120 THE LEEWARD iSLANDS GAZETTE. [21 July, 1955.

Report of the Director of Audit of Trinidad and Tobago on the Accounts
of the Board of the Commissioners of Currency British Caribbean
Territories (Eastern Group) for the Year ended the
8lst December 1954.

Currency Funp Income Account.

Income for the year exceeded expenditure by $1,369,043.84. (i this excess, $614,676.64
was transferred to the Currency Fund Account, and the remainder, amounting to $754,367.20 to the
Currency Surplus Account in accordance with Articles 4 (2) ¢ and 4 (3) of the First Schedule to the
Currency Ordinance Chapter 35 No. 2 (Trinidad and Tobago).

2. As in previous years, the accounts for 1954 have been presented on a cash basis; all
expenditure for the year has been duly authorized.

Corrency Founp.

3. The value of the Currency Fund at 31st December 1954 amounted to $62,082,339.70
which was $2,851,247.70 more than the total note circulation of $59,231,092.00. No liability attached
to the participating Governments at the end of the year, under Article 6 (2) of the First Schedule to the
said Ordinance.

ASSETS AND LIABILITIES.

4. Statements have been received from the Crown Agents showing the Securities and Cash
on Deposit which they held on behalf of the Currency Fund. The certificate of the Controller and
Auditor General has, however, not yet been submitted for audit. The amount held on Deposit with the
Accountant General, Trinidad and Tobago, has been verified with his records.

Currency Surpius Account.

$774,483.90 of the 1953 surplus was distributed to member Governments during 1954 in
accordance with Article 5(2) of the First Schedule to the Curreney Ordinance. The balance of .05c. is
included in the balance of $754,367.25 shown at 31st December 1954.

Boarps OF Survery—KeEGuLaTion 20.

5. The requirements of Regulation 20 have not been fully complied with in the following
instances:
Grenada— 3 ordinary surveys and one surprise survey were held during the year. An
ordinary survey was not held for the last quarter.

Antigua— 3 ordinary surveys and one surprise survey were held during the year. An
ordinary survey was not held for the second quarter.

DEMONETIZATION OF GOVERNMENT CurRENCY Nortrs.

6. Currency notes issued by the Governments of Trinidad and Tobago, Barbados and
British Guiana, were declared to be no longer legal tender as from the 2nd January 1955, by
proclamation of the Governors of the above territories in accordance with “ection 9 of the Currency
Ordinance.

Wo. FEL,
Av. Director of Audit.
Ist July, 1955.

 

ANTIGUA.,
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1965

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