Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698075354172.pdf (Guyana)
I BRITIS H G'JIAN A ANNUAL REPORT OF THE P O S T O F F I C E S i. V I N G S B A N K FOR THE YEAR 1960~ DPT:4054/1/1 Sir., GENERAL POST OFFICE Georgetown, British Guiana, May 30, 1961.

I have the honour to submit ·the Annual Report of the Post Offio~ Savings Bank for the financial year ending 31st December, 1960# as required by Section 12, of the Post Office Ravings Bank Orclinance, Chapter 133.

2.

The following statements are appended:- (a) Income and Expenditure Account.
(b) Acc0unt of Deposits and Withdrawals.

(c) Investment Adjustment Account.

(d) Reserve Account.

(e) Capital Deficiency Account.

(f) Balance Sheet.

(g) Reconciliation of Post Office Savings Bank Acc ounts with the Colony Accounts.

(h) Statement of Investments held by Post Office Savings Bank.

(i) Comparative Statement showing progress of the Post Office Sa·.

;rings Bank I Resume of Business - 1960.

3.

(i) At 31st December, 1960, there were 129,486 depositors whose balances totalled $21,389~367.
as against 127,657 depositors with balances totalling $20,l.iJ..7,007. in 1959.

The number of depositors increased by 1,829 i.e.

9,809 accounts were opened and 7,980 closed.

The depositors• bal ances showed an increase of $972,360.

over the previous y ear.

This in crease was due to the amount of interest credited to depositors1 accounts for the year 1960 and to an increase in the savings of depositors.

(ii) Actual deposits amruntad -tx:i $1Jj386.169.


reflecting an increa_se of ~738,668 when compa red with the previous year 1 s figure of $11,147.501 whilst actual withdrawals totalled $11,50?J367 showing an increase of $216,057 on the 1959 figure $11,286,810.

Deposits exceeded Withdrawals by $383,302.

The Honourable Fina.ri.cial Secretary, Public Buildings, Georgetown.

The/ •••••••• (iii) The number of transactions for the year was 257,832 of which 138, 788 represented deposits and 119,041+ withdrawals.
(iv) The face value of investments of 30th December, 1960 stood at $19,954.263.

on which the average earning rate of interest was 3.86%- The value of securities at mean market value quotation at 30th December, 1960 was $16,808,165.

showing a depreciation of $634,583 in the year under review.

Income and E~enoi ture.

4.

(a) The income for the year amounted to $826,949 of which $826,083, represented interest on investments and on balancP.R" held by the Treasury.

(b) Expenditure totall ed $636,788.


Of this, the sum of $ 589,057 represents interest paid to or credited to deposi tors at the statutory rate of 3% per annum.

( c) The operating profit for the year ad!ounted to $82,988 as against $56,975 in 1959 and $32,206 in 1958.

The increase of $26,013 over the previous year is due to the increase in interest earned on investments during the year 196o.

Capital Defiviency Account.

5.


Investments deprecu-:i;ed by $634,.583 at 30th December, 1960 and the Capital Deficiency was increased -~o ~2,665,431.

There was however a gain on the maturity of investments of $1,919.00.

The depreciation of the market value of the investments is attributable to prevailing conditions in the world money market.

The deficiency of $2,66~s431 at the end of 1960 _represen-ted approximately 12.:fo of the depositors' capital.

Frauds.

6.
Frauds.

6.

Four cases of fraud totalling $10,300,;i64 were perp~,tht-te on the Bank during the year: Police i nvestigations resulted in the prosecution and conviction of two of the offenders and restitution of the sum o'f: $9,589,18 was made.

The cases are as under (1) Fraudulent Withdrawal of i]._£, r8.

A wit hdrawal voucher for $16.08.

the balance exclusive of interest standing at the credit of an account was tendered and paid.
Police investigations/ •••••••••••• -3- investigations failed to locate the offender.

