LOWE. BINGHAM & MATTHEWS, HONG KONG
12 -
In addition to the above, Fuel Section received
from S.C.A.P. 290,687 tons of Coal costing US$3,121,216,
Industry Section received 5,000 bales of Cotton Yarn cost-
ing US$1,440,000, and Marketing Section despatched to
S.C.A.P. goods to the value of US$4,638,509.
Scott and English Limited
In March, 1949, discussions took place in Japan
between representatives of the Hong Kong Government,
S.C.A.P., and Scott and English Ltd., concerning the over-
drawn balance of Scott and English Ltd., No. 2 Open Ac-
count with S.C.A.P. As a result of these discussions,
S.C.A.P. debited the Hong Kong Government Two-Way Account
in April, 1949, with the sum of US$ 600,000 in order to
liquidate this overdrawn position in S.C.A.P. books, but
no debit note to this effect has yet been received by the
Department. A credit of US$28,000 (in respect of an over-
charge) was notified by S.C.A.P. in April, 1950, and this
was finally amended to US$28,715.76 in June, 1950.
•
In May, 1950, when the debit of US$600,000 was
first confirmed in Hong Kong, a letter was addressed to
Scott and English Ltd. requesting repayment of the sum of
US$572,000 (1.e. US$600,000 less US$28,000) which, at the
then current official exchange rate of 5.76, equalled
HK$3,294,720. On 26th May, 1950, Scott and English Ltd.
paid HK$2,299,440 into the Department's bank account,
this payment representing the equivalent of US$572,000
at the pre-revaluation exchange rate of 4.02. A commis-
sion of amounting to HK$11,497.20 was also paid into
the bank for credit of the Department.
In respect of the amended amount of US$571,284.24
due by them, Scott and English Ltd. have declined to accept
responsibility for the difference in exchange between 4.02
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