A (2) 3
As a result of these adjustments the final figures appearing in the Assets and Liabilities Statement agree with the balance as shown in the Treasury books.
A reconciliation of the Deposits Bearing Interest was effected in February, 1933.
SUITORS FUND DEPOSITS, $558,260.25.
10. This figure was reconciled with the Registrar's accounts at the Supreme Court in total and in detail.
INSURANCE COMPANY DEPOSITS, $1,539,050.00.
11. In previous years these deposits have not been included in the accounts of the Colony; but in view of the fact that under Ordinance No. 32 of 1917 Insurance Companies, carrying on business in the Colony, have to deposit certain sums in cash in an approved bank in the name of the Registrar of Companies, it was pointed out by this Department that such monies were in the custody of the Government and should therefore be included in the Colony's accounts.
12. Of the above figure of $1,539,050.00, $212,000.00 was deposited by Life Insurance Companies, the Fixed Deposit Receipts being lodged with the Colonial Treasurer. The balance of $1,327,050.00 was deposited by Fire and other insurance Companies, the Deposit Receipts in the name of the Registrar being kept by the Banks concerned who issued 'Safe Custody' Receipts to the Registrar.
13. As the result of a conference with the Colonial Treasurer and Registrar of Companies, it was decided, that in order to maintain adequate control over these cash deposits, no release of any such deposit should be effected without the authority both of the Colonial Treasurer and the Registrar of Companies.
14. The liability of $1,539,050.00 was verified with the relevant documents.
SUSPENSE ACCOUNT, $976,782.27.
15. This sum has been verified with the Treasury Accounts, and it is understood that it is to be transferred to the General Revenue of the Colony during the current financial year.
ADJUSTMENT OF EXCHANGE, $285,083.27.
16. The Adjustment of Exchange Account, which was incorrect in 1931 as reported in paragraph 20 of the Auditor's Report on the accounts for that year, remained incorrect during the financial year under review owing to the non-observance of the procedure laid down by the Secretary of State.