The amount was charged against the cashier who effected payment and restored to the accowit.

( 2) Fraudulent Withdrawals - $10 ,0,34.

56 Fictitious deposit entries and subsequent fraudulent withdrawals totalling $10,034.56 were discovered to have been irregularly made by a teller at Savings Bank Headquarters.
He was charged with the cffence - larceny by a Public Officer, pleaded gui1ty and was sentenced to 9 months imprisonment.

He also made restitution of the sum 9f $9,379.10., .An amount of ~655.46 still remains to be adjusted.

(3) Fraudulent Withdraw~l - ~ A person 1mPersonated a depositor and obtai..~ed a withdrawal of $200.

He was subsequently prosecuted and fined $2.50.

and mnde restitution of the amount of $200.

(4) Fraudulent Withdrawal - $50.00 A Withdrawal of $50.
was effected from an account, the passbook of which had been reported lostc j_)olice investigations led to charges being made against a postal employee, but the Magistrate struck out the charges.

This fraud has not as yet been disposed of• 7.


The following cases of fraud which were outstanding at December 31, 1959, were disposed of as follows in 1960: ( a) Fraudulent Withdrawal - $390: - .An employee of 1:he Bank was charged with forgery, uttering forged instruments, and obtaining money by means of forged instruments.

He was found guilty and sentenced to 3 years -imprisonment.

The amount of $390.

involved will have to be met from Bank Funds.


(b) Fraudulent Withdrawal - $578:- The Postal .Agent/Radio Operator chE.rged with fraudulent conversion was convic.ted and sentenced to two yerrs imprisonment on e ach of eight counts for forgery and uttering f orged request for the payment of money.

No restitution has been made and the loss will in due course have to be met from Bank funds.

General/••••••••• General.

8.

Deposits exceeded Withdrawals during the year.

9.


The trend of the stock investments to appreciate was reversed and stocks suffered a depreciation of $634,583.

This was due to the prevail.in~ condinions in the stock markets of the ~orld.

10.

The rate of interest paid Deposit ors on the balances continued to be 3%- ll.

Mr. E.H. Reis, Deputy Director of Posts and Telecommw1ications assumed duty in March, 19600 12.
Mr. M. St. C. Hard:ing, Assistant Accounto.nt, Post' Of'ficc:~ o.cted as Superintendent during the periods February to April and October to December, 1960.

Mr. G.D. Bentham Assistant Super:intendent, Post O£f'io0 Savings Bank acted as Superintendent during the period Apz~l to October 1960.
13. l>uring the year five members of the stai'f of the Banlc went on vacation leave, and two resigned, one being a Senior Clerical .A.ss~stant who resigned on account of marr:i.a,ge 1 the other, a class 11 Clerk who roijigned.

to take up other employment.

Two officers were dismissed from the service.

14.

I desire to place on record ~ r appreciation of the loyal service rendered by the Staff throughout 1960.

I have the honour to be·, Sir, Your obedient servant, E.E.

C.ASSELL.
C.ASSELL.

Director of Posts and Telecommunications.

POST OFFICE SAVIl"IJGS BANK STATEivlEN'r I -- ~ - Income and Expenditwe Account for the year ended 31st December, 1960.

!c:eenditure Re-imbursement to General Revenue in respect of provision under Head -40- Post Office Savings Bank.

To: Personal Emoluments - Fixed Establishment Personal Emoluments - ¢ $ 48,155.98 $ ¢ Unfixed Establishment 7,952.35 56,108.33 Re-imbursement.
to General Revenue in r espect of service by Sundry Departments and Indirect Charges.

