CO129-489 - Governor Sir Stubbs & Sir Clementi - 1925 [8-12] — Page 204

Remittance

Vonsiders

etc., and

Passage Refunds etc.,

sides that it is correct to

profits

or losses

Account"

carry

he

all auch

to an "Exchange

exchange to an

as was done in the year 1979, the balance

of wh. at the close of the year is carried to revenere

or expenditure

as the circo. may require.

1

:

Consun with this view.

3.

with regard to the sterling investments

and

funds which whalf of your Sout.

1

are held by the CA. on

and wh. it is necessary

+ convert periodically inits dollars for the

sole

Din.

view

purpose of record in the accounts, the

E And. is inclined to apres

with the

expressed

in

para. 3 of the desp.

under reply, that

any

increases or decreases

Ion value caused by such conversions are

not

rightly revenue or

expenditure, but with

the profess,

that when any actual profit

loss results from the realisation of

such investiments or funds, any

208

such

profit or loss sho. be carried to

Uvenc or

expenditure

in accordance.

with Col. Requin. to. 309. He is

of the

opinion, therefore, that the mcreases or decreases in the dollar value of sterling

investimenti or

funds held 4

the CA

shes. A continued to be carried to

the "Adpiatiment of schauge Account

wh-was introduced into the accounts in

19

2. But he holds the view that the

practice of carrying the balance of this

Apristement of bechange ofc at to clove of the year direct to the Surplus and Deficit A/C Repulin. ho.845

in contravention

of bl.