CO129-629-4 Commerce and Industry Department- supplies branch. Includes a statement of accounts for May 1946-March 1950-... 1-11-1951 - 31-1-1952 — Page 53

LOWE. BINGHAM & MATTHEWS, HONG KONG

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and Clarke.

Treasury Suspense Accounts

$27.006,301.25 (net)

We have seen a certificate dated 18th July, 1950,

from the Accountant General confirming these balances at

31st March, 1950.

It is understood that now the Trading Accounts

of the Department have been completed it is proposed that

they be presented and read in conjunction with the Colony's

Accounting Statements prepared by the Accountant General,

but it should be noted that important assets and liabili-

ties, particularly those arising out of trade with Japan,

are not included in the Financial Statements published by

the Treasury.

SURPLUS $67,762,076.25

This represents the amount which has been made

available to the Revenues of the Colony on the assumption

that the Department could liquidate its position at the

Balance Sheet values shown at 31st March, 1950.

GENERAL COMMENTS

In the preparation of the accounts appended we

have considered it permissible and justifiable to adopt a

number of unorthodox short cuts as we did not believe we

were justified in spending an unpredictable and unreason-

able amount of time and labour in further (and possibly

fruitless) research of doubtful items which would have re-

sulted, comparatively, in little or no benefit to the De-

partment. We are satisfied that the steps we have taken

have not materially affected the results arrived at.

Other aspects of the transactions of the Depart-

ment have already been dealt with in the Report of the

Director of Audit dated 15th July, 1948.