AnnualReport-1938

A (2) 20

Transfer of Deposits to Revenue--1939.

106.

The following transfers to 1939 revenue were made from the balances of certain items included in the above list which ought properly to have been credited to 1938 revenue.

Footpath and Drain Connections.. $ 68.30 General Works Miscellaneous 386.64 Drainage extensions and connections 35.69 Approach Road to Tsun Wan Cemetery 14.93 Police Dental Treatment 40.00 Estates of Deceased Policemen.. 357.23 Fire Brigade Motor Drivers' Securities 110.00 Box Holders Deposits 49.80 Total...... $1,062.59

107. The annual reconciliation of Departmental records with the balances of deposit accounts as shown in the books of the Accountant-General, revealed the necessity for these transfers; but it has previously been pointed out by Audit (vide paragraph 75 of the Audit Report on the 1937 accounts) that Departments should be required to scrutinize all deposits in order that any balance considered as being no longer a liability to the Colony should be transferred to revenue within the year.

Praya East Reclamation ($74,089.30).

108. This liability represents the cost of work still to be completed.

Exchange Adjustment ($26,092.39).

109. This has been verified by Audit. It represents the difference between the cost price of sterling sums placed in the Joint Colonial Fund and of an Imprest of £150 held in Australia, and the December Exchange Rate.

King George V Memorial Fund ($158,368.56).

110. This represents the total of moneys collected on account of a Fund inaugurated in memory of His late Majesty King George V, which will in due course be disbursed in a manner to be decided by the Committee appointed to administer the Fund.

Investments Education Department Scholarship Accounts.

111. The existence of the Investments held on Scholarship account, which at the end of the year comprised the following :-

• £550 3½% War Loan 1952 Stock.
• $34,000 4% H.K. Public Works Loan Stock.
• $34,000 3½% H.K. Dollar Loan Stock.

was not reflected in the Colony's Balance Sheet. This matter was taken up by audit with the Accountant-General and he has agreed to record them in his accounts in future.