32.
Page 20.
is no regulation to say what proportion of the Fund should be invested.
93.
Banking and Insurance Companies Fund - $80,920.000. The balance in this Fund reflects the dollar equivalent of the face value of invest- ments held by the Crown Agents for the Colonies at the 31st of March, 1947, which were deposited by Banks and Insurance Companies operating in the Colony. The investments have not been adjusted to their market value on the 31st of March, 1947, and in reply to an enquiry on this point, the Acting Accountant General has advised that, as the investments are held by Government as custodian, and any dividends accruing from the investments are paid direct to the companies concerned, it is not considered that the revaluation called for in Colonial Regulation No.275 is necessary. As a consequence the liability in the Find Account does not reflect the amount by which the market value of these investments exceeds or falls short of the face value of the investments held at the 31st of March, 1947.
94. It is observed that the Fund Account reflects a liability of $480,000 in respect of an investment deposited by the Mitsubishi Marine and Fire Insurance Company of £30,000 in Imperial Japanese Goverment 6% Sterling Bonds, 1924. It has been represented to the Accountant General that this liability and the corresponding asset are not properly included in the Statement of Assets and Liabilities under this Fund, since it would appear that this investment should be held by the Custodian of Enemy Property. Further information is awaited in this ocnnection,
95. The Acting Accountant General has been asked for a reference to the authority under which the investments deposited by Banking and Insurance Companies are included in the Colony's accounts.
·
96. Supreme Court (Official Administrator Public Trusted, etc) Funds $2,940,160.80. The balance shown in the Statement of Assets and Liabilities under this heading reflects the total liabilities in respect of balances held on the 31st of March, 1947, on Current Account at the Hong Kong & Shanghai Banking Corporation, and of Fixed Deposits at various Banks, apparently held by:-
The Official Administrator.
b
The Official Trustee.
The Official Receiver in Bankruptcy.
The Suitors Fund
(e) Campanics Liquidation.
f) The Registrar of Companies.
g) The Deputy Registrar of Newspapers.
97. The receipts and payments during the financial period under review in respect of the above Funds are not, however, reflected in the accounts of the Accountant General and the balances, only, at the 31st of March, 1947, have been brought into the Accountant General's accounts at that date. It appears, therefore, that unless noies or fixed deposits in respect of these Funds are deposited with or are held by, or on behalf of, the Accountant General, the Funds do not clearly fall within the category of "Special Funds deposited in the Public Treasury", and would not, therefore, be appropriately included in the Statement of Assets md Liabilities. The matter was referred to the Acting Accountant General who advised that as regards Fixed Deposits, those in respect of Life Insurance Companies referred to in paragraph 122 of this report were deposited with the Accountant General for safe custody, and that the remainder were not held by him and were not under