CONFIDENTIAL
- 46
24.
ADMINISTRATION EXPENSES
Portfolio management fees
1991 HK$ '000
1990
HK$'000
and bank charges
34,472
20,975
Multi-currency portfolio
bonuses
5,131
2,071
Staff costs reimbursed to
the Treasury
21,839
14,015
Cable charges, telephone, telex,
Telerate and Reuter's monitor services
2,960
2,599
Entertainment and overseas
duty visits
27
21
Acquisition of office equipment
1,365
6
Maintenance of office equipment
166
185
Set-up expenses for the Dealing Room
99
Professional fees
1,268
Committee expenses
79
82
Miscellaneous
44
44
67,351
40,097
Compared with 1990 there was an increase of 67.97% under this
head of expenditure. Portfolio management fees and bonuses
increased by $16.6 million. This was mainly due to an increase
in funds under outside management and the appointment of five
new managers. The increase in staff costs was due to the
creation of 11 additional posts and upgrading of two posts.
The installation of a new computer system accounted for $1.2
million of the increase in acquisition of office equipment.
Professional fees of $1.2 million were incurred in connection
with defense of action against Hang Lung Bank in the New York
Court.
CONFIDENTIAL