CO129-629-4 Commerce and Industry Department- supplies branch. Includes a statement of accounts for May 1946-March 1950-... 1-11-1951 - 31-1-1952 — Page 45

LOWE, BINGHAM & MATTHEWS, HONG KONG

9

43

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