L 4 A
LOWE, BINGHAM & MATTHEWS, HONG KONG
for the whole of the operating period of the market, the
exact amount of which has not yet been ascertained and no
provision has been made in these accounts for this item.
Head Shroff's Defalcation
3.
As stated in our report of the 20th August, 1948,
there was a cash shortage at Kowloon of $13,666.56 owing
by Mr. Mui Man Chow (the No. 1 Shroff). We are informed
that Mr. Mul Man Chow was brought back to Hong Kong from
China but subsequently left the colony without any legal
proceedings being taken against him. The security deposit
of $4,000 was received from the Treasury and the net loss
of $9,666.56 has been written off this year.
4.
25
Un-authorised Advance to Co-operative Canteen $586.70
In our report of the 20th August, 1948, we drew
attention to the fact that s sum of $1,786.70 had been ad-
vanced without authority.
Part of this advance has been
repaid during the year and we were informed that the balance
is considered irrecoverable.
5.
Net Profit for the year $136,788.42
Although the accounts show a profit of $138,788.42 this is not ɛ true reflection of the real operating profit
for the year since certain important expenses have not been
brought into account.
In our opinion the position should be considered
as follows
Profit per Accounts
$138,788.42
Less: Salaries paid by
Treasury not charged
$47,073.38
Travelling and Motor
Expenses paid by the Agr. Dept. estimated at
Uniforms and Misc. Sup-
plies, estimated at
Approximate real profit for the year, subject to satisfactory answers to the questions in Para. IV of this report
1,000.00
1,000.00 49,073.38
$ 89,715.04