LOWE, BINGHAM & MATTHEWS, HONG KONG
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50
arising out of an agreement with H.M. Government $5,500,000
of this sum has been appropriated to the set-off against
other liabilities which the Hong Kong Government has under-
taken under the terms of the Financial Settlement with
H.M. Government.
ASSETS
Two-way Account with the Supreme Commander Allied Powers,
Japan $49.632.995.88
During the recent visit of two Auditors of S.C.A.P.
Head Quarters, we reconciled and agreed the balance due to
Government by S.C.A.P. and a signed certificate of this
agreement is on the departmental files.
Stocks on Hand $68,212,221.48
No physical stocktaking was carried out by the
Department in previous years and for the purpose of these
accounts we have accepted the amounts shown at the C.I.F.
value since, due to the system of book-keeping in use, it
is not possible to allocate and include the landing and
local handling charges. Stock shortages during storage do
not come to light until the particular item or lot is com-
pletely exhausted by sale.
At 31st March, 1950, a physical test of the De-
partment's various stocks was carried out by Messrs. Car-
michael and Clarke, Surveyors, and their survey report
was submitted to the Department. The quantities and values
of stocks have been certified by the officials responsible
and, where possible, values have been based on the subse-
quently realised price, subject to an allowance for over-
head expenses.
We have tested the quantities shown on the de-
partmental stock lists with the Stock Accounting Records
maintained and with the survey made by Messrs. Carmichael
No comments yet.
Private notes are available after approval.