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3
large amount credited as received from sales of
opium is at once found debited to a person in the
payment side, the opium having been issued on credit.
The total capital of the company, which
26
adopted the nome Yue Hing, was found entered in one lump
sum of $3,000,000 under the date 29th of September 1924.
There are constent financial transactions with an office
maintained with a small staff in Hong Kong and it is
probable that the larger part of the funds of the Company
was kept in various banks in Hong Kong, and that this
office made the remittances required for the purchase of
ópium in Persic and Kwong Chow Yan. It is certain that
other books were kept in which were recorded other payments,
for there are several instances in connection with the
arrival of shipments of opium, when only a portion of
the expenses which must have been incurred are found
mentioned in these books. The books are not strictly cash books in the European sense of the term, as they contain various items where no cash actually passed in
respect of the item recorded. An entry was made at the
in order
time that it might be carried over to some other book, such
as a customers' ledger. In many cases it is difficult
to know whether payments to a Bank are deposits to the
company's account or in payment of drafts etc.
Only the books for the years 1924/1925, 1925/1926,
1926/1927, were examined, in the case of the first year
only the larger payments were examined, but the books for
the last two years were examined in detail, and full
extracts taken, a summary of which is given in the various
annexes.
3.
Organisation of the Company.
The capital of
the Company as stated above was $3,000,000.
Lee Hyson
declared