HONG KONG
ANNUAL DEPARTMENTAL REPORT
BY THE
CUSTODIAN OF ENEMY PROPERTY
H. HEYS, O.B.E., F.C.A.
FOR THE
FINANCIAL YEAR 1963 - 64
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).
CONTENTS
Japanese Leasehold PROPERTY
GERMAN ENEMY PROPERTY
+
ASSETS AND LIABILITIES
MANAGEMENT OF THE DEPARTMENT
Paragraphs
1
2-3
4
5
APPENDICES
I. Japanese Leasehold Property and German Enemy Property
Receipts and Payments Account.
II. Balance Sheet.
iii
:
THIS report covers the accounts and activities of the department from 1st April, 1963 to 31st March, 1964.
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 manage- ment continued.
The only remaining property is No. 3-4 Minden Row, which was vacated by the Army on 10th August, 1963. Arrangements are being made by the Administrator of Japanese Property for the sale of this property.
GERMAN ENEMY PROPERTY
2. In December, 1963, His Excellency the Governor, under Section 21 of the Trading with the Enemy Ordinance, Chapter 188, directed the Custodian to sell the 286 ordinary shares held in the Guardian Assurance Company and to pay to the Accountant General, for the benefit of the Development Loan Fund, the proceeds of the sale together with any accrued dividends and proceeds of sale of rights. His excellency also directed that the dormant accounts of liquidated German companies be disposed of in a similar manner.
3. On 28th February, 1964 therefore, a total of $67,476.66, made up as follows, was transferred to the credit of the Development Loan Fund:
Estate of Herm Witte deceased. Sale of 286 Ordinary Shares in
the Guardian Assurance Co. Ltd.
$ 8,695.47
Accrued dividends and proceeds of sale of rights Dormant accounts of German companies liquidated under The
Alien Enemies (Winding up) Ordinance, 1914...
26,780.74
34,811.99
70,288.20
Less 4% Custodian fees
Net total transferred to Development Loan Fund
1
2,811.54
:
$67,476.66
ASSETS AND LIABILITIES
4. The Balance Sheet as at 31st March, 1964 appears at Appendix II.
MANAGEMENT OF THE DEPARTMENT
5. Custodian fees collected during the year amounted to $1,306.04. Expenditure during the year was provided for under the Treasury vote.
18th April, 1964.
2
H. HEYS,
Custodian of Enemy Property.
یا
APPENDIX I
CUSTODIAN OF ENEMY PROPERTY
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 1964
RECEIPTS
JAPANESE LEASEHOLD PROPERTY
PAYMENTS
...
$23,768.76
9,124.93
Expenses in connexion with Property
Custodian Fees charged on rents...
Administrator of Japanese Property
$ 9,124.93
950.75
22,818.01
Rents of Property
Balance carried to Balance Sheet
(Administrator of Japanese Property)
$32,893.69
Dividends and proceeds of sale of 286 ordinary shares in the Guardian Assurance Co. Ltd., estate of Herm Witte deceased
Balance carried to Balance Sheet
***
GERMAN ENEMY PROPERTY
$32,893.69
Custodian Fees
$
355.29
$ 8,882.27
Payment to Revenue of the Development
Loan Fund
+
67,476.66
58,949.68
$67,831.95
$67,831.95
4
LIABILITIES
APPENDIX II
CUSTODIAN OF ENEMY PROPERTY
BALANCE SHEET AS AT 31ST MARCH, 1964
ADMINISTRATOR OF JAPANESE PROPERTY:
Balance at 1.4.63
+
Less Balance on Receipts and
$10,248.44
Payments Account for year ended 31.3.1964
9,124.93
$1,123.51
GERMAN ENEMY PROPERTY:
Balance at 1.4.63
...
Less Balance on Receipts and
$58,949.68
Payments Account for year ended 31.3.1964
58,949.68
Hong Kong, 18th April, 1964.
$1,123.51
Cash at Bank
Treasury
ASSETS
Deposits: Administrator of Japanese
Property
:
H. HEYS,
Custodian of Enemy Property.
$1,110.98
12.53
$1,123.51