PUBLIC ACCOUNTS

New Zealand Herald, Volume LXXIII, Issue 22400, 22 April 1936, Page 14

PUBLIC ACCOUNTS

EARLIER PUBLICATION POLICY OF GOVERNMENT Earlier announcement of the public accounts, and the proper charging of exchange in them, are part of the policy of the Government, according to advice received by the Auckland Chamber of Commerce from the Minister of Finance, the Hon. W. Nash. The matter was brought to the notice of the Government through the Associated Chambers of Commerce. The Government policy in regard to exchange costs relating to overseas purchases of storos and materials was in the direction of placing the charge on the particular undertaking for which the costs had been incurred, said the Minister. From this it would b« gathered that the exchange charges on such transactions in respect of commercial or semi-cominercial undertakings of the Government would be correctly recorded in the relative accounts.

Funds of the Government, apart from those major undertakings having separate banking accounts, such as the Post Office, Public Trust, and Government Life Insurance, were contained in the public account from which all disbursements were made, and into which all receipts were paid in respect of the accounts in its field, he continued. For convenience in accounting for exchange costs, however, it was considered desirable to have the charge borne, in the first place, by the Consolidated Fund, with an appropriate charge to the individual account concerned. From this account recovery in cash would take place, or a liability for the amount involved would be established.

The strengthening of the powers and the widening of the activities of the Public Accounts Committee would receive consideration as seon as major and urgent policy matters' had been disposed of