A (2) 4
A statement showing the position of this account on the 31st December 1982 is submitted as Enclosure C.
During the year transfers were made from the Adjustment of Exchange Account to the Exchange Account.
At the close of the financial year a sum was transferred from the Exchange Account to the Adjustment of Exchange Account for the purpose of obtaining the correct balance in the latter account.
Transfers between these two accounts are irregular.
TRADE LOAN, $752,751.50.
17. The total amount of capital redeemed during the year amounted to $451,828.26. It will be observed in the Treasurer's report on the finances for the year 1982, paragraph 22, that it is stated that eleven loans were redeemed. Actually nine loans were redeemed, in addition to which two fire insurance premiums which had been paid for by the Government were recovered from mortgagors. This explains the discrepancy between the Treasury Trade Loan Statement (Enclosure D) and the Treasurer's report.
Under general authority there was written off during the year $28,000.00. At the close of the year loans outstanding amounted to $752,751.50, and the Reserve to $1,081,487.12
The securities have been examined.
TRADE LOAN RESERVE, $1,081,487.12.
18. A Statement is enclosed (E) showing the position of this account at the 31st December 1982. A comparison of this statement with the Treasury figures appearing in the Annual Statement of Revenue and Expenditure revealed a discrepancy of $938.01 which has since been adjusted. Audit Query No. 81/R is enclosed.
PRAYA EAST RECLAMATION, $124,657.26.
19. This liability represents the estimated cost of the uncompleted work and has been verified in conjunction with the Treasury account.
Assets.
ADVANCES.
ON ACCOUNT OF FUTURE LOAN, $4,920,364.85.
20. A statement is enclosed showing the apportionment of this expenditure between the various loan works.
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