SOLDIERS’ SETTLEMENT.

Poverty Bay Herald, Volume XLIX, Issue 16174, 10 July 1923, Page 8

SOLDIERS’ SETTLEMENT.

AUDITOR-GENERAL APPLIES A :. TAG. .

(Parliamentary Reporter-) WELLINGTON, this day. The attention of Parliament has been called by tho Controller and AuditorGeneral to tho practice of recoupment of interest and sinking, fund charges from separate accounts in a case. where insufficient revenue’ has, been (received to meet such charges. The recoupment therefore results in interest and sinking fund being, paid out of loan, moneys. “Such recoupments shquld. nothin , my opinion,” says the AuditorrGeneiral, “be made until 'there is revenuo, available in a separate account to meet tho charge, unless authority exists for. interest to be capitalised as in ’ the case of interest chargeable during construction. Owing to the. wording,of tho Finance Act, the Audit Office is not in a position to insist that is the principle to be adhered to. In this connection I would quoto for example tho Land for Settlement Account, and the Discharged Soldier's’ Settlement Account of £164,000. . Loan moneys credited to this account for tho year 1922-23 are only somej' £60,000, which was applied towards the acquirement of, and expenses in connection with estates, while some £104,000 was applied to recoup interest and sinking- fund payments made out of tho consolidated fund to meet a recoupment, Of £148,000. Revenue amounting to only £44,000 was received during tho year. > ;M