- A (2) 4 -
SUSPENSE ACCOUNT, -$269,793.38.
17. This Asset consists mainly of the cost of printing and manufacture of the new notes and coin referred to in paras. 23/24 and was placed in Suspense pending a decision as to the ultimate destination of this charge. It has been adjusted early in 1936.
The amount of $975,413 (vide para. 7 of last year's report), representing twenty per cent of the profit on certain exchange transactions over a number of years and credited to Military Contribution Suspense Account, was under the authority of the Secretary of State transferred to Revenue during the year.
TREASURER'S CASH BALANCE.
+
18. Following the Secretary of State's instructions that no expenditure should be charged against the accounts of a particular year unless actually disbursed within that year a General Order (No. 330) was issued, and the Board of Survey on the Treasury Cash held on 2nd January 1936 reported that all monies not disbursed at the close of business on 31st December 1935 had been refunded to the votes concerned and cheques which had not been delivered to the payee were cancelled.
Similar action was taken, in corollary, with regard to receipts and this particular accounting irregularity referred to in preceding reports has now been rectified.
19. The Assets held by the Crown Agents have been supported by the certificate of the Comptroller and Auditor General.
CURRENCY.
20. For reasons explained in the Treasurer's report the Government decided during the year to adopt a system of managed currency and in consequence several new features appeared in the Colony's accounts.
EXCHANGE FUND.
21. Under Currency Ordinance No. 54 of 1935 an Exchange Fund was created for the purpose of regulating the exchange value of the currency of Hong Kong.
This Fund is being kept entirely separate from the ordinary accounts of the Colony and is not reflected in the Colony's Balance Sheet though ultimately any profit or loss resulting from the operation of the Fund will be for Government account.
- A (2) 4 -
SUSPENSE ACCOUNT,-$269,793.38.
17. This Asset consists mainly of the cost of printing and manufacture of the new notes and coin referred to in paras. 23/24 and was placed in Suspense pending a decision as to the ultimate destination of this charge. It has been adjusted early in 1936.
The amount of $975,413 (vide para. 7 of last year's report), representing twenty per cent of the profit on certain exchange transactions over a number of years and credited to Military Contribution Suspense Account, was under the authority of the Secretary of State transferred to Revenue during the year.
TREASURER'S CASH BALANCE.
+
18. Following the Secretary of State's instructions that no expenditure should be charged against the accounts of a particular year unless actually disbursed within that year a General Order (No. 330) was issued, and the Board of Survey on the Treasury Cash held on 2nd January 1936 reported that all monies not disbursed at the close of business on 31st December 1935 had been refunded to the votes concerned and cheques which had not been delivered to the payee were cancelled.
Similar action was taken, in corollary, with regard to receipts and this particular accounting irregularity referred to in preceding reports has now been rectified.
19. The Assets held by the Crown Agents have been sup- ported by the certificate of the Comptroller and Auditor General.
CURRENCY.
20. For reasons explained in the Treasurer's report the Government decided during the year to adopt a system of managed currency and in consequence several new features appeared in the Colony's accounts.
EXCHANGE FUND..
21. Under Currency Ordinance No. 54 of 1935 an Exchange Fund was created for the purpose of regulating the exchange value of the currency of Hong Kong.
This Fund is being kept entirely separate from the ordinary accounts of the Colony and is not reflected in the Colony's Balance Sheet though ultimately any profit or loss resulting from the operation of the Fund will be for Government account.
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