14
562
}
is gained by entering them in the Treasurer's daily ab-
stract. Let them pass through the Journal and Ledger only.
The Treasurer's daily abstract, if it is to be kept,
should exhibit only his or actual receipts and
payments. The accounts of sub-accountants andor the Crown. Agents are accounts received monthly, and if they pass through the Journal into the Ledger it would appear to
be quite sufficient.
Rule 151, paragraph 3,lays down that in Colonies the ac-
counts of which are kept in silver currency, the Cron Agents' transactions shall be converted at the quarterly
rate of exchange as fixed by the Lords Commissioners of
Her Majesty's Treasury.
previous
This is considered a retrograde
movement. The rate fixed by the Imperial Treasury is
founded on the average rate for the
geer quarter.
Hitherto in ongKong the rate adopted has been the rate
for the current quarter. If the accounts are in future
to be incorporated monthly the actual average monthly rate
for each month can be used.
one
h
The Imperial Treasury rate at the pre- sant time is 1/11. The actual rate is 2/0.On ship-
ment of silver coin costing £30,000 this would make a
difference of $15,369 and would affect the profit on the
coin to that extent.
In paragraph 11 of the covering des-
patch the Secretary of State points out the advantage to
the Colonial Service, in which the more responsible finan-
cial end administrative officers are transferred between
different Colonies of establishing as far as possible
uniformity in methods of accounts and forms of financial
procedure. Uniformity in methods of accounts is a good
thing to a certain extent but economy must also be stu-
died and a method that will work smoothly in one Colony
Will