I ncome By: Interest on I nvestments Sale of Duplicate Passbooks Telegraphic Withdrawals Fees Miscellaneous Receipts $ 826,082.
88 ¢ $ ¢ 234-24 39.00 5li-.53 Sale of Home Safes 538.56 826,949.21 To: Rent Upkeep of Premises Statione ry Travelling Pension Liability Proportion of Treasury 7,478.00 150.00 1,800.00 60.00 14-.,027 .oo Off icers' Sala ries Proportion of Audit Officers' 80.00 Proportion of Postmasters ' Salaries 2,750.00 Salaries 17,670.00 Proportion of Administrative ·officers' Salaries, G.P.O.
Postage Telegrams Telephones 560.oo 6,000.00 250.00 24-0.00 51,065.00 Carried forward 01fJ7,l.73.33 L,-., Carried f'orward ~~8261 94-9 o 21 $ ¢ 779.00 589,057.27 5,478099 ~o.oo Expenditure Brought Forward Direct Expenditure Temporary Clerical Assistance Interest to Sundry Depositors Incidental Expenses Publicity and Thrift · Cost of Cables and Transfers ofl Remittances to London for Investment by Crown Agents Equipment and Stationery for Accounting and Proof Machines Maintenance of Accounting Machines O'lertime Leave Passages entitlement Purchase of Home Safes Purchase of Two Accounting · Machines BO'lk Frauds Profit transferred to Reserve Account.
POST OFFI GE SAVINGS BANK ST8TEMENT I (contdo).

$l07,173.33 Brought Forward $826,949.21 Income 4,073.76 2,999.18 7,478.75 511.26 25,960.00 160.00 636,788.2l 82,987.67 $ .. 826,"949.21 $826,949.21 .,..

..... A;ocount of De12osits and Withdrawals for the year ended 31st December, 1960.
S'l'ATEI.iN'~T I I To: Withdrawt>J.s - 1960 $11,502,866.59' By: Balance at credit of Depositor5 - 31.12.59 $20,417,007.39 Toi Balance at creC:.it of l>epositora - 1960 $_21,389 .366.82 $32,892,233.41 Deposits - 1960 Interest p a id.

and credi tea.

t o Depositors - 19Ei0 11,886,168.75 "539,057.27 32,892,233.41 STATEMENT III Investment As!justment Account.

To: Depreciation on I nvostncnts - J..96v,, $634,582.93 f$6.34, 582.93 By: Ga.in on ma turity of Investments - 1960.
Transfer to Reserve Account - 1960.

To: Balance transferred from Investment Adjustment Account $632,663.83 $632,663.83 STATEMENT IV Reserve Account.

By: Profit transferred from Income and Expenditure Account Balance,.~t 31.12~€i0 to Capital Deficiency Account transferred $ 1,919.10 632,663.83 $6.¾,, ;32 .93 82,987.67 2!±9.676.16 $ 632,663.83 To: Bal~nce at 31.12.59 Ba.ui.nce transferred from Reserve Account - 31.12·.

€,() $2,105,754.95 549,676.16 2,655,431.11 By: Balarice at 31.
12.6:J $2,655,431.11 2,655,431.11 STATEMENT V Capital Deficiency Accou,m.

Liabilities Depositors' Capital - $ 2l,389,366.82 138.49 Suspense Account $21,389 ,.505.31 STATEMENT VI Balance Sheet, Assets invest ments Depreciation - $17 .,442 748.23 634,582.93 16,808,165.30 Capital Deficiency Due by Accountant General 2,655 .,431.

ll 1,925,908.90 $21,389 >.505.31 $ 21,389,505.31 STATEMENT VII Reconcilia~ion of Post Office Savings Bank Accounts with Colony Accounts.

Colony Acc.,unts.
Colony Acc.,unts.

I Deposits for Investments Deposits Invested Net Amount due by the .Accountant Capital Deficiency !kneral .. , $18,734,074.20 16..~808,,165.30 1,925-.,008.90 2., .655,!i--31.ll Post' Office Savine;s Bank Account .

$- 4,_581., 34()..Q.1.. Due by Account['.

!lt_¢.oiicrnl Capital Deficieeg10te by ... • .

