12. Under standing instructions the Secretary of State is kept informed at six-monthly intervals of the amounts of Government Funds deposited with the local banks and of the balance of the current account kept with the Hong Kong and Shanghai Bank. The very large sums held locally on deposit on 31st December 1934 are therefore known to him.
JOINT COLONIAL FUND £242,000 ($2,913,103).
13. During the year the Sterling Investments (consisting of Government and Corporation Stocks of a nominal value of £117,829) forming part of the Surplus Balances of the Colony were realised for the purpose of assisting in the redemption of the 3½% Inscribed Stock.
The proceeds were, however, not so utilised and, in consequence, there occurred the excess on authorised loan expenditure referred to in paragraphs 32 and 33 below.
14. The Assets held by the Crown Agents have been supported by the certificate of the Comptroller and Auditor General.
SUPREME COURT ACCOUNTS.
15. During the audit of these accounts attention was drawn to the large sums which had been on deposit over 5 years for which no liability was likely to arise, and in accordance with Colonial Regulation 330 arrangements have been made to transfer over $25,000 to Revenue.
SECRETARIAT FOR CHINESE AFFAIRS.
16. Reference has been made in previous reports to these accounts which owing to their special nature are "outside the accounts of the Colony except in so far as the Treasury acts as banker". It happens, however, that this particular department collects a small amount of purely Government revenue and incurs Government expenditure on Personal Emoluments &c., the transactions for which are merged in the main accounts of the office.
Thus in the 2nd Quarter of 1934 the revenue collected was $340 out of total receipts amounting to $69,600. To audit this very small portion it becomes necessary to examine to a certain extent the books of the Secretariat for Chinese Affairs without actually being responsible for their entire audit.
17. This is unsatisfactory and it would undoubtedly be of advantage and more correct if the accounts for the actual Government revenue and expenditure were kept completely separate and in different books from the remaining accounts of the Secretariat for Chinese Affairs. The suggestion in audit that this should be done was not accepted. (Enclosure P refers).
A (2) 3
12. Under standing instructions the Secretary of State is kept informed at six-monthly intervals of the amounts of Gov- ernment Funds deposited with the local banks and of the balance of the current account kept with the Hong Kong and Shanghai Bank. The very large sums held locally on deposit on 31st December 1934 are therefore known to him.
JOINT COLONIAL FUND £242,000 ($2,913,103).
13. During the year the Sterling Investments (consisting of Government and Corporation Stocks of a nominal value of £117,829) forming part of the Surplus Balances of the Colony were realised for the purpose of assisting in the redemption of the 34% Inscribed Stock.
The proceeds were, however, not so utilised and, in con- sequence, there occurred the excess on authorised loar expenditure referred to in paragraphs 32 and 33 below.
14. The Assets held by the Crown Agents have been supported by the certificate of the Comptroller and Auditor General.
SUPREME COURT ACCOUNts.
15. During the audit of these accounts attention was drawn to the large sums which had been on deposit over 5 years for which no liability was likely to arise, and in accordance with Colonial Regulation 330 arrangements have been made to transfer over $25,000 to Revenue.
SECRETARIAT FOR CHINESE AFFAIRS.
16. Reference has been made in previous reports to these accounts which owing to their special nature are "outside the accounts of the Colony except in so far as the Treasury acts as banker'. It happens, however, that this particular depart- ment collects a small amount of purely Government revenue and incurs Government expenditure on Personal Emoluments &c, the transactions for which are merged in the main accounts of the office.
Thus in the 2nd Quarter of 1934 the revenue collected was $340 out of total receipts amounting to $69,600. To audit this very small portion it becomes necessary to examine to a certain extent the books of the Secretariat for Chinese Affairs without actually being responsible for their entire audit.
17. This is unsatisfactory and it would undoubtedly be of advantage and more correct if the accounts for the actual Government revenue and expenditure were kept completely separate and in different books from the remaining accounts of the Secretariat for Chinese Affairs. The suggestion in audit that this should be done
be done was not accepted. (Enclosure P refers).
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