A (2) 5
being necessary. The view has all along been held by this department that the liability should represent the dollar difference, arising from fluctuations, of the Sterling Investments and Holdings of the value of the Stocks as shown in the Assets (£112,833.17.9) at the December rate and their value at the original dollar rate of purchase.
31. A copy of Query 195/E is attached (Enclosure O.) in which the Treasurer, while stating that he does not wish to re-open the discussion, gives the information that all stocks are now being realised and will be disposed of during 1934. This will obviate the necessity for any future provision in this Suspense Account so far as Investments are concerned and the much-debated question, which after all is to a great extent an academic one, will solve itself. The excess liability at the 31st December 1933 will disappear, though by being passed through the Exchange Account it will ultimately affect the balance transferred to revenue or expenditure.
SUSPENSE ACCOUNT. $967,147.31.
32. The main item in the figures leading to this liability is a Balance of $975,413.78 on account of "Military Contribution." The position with regard to this liability was explained in paragraphs 45/6 and Enclosure Q. of the Annual Report for 1930 and, except that the amount increases annually, remains as then reported. An Ordinance dealing with the whole question of Military Contribution is under preparation and the ultimate disposal of this large amount will presumably be considered in due course.
33. Discussion took place in 1932 between the Colonial Office, the War Office and this Government on the subject of Military Contribution leading to considerable additions to the deductions allowed from the revenue assessable for contribution. These came into operation first when calculating the contribution in respect of 1932.
34. As certain figures relating to capital expenditure of past years as far back as 1917 came into the calculation it has therefore been necessary to retrace the audit somewhat. A few minor discrepancies were revealed but the figures relating to certain capital expenditure (on Wireless Telegraphy), supported as they are by the certificate of the Director of Public Works and agreed to by the Treasurer, may be accepted as a correct basis for future calculation.
TRADE LOAN RESERVE. $1,070,609.68.
35. A summary of the transactions of the Trade Loan Account from the commencement is given in paragraph 20 of the Treasurer's report and it is pointed out that this reserve
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being necessary. The view has all along been held by this de- partment that the liability should represent the dollar differ- ence, arising from fluctuations, of the Sterling Investments and Holdings of the value of the Stocks as shown in the Assets (£112,833.17.9) at the December rate and their value at the original dollar rate of purchase.
31. A copy of Query 195/E is attached (Enclosure O.) in which the Treasurer, while stating that he does not wish to re-open the discussion, gives the information that all stocks are now being realised and will be disposed of during 1934. This will obviate the necessity for any future provision in this Suspense Account so far as Investments are concerned and the much-debated question, which after all is to a great extent an academic one, will solve itself. The excess liability at the 31st December 1933 will disappear, though by being passed through the Exchange Account it will ultimately affect the balance transferred to revenue or expenditure.
SUSPENSE ACCOUNT. $967,147.31.
32. The main item in the figures leading to this liability is a Balance of $975,413.78 on account of " Military Con- tribution." The position with regard to this liability was ex- plained in paragraphs 45/6 and Enclosure Q. of the Annual Report for 1930 and, except that the amount increases annually, remains as then reported. An Ordinance dealing with the whole question of Military Contribution is under preparation and the ultimate disposal of this large amount will presumably be considered in due course.
33. Discussion took place in 1932 between the Colonial Office, the War Office and this Government on the subject of Military Contribution leading to considerable additions to the deductions allowed from the revenue assessable for contribu- tion. These came into operation first when calculating the contribution in respect of 1932.
34. As certain figures relating to capital expenditure of past years as far back as 1917 came into the calculation it has therefore been necessary to retrace the audit somewhat. A few minor discrepancies were revealed but the figures relating to certain capital expenditure (on Wireless Telegraphy), sup- ported as they are by the certificate of the Director of Public Works and agreed to by the Treasurer, may be accepted as a correct basis for future calculation.
TRADE LOAN RESERVE. $1,070,609.68.
35. A summary of the transactions of the Trade Loan Account from the commencement is given in paragraph 20 of the Treasurer's report and it is pointed out that this reserve
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