56
6.
This left the difference on US$132,000 to be
met, or approximately HK$217,800. Scott and English
Limited finally agreed to pay this in instalments between
August and December, 1950.
7.
Two concessions were made to the Company :-
(i)
Government took no exchange profit on the
US$132,000 which was directly settled.
(11) Government's 41% commission was reduced
to 1% (the rate ruling prior to revaluation) on certain
imports of woollen piece goods by Scott and English after
revaluation against their obligation to purchase woollen
piece goods up to 80% of the value of the iron ore shipped
against the contract mentioned above.