~ .

l...S-25./)08.90 $ 2.,655,431.11 # 4,581,340.01 .,..

": STATEMENT VIII Statement of Investments at December 31 1 1260.
Denomination Face Value Ledger Value before Adjustment Ledger Value after Adjustment Investment at~ British Guiana 1969/79 2,180,200.00 2,180,200.00 2,180,200.00 Investment at ,5k% British Guiana Investment at 22§ British Guiana New Zealand Investment at 1J% 1969/79 2,072,700.00 2,031,24-6.00 2,072,700.00 1967/87 226,850.00 226,850.00 226,850.00 1956/71 96,000.00 95,04-0.00 88,320.00 British Guiana 1966/86 525,000.00 525,000.00 British Electricity 1967/69 71,619.04 69,828.56 Ceylon Gold Coast Kenya Investments a t~ 1965 1960/70 1971/78 83,217.80 22,4-62.4-0 36,818.24- 73,231.66 19,205.35 28,902.32 525,000.00 65,173.33 71,983.4-0 18,531.4-8 23,011.4-0 British Electricity 1974-/79 14,598.08 13,211.26 11,970.4-3 Tangenyika Investments at 4-~ 1967/72 7,022.92 5,723.68 4-,670.24 Bri+.ish Transport 1972/77 220, 068 ~ 8l1- British Gas Com.
of Australia Consolidated Loan Cyprus 1969/72 1961/64- 1957 and af;tar 1956/66 729 ,.301.56 14-,788.30 190,359 05.5 i 173,854-, _3R 660,017.91 601,673.79 14,344-.65 14-,122.83 171,04-6.98 124,864-.30 112,891.01 7,288.54- 6,195.26 5,830.83 Carried forward 6,478,982.70 6,264,220.50 6,196,783.12 STATEMENT VIII (CONT'D) Page 2 Denomination Face Value Ledger Value b ef'ore Adjustment Ledger Vn.lue af'ter Adjustment Brought forward Investmer:_t at U 6,478,982.

70 6,264-,220.50 6,196,783.12 East Africa H. Com.


1968/71 336,553.,4-6 270, 925,.54- .

.

230,539.12 East Africa H. Com.

Nigeria Investments at,¾% Australia Burton-on-Trent 1972/74 1963 1961/66 1963 3,276.28 273,87L 70 2,506.35 2,080.4-4- 254-, 700.

68 253,331.32 29 6, 614.

4-4- 14,609 .74 268 ,4-36.07 259, 537.

6~.

14,098.l+O 13,952.30 ' ~rit i sh Electricity 1976/79 .

423,591.4-6 336,755.21 307,103.81 Cyprus East Africa H. Com.

East Af'rica H. Com.


Essex Huddersfiel d Jamaica Jamaica Kenya Kenya .-.tondon County Council Sierre Leone Middlesex New Zealand North Irel and Nigeria Northern Rhodesia Northern Rhodesia Sierra Leone Salfond Sheffield 1969/71 1966/68 1968/70 1957/62 1958/63 1958/68 1968/73 1957/67 1973/78 1958/68 1958/63 1957/62 1960/ 64 1968/70 196li/66 1955/65 1970/72 1968/70 1953/63 1963 Carried forward 57,456.

80 19,145.98 61,947 098 28,399.74 12,948.06 41,656.18 38,783.34- 15,603.

97 13,689.

38 47,390.


20 41,195.li-J.

27 ,4-05.75 27,4-05.75 12,494.

88 :i.2,106.

4-4- 130,479.92 108,298.33 102,4-26.74 46,185.94 17,223.54 38,847.56 30,966.

66 34,835002 72,914.94 35,794.10 33,022.

95 14,037.19 12 , 659 .30 26,610.58 20,006.49 27,560.

33 26,011.99 31,699.87 71,821.22 31,874.04 71,456.

