CO129-605-1 Annual Accounts- 1946-7 9-9-1948 - 14-3-1949 — Page 18

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Secretary of State and The Legislature do not appear to

have been sought for these arrangements.

14. It appears that, over the period under review,

receipts totalling $ 170,091,395.71 and payments totalling

129,268,882.51, passed through the Suspense Accounts referred

to above. None of these accounts had been approved by the

Secretary of State and the Director of Audit has drawn the

attention of Government to the fact that, as a result of the

method of accounting adopted, the transactions of this

Department in 1946-7 were neither subject to the control of

the Legislature nor received the approval of the Secretary of

State.

15.

The Director of Audit has been advised that none of

the balances on the se suspense accounts has been reconciled

with the Supplies, Trade and Industry departmental records,

and he reports that no covering authority appears to have been

obtained from the Secretary of State or the Legislature for a

number of matters affecting expenditure of public funds by

this Department from the 1st of May 1946 to the 31st of March

1947.

16.

Included in the item "Deposits, H. M. Government

13,332,592.81* in the Statement of Assets and Liabilities,

is an amount of 12,000,000, the equivalent of amounts

totalling £750,000 received from His Majesty's Government as

Grant-in-Aid during the period 1st May 1946 to 31st March 1947,

and credited to deposits. These grant-in-aid receipts (which,

I understand, comprised £150,000 to meet expenditure estimated

by the Crown Agents up to the 30th of April 1946, £400,000 to

meet similar expenditure up to the 31st of May 1946, and

£200,000 Grant-in-aid for 1946-7) should, apparently, have been

credited to Revenue and, I understand, that the amount of

$12,000,000 was transferred to Revenue in the 1947-8 accounting

period.

17. With reference to the liabilities "Currency Funds

Note

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