EXTRACTS FOR THE PUBLIC TRUST WORT.

Gisborne Standard and Cook County Gazette, Volume V, Issue 633, 14 July 1891, Page 2

EXTRACTS FOR THE PUBLIC TRUST WORT.

A NICE PLUM. The Chairman: In refe’{eioe to that Gisborne loan, I understood yon to say that for collecting thdintdrest ones a year yon charge | per oent ? Mr Hamerton: Yes, on that particular investment. •* * What trouble or risk does it occasion to the office to collect that interest ?

Very little, excepting the renewal. We have to send directions to renew. Direotions went np two or three days ago. These directions mean writing a memorandum or letter P Yes, that is all. In collecting that interest yon take it out of the Bank P This is the modus operand! : We send to the Union Bank of Australia, Gisborne, to renew the fixed-deposit receipt on its due date at the rate of interest then current, and request them to hand over the interest then due to the Secretary of the Gisborne Harbor Board —that is, the interest accrued to the data of the redeposit. What is the amount of that interest P Five per cent, at present. Then the interest would amount to nearly £3,000 ? Yes, in round numbers. And the Public Trust Office would charge nearly £l5 for that operation P Half per cent. Yon charge about £l5 for that operation P

Yes; that is so. It entails upon the Pnblio Trust Office tho writing of a letter and the cost of postage but really no handling of the money ?

That is so. Do you think that is a reasonable charge for the office to make P Yes, because the responsibility is great. Where is the responsibility P You do not handle the money P The responsibility is in -BOging that it is paid over at the proper uWfe, re depoal money, and so on. Hut the Banks do that P

Yes, on being told Jjy. ns. Is not the Gisborne allarbor Board a public concern, which concerns the colony in a certain way indirectly as this office does more directly P Yes; it is a public b»dy. And, thus being jJPeaumably an office for the convenience of the public, I ask you again whether, in your opinion, it is a reasonable charge P The answer was that as it was necessary to make the office self-supporting, these fees must be charged.