Balances Unpaid at the Close of the Year. (B.) STATEMENT showing the SUMS Issued from the EXCHEQUER through the BANK OF ENGLAND to the BANK OF IRELAND, DUBLIN, in the Year ended 31 March 1927, for the Payment of INTEREST on the undermentioned Public Debt and for paying off PRINCIPAL of NATIONAL WAR BONDS, &c., the AMOUNT paid by the Bank in that period in respect thereof, and the BALANCES of the same Unpaid at the Beginning and Close of the Year. IN THE YEAR ENDED 15,995 3 4 5/15 Year Treasury Bonds, 1925-35 5 per cent. Treasury Bonds, 1929 5 per cent. Treasury Bonds, 1930 5 per cent. Treasury Bonds, 1927 Conversions to Funding Stock and Victory Bonds :5 per cent. Exchequer Bonds, 1920 REDEMPTION of— ... 24,169 10 5 3,085,678 4 11 3,109,847 15 4 3,093,852 12 R. J. Buckley, Accountant General. IN THE YEAR ENDED (C.) STATEMENT showing the SUMS Issued from the EXCHEQUER to the BANK OF IRELAND, BELFAST, in the Year ended 31 March 1927, for the Payment of INTEREST on the undermentioned PUBLIC DEBT and for paying off PRINCIPAL of NATIONAL WAR BONDS, &c., the AMOUNT paid by the Bank in that Period in respect thereof, and the BALANCES of the same Unpaid at the Beginning and Close of the Year. SUMMARY. SUMMARY of the foregoing STATEMENTS (A), (B), and (C), showing the BALANCES unpaid on 31 March 1927. * Excluding £3,055,074 118. issued to the Bank of England for Bank of Ireland (Dublin), but including £28,761 19s. 10d. British and Free State Tax paid to Inland Revenue in respect of these dividends. † In transit on 31 March 1926. In transit on 31 March 1927. 31 MARCH 1927. IN THE YEAR ENDED REPORT OF THE COMPTROLLER AND AUDITOR GENERAL. CONSOLIDATED FUND ACCOUNT. 1. Subject to the observation in paragraph 3 below, the issues for Consolidated Fund Services have in every case been made under proper statutory authority. National Debt Services: Management and Expenses. 2. The amount of £2,180,622 7s. 1d., shown on page 2 of the Account, includes £838,172 1s. 3d. issued in respect of cash payments on conversions of 5 per cent. Treasury Bonds, 1927, to 4 per cent. Treasury Bonds, 1934. Road Fund. 3. Section 42 of the Finance Act, 1926, directs that as from April, 1926, the sum which under Sub-section (1) of Section 2 of the Roads Act, 1920, is to be issued out of the Consolidated Fund, and the balance of which is under Sub-section (3) of that section to be paid into the Road Fund, shall be reduced by an amount equal to one-third of the net proceeds of the excise duties on licences for mechanically-propelled vehicles chargeable under paragraphs 1 and 6 of the Second Schedule to the Finance Act, 1920, as amended by any subsequent enactment, i.e., by one-third of the net proceeds of the duties on motor cycles and pleasure motor cars. In making transfers from the Consolidated Fund to the Road Fund, which are effected monthly, or whenever the amount to be transferred reaches £1,000,000, provisional abatements are made and adjusted when the actual proceeds have been ascertained. The amount finally retained in the Exchequer in respect of the year ended 31 March, 1927, was £3,620,317 Os. 7d., which represented one-third of the net proceeds of the specified duties collected by local authorities during that year. It appears, however, that on a true construction of the language of the section the deduction should be calculated, not upon the amount collected by the local authorities in the year, i.e., between 1 April and 31 March, but upon the amount of the "net proceeds" contained in the total which, but for the section, would have been paid into, and then issued from, the Exchequer in the year. The difference between the two alternatives consists in this, that the collections take on the average some three weeks to reach the Exchequer, and thus the sum paid into the Exchequer between 1 April and 31 March represents approximately the amount collected between 5 March of the preceding year and 4 March of the current year. |