LOWE, BINGHAM & MATTHEWS, HONG KONG
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42
which remained unbilled.
An invoice was finally issued
on 28th March, 1950, for $126,182.88 and paid by the firm
We also found that goods had been issued to
concerned.
the Controller of Stores in respect of which no debit
notes have been issued. It was explained that these were
stores supplied by H.M. Government without charge which
were intended for Government use and not for resale to
the public.
During the period under review a large quantity
of stores was received without charge which realised ap-
proximately 12,600,000.00 on sale. It has been explained
to us that these goods were supplies provided by H.M. Gov-
ernment, in respect of which priced vouchers were not re-
ceived, and that in accordance with terms of the Financial
Settlement between H.M. Government and this Government,
the net proceeds of these goods were to be applied to off-
set certain other liabilities assumed by Government. On
instructions from the Financial Secretary provision has
been made in these accounts for the payment to the Hong
Kong Treasury of a sum, determined arbitrarily in the ab-
sence of actual costs, intended to represent the net pro-
ceeds of these goods and charges which will not be made
by H.M. Government.
During the years 1946/47 and 1947/48 a quantity
of paper was sold on behalf of the Controller of Stores
and realised $34,040.17, the Controller of Stores being
charged $46,938.80 by the Crown Agents in respect of this
paper. A transfer was passed to the debit of the Section's
Suspense Account in October, 1948, crediting the sum of
$46,938.80 to "Miscellaneous Revenue, over-payments in
previous years".
During the years 1947/48 and 1948/49 a quantity