64 143,047, 16 136,610.04 134,464,33 20,264.04- 82, 900.

86 19 ,349,34 1.54-,901.82 115,84.1.

22 17,021.79 16,312.

55 69 , 222.22 16,737.18 67 ,564-.20 16,833.93 115,4-01.86 101,460.

69 89,197.
69 89,197.

74 75,876. oo 24-,960.

00 24-,086.

11.0 25,875.

72 - 8,965,992.08 25,228.

83 --- 8, 365,521.41 23,836.80 24, 970.

07 8,155, 284-.

79 ' >enomina tion ~ought forward 1vestments a t~ mth Rhodesia )uth Rhodesia mganyika and.a g a r Loan !stments at ,3¼% 11 stralia ll stralia \o otle ,e o.ds 1U ton re w Zealand ymouth 1961/66 1967/69 1970/73 1966/69 19 .52 or after 1956/61 1965/69 1958/62 1958/62 1964 1962/65 1957/62 [n vestments at 3% \.u stralia .. tralia Au stralia 1963/65 1964/66 1965/67 .
Br itish Electricity 1968/73 Ce ylon 1959/64 Fe deratcd Malaya States 1960/70 Fu nding Stock Gl asgow Go ld Coast 1966/68' 1963/66 1963 STATEMENT VIII (CONT'D) Page 3 Fa ce Value Ledger Value before Adjustment Ledger Value after Adjustment 8,965,992.,08 8,365,521.4J_ 8,155,284.79 71.,731.46 ,68,320.96 2,422.86 33,548.06 62,765.03 56,364.79 1,805.03 26,335.23 59,178.41+ 48,849.43 1,4l7-37 22,980.42 108,190.48 70,864.76 6~-,373.34 56,987.64 298,549.06 23,910.34 43,572.10 24,000.00 99,963.70 18,363.58 66,922.82 46,040.84 151,183,68 356,984.36 198,786.76 153,4-27.88 800,400.92 9,976.02 11,805.20 56,4J.7.76 249,288.47 23,073.48 42,047.08 22,320.00 89,967.33 17,720.85 59,226, 70 40,285.74 129,262.05 283,802.57 165,986.94 115,838.05 680,340,78 8,778.90 10,624.68 56,702.70 237,346.5'> 23,312.5f: 4-2,047.oe 21,960.00 89,967.33 17,720.8.:; 59,226.70 39,825.
33 124,726.5\ 261+,168.2-1-.J 168,963.

7.

120 ,41-i_o.

[./ 652,326.-, .

8 ,579.

3t 10,978.84 - 10,290,382.

_IP Carried fo:rw11rd .
- 11, 611,~ 80 10,578,637 0 63 ' )enomina tion STATEMENT VIII (CONT'D) ~ Face Value Page 4 ~ Ledger Value before Adjustment Ledge r Value after Adjustment 3rought forward :nve s tmen ts e.t 32' ramaica ·,anarkshire JOndon County Council dalaya iew Zealand 'few Zealand iigeria iorthern Rhodesia :>alestine 3avings Bonds 3avings Bonds 1956/61 1954-/64 1962/67 1974/76 1966/68 1973/77 1975/77 1963/65 1962/67 1955/65 1960/70 11,611,080.80 10,578,637.0 10,290,382.50 8,220.84 13,430.42 1.52,116.84 119,545.96 181,625.82 158,371.80 48,436.24 319,730.96 10,138.92 8,015.32 12,490.29 130,820.48 80,693.52 154,381.95 115,611.41 30,757.01 266,975.35 8,770.17 .
8,179.74 12,423.14 127,778.15 84,279.90 147,116.91 107,692.82 28,819.56 268,574.01 8,466.00 · 982,255i24 .908,~6.10 3,4571,778.20 2,869,955.
91 · .888,940.99 2,714,355.89 I, 3avings Bonds 1965/75 2,316,436.44 1,795,238.24 1,656,252.05 rrinida d inidad ,c nvestments ...... uotralia at 2~ elfast B enya :{ [ nvestments a t~ u stralia Fun ding Loan 1965/70 1967/71 1967/71 1963/66 1971/76 1970/75 1956/61 ' Ii ,, [, L I• Ii 51,308.90 38,738.22 145,671.08 107, 796.€1:J 1 - 56,869024 34,548.06 24,262 .. 90 48,ooo.oo 214,434.16 43,789.31 29,711.33 15,649.57 .
33,840.00 212,289.82 36,172.77 99,784.69 41,798.89 29,020.37 12,252.76 31,440.00 214,434.16 19,954,262.82 17,442,748.23 16,808,165.30 ,.

