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L
A (2) 12
The above represents the amount expended on additional works the cost of which it is proposed to meet from a new loan. The authority for the expenditure is given in paragraph 28 of this report.
65. Building Loans. ($337,922.68).
This represents the outstanding amount of loans, mostly to Government officials, made for the purpose of building their own residences. The balance of this account at the end of the previous year was $846,060.70. The greater part of the reduc- tion is due to the repayment of a loan of $500,000.
66. Trade Loan Outstanding ($295,493.00).
A statement (Enclosure M.) giving details of the Trade Loans outstanding as at 31st December, 1937 is attached. These Loans are secured by mortgages to Government, but it will be observed that the total amount of the unpaid loans is more than covered by the Trade Loan Reserve. The latter amounted to $336,689.27 on the same date, although the sum of $500,000 was transferred from Reserve to Revenue (Head 9 Miscellaneous Receipts) in June, 1937, as provided for in the 1987 Estimates. Reference to a proposed transfer from Trade Loan Reserves was made in paragraph 11 of the 1935 Audit Report and is also dealt with in the Director of Colonial Audit's etter No. 3458/1 of 22.10.37. The amount of Trade Loan interest outstanding on 31st December, 1937 was $110,548.69 as compared with $112,748.69 at the end of the previous year.
67. Unallocated Stores (P.W.D.) ($486,988.40).
The book value of these stores at the end of the previous year was $529,595.63. A statement (Enclosure K) showing how reconciliation has been effected between the balance of this account in the books of the Accountant-General, and that shown in the Public Works Department records, is submitted herewith. This statement, and also the Stock Sheets, have been verified by Audit.
68. Maximum balance of Public Work Department Stock. In a despatch, No. 113 of 17th March, 1937, the Secretary of State approved of a sum of $700,000 being fixed for the year 1937 as the standard stock of the Public Works Department, other than for stores allocated for particular works.
69. Unallocated Stores (Railway) ($121,552.45).
The maximum standard stock fixed for the Kowloon-Canton Railway (British Section) is $175,000 (Secretary of State's despatch No. 255 of 30th June, 1933) and this figure was not exceeded in 1937. A statement showing how reconciliation has been effected between the amount shown in the Accountant- General's books and the departmental records is forwarded (Enclosure L). This statement, also the Stock Sheets, have been examined by Audit.
A (2) 13
70. Note Issue Account-($3,513,870.42).
Nickel Coinage Account-($1,678,854.57).
The existence of these assets has been verified by audit. Of the balance of the Nickel Coinage account the sum of $1,290,836.81 was invested, the securities being held by the Crown Agents for the Colonies.
71. These investments were revalued in accordance with Colonial Regulation 275. The revaluation showed a net-loss of £26. which was met from the "Nickel Coinage Security Fund."
72. Deposits:-
LIABILITIES.
Contractors and Officers Deposits Insurance Companies Miscellaneous Deposits.
$ 447,749.26
1,563,341.62
1,339,709.71
$3,350,800.59
A Statement (Enclosure F), prepared by the Accountant- General, which supplies details of the balances of the individual accounts from which the above totals are arrived at, is submitted.
73. Deposits-Reconciliation of departmental and Ac- countant-General's balances.
The following items included in the statements of deposits have each been reconciled with departmental records by one of the following methods:
(a) Austracting balances shown in departmental records and comparing their totals with Treasury figures. This was done by Audit.
(0) Comparison with detailed statements rendered by
departaments at the request of audit.
(c) Reconciliations made by departments at Audit request. Statements signed by Heads of Departments concerned centifying the correctness of the balances have been accepted by Audit.
Official Receiver:-
Bankruptcy Account Companies Liquidation Ase.
Registrar, Supreme Court:-
Official Administrator Official Trustee Suitors' Fund
.$ 4,180.89
4,519.59
13,862.20
23,882.47 13,384.50
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