A (2) 7
SUSPENSE, $929,696.76
34. Practically the whole of this liability is represented by an item “Military Contribution" referred to in paragraphs 45/46.
EXCHANGE ADJUSTMENT, $757,211.66.
35. In view of correspondence in previous years it is perhaps advisable to point out that the liability "Exchange Adjustment” is the same as that previously entitled "Adjustment of Exchange Account" and represents the increase in the dollar equivalent of Sterling Investments and Sterling Funds in the hands of the Crown Agents due to the fall in exchange.
REVENUE.
ASSESSMENT TAX,
36. The question of the method of accounting and audit of this important source of revenue has already been referred to you (Letter No.50/59 of 8th November 1930). The present position is that certain officers now on leave in England are making enquiries as to systems in force there for the collection of similar forms of revenue with the object of instituting a method of accounting more satisfactory both for collection and for audit.
CHINA COMPANIES FEES.
37. A local inspection of the books of the Registrar of Companies, Shanghai was made during the year and the accounts audited up to 14th October 1930. It was pointed out to the Treasurer that considerable loss to revenue was occurring by reason of exchange, the collection being made in Shanghai dollars.
38. The present is not considered an opportune time for any amendment of the Ordinance but some slight reduction in the loss will result from a recent decision of Government to allow the Registrar in Shanghai to make certain refunds from the monies received by him and to discontinue the practice hitherto in force of sending the refunds from Hong Kong thereby again incurring exchange charges.
39. The estimated revenue from this source for 1930 is $140,000 and as practically no check is possible in Hong Kong the local inspection is one of importance and though it can no longer be combined with the annual local inspection of Weihaiwei Accounts arrangements will be made to continue it.
ARREARS OF REVENUE.
40. The position with regard to Arrears of Revenue is entirely satisfactory. Of the $406,826 outstanding on 31st December 1930, $395,478 had been collected by 15th May 1931, $1,164 only had to be written off and the remaining $10,189 will present no difficulty in collection.
A (2) 7
SUSPENSE, $929,696.76
34. Practically the whole of this liability is represented by an item “Military Contribution" referred to in paragraphs 45/46.
EXCHANGE ADJUSTMENT, $757,211.66.
35. In view of correspondence in previous years it is perhaps advisable to point out that the liability "Exchange Adjustment” is the same as that previously entitled "Adjustment of Exchange Account" and represents the increase in the dollar equivalent of Sterling Investments and Sterling Funds in the hands of the Crown Agents due to the fall in exchange.
REVENUE.
ASSESSMENT TAX,
36. The question of the method of accounting and audit of this important source of revenue has already been referred to you (Letter No. 50/59 of 8th November 1930). The present position is that certain officers now on leave in England are making enquiries as to systeins in force there for the collection of similar forms of revenue with the object of instituting al method of accounting more satisfactory both for collection and for audit.
CHINA COMPANIES FEES.
37. A local inspection of the books of the Registrar of Com- panies, Shanghai was made during the year and the accounts audited up to 14th October 1930. It was pointed out to the Treasurer that considerable loss to revenue was occurring by reason of exchange, the collection being made in Shanghai dollars.
38. The present is not considered an opportune time for any amendment of the Ordinance but some slight reduction in the loss will result from a recent decision of Government to allow the Registrar in Shanghai to make certain refunds from the monies received by him and to discontinue the practice hitherto in force of sending the refunds from Hong Kong thereby again incurring exchange charges.
30. The estimated revenue from this source for 1930 is $140,000 and as practically no check is possible in Hong Kong the local inspection is one of importance and though it can no longer be combined with the annual local inspection of Weihaiwei Accounts arrangements will be made to continue it.
ARREARS OF REVENUE.
40. The position with regard to Arrears of Revenue is entire- ly satisfactory. Of the $406,826 outstanding on 31st December 1930. $895,478 had been collected by 15th May 1931, $1.164 only had to be written off and the remaining $10,189 will present no difficulty in collection.
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