HONG KONG
ANNUAL DEPARTMENTAL REPORT
BY THE
CUSTODIAN OF ENEMY PROPERTY
FOR THE
FINANCIAL YEAR 1961 - 62
PRINTED AND PUBLISHED BY S. YOUNG, Government PRINTER
AT THE GOVERNMENT PRESS, JAVA ROAD, HONG KONG
EXCHANGE RATES
When dollars are quoted in this Report, they are, unless otherwise stated, Hong Kong dollars. The official rate for conversion to pound sterling is HK$16=£1 (HK$1=1s. 3d.). The official rate for conversion to U.S. dollars is HK$5.714=US$1 (based on £1=US$2.80).
JAPANESE LEASEHOLD PROPERTY
GERMAN ENEMY PROPERTY
Assets and LIABILITIES.
CONTENTS
Paragraphs
1
2
·
3
4
MANAGEMENT OF THE DEPARTMENT.
APPENDICES
I. Japanese Leasehold Property and German Enemy Property
Receipts and Payments Account.
II. Balance Sheet.
III. German Enemy Property Schedule of Shares held by the
Custodian of Enemy Property.
iii
THIS report covers the accounts and activities of the department from 1st April, 1961 to 31st March, 1962.
A Statement of Receipts and Payments for the year is attached as Appendix I.
JAPANESE LEASEHOLD PROPERTY
1. Control of this Property is vested in the Administrator of Japanese Property, but the arrangement whereby the Custodian exercises management continued.
The only remaining property is No. 3-4, Minden Row, which is still occupied by the Army at a rental of $2,500.00 per month.
GERMAN ENEMY PROPERTY
2. The accounts include the following additional German Enemy property which has recently come to light:
I. 220 shares in the Union Insurance Society of Canton, Ltd. taken over from the Custodian of Enemy Property for England. These shares have since been exchanged into 286 shares in the Guardian Assurance Co., Ltd. which are shown in Appendix III. Dividends and proceeds of additional shares provisionally allotted amounting in all to $17,944.48 were collected during the year.
II. Unclaimed balances totalling $34,811.99 relating to various German companies liquidated under the Alien Enemies (Winding up) Ordinance, 1914.
3. The Appendix II.
ASSETS AND LIABILITIES
Balance Sheet as at 31st March, 1962 appears at
MANAGEMENT OF THE DEPARTMENT
4. Custodian fees collected during the year and paid to General Revenue of the Colony amounted to $3,310.26. Expenditure during the year for salaries and allowances, etc. was provided for under the Treasury vote.
18th May, 1962.
1
H. HEYS,
Custodian of Enemy Property.
!
3
APPENDIX I
CUSTODIAN OF ENEMY PROPERTY
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 1962
Rents of Property
JAPANESE LEASEHOLD PROPERTY
Proceeds of sale of shares and dividends on
holding of shares, estate of Herm Witte
Balances of dormant bank accounts remitted
by The Hong Kong and Shanghai Banking Corporation
$30,000.00
Expenses in connexion with Property
Custodian Fees charged on rents...
$ 4,279.80
1,200.00
Remittances to Administrator of Japanese
Property...
20,000.00
Balance due to Administrator of Japanese
Property...
$30,000.00
4,520.20
$30,000.00
GERMAN ENEMY PROPERTY
Custodian Fees charged on receipts
...
$17,944.48
Balance at 31.3.1962
+
34,811.99
$52,756.47
$ 2,110.26
50,646.21
$52,756.47
LIABILITIES
APPENDIX II
CUSTODIAN OF ENEMY PROPERTY
BALANCE SHEET AS AT 31ST MARCH, 1962
ASSETS
$ 9,128.24
Deposits German Enemy Property....
50,646.21
Cash at Bank
Treasury
4,520.20
$ 9,128.24
ADMINISTRATOR OF JAPANESE PROPERTY:
Balance at 1.4.61
Add Balance on Receipts and Payments Account for year ended 31.3.1962
GERMAN ENEMY PROPERTY :
$ 4,608.04
Balance on Receipts and Pay-
ments Account for year ended 31.3.1962
Hong Kong, 18th May, 1962.
50,646.21
$59,774.45
H. HEYS, Custodian of Enemy Property.
CERTIFICATE OF THE DIRECTOR OF AUDIT
The above Balance Sheet and the accompanying Receipts and Payments Account and Schedule of shares held by the Custodian of Enemy Property have been examined in accordance with paragragh 18 of the Secretary of State's Circular Despatch (2) of 18th January, 1940. I have obtained all the information and explanations that I have required, and I certify, as a result of this audit, that in my opinion they are correct.
AUDIT DEPARTMENT,
Hong Kong, 30th May, 1962.
W. J. D. Cooper,
Director of Audit.
$59,774.45
APPENDIX III
GERMAN ENEMY PROPERTY
SCHEDULE OF SHARES HELD BY THE CUSTODIAN OF ENEMY PROPERTY
AS AT 31ST MARCH, 1962
No. of shares
The Guardian Assurance Co. Ltd.
286
5
Remarks
Shares issued in exchange of 220 shares in the Union Insu- rance Society of Canton, Ltd. held in respect of the estate of Herm Witte deceased.
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HONG KONG
Code No.: 0340162