124
The Colonial Regulations g overning accounting
make it necessary finally to dispose of any difference due to exchange fluctuation to Revenue or Expenditure
as the case may be.
Between the years 1929 and 1933 the following
amounts were written on to revenue :
1929
1930
1932
1933
Total
$ 261,123.00
1,480,590.26
224,439.90
21,244.65
$1,987,397.81
The greater part of the amount shewn above in 1930 was in respect of the years 1920 to 1925 but only carried to revenue account in that year.
In 1931 the exchange rate rose from 1/0% to 1/4.9/16 a difference of 3.15/16d to the dollar causing our sterling funds to depreciate by $385,962 for which a vote was approved by the Legislative Council.
During the year 1934, the exchange rate rose from 1/4.13/16 to 1/7.15/16 a difference of 31⁄2d to the dollar thus causing a considerable depreciation of our sterling funds. The average rate of exchange during 1934 was 1/6.1/16 as against the budget rate of 1/3. This has resulted in a Budget saving on our sterling expenditure (salaries, sterling loan, pensions, stores &c) of approximately two million dollars. The rates of exchange quoted above are Treasury rates.