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APPENDIX XXII.APPRECIATION OF SECURITIES HELD BY THE POST OFFICE SAVINGS BANK.Secretary, Committee of Public Accounts. Vote for Posts and Telegraphs: Post Office Savings Bank. At the proceedings of the Committee on the 12th March, 1959, the Secretary of the Department of Posts and Telegraphs undertook to furnish a note on the practice adopted when the annual valuation of the securities of the Post Office Savings Bank yields an appreciation. As the Minister for Finance is responsible for the investment of the funds of the Bank I am supplying the information promised by the Secretary of the Department of Posts and Telegraphs. It is not the practice to credit the accounts of the Post Office Savings Bank with the amount by which the securities held as investments for the Bank exceed at valuation the book value or cost price of such securities. A note is, however, appended to Account III of the annual printed accounts of the Post Office Savings Bank, commencing with the account for the year ended 31st December, 1945, showing the aggregate value at 31st December of the assets held by the Minister for Finance, based on the Stock Exchange securities being taken (a) at cost and (b) at market value (exclusive of accrued interest). (Signed) T. K. WHITAKER, Secretary, Department of Finance. 29 Aibreán, 1959. |
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