l • STATEMENT IX COMrARATIVE STATEMENT SHOWING THE PROGRESS OF THE GOVEN.NMENT AND POST OFFICE SAVINGS llANK SINCE ITS INAUGURATION IN 1889, AND ITS TR,<\NSFER TO THE ·2 ,_ 3 - - · -- - -4- - - - - , - --- - POST OFFICE IN 1911.

6 --- 7 Ye;ir No.

of Bonks No.

or A ccounts DEPOSITS WITHDRAWALS No.

Amount No.


Amount Total De positors· Balances to 31st December Total In, ~sunents to 31st Decem"er 8 INTEREST Received on invest~ mcnts Allowed to Dc positl1rs 9 RESULT OF YEAR'S WORK Net Profit Net Lo•• $ c. s. C. paid Surplu, into Colon~ Chest s ~.

1889 1890 189S 1900 1905 1910 1915 1920 1925 1930 1935 1940 1945 1950 19S1 19S2 19S3 19S4 195S 1956 1957 1958 1959 6 9 20 25 34 ~ so 51 ll G 44 ~ " ~ " " ~ ~ SB " " ~ ~ • Fi11ur~• not 3vai1"\>lo.
136 929 4,853 8,263 9,966 18,004 29,30S 36,658 36,252 34,471 44,858 65,994 X 92,609 103,731 109,617 112,829 115,390 119.931 122,819 125,82J 126,646 127,659 $ c. 191 3,258 10,478 17,32R 19,060 30,169 39,778 77,832 58,234 49,000 89,322 70,314 X 134,524 139,743 153,786 143,513 148,705 163,044 1.,R,428 153,645 147.163 135,176 2,279.00 39, 169.22 12 3,789.37 177,981.74 254,788.96 662.769.99 562,117.20 1,745,384.22 1,185,616.88 800,325.13 1,316,698.60 1,337,763,29 4,959.0SS.10 7,917,178.42 8,249,902.98 10,093,868.13 10,545,093.85 12,057,779.24 14,472,340.02 11 .644,489.86 11 ,165,559.22 11.767,S09.88 11,147,500.71 c, c. $ C. $ C, $ c. : 850 7,949 12,562 14,479 23,888 40,119 54,150 48,458 47,081 67,865 65,123 X 120,995 122,626 D6,860 137.468 123,917 133,107 113.218 13 1,770 128,930 126,372 - --- 5.44 14,187.41 101,080.60 170,424.75 203,731.29 378,321.90 717,682.04 1,438,058.79 1,440,829.93 896,513.18 1,076,627.92 J,.173,7K9.98 4,034.
722.48 7 ,803,727.19 7,795,173.58 9,009,260.52 11,225,587.Sl 1 o.

784,153.45 I 3,342,041.39 12,216,208.23 U,176,S7l.03 11,295,510.73 1 t ,286,810.47 X 27,648.46 X 222,589.13 319,650.72 128,088.75 962,571.37 1,908,228.90 1,976.05S.34 1,600,429.99 2,361,220.12 2,716,866.13 9,912,818.05 13.754,578.37 14,526,332.65 15,959,706.67 15,544.971.69 17,184,209.12 18,717,835.81 11,567,677.

