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10
The cash required for redemption of the 3% sterling inscribed stock amounted to £1,485,733 and I calculated in the following manner:-
Inscribed Stock Sinking Fund.
£998,000
Public Works Loan 1927 Sinking Fund.
147,000
Invested Surplus Funds.
114,000
£1,259,000
Leaving to be met from new Loan
a balance of
226,733
£1,485,733
This was the cash aspect of the transaction and in this
manner I overlooked the fact that the proceeds of the sale
of Investments would require to be credited to "Investments",
and until the book entries had to be made on receipt of the
Crown Agents account for October in December last I did not
realise the misapprehension. The sale of the stock saved
a remittance of that amount of cash from Hong Kong.
(sd.) Edwin Taylor,
Treasurer,
15th October, 1935.