504
From the enclosed statements it will be seen that on the 1st of January 1892 the value of the stores in the Water and Drainage Branch was $75,302.21 whilst that in Public Works Department store was $21,759.35, the former has been reduced during the year to $32,248.43 and the latter increased to $66,924.07 making a total decrease of $7,939.06.
4. It will be observed that the value of the stores transferred to Public Works Department from Water and Drainage Branch appears in the Statement of Public Works Department as $38,048.08 whilst in that of the Water and Drainage Branch as $39,378.43 showing an apparent discrepancy of $1,330.35. To the extent of $545.98 this is owing to certain stores having been carried to account in the Water and Drainage Branch in December 1892 but not carried to account in the Public Works Department till January 1893; the remaining $284.37 is accounted for by certain stores issued by the Water and Drainage Branch being debited direct to the votes and not passed through the Public Works Department Store Account.
The account with the Crown Agents in the case of the Water and Drainage Branch shows an excess valuation of $1,496.00 that is to say the stores received during the year have been placed on the Store books at a total valuation of $1,496.00 more than they have actually cost. On the other hand it appears that in the case of the Public Works Department stores there is an under valuation amounting to $8,200.59 which I regret to say is not satisfactory and seems to require adjustment.