§ MR. CLAUDE HAY
I beg to ask the Under-Secretary of State for the Colonies whether a sum of a quarter of a million sterling or thereabouts is now held by the Crown Agents; and, if so, how that money is invested, by whom administered, and under what check.
§ MR. CHURCHILL
The Office Reserve Fund of the Crown Agents, to which I presume the hon. Member refers, amounted on 31st December last to £431,310. It is intended to provide for the pensions of the Crown Agents and their staff, and to cover deficiencies in the income of the office which may be caused by fluctuations of business. It is invested in securities approved by the Secretary of State, in the names of the permanent Under-Secretary of State for the Colonies and the Crown Agents. The Crown Agents are charged with its management and application under the direction of the Secretary of State. It forms a part of the accounts of the Crown Agents, which are audited by the Comptroller and Auditor-General.