LOWE, BINGHAM & MATTHEWS, HONG KONG
11
On 11th January, 1949, an agreement was made
with Messrs. Wing Wo Hing to take effect from 1st December,
1948, and this agreement was not varied until a new one was made on 1st June, 1950. We are informed that the terms of both these agreements were not submitted to pub- lic tender but have been authorised.
Rice Controller
Mr. R. C. Lee acted as Rice Controller from May, 1946, to April, 1948, without receiving remuneration from Government and no charge has been incorporated in these accounts in respect of the services rendered by him. The Director of Audit has also commented on this matter.
FUEL (Coal and Firewood) SECTION
Purchases - Coal and Firewood
During the year 1946/47 seven shipments of Coal and three shipments of Firewood were received by the Sec- tion but to the date of this report no charge has been re- ceived for the cost, freight and insurance. An estimate of the cost and freight of the shipments has been provided for in these accounts (as amended).
JAPAN TRADE SECTION
The rate of US$1
=
HK$3.97515 has been used for S.C.A.P. transactions prior to revaluation, and US$1 = HK$5.71 for post revaluation transactions, except where other special rates have applied. Besides the transac- tions shown in these accounts the following items were, under revised trade arrangements, transacted direct through Banks on a Commission basis :
Imports
Exports
1947/48
USA
1948/49
US$ 14,282,652
1949/50
US$ 19,954,693
US$ US$ 16,104,676 US$ 29,570,202
124,617
49