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Secretary of State in the Governor's despatch referred to in paragraph 86 of this report have been approved.
88.
A discrepancy amounting to $355,000 was observed between the number and value of notes in circulation at the 31st March, 1947, as shown in the Currency Notes Circulation Register, and the balance in the Dollar Note Security Fund ((a) in paragraph 85 above) in respect of notes issued since the re-occupation of the Colony. The matter was referred to the Accountant General who confimed a discrepancy of $355,000 in the case of the Dollar Note Security Fund resulting from a payment of $355,000 in respect of 355,000 Overprinted Dollar Notes which were destroyed in April, 1946, being charged against the Dollar Noto Security Fund Account, and not the Overprinted Note Security Fund. As a consequence the figure of $400,000 shown as the balance of the Overprinted Note Security Fund (In paragraph 85(c) of this report) in the Statement of Assets and Liabilities at 31st March, 1947, is overstated by $355,000, and the figure of $8,992,092.57 shown as the balance in the Note Security Fund (In paragraph 85(a) of this report) is understated by a like amount. The Acting Accountant General has advised that he proposes to analganate the Overprinted Note Security Fund and the Dollar Note Security Fund in the accounts for 1947/48.
89.
A further discrepancy between the Currency Notes Circulation Register and the Subsidiary Note Security Fund (Paragraph 85(b) of this report) resulted from the payment of $40 to the Hong Kong & Shanghai Bank in respect of an apparent shortage of notes issued to the Bank on the 29th January, 1947. The Financial Secretary has since approved the write-off of this amount against the Subsidiary Note Security Furid.
90. The Opening balance of the Nickel Coinage Security Fund at the 1st May, 1946, was 1,651,144.27 which reflects the Hong Kong dollar equivalent of the face value (£103, 196.10s.4d.) of investments, cash in hand and coins at the Hong Kong & Shanghai Bank, London, shown in the certificate of the Crown Agents for the Colonies at the 30th April, 1946. There is a discrepancy of £5-13-4a, between this figure, and the figure of £103,202-3 s.-8d. shown in the Hong Kong London Accounts Office Balance Sheet at 30th April, 1946. The matter was brought to the notice of the Accountant General who has advised that after exhaustive investigation he is unable to explain the discrepancy and the matter is still under examination.
91.
S.C.A. (Secretary for Chinese Affairs) Funds:-
$ 6,000 $58,000
$6,000
Chinese Public Dispensaries
District Watchmen
Passage Money
The balances shown in the Statement of Assets and Liabilities at 31st of March, 1947, reflect the face value of investments in Hong Kong Government Loan which were made prior to the fall of the Colony in 1941. The investments were not adjusted to market value on the 31st of March, 1947, and the Fund Accounts stand at the figures at which they were incorporated into the accounts for 1946/47.
92. Education Scholarships Fund $68,301.71. This Fund was re-instated in the accounts for 1946/47 in respect of an investment at face value in Hong Kong Government Loan and a Fixed Deposit, and the Fund stands under invested at the 31st of Mardh, 1947, by the amounts credited to the Fund during the financial period under review, i.e. $11,301.71. The Acting Accountant General has advised that there
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