A (2) 2
The judgement of the Court was complied with by the defendant banking corporation on the 9th of July, 1929, the sum of $260,407.93, together with the accrued interest sum of $7,876.02 being credited by the Bank to the account of the Hong Kong Government.
EXCHANGE ACCOUNT.
2. With reference to paragraph 5 of your letter No.153/546 of the 22nd of April, 1929, and my reply thereto No.8/20/1929 of the 4th of June, 1929, the final examination of this Account for the year under review shows that exchange transactions have been accounted for in the Treasury Accounts in accordance with the principle laid down in the Secretary of State's Despatch No.481 of the 26th November, 1925, with the proviso that the 20% on the nett profit of the dollar exchange has been carried to a Suspense Account, "Military Contribution". In this connection I would refer you to a copy of my letter No.70 of the 30th of May, 1929, addressed to the Colonial Secretary and submitted to you under cover of my letter No.8/20/1929, requesting information as to the ultimate disposal of the balance of the "Suspense Account Military Contribution" as at the 31st of December, 1928, $504,104.70. I have not at present been informed of any decision as to the proposed adjustment of this amount held in suspense but I understand that the Government is addressing the Secretary of State on the matter.
ADJUSTMENT OF EXCHANGE ACCOUNT.
3. This Account, which I regret has become somewhat complicated of recent years, has now been adjusted in the Treasury Accounts and the liability shown on the Statement of Assets and Liabilities as at the 31st of December, 1928, represents the dollar book difference of sterling funds and sterling investments in the hands of the Crown Agents at the close of the financial year and may be accepted.
REVENUE.
4. The Revenue Accounts of the Colony were examined in accordance with the procedure adopted in the previous year and as submitted to His Excellency the Governor and approved by yourself in the official programme of work. Four hundred and forty (440) queries were issued during the year 1928, of which four hundred and thirty-four (434) have been satisfactorily settled.
5. The total Revenue collected during the year, including proceeds from Land Sales, amounted to $24,968,398.88 being an increase of $3,623,863.16 as compared with $21,344,535.72 in 1927, and an increase of $4,865,008.88 in comparison with the Estimated Revenue of $20,103,390.00. There was, in addition, an opening balance of $632,672.91 which brings the total Receipts available for the financial year to $25,601,071.79.
A (2) 2
The judgement of the Court was complied with by the defendant banking corporation on the 9th of July, 1929, the sum of $260,407.93, together with the accrued interest sum of $7,876.02 being credited by the Bank to the account of the Hong Kong Government.
EXCHANGE ACCOUNT.
2. With reference to paragraph 5 of your letter No. 153/546 of the 22nd of April, 1929, and my reply thereto No. 8/20/1929 of the 4th of June, 1929, the final examination of this Account for the year under review shows that exchange transactions have been accounted for in the Treasury Accounts in accordance with the principle laid down in the Secretary of State's Despatch No. 481 of the 26th November, 1925, with the proviso that the 20% on the nett profit of the dollar exchange has been carried to a Suspense Account, "Military Contribution". In this con- nection I would refer you to a copy of my letter No. 70 of the 30th of May, 1929, addressed to the Colonial Secretary and sub- mitted to you under cover of my letter No. 8/20/1929, request- ing information as to the ultimate disposal of the balance of the "Suspense Account Military Contribution" as at the 31st of December, 1928, $504,104.70. I have not at present been in formed of any decision as to the proposed adjustment of this amount held in suspense but I understand that the Government is addressing the Secretary of State on the matter.
ADJUSTMENT OF EXCHANGE ACCOUNT,
3. This Account, which I regret has become somewhat com- plicated of recent years, has now been adjusted in the Treasury Accounts and the liability shown on the Statement of Assets and Liabilities as at the 31st of December, 1928, represents the dollar book difference of sterling funds and sterling investments in the hands of the Crown Agents at the close of the financial year and may be accepted.
REVENUE.
4. The Revenue Accounts of the Colony were examined in accordance with the procedure adopted in the previous year and as submitted to His Excellency the Governor and approved by yourself in the official programme of work. Four hundred and forty (440) queries were issued during the year 1928, of which four hundred and thirty four (434) have been satisfactorily settled.
5. The total Revenue collected during the year, including proceeds from Land Sales, amounted to $24,968,398.88 being an increase of $3,623,863.16 as compared with $21,344,535.72 in 1927, and an increase of $4,865,008.88 in comparison with the Estimated Revenue of $20,103,390.00. There was, in addition, an opening balance of $632,672.91 which brings the total Re- ceipts available for the financial year to $25,601,071.79.
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