CONFIDENTIAL
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g. ACCRUED INTEREST
Credit is taken in the annual accounts for accrued
interest on bank deposits and on securities where the market
price excludes accrued interest.
h.
ACCRUED EXPENDITURE
Expenses accrued at the year end are charged in
arriving at the surplus or deficit as shown by the Income
and Expenditure Account.
2.
EXCHANGE RATES
The exchange rates used to translate foreign currency assets and liabilities into Hong Kong dollars were as follows:
CAD100=HKD600.58
CHF100=HKD614.54
DEM100=HKD496.66
FRF100 HKD146.47
GBP1=HKD14.7147
ITL100-HKD0.6721
JPY100=HKD6.44
MYR100-HKD313.88
NLG100 HKD441.43
SGD100=HKD392.18
USD100-HKD780.00
These rates were based on the rate of USD100-HKD780 and the USD
middle market cross rates at the close of business in New York
on the last business day of 1987. The middle market cross rates
were:
USD100-CAD129.875
USD100 CHF126.925
USD100=DEM157.050
USD100-FRF532.550
USD188.65-GBP100
USD100-ITL116,050
USD100 JPY12,105
USD40.241=MYR100
USD100=NLG176.700
USD50.280=SGD100
CONFIDENTIAL
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