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 51

LOWE, BINGHAM & MATTHEWS, HONG KONG

INDUSTRY SECTION

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49

Whilst draft accounts for this Section were orig-

inally prepared by us on a yearly basis it was subsequently

ascertained that a substantial number of items recorded as

sales represented, in fact, only goods on consignment.

As

a consequence, the exact sales and stock position for each

separate yearly accounting period could not be readily as-

certained from the records; the accounts have, therefore,

been aggregated in order to avoid period distortion. Sub-

stantial profits were made in 1946/47 and 1947/48 but

these were reduced subsequently by losses incurred in 1948/

49 and 1949/50.

BALANCE SHEET AS AT 31st MARCH, 1950

LIABILITIES

Hong Kong & Shanghai Bank $57.441.133.78 (net overdraft)

We have seen a certificate from the Bank dated

22nd June, 1950, confirming the balances on these accounts.

Sundry Creditors and Deposits received $8,466,633,28

So far as we are aware this account contains all

creditors' accounts rendered to date. No charges have

been received in respect of a large quantity of goods des-

patched to the Marketing Section in 1946/47 and 1947/48

as relief supplies from H.M. Government, but on instruc-

tions from the Financial Secretary a provision has been

made in these accounts of an arbitrarily arrived at sum

intended to represent the net proceeds of sales of these

goods.

British Military Administration - Realisation Account

Since the date of this appended account the re-

maining B.M.A. stores have realised $181.44 and the last

known civil debt of $602,000 has been collected, leaving

a final balance of $6,709,960.55. It is understood that