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No Loss of Interest.—Once money becomes part of the Common Fund, interest accrues immediately," and continues until the funds are withdrawn. There is no break with loss of interest such as occurs when old investments are repaid and new ones have to be found. The Common Fund offers a continuing investment, and the interest is allowed on the daily balance. The interest can be made payable at any time —weekly, monthly, quarterly, or half-yearly—as may be desired, whereas interest from special investments is usually payable quarterly or half-yearly, and is available only after it has been paid by the borrower. Investment in the Common Fund ensures payment to beneficiaries on the appointed dates whether the borrowers have paid their interest or not. When money is held on behalf of minors, or for the redemption of debentures or for other special purposes, the interest is compounded and becomes interestearning too. Capital moneys invested in the Common Fund are always available when they are required—the money is always liquid. This feature of the Common Fund is of special value to estates held for immediate distribution where it would be impossible to find separate investments for the short periods the money is held pending the completion of administration. As it is, the money falls into the Common Fund and becomes interest-bearing. In such cases it frequently happens that the interest earned exceeds the charge for administering the estate. The funds of an estate may fluctuate in amount, but the addition or withdrawal of money does not affect the investment. A withdrawal is made, and interest continues on the balance; an addition is made, and it becomes interest-bearing at once. Capital immediately available.—On the termination of life interests, too, this advantage of investment in the Common Fund enables the Public Trustee to distribute the capital funds immediately the interests cease. An example of this advantage is provided in a case of frequent occurrence where a testator by his will leaves the income of his estate to his widow during her life, with a direction that the estate is to be distributed among his children on her death. If the capital of the estate were specially invested —say, in mortgages —it would be necessary after the widow's death to wait until the mortgages were repaid before the children could get their shares. During the past ten years, with the moratorium in operation, it has been almost impossible to obtain repayment of money lent on mortgage. In any event the mortgages may have many years to run before the loans fall due. On the other hand, if the capital of the estate were invested in the Common Fund the money would become available for payment to the children immediately on the death of the widow. Sinking Funds. —It is also of great value in the case of local bodies' sinking funds. On the maturity of the loans for which the sinking funds were established the money is available for the redemption of the debentures. Without the Common Fund only securities would be held, and there would be difficulty in realizing them. There might be loss of capital; there certainly would be loss of interest. With investment in the Common Fund there is no loss of either. Whether the money is required in one, ten, twenty, or fifty years, it will be ready when it is required—and it will be intact. Special Requirements.—A testator frequently desires that part of the capital of his estate shall be available after his death to meet the special requirements of his dependants. He may wish to make special provision for the education and maintenance of his children ; he may wish part of the capital, in addition to the income, to be made available to his widow in case of sickness or other misfortune. If his money is invested in the Common Fund the portion required can be obtained at any moment without disturbing the investment of the remainder, and without any loss of interest. If the money were specially invested this would not be practicable. When advances are required to be made to beneficiaries in estates under administration in the Public Trust Office, or when in the interests of the estate the capital has to be broken into, investment in the Common Fund makes the transaction one of the utmost simplicity, and the investment of the balance is not affected.

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