CO129-300 - Administrator Major Gen Gascoigne Governor Sir Blake - 1900 [7-9] — Page 567

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is gained by entering them in the Treasurer's daily ab-

stract. Let them pass through the Journal and Ledger only.

The Treasurer's daily abstract, if it is to be kept,

should exhibit only his or actual receipts and

payments. The accounts of sub-accountants andor the Crown. Agents are accounts received monthly, and if they pass through the Journal into the Ledger it would appear to

be quite sufficient.

Rule 151, paragraph 3,lays down that in Colonies the ac-

counts of which are kept in silver currency, the Cron Agents' transactions shall be converted at the quarterly

rate of exchange as fixed by the Lords Commissioners of

Her Majesty's Treasury.

previous

This is considered a retrograde

movement. The rate fixed by the Imperial Treasury is

founded on the average rate for the

geer quarter.

Hitherto in ongKong the rate adopted has been the rate

for the current quarter. If the accounts are in future

to be incorporated monthly the actual average monthly rate

for each month can be used.

one

h

The Imperial Treasury rate at the pre- sant time is 1/11. The actual rate is 2/0.On ship-

ment of silver coin costing £30,000 this would make a

difference of $15,369 and would affect the profit on the

coin to that extent.

In paragraph 11 of the covering des-

patch the Secretary of State points out the advantage to

the Colonial Service, in which the more responsible finan-

cial end administrative officers are transferred between

different Colonies of establishing as far as possible

uniformity in methods of accounts and forms of financial

procedure. Uniformity in methods of accounts is a good

thing to a certain extent but economy must also be stu-

died and a method that will work smoothly in one Colony

Will