CURRENCY NOTE REDEMPTION ACCOUNT.

8. I have duly examined this Account which, at 29 March 1922, showed that assets totalling to £314,606,327 18. 5d. in cash and securities were held, covering the amount of Notes Outstanding, £300,350,953 10s., and the balance on the Investments Reserve Account, £14,255,373 11s. 5d. The corresponding figures for Notes Outstanding and Investments Reserve at 30 March 1921 were £343,826,311 and £15,599,176 6s. 7d. respectively. The Reserve is fixed by Treasury Minute at 5 per cent. of the total securities held and advances outstanding, and the decrease during the year in the liability in respect of outstanding notes enabled a reduction of £1,343,802 15s. 2d. to be effected in the Reserve. This sum, together with £16,186,197 48. 10d. accruing from interest receipts and net profit on the sale of stocks, making a total of £17,530,000, was transferred to the Exchequer.

Malcolm G. Ramsay. Comptroller and Auditor General.

Exchequer and Audit Department, 16 February 1923.

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ACCOUNTS, 1921-22.

ABSTRACT ACCOUNT of the RECEIPTS into, and ISSUES out of, the DEVELOPMENT FUND in the Year ended 31 March 1922, together with the Report of the Comptroller and Auditor General thereon.

(Presented pursuant to Act 9 Edw. 7. c. 47, s. 2 (4).)

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20 February 1923.

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DEVELOPMENT (9 Edward VII.

I. ABSTRACT ACCOUNT of RECEIPTS into and ISSUES out of

FUND.

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the DEVELOPMENT FUND in the Year ended 31 MARCH 1922.