Comment if the expenditure
of
Stores
against
on account
the several votes
for Public Works is to shew approximately the true value of the stores used in
the works.
This undervaluation is due
to two causes, first,
the
heavy fall
in the Crown Agents' exchange rate viz: from 1s 2d to 9.9734,
same
to 9.9784, and secondly
to the necessity of as far as possible keeping all articles of the description when placed in store at the same prices which involves on
exchange (assuming sterling cost of the article
cost of the article is the same)
a
falling
of
an undervaluation of the latter con-
signment.
7.
On examination I find the
main deficiency has occurred in the valuation of the stores off-rineds for the Central Market and for drainage of the City of Victoria.
As
the
His Excellency's materials will ultimately be actually used in these works I submit that the adjustment
should be made.
Votes obtained this
by debiting
the
these year's works with the amount of the under
valuation
The adjusting
of
this course is
entries will be
approved
Central Market $310.09 and
Drainage City of Victoria
$114.50.
The d'ebtance account House service and Water account require
little explanation as will be seen
the profit
The former is $2,046.03
the balance to the credit of the
Neglecting
the
carried
latter is $80,152.55".
In accordance with the valuation
of taking
to credit of this account under section 16 of Ordinance 16 of 1890 the net pro-
fit for the year's working is $7,752.55.
I have (Signed) F. H. Cooper,
Colonial Secretary.
Director of Public Works.