A (2) 34
Auditor.
With reference to your memo. No. 59/61 dated the 2nd inst., on the subject of the P.W. loan accounts I have the honour to inform you that as from 31st December last this separate unit was closed. My view is that it never should have been divorced from the Colony's accounts in the way it has. The $623,066.83 is not P.W. Loan but "Advances on account of future loan". The P.W. Loan has been fully expended.
2. The item of $59,366.52 is a reserve set up to increase the sinking fund. Sinking funds are of course not shown as Assets but as this has not been so applied I have, in order to account for it in the books, made an entry in the March Account.
3. The cheque for $89,833.68 should have been credited on 31st December 1930 but by an error was not credited till the first business day of 1931.
(Sgd.) EDWIN TAYLOR,
Treasurer.
15.6.31.
I only said it had a bearing on the Loan.
(Intd.) P. L. C.