CO129-463 - Governor Sir Stubbs - 1920 [10-12] — Page 34

Account of the Colony for 1920, and in the light of

As a result I am

1

other more recent information.

satisfied that as, apart from the investmente on account of Sinking Funds (which need not be taken into consideration in this connection) the sterling investments of the Colony do not include any long atanding investments of depreciated value but consist solely of a holding of £1,055,000 in the 4% Funding Loan 1960-1990 (which cost £847,398.15.0) and that more especially as this stock has, in point of fact, now actually appreciated in value, no question of opening an "Investments Depreciation Account" arises.

With regard however to the proposal, in para- Eraph 2 of this despatch, that, in the Annual Balance Sheet, the latest known sterling value of the invest- ments should be recorded I should point out that this

proposal is opposed to the accepted rule that, in

Government accounts, the amounts invested shall con-

tinue to be shown at the actual sum paid, the amount

of stock held, together with the actual cost and its

merket value on the last day of the financial year

being shown in a separate statement appended to the

Statement of Assets and Liabilities (Colonial Regula-

tion 354). I do not see any good reason for depart-

ing from this rule but I offer no objection to the

adoption, if desired, of the connected proposal to the

effect that the sterling cost of the investments shoul

be brought into the Annual Account converted into

dollare at the average rate of exchange ruling from

the 16th November to the 15th December.

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may one evell add as al san a reply was

33

and

deferred pending Exam. f 1

the details fromited with the Colony's Anmal Recent for 10,20=

xt in the light of that

I other more recent

affel that

+4 there

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necessity for opening in sovestiments

Afc.

no

16 3/4/2

I agree.

At once

A.E.C.

18.4.22

Gottes Kett

30.3.22

See above muniste.

It rather

late in the day to reply to this 17 months old ван despatch but it seems devvalde that the Connor should be inform

en at X