 4 18,979,072.69 19,993,261.03 20,417,007 .3?

19,680.00 208,800.00 306,072.90 424,299.43 1,139,511.
'JZ 1,774.232.57 1,909,639.77 1,632,148.25 2,281,222.46 2 ,765,951.42 10.000,235,84 13,503,047.22 12,930. t 70.44 14,156,191.84 15,858,990.26 16,699,138.61 16,618.729.49 15,540,290.57 14.929.597.50 15,541 ,370.80 17,702,482.03 125.t; 2,196.17 7,438.00 10,660.02 ... l07.50 3,104.78 6,507.48 8,316.37 13,628.01 38,511.58 60,202.37 82,758.71 71,464.34 78,433.80 107,066,63 287,899.Sl 413,742.90 433,552.64 465,568.76 509,613.76 538,019.78 572.459.18 627.994.93 5 23,902.85 701,268.47 748,305.52 334.33 82S.47 393.IE 2,776.45 5,681.4 5 5,678.6i> 15,6)6.Ji> 27,591.39 4S,870.R2 53,247.33 45,138.21 54,167.59 60,106.60 207,880.96 310,634.21 317,024.88 344,691.07 359,717.17 364,503.86 403,288.2 1 419,486.52 420,868.58 541,647 .67 563,056.12 15,119.62 23,358.03 10,855.47 15,661.35 27,2$8.68 23,851.56 37,869.55 14,986.16 39,903.07 71 .968.SS 36.479.26 105,2 79.S3 77.404.63 32.20b.2S Sli,974.77 ~~ ­ ~utW..Ged~~ii'gJ1\ :6 l l,'•() .~uw • .&.6~30 REPCRT OF THE DIRECTCR OF AUDIT ON THE ACCOUNTS OF T'"rlE BRITISH GUI AN A POST OFFICE SA VIN GS BANK FCR THE YEAR ENDED THE 31ST DECEMBER, 1900 IN 'IR ODU CTI CN In accordance with the provisions o:r Secticn 12 of the Post Office Savings Bank Ordinance, Cap.
133 of the Laws of British Guiana, 1953, the accotmts of the British Guiana :Post Office Savings Bank far the year ended 31st December, 1900 1 have been examined under my direction and have been certified subject to the comments in this Report.

2.

The Annual Statements., together with the Report by the Director of :Posts and Telecomrmmications, were received for audit on 9th June, 1961.
Observations arising from the audit of the accounts were submttted to the Director of :Posts and Telecomnnmications on 19th July, 1961, and a reply received on 27th September, 1961.

3.

The annual Statements for the financial year ending 31st December., 1959., were laid before the Legislative Council on 9th December, 1960.

SUFFI OIEN CY OF Ell STING CHECKS AGAIN ST IRREGULARITY .AND FRAUD 4.
With reference to paragraph 4, of the previous report., the amount of the fraud perpetrated by an officer of the Bank was determined at $10.,034.

56; and recovery of $ 9,379.10., has been effected.

Clearance of the balance is being kept in view.

5.

As the result of this fraud a committee made recommendations far additional safeguards against irregularities and inf'ormati on has been requested by this Department as to what extent these recommendations have been implemented.

6.
6.

The number of' bank pass-books submitted ror audit during the period under review were not considered sufficient to be an ef.f'ective check against irregularity and fraud.

Arrangements have been made :t:or more pass books to be made available and the position is now · sa ti sf actory.

/INCOME I • 2 - INCOME .AND EXPENDITURE ACCOUNT (STATEMENT I) EXPENDITURE Per son al Emoluments - Fixed Establishment $48,155.98 7.

This i'igur e has been under stated by $911.


28, being leave salary of' two officers charged in errat> to Terri tat>ial Funds.

Adjustment is to be made in the 1961 accounts.

Personal Emoluments - Unf'ixed Establishment $7,952.35 a.

