be termed " investment." Such a course could only be taken temporarily until a proper investment offer, and, following the rule adopted by the Chancery division of the Supreme Court in England, such a power would ordinarily mean an investment upon Government or real securities of an unobjectionable character. As to the last paragraph of this opinion we must be understood as speaking generally, and without reference to any particular state of facts. Eobbet Stout. Crown Law Office, Wellington, 18th November, 1878. W. S. Eeid.

The question upon which an opinion is desired is, " What is the position of money issued out of the Government Insurance Account, and paid into a bank upon fixed deposit ?" Moneys received under " The Government Insurance and Annuities Act, 1874," are declared by " The Public Seventies Act, 1878," section 10, to be public moneys, and are liable to be dealt with under the provisions of that Act. The authority for investing such moneys is contained in the 37th section of " The Government Insurance and Annuities Act, 1874," and the sth section of "The Public Eevenues Act, 1882,"

24

Date. Number. Term. Rate. Amount. 1878. .9 Feb. 18 „ 7 Mar. ■2 „ -9 „ 16 „ .3 April ■7 „ 15 „ 1 May 7 „ A „ il „ 10 „ 5 June 1 „ 11 „ 19 „ 9 July ■7 „ 16 „ il „ A Aug. 18 „ .1 Sept. .9 „ 2 Oct. A „ -7 „ !3 „ 11 „ 11 „ 5 Nov. 8 „ ■3- „ ■9 „ 16 „ 84,330 84,340 84,357 84,363 84,369 84,379 84,397 84,400 84,605 84,613 84,619 84,631 84,643 84,664 84,668 84,675 84,689 84,404 84,413 84,426 84,443 84,454 84,475 84,494 113,509 113,522 113,701 113,707 113,715 113,717 113,720 113,721 113,725 113,728 113,729 113,734 113,738 Months. 12 rr tr tr tr tr tt tr tt tt tt tt tt rt tr Per cent. 5i £ 7,500 2,000 1,000 1,500 2,000 1,000 2,000 1,000 1,000 1,500 6,000 2,500 1,500 1,000 1,500 1,500 1,000 2,500 1,000 2,000 1,500 1,500 2,000 2,000 1,000 1,500 1,000 2,000 1,500 2,000 1,000 6,000 1,000 1,500 2,500 1,000 1,000 rr tr rr tr tr tr 6 rr tt tr tt tr tt rr

Date. Number. Term. Rato. Amount. 1878. 5 Dec. 12 „ 18 „ 1879. 2 Jan. 15 „ 21 „ 29 „ 5 Feb. 11 „ 7 Mar. 12 „ 19 „ 26 ,, 22 April 25 „ 14 Aug. 28 „ 3 Sept. 6 „ 9 „ 11 „ 13 „ 13 „ 19 „ 24 „ 26 „ 1880. 29 July 1883. 18 Jan. 18 „ 19 „ 28 Feb. 16 Mar. Months. 12 Per cent. £ 1,000 1,000 1,000 113,739 113,741 113,744 6 rr rr rr 113,759 113,772 113,780 113,787 113,796 113,903 113,674 113,675 113,676 113,682 115,108 115,112 113,974 113,983 113,987 113,990 113,991 113,992 113,993 113,994 113,997 113,998 113,999 rr rt tr 6 tr 3 12 rr rr rr rr tr 54 rr rr tr 5 6 1,000 2,000 1,500 2,000 1,000 2,000 13,000 3,500 3,000 2,000 5,000 1,000 2,000 2,000 2,000 13,000 1,000 1,500 4,000 2,500 5,000 2,000 2,000 rr rr rr 6i rr rr tl rr It rr rr rr rr rr rr rr rr 115,547 5 4,000 173,608 173,609 173,611 173,643 173,654 24 10,000 10,000 5,000 100,000 100,000 ■7