· A (2) 5 —
24. The Advance Account "Purchase of Three Locomotives for Chinese Section" continues to be repaid by the agreed amount of $10,000 per month and the claims for haulage fees by British Locomotives have been regularly met.
25. The Balance of the Unallocated Stores Account $170,372.02 is within the limit authorised by the Secretary of State and a reconciliation of the balance as shown in the Treasury and the Railway books is attached (Enclosure K).
26. Twelve surveys on the accounts of the Railway Stations, including the Head Office, were carried out during the year and call for no special comment.
LOAN ACCOUNTING.
27. An important feature of the year's accounts has been the redemption of the Inscribed Stock Loans of 1893 and 1906 amounting to £1,485,733 and the flotation locally of the 3½% Dollar Loan.
The actual redemption of the Sterling Loans was carried out by the Crown Agents and their figures have been accepted.
28. There have been so many departures from the authorised accounting procedure that it is necessary to comment at some length.
29. During the year bonds to the amount of $14,000,000 were issued by Government under the Ordinance No. 11/1934.
Though the arrangements for the issue of the Loan were placed in the hands of two local banks the cheques accompanying the application money and in payment of the full allotment were made "payable to the Hong Kong Government", crossed with the name of the bank. No account of these moneys has been submitted for audit nor was any information accorded to this department of the preliminary accounting arrangements of the Loan. The first entry in the accounts of the Colony in regard to the Loan is the receipt in the Treasury Cash Book of $13,860,000 being 99% of $14,000,000 issued. This receipt together with the Crown Agents voucher for the printing of the bonds has formed therefore the only basis on which audit was possible.
30. As applications, accompanied by application money, were received far in excess of the authorised issue there were obviously transactions such as refunds or adjustments of application money which were subject to account and, it was submitted, should have been subject to audit.
31. The Government, apparently on the ground that the Colonial Treasurer was satisfied, decided to let the matter rest. The principle that because the Treasurer is satisfied with...
· A (2) 5 —
24. The Advance Account "Purchase of Three Locomotives for Chinese Section" continues to be repaid by the agreed amount of $10,000 per month and the claims for haulage fees by British Locomotives have been regularly met.
25. The Balance of the Unallocated Stores Account $170,372.02 is within the limit authorised by the Secretary of State and a reconciliation of the balance as shown in the Treasury and the Railway books is attached (Enclosure K).
26. Twelve surveys on the accounts of the Railway Stations, including the Head Office, were carried out during the year and call for no special comment.
LOAN ACCOUNTING.
27. An important feature of the year's accounts has been the redemption of the Inscribed Stock Loans of 1893 and 1906 amounting to £1,485,733 and the flotation locally of the 31% Dollar Loan.
The actual redemption of the Sterling Loans was carried out by the Crown Agents and their figures have been accepted.
28. There have been so many departures from the authorised accounting procedure that it is necessary to comment at some length.
29. During the year bonds to the amount of $14,000,000 were issued by Government under the Ordinance No. 11/1934.
Though the arrangements for the issue of the Loan were placed in the hands of two local banks the cheques accompany- ing the application money and in payment of the full allotment were made "payable to the Hong Kong Government", crossed with the name of the bank. No account of these moneys has been submitted for audit nor was any information accorded to this department of the preliminary accounting arrangements of the Loan. The first entry in the accounts of the Colony in regard to the Loan is the receipt in the Treasury Cash Book of $13,860,000 being 99% of $14,000,000 issued. This receipt together with the Crown Agents voucher for the printing of the bonds has formed therefore the only basis on which audit was possible.
30. As applications, accompanied by application money, were received far in excess of the authorised issue there were obviously transactions such as refunds or adjustments of applica tion money which were subject to account and, it was sub- mitted, should have been subject to audit.
31. The Government, apparently on the ground that the Colonial Treasurer was satisfied, decided to let the matter rest. The principle that because the Treasurer is satisfied with
No comments yet.
Private notes are available after approval.