Auditing

and has entered nothing in the roll but what he understands may be to the profit of the lord. And then, if he has rendered account before, see how it compares; and if he is found in arrears of money, corn, or stock, put the whole in a stated money valuation, and charge it at the commencement of his roll, also charge it with receipts of rents and many other things.

"At the end of the year, when all the accounts shall have been rendered of the lands, the issues, and all expenses of the manor, take to yourself all the rolls, and by one or two of the most intimate and faithful men you have, make very careful comparison with the rolls of the accounts rendered, and of the rolls of the estimate of corn and stock, and according as they agree you shall see the industry or negligence of your servants and bailiffs.

"The lord of the manor ought to command and ordain that the accounts be heard every year, not in one place but on all the manors, for so can one quickly know everything, and understand the profit and loss. The lord ought to command the Auditors on the manors to hear the plaints and wrongs of everybody who complains of the steward or others, that full justice be done, and that the Auditors do right at their peril.

"The Auditors ought to be faithful and prudent, knowing their business, and all the points and articles of the account in rents, outlays and returns of stock. And the accounts ought to be heard at each manor, to know the profit and loss, and then can the Auditors take inquest of the doings which are doubtful, and hear the plaints of each plaintiff and make the fines. The steward ought to be joined with the Auditors, not as head or companion of the account, but as subordinate, for he must answer to the Auditors on the account for his doings, just as another. It is not necessary so to speak to the Auditors about making audits, for they ought to be so prudent, and so faithful, and so knowing in their business, that they have no need of others' teaching about things connected with the accounts."

APPENDIX D.

DEPRECIATION TABLES.

THE following Tables, which have been expressly compiled for this work, are designed to show the gross amount to be debited to Revenue annually in order to write off the requisite proportion of a lease costing £100, having any number of years unexpired.

It is contemplated that each year a corresponding entry will be made to the debit of Lease Account, and to the credit of Revenue Account, in respect of interest (at the rate stated at the head of the column) upon the balance standing to the debit of the Lease Account at the commencement of the year. For example, if a lease having 30 years unexpired is purchased for £100; then, if it is contemplated to credit Revenue Account at the rate of 5 per cent. per annum upon the reducing balance standing to the debit of the Lease Account, it will be necessary to credit that account, and debit Depreciation Account, with £6 10s. Id. per annum. On the other hand, if the rate of interest be taken at the rate of 4 per cent., then the depreciation will be £5 15s. 8d.

The Table has been worked out to the nearest penny in each case; but, where the figures given have to be multiplied by any considerable number, it is desirable that a slight addition should be made, to compensate for the absence of fractions in the Table. In any event, it is further desirable that some substantial provision should be made to cover the cost of dilapidations at the end of the term.