CO129-436 - Acting Governor Claud Sever & Governor Sir May & Public Offices - 1916 [11-12] — Page 675

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at which loans are domiciled these holdings must be kept in a

single stock account. Consequently, the amounts shown in

the certificates which the Comptroller and Auditor General

obtains direct from the domiciles, and on which the audit

depends, give the combined holdings of all the Colonies,

it is necessary that the quarterly returns of all Colonies

should be dealt with by the Comptroller and Auditor General

simultaneously.

3.

and

For this reason the quarterly returns of the

Government of Hong Kong, which of themselves do not entail

much labour, cannot be despatched until after the completion

and audit of the returns of 11 Colonies for which we act; and

As there are 230 funda, owning approximately £22,000,000 of Stock, divided into 1750 holdings, the preparation and checking of the returns in this Office take about 6 weeks, and the audit occupies a further fortnight, before the Returns can reach the Colonial Office for despatch to the Colonies

4. We have gone carefully into the matter with a view

to seeing whether this period could not be somewhat reduced,

out we fear that it is impracticable. The quarterly returns

however, do not contain any new facts.

They simply represent

an audited confirmation of the results effected by the

transactions recorded in our accounts since the previous quarterly return; and, as the accounts are despatched immediately after the expiration of the month or quarter concerned, any information required can be compiled without difficulty from them before the Quarterly returns are received

I have &c

(Sgd) R.L.Antrobus