Cuttur
1
ง
5.
Actual invoices
presented by HOBF
have been as
follows:
£ 1000
$1000
1st Quarter
15,669
245,231
Special Payment
10
75
2nd Quarter*
16,071
254,547
3rd Quarter
15,181
243,427
4th Quarter
16,016
224,291
*After
62,947
967,571
taking into account reimbursement
Of
£3,022,960 for accommodation charges.
Sterling Fluctuation
6.
Sterling
strengthened against the HK$ in the early
part of the year and the actual rate applying when the 1st Quarter invoice was settled was $14.0275. By the time of the
2nd Quarter the rate was $14.9375. The pound then rose to
$15.5.
In order to protect against further exchange losses
HKG bought forward at $14.53 for the 3rd Quarter and $14.3
for the 4th Quarter. This subject is further discussed at
the Appendix.
7
Had HKG settled the 4th Quarter invoice in full at
the contracted Sterling prices, total expenditure for the
year 1992-93 in HK$ terms would have been as follows :