amount to approximately $453,000.00 but only $221,099.20 has been provided for in these accounts since the matter is still subject to negotiation.
2. The Colonial Development and Welfare Fund
These grants were claimed under authority of a Savingram No. 487 dated 22nd September, 1948. Details of the actual expenditure during 1948/49 and 1949/50 in res- pect of which grants have been received are set out in full in Appendix "A" of this report and are in accordance with the terms of the Colonial Development and Welfare Grants and Loan as set out in Savingram No. 487. It is understood that part of this sum is to be regarded as a free grant and part as an interest-free loan repayable in 1954 but we have been informed that the final details have not been settled and, pending clarification of the posi- tion, the full amount is shown as a liability on the Bal- ance Sheet. It is noted that it is conditional that the profits of the Vegetable Market Organisation are ploughed back into the Organisation and not diverted to General Gov- ernment Revenue; we have raised a number of queries, as set out in full in paragraph IV of this report, regarding the constitution of this Organisation and we are therefore un- able to state whether or not the conditions of this grant have been complied with.
II BALANCE SHEET - ASSETS
1. Cash and Bank Balances $447.227.53
KOWLOON MARKET
Hongkong and Shanghai Banking
Corporation Kowloon Sub-Agency Account $393.049.34
36
No comments yet.
Private notes are available after approval.