D.—2.

XXXVIII

As from the Ist April, 1924, the amount standing to the credit of the fund has been invested separately by the Public Trustee. The amount standing in the Investment Account in the balance-sheet is represented by the following securities :— £ Mortgages .. .. .. .. .. .. .. 363,581 Local bodies'debentures .. .. .. .. .. .. 195,515 Government securities .. .. .. .. .. .. 93,000 In hand awaiting investment .. .. .. .. .. 3,965 £656,061 The average rate of interest earned by the fund for the year was 5'59 per cent.

We have the honour to be, Sir, Your obedient servants, F. J. Jones (Chairman),^ H. H. Sterling, Board of Management. A. W. Mouat (Acting), J The Hon. the Minister of Railways.