Acting allowance charged to Territorial Funds has had the effect of understating this amount by $10.48.

Adjustment is to be ma.de in the 1961 accounts.

Pensicn Liability - $14 1027.00 9.


As the result of the comment at paragraph 7, above, this figure has been understated by $227 .82.

Telephones - $240.00 10.

Attention has been drawn to the i'act that this amount did not cover the actual expenditure during the year by $138.00, and adjustment is to be made in the 1961 accounts.

Incidental Expenses - $5 2 478.99 11.

In eluded in this figure is an amotm t of $1,329.22, being expen sea f'or refreshments supplied to staff on overtime duty.
The approved limit for this expenditure is $350.00, and authat>ity i'or the excess has not yet been seen.

Overtime - $7,478.75 12.

This figure represents 13.33% of the total Per son al Emoluments.

13.

Authority has not yet been seen for the rates of overtime paid during the period under review.

Leave Passage Entitlement 14.

This expenditl.ll'e is understated by $320.40, and adjustment is to be made in the 1961 accounts.

/Proi'i t .. 3 - Profit 'Iransferred to Reserve Account $82,987.67 15.
As the result of the observations referred to at paragraphs 7, a, 9 figure is over stated by ,jjil, 007.

98.

1 10, and 14, above, this INCOME Interest on Investments - $826,082.88 16.

Owing to the payment in a:rrears of i nterests on Bank Funds deposited in the Public 'lreasury an amount of approximately $500.00, would appea:r to be outstanding f'or interest payable f'rom Public Funds and recovery is being kept in view.

ACCOONT OF DEPOSITS AND WITHIRAWALS (STATEii'l:mT II) 17.
Wl th re.ference to paragraph 6., of the previous report, arrangements have been satisf'actorily settled with regard to deposits in excess of' twenty-five thousand dollars made by a Statutory Government Organisati on .

RESERVE ACCOUNT - (STATEMENT IV) Pr oti t tr an sf erred .fr om In come and Expenditure Account - $82 1 987 .

67 Balance at 31.12.

00 tr an sf erred to Capital Deficiency Account -$549 1 676.16 18.
As the result of the observation at paragraph 15., above., these two amounts are overstated and under stated by $1.,007.98., respectively.

CAPITAL DEFICIENCY ACCOUNT - (STATEMENT IV) Balance transferred .from Reserve Account 31.

12.

00 - $549, 676.16 Balance at 31.

12.60 - $2 1 6551 431.11 19.

With ref'erence to paragraph 18., above., these amounts have been understated by $1,607.98.

/B.ALMCE SHEET 4 BALANCE SHEET ( STATEMENT VI) ASSETS Investments - $16 1808,.165.30 20.
The Sterling Investments and Local Investments have been verified trom the relevant certificates.

21.

Included in this .figure are British Guiana Government Securities to a total value of $5,004,750.00.

Capital Deficiency - $2 1 655 1 431.11 22.

With reference to paragraph 19, above, this amount is under stated by $1,607.98.

Due by Accotmtant General - $1 1 9251 908.90 23.

This figure is overstated by $1,607.98.

24.


Included in this figure is the working capital reserve o:r $50.,000, and the excess am0tmting to $1,875., 908.90, is on deposit with the Accountant General in accordance wt th the approval given by the E.xecu ti ve Cotmcil on 16th October., 1957.

Interest at 5% has been paid during the year by Government Cl'.l this excess.

GENER.AL 25.

The late rendition o:r the accounts did not permJ.


t the laying o:r the audited accounts before the Legislature by the due date of 31st May, 1961, in accordance with the provisions of Section 12 o:r Cap.

133 of the Laws o:r British Guiana, 1953. :f. ,d. ~~ Director of Audit 2nd O~tober, 1961.

AUDIT DEP .AR TMENT, GECE.

GETOWiI, BRITISH GUIANA.