LOWE. BINGHAM & MATTHEWS, HONG KONG
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of pharmaceuticals was sold, which hitherto had been re- garded as stocks held by the Controller of Stores for Government use, and realised $131,810.15, the Controller of Stores being charged $283,230.84 by the Crown Agents. A transfer was passed to the debit of the Section's Sus- pense Account in January, 1949, crediting the sum of $283,230.84 to "Miscellaneous Revenue, over-payments in previous years". The resulting losses of $12,898.63 in respect of paper and $151,420.69 in respect of pharmaceu- ticals have, however, been included in this Section's
accounts.
In addition to the above, pharmaceuticals to the book value of $185,603.31 were also sold on behalf of the Controller of Stores and realised $85,130.27, but since it is believed that these were B.M.A. Stocks the latter amount has been treated as a realisation of B.M.A. Stocks.
A quantity of stores was purchased by the "Gal- vin Mission" and their disposal was recorded in the Trea- sury books in a "No.2 Account". As the Treasury wished to close off this account, Marketing Section was charged with $168,604.00 for the remaining stock which realised only $27,394.28 and the resulting loss of $141,209.72 has been included in these accounts.
Under the "Young Plan" for sending supplies to Hong Kong, this Section received a large quantity of wool- len vests costing approximately $6,600,000.00 and even- tually selling for approximately $2,800,000.00, resulting in a loss of approximately $3,800,000.00. This loss has been included in these accounts but, we understand, the original order was not in any way controlled by the de- partmental staff.
There is a Claim outstanding in respect of 450
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