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- A (2) 26-
Currency Accounts.
138. The accounts and records maintained in connection with the issue of Currency Notes (authorised under Ordinance No. 42 of 1935) and the Nickel and Subsidiary Coinage accounts, have been examined by the Audit Department. Surprise audit surveys have been also made of the stocks of notes and coin, the results being satisfactory. An Ordinance (No. 25 of 1938) amending the original Ordinance, was passed by the Legislature on 24th November, 1938, Notice of non-disallowance was published vide Government Notification No. 35 in Hong Kong Government Gazette of 13th January, 1939.
Currency Rules.
139. With reference to paragraph 89 of the 1937 Audit Report, the Secretary of State has now finally approved of the new Currency Rules referred to.
China Companies Fees.
140. A Local audit inspection of the accounts kept by the Registrar of Companies at Shanghai, covering the period April 1938 to February 1939, has recently been carried out. The net revenue (viz $166,571) accruing from this source during the year, exclusive of the revenue derived from Stamp Fees, showed a slight increase over that of the previous year which was $165,703.
141. As a result of this inspection the question as to whether the form of relief described in Section 352(5) of the Companies Ordinance (No. 39 of 1932) and also refund of Capital Tax referred to in Colonial Office letter of 31st December, 1923, may be granted to the same Company was raised by Audit. The matter is under correspondence.
142. It was suggested by Audit that the Registrar of Companies at Shanghai should be requested to furnish yearly an arrears of revenue return (vide Colonial Regulation 239) and also that Government approval should be sought before writing off any irrecoverable fees. The Registrar of Companies Shanghai has been informed accordingly.
Accounting procedure re Customs and Excise drawbacks refunds of revenue, and recoveries of overpayments.
143. In view of the exceptional conditions, peculiar to this Colony, in that drawbacks on re-export and certain refunds of duties are somewhat abnormal in relation to the actual revenue, and in view of the fact that difficulty would arise in effecting comparisons between the true revenue and expenditure figures of successive years, if the procedure laid down in the Secretary of State's Circular Despatch No. 78 of 15th January, 1937, was followed, the Secretary of State, agreed to Hong Kong being exempt from the provisions of the despatch in regard to certain classes of refunds of revenue.
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- A (2) 26-
Currency Accounts.
138. The accounts and records maintained in connection with the issue of Currency Notes (authorised under Ordinance No. 42 of 1935) and the Nickel and Subsidiary Coinage accounts, have been examined by the Audit Department. Surprise audit surveys have been also made of the stocks of notes and coin, the results being satisfactory. An Ordinance (No. 25 of 1938) amending the original Ordinance, was passed by the Legislature on 24th November, 1938, Notice of non- disallowance was published vide Government Notification No. 35 in Hong Kong Government Gazette of 13th January, 1939.
Currency Rules.
139.
With reference to paragraph 89 of the 1937 Audit Report, the Secretary of State has now finally approved of the new Currency Rules referred to.
China Companies Fees.
140. A Local audit inspection of the accounts kept by the Registrar of Companies at Shanghai, covering the period April 1938 to February 1939, has recently been carried out. The net revenue (viz $166,571) accruing from this source during the year, exclusive of the revenue derived from Stamp Fees, showed a slight increase over that of the previous year which was $165,703.
141. As a result of this inspection the question as to whether the form of relief described in Section 352 (5) of the Companies Ordinance (No. 39 of 1932) and also refund of Capital Tax referred to in Colonial Office letter of 31st Decem- ber, 1923, may be granted to the same Company was raised by Audit. The matter is under correspondence.
142. It was suggested by Audit that the Registrar of Companies at Shanghai should be requested to furnish yearly an arrears of revenue return (vide Colonial Regulation 239) and also that Government approval should be sought before writing off any irrecoverable fees. The Registrar of Companies Shanghai has been informed accordingly.
Accounting procedure re Customs and Excise drawbacks refunds of revenue, and
recoveries of overpayments.
143. In view of the exceptional conditions, peculiar to this Colony, in that drawbacks on re-export and certain refunds of duties are somewhat abnormal in relation to the actual revenue, and in view of the fact that difficulty would arise in effecting comparisons between the true revenue and expenditure figures of successive years, if the procedure laid down in the Secretary of State's Circular Despatch No. 78 of 15th January, 1937, was followed, the Secretary of State, agreed to Hong Kong being exempt from the provisions of the despatch in regard to certain clases of refunds of revenue.
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