CO129-605-1 Annual Accounts- 1946-7 9-9-1948 - 14-3-1949 — Page 14

•2-

14

TATEMENT

QUETS AND MEABILITIAN

Account are overstated by / 7,262. 14., but the nett cash

balance of 10,290,159.06 at the 1st of March 1947,

appears to be correct.

4.

At the 31st of August 1948 the Director of Audit

had not seen 41 vouchers in respect of payments during the

period 1st May 1946 to 31st March 1947, to a total of

₫ 11,319,209.75, and expenditure shown in the Annual Abstract

Account must, consequently, be regarded as unvouched to this

extent.

5.

The expenditure of % 6,071,835.07 shown under

Head 22, Public Debt, in the Annual Abstract Account, includes

an amount of ¥ 5,158,000 paid to the Hong Kong and shanghai

Banking Corporation on the 26th of March 1947, or the

redemption of 2,800,000 of the 1 34 issue of the Hong Kong

3 Dollar Loan, and of 2,358,000 of the 1940 1:sue of the

Bame Loan. These redemptions were, however, not made until

the 15th of July 1947, althou the outstanding balences at

the 1st of arch 1947, shown in the tatement of public

debt, take the redemptions into account, No certificate

from the Hong song and shanghai Banking Corporation wae, I

understand, seen covering the am unt of % 5,158,000 held by

them at the 31 t of March 1947, for the redemption of bonds,

and no interest at the rate allowed on Government's current

accounts was paid by the Corporation on this aum for the

period from the 26th of March to the date of redemption of

the bonds. The Director of Audit is in communication with

Government regarding the questions of the authority for this

payment to the Corporation in 1946-7 and the manner in which

it is proposed to account for the loss of revenue resulting

from the non-receipt of interest on the balance deposited

with them,

6.

Details of typographical errors in the tatement of

Assets and Liabilities are set oub as follows:-

Item

·