CO129-554-1 Loans for public works 13-3-1935 - 30-11-1935 — Page 11

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The cash required for redemption of the 3% sterling inscribed stock amounted to £1,485,733 and I calculated in the following manner:-

Inscribed Stock Sinking Fund.

£998,000

Public Works Loan 1927 Sinking Fund.

147,000

Invested Surplus Funds.

114,000

£1,259,000

Leaving to be met from new Loan

a balance of

226,733

£1,485,733

This was the cash aspect of the transaction and in this

manner I overlooked the fact that the proceeds of the sale

of Investments would require to be credited to "Investments",

and until the book entries had to be made on receipt of the

Crown Agents account for October in December last I did not

realise the misapprehension. The sale of the stock saved

a remittance of that amount of cash from Hong Kong.

(sd.) Edwin Taylor,

Treasurer,

15th October, 1935.