11. Commitments
a) As at the year end date, there were annual commitments under operating leases in respect of land and buildings as follows:-
Expiring within one year
Expiring in the second to fifth years inclusive Expiring after five years
1990/91 HKD'000
1989/90 HKD'000
2,256
1,950
5,255
5,554
4,181
5,234
11,692
12,738
b) In July 1989, the Council entered into a contract for purchase of two floors in the building to be named Hong Kong Centre to be erected at Nos. 219-221 East 46th Street, New York City, USA at a cost of USD3.32m (HKD25.92m). Deposit at 25% of the purchase price for USD0.83m (HKD6.48m) has been paid and included as advance payment in the accounts receivable and sundry debtors account. The balance of USD2.49m (HKD19.44m) is payable by instalments in accordance with schedule of stages of construction completion.
12. Other Matters
a) The Council agreed to assume responsibility for the Hong Kong Shippers' Council. For 1990/91, the Council, being fully responsible for subventing the Shippers' Council, paid HKD3.65m (1989/90 — HKD2.87m).
b) The Council also agreed to subsidise the activities of Hong Kong/Japan Business Co-operation Committee. For 1990/91, the Council paid HKD1.49m to the Committee (1989/90 — HKD1.15m).
13. Comparative Figures
Certain comparative figures have been reclassified to conform with the current year's presentation.
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