LOWE, BINGHAM & MATTHEWS, HONG KONG
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and 5.76 arising from revaluation and representing an ex-
change loss of HK$991,157.22. Against this amended amount
of US$571,284.24, they claimed by way of set-off a sum of
US$440,000 which they submit had been available to them
in the form of earned exchange allocations at the rate of
4.02, but which allocations they had allowed to lapse.
Scott and English Ltd. have agreed to pay HK$217,800, re-
presenting the exchange difference on the net amount of
their US$ liability, thus leaving an exchange difference
of HK$773,357.22 to be written off in these accounts.
We have been informed that the US$440,000 Ex-
change Allocation allowed in the settlement with Scott and
English Ltd. would have lapsed as shown below if the same
procedure as applied to other traders had been enforced in
this instance :-
Date Lapsed
Amount
1950
US$
13th January
70,898.73
16th
81,613.30
24th
#
70,953.60
27th
#
29th
曾
17th March
22nd "
2nd April
79,817.13
30,495.00
7,866.04
96,812.00
1.544.20
$440,000.00
Of the amount shown in the Consolidated Balance
Sheet, HK$2,299,440 was paid into bank on 26th May, 1950,
and the company had undertaken to pay the balance of
HK$217,800.00 before 30th December, 1950.
The full circumstances surrounding this case
have been placed on record by the Deputy Director in a
statement which is included as an Appendix (A) to this