APPENDIX XII
CURRENCY FUNDS.
Statement of Assets and Liabilities as at 31st March, 1949.
LIABILITIES:
$20,117,447.51
$1 Note Security Fund
Hongkong Govt. o/a $1 Note Security Fund
Subsidiary Note Security Fund
1949 Coinage Security Fund
Nickel Coinage Security Fund
Total
F.
8,000,000.00(6) $28,117,447.51
#
5,294,010.53
ASSETS:
$1 NOTE SECURITY FUND:
On Current Account with Hongkong & Shanghai Bank On Deposit with Crown Agents:
Pending Investment,
$20,140,924.64
Investments (a)
999,474.60
6,977,048.27(6)
$28,117,447.51
SUBSIDIARY NOTE SECURITY FUND:
1,200,000.00
On Current Account with Hongkong & Shanghai Bank
1949 COINAGE SECURITY FUND:
1,932,316.28
On Current Account with Hongkong & Shanghai Bank ...
NICKEL COINAGE SECURITY FUND:
$36,543,774.32
On Current Account with Hongkong & Shanghai Bank
Investments (0)
Total
5,294,010.53
1,200,000.00
4,577.95 1,927,738.33
1,932,316.28
$36,543,774.32
(a) All investments are gilt-edged sterling securities and are shewn at the middle market value on the 31st March, 1949. A list of the investments is attached. (b) The Crown Agents were requested to invest a sum of $8,000,000 on behalf of the $1 Note Security Fund out of Hong Kong Government funds held by them in London, against reimbursement by the Fund locally. This reimbursement was not effected until after 31.3.49 but interest for the intervening period has correctly accrued to Government and not the Fund.
The Crown Agents invested the greater part of this sum on 25.3.49 and at 31.3.49 held the balance awaiting suitable investment.
It will be seen that the assets against this $8,000,000 amount to only $7,976,522.87, the difference being due to depreciation of the investments on adjustment to middle market value at 31.3.49.
THE TREASURY,
Hong Kong, 3rd September, 1949.
Examined:
P. H. JENNINGS,
Director of Audit.
25th January, 1950.
H. R. HIRST,
Accountant General.
156
183
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