CO129-605-2 Annual Accounts- 1947-8 22-7-1949 - 20-9-1949 — Page 16

No: 3466/2.

REPORT of THE DIRECTOR GENERAL OF COLONIAL AUDIT on the

ACCOUNTS of HONG KONG for the year ended 31st MARCH, 1948.

As certified thereon, the Annual Abstract Account, together with the Statement of Assets and Liabilities on

31st March, 1948, has been examined under my direction.

ANNUAL ABSTRACT ACCOUNT

2.

STATEMENT

OF ASSETS AND LIABILITIES

The Account as rendered includes certain errors in

classification which were brought to the notice of the

Accounting Officer too late for adjustment.

Those which

affect Revenue or Expenditure Heads or Below-the-line

accounts in the Account and are the equivalent of £10 or

more in amount are shown in the enclosed list.

3. Bank licence fees collected during the year, amounting to $470,000 were credited to a Deposit account instead of to

revenue, and the General Revenue Balance is therefore under-

stated, and the liability Deposits, Miscellaneous overstated

by this amount. It is understood that this procedure was

followed because the fees were paid before the licence forms

were printed and available for issue. The Director of Audit

states that the necessary adjustment has been made in the

accounts for 1948-49.

4.

The Director of Audit states that due to an error the

liability "Supreme Court (Official Administrator, Public Trustee, etc.) $4,861,955.61" 18 apparently overstated by $3,000, and the asset "Supreme Court, Fixed Deposits,

$2,657,978.46" is also overstated by the same amount. The

matter has been brought to the notice of the Accountant-

General.

5.

With reference to paragraph 17 of my last Report, it is

understood that the Secretary of State has now approved the voting of supplementary expenditure to provide 100% cover for

the