A (2) 9
CHINA COMPANY FEES.
(Paras. 37/39--1930 Report.)
48. The annual local inspection of the books of the Registrar of Companies Shanghai was made during the year and the accounts audited up to 30th September 1931.
The revenue from this source for the year was $151,639.24.
49. As a result of this inspection the question of the loss to revenue occurring by reason of exchange was again submitted for discussion, on this occasion with satisfactory result.
It was found after all that no amendment to the Ordinance was necessary to ensure that the Hong Kong Government obtained its revenue in full and in future payment will only be accepted by the Registrar at Shanghai in such an amount of Shanghai currency as will on conversion into Hong Kong currency produce the amount prescribed in the schedule to the Ordinance.
50. Unfortunately the discussion extended over some months and a final decision was not reached until many of the companies concerned had already paid their fees for the year 1932 and it was therefore necessary to postpone carrying the ruling into effect until 1933.
KOWLOON CANTON RAILWAY.
51. A copy of the Annual Report of the Railway is forwarded as Enclosure "K" and full comparisons of the revenue and expenditure with the Estimates and with previous years are contained therein.
52. It was arranged that from 1st January 1931 the Manager should be a sub-accountant of the Treasury. This arrangement has worked well and has considerably reduced the work of all departments concerned.
53. Mileage charges in respect of the engines referred to in paragraph 32 above have been collected monthly by deduction from the payment by this Government of the balance due to that Section on Joint and Through Traffic Receipts.
54. Continuous audit of the accounts has been maintained during the year and surprise surveys of Stations, Cash, &c. were made on nineteen occasions with satisfactory result.
CONTRACTS FOR PUBLIC WORKS.
55. In paragraph 51 of last year's report reference was made to the adoption of a form which would enable the various terms of each contract to be watched by the Executive Engineer. The introduction of this check appears to have had successful results. In practically all cases the fullest information has been available for audit purposes. Over $20,000 covering 9 Contracts was deducted in penalties during the year and a further $6,200 is awaiting recovery.
A (2) 9
CHINA COMPANY FEES.
(Paras. 37/39--1930 Report.)
48. The annual local inspection of the books of the Registrar of Companies Shanghai was made during the year and the accounts audited up to 30th September 1931.
The revenue from this source for the year was $151,639.24.
49. As a result of this inspection the question of the loss to revenue occurring by reason of exchange was again submitted for discussion, on this occasion with satisfactory result
It was found after all that no amendment to the Ordinance was necess- ury to ensure that the Hong Kong Government obtained its revenue in full and in future payment will only be accepted by the Registrar at Shanghai in such an amount of Shanghai currency as will on conversion into Hong Kong currency produce the amount prescribed in the schedule to the Ordinance.
50. Unfortunately the discussion extended over some months and a final decision was not reached until many of the companies concerned had already paid their fees for the year 1932 and it was therefore necessary to postpone carrying the ruling into effect until 1933.
KOWLOON CANTON RAILWAY.
51. A copy of the Annual Report of the Railway is for- warded as Enclosure "K" and full comparisons of the revenue and expenditure with the Estimates and with previous years. are contained therein.
52. It was arranged that from 1st January 1931 the Manager should be a sub-accountant of the Treasury. This arrangement has worked well and has considerably reduced the work of all departments concerned.
53. Mileage charges in respect of the engines referred to in paragraph 32 above have been collected monthly by deduction from the payment by this Government of the balance due to that Section on Joint and Through Traffic Receipts.
54. Continuous audit of the accounts has been maintained during the year and surprise surveys of Stations, Cash, &c. were made on nineteen occasions with satisfactory result.
CONTRACTS FOR PUBLIC WORKS.
55. In paragraph 51 of last year's report reference was made to the adoption of a form which would enable the various terms of each contract to be watched by the Executive Engineer. The introduction of this check appears to have had successful results. In practically all cases the fullest information has been available for audit purposes. Over $20,000 covering 9 Contracts was deducted in penalties during the year and a further
6.200 is awaiting recovery.
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