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 31ST DECEMBER 1954.


CURRENCY FUND INCOME ACCOUNT.
 Income for the year exceeded expenditure by $1,369,043.84. Qf 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) c and 4 (3) of the First Sehedule 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.

3. CURRENCY FUND.
 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
$59,231,092j00. No liability attached to the participating Governm-ents at the
end of the year, under Article 6 (2) of the First Schedule to the said Ordinance.

4. ASSETS AND LIABILITIES.
 Statements have been received from the Crown Agents showing the Secur-
ities 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 SURPLUS ACCOUNT.
 $774,483.90 of the 1953 surplus was distributed to member Governments dur-
ing 1954 in accordance with Article 5 (2) of the First Schedule to the Currency
Ordinance. The balance of .05(< is included in the balance of $754,367.25 shown
at 31st December 1954.
5. BOARDS OF SURVEY-REGULATION 20.
 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.

6. DEMONETIZATION OF GOVERNMENT CURRENCY NOTES.
 Currency notes issued; by the Governments of Trinidad and Tobago, Barba-
dos 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 Sectionr 9 of the Currency Ordinance.

 WM. FELL,
 Ag. Director of Audit.
 1st. July, 1955.