including proceeds of sales, a total of $2.6m. was repaid to Government towards reduction of the Government loans and interest thereon. With the sizeable reduction in the principal and interest on these loans, income (excluding proceeds of sale) now exceeds outgoings (including interest) by about $450,000 per annum. This surplus will continue to be used to reduce the overdue interest and principal on the Government loans. The Official Receiver, as Trustee in this case, also has a major interest in a limited company running a hotel in the New Territories. Under the supervision of the Trustee, this hotel made a net profit in 1971 of about $100,000 before payment of interest to Government on the mortgage loan.
138. As in previous years, the Official Receiver records his apprecia- tion of the valuable advice and assistance readily given at all times by the members of the Committee of Inspection.
Official Receiver in Bankruptcy Account
139. The receipts and payments for the year and the assets and liabilities as at 31st March 1972 are set out in Table XXVII. Assets of bankrupt estates produced $3.29m., and $95,400 was received in bank interest. Payments to preferential creditors and dividends to unsecured creditors amounted to $20,300 and $781,600 respectively, making a total of $801,900. Expenses of administration of bankrupt estates absorbed $277,500. At the end of the year the funds held by the Official Receiver on account of bankruptcies totalled $7.43m., including $5.34m. being the balance of the Government loans for the Ming Tak Bank and interest accrued thereon, $2.04m. held in respect of undistributed funds of bankrupt estates, and $22,200 in respect of unclaimed dividends.
Companies Liquidation Account
140. The receipts and payments for the year and the assets and liabilities as at 31st March 1972 are set out in Table XXVIII. This Table does not include details of The Canton Trust and Commercial Bank, Limited, for which a separate account is kept (Table XXVI). Assets of companies in compulsory liquidation produced $1.46m., and payments to preferential creditors, dividends to unsecured creditors and returns of capital to contributories amounted to $43,600, $291,300 and $172,200 respectively. Interest on investments and bank interest received totalled $97,000, of which $41,400 was transferred to General Revenue in accordance with section 294(3) of the Companies Ordinance. Liquida- tion expenses amounted to $212,800. Accountants' fees of $476,500 and
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