CO129-626-9 Wholesale vegetable marketing scheme 1-2-1951 - 30-11-1951 — Page 27

L 4 A

LOWE, BINGHAM & MATTHEWS, HONG KONG

for the whole of the operating period of the market, the

exact amount of which has not yet been ascertained and no

provision has been made in these accounts for this item.

Head Shroff's Defalcation

3.

As stated in our report of the 20th August, 1948,

there was a cash shortage at Kowloon of $13,666.56 owing

by Mr. Mui Man Chow (the No. 1 Shroff). We are informed

that Mr. Mul Man Chow was brought back to Hong Kong from

China but subsequently left the colony without any legal

proceedings being taken against him. The security deposit

of $4,000 was received from the Treasury and the net loss

of $9,666.56 has been written off this year.

4.

25

Un-authorised Advance to Co-operative Canteen $586.70

In our report of the 20th August, 1948, we drew

attention to the fact that s sum of $1,786.70 had been ad-

vanced without authority.

Part of this advance has been

repaid during the year and we were informed that the balance

is considered irrecoverable.

5.

Net Profit for the year $136,788.42

Although the accounts show a profit of $138,788.42 this is not ɛ true reflection of the real operating profit

for the year since certain important expenses have not been

brought into account.

In our opinion the position should be considered

as follows

Profit per Accounts

$138,788.42

Less: Salaries paid by

Treasury not charged

$47,073.38

Travelling and Motor

Expenses paid by the Agr. Dept. estimated at

Uniforms and Misc. Sup-

plies, estimated at

Approximate real profit for the year, subject to satisfactory answers to the questions in Para. IV of this report

1,000.00

1,000.00 49,073.38

$ 89,715.04