CO129-605-1 Annual Accounts- 1946-7 9-9-1948 - 14-3-1949 — Page 19

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Note Security Fund / 8,992,092.57, Subsidiart Note Security

Fund 2,413,438.65, and Overprinted Note Security Fund

$400,000* in the Statement of Assets and Liabilities, the

Director of Audit reports that the balances on these furrency

funds at the beginning of the period under review (to which

reference has already been made at paragraph 8 (111) above)

appear to represent, so far as can be ascertained from records

now available, approximately 70% of the full amounts of currency

recorded as being in circulation at the end of 1941 in the case

of the first two items, and 100% in the case of the last item.

It is understood that the position with regard to these funds

has been referred to the Secretary of State.

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18.

Due to a misallocation, the liability "Currency

Funds Note Security Fund $8,992,092.57* is understated by

355,000, the liability "Currency Funds - Overprinted Note

Security Fund ₫ 400,000* being overstated by a like amount.

19. The General Revenue Balance of ☀ 487,434.89 at the

31st of March 1947, reflected in the Statement of Assets and

Liabilities, which takes into account the payment of

$5,158,000 mentioned in paragraph ♬ above, is understated by

≈ 12,000,000 as a result of the under-credit to revenue

referred to in paragraph 16.

20.

The asset "Imprests $90,165.09" comprises two

small unretired imprests totalling X 1,118.40, and an amount

of 89,046.69, in respect of a sum of Rupees 50,000 advanced

to the Hong Kong Government Agent in Calcutta. The latter

sum was, I understand, transferred to an Advance Account in

May 1948.

21.

The Director of Audit states that the asset

*Investments, etc. Miscellaneous Funds, Sundry

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7,248,000* is incorrectly recorded under this heading in

the Statement of Assets and Liabilities, since it represents

investments held on account ofthe Colony's surplus balances.

22. The investments forming the asset "Investments, etc.

Miscellaneous Funds Banking and Insurance Companies (Stg.

Investments £5,057,500) are included in the Statement of Asset

and.

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