92
In accordance with the Committee's recommendations, the Board are call- ing the attention of the London accepting and financing houses concerned to the matter, and are inviting an expression of their views as to the policy to be pursued in future, particularly as regards the enforcement of a strict observance of the terms of the letters of lien.
The Under Secretary of State,
Colonial Office.
3568/1915.
I have, etc.,
H. FOUNTAIN.
No. 8.
COLONIAL SECRETARY'S OFFICE,
HONGKONG, Sth July, 1916.
SIR, I am directed to enclose for the confidential information of the Nos. 3 to 7. Chamber of Commerce copies of correspondence with the Secretary of State for the Colonies relating to the financing of British and German trade in Hongkong and China.
The Secretary,
I am, etc.,
CLAUD SEVERN,
Colonial Segretary,
Hongkong General Chamber of Commerce.
No. 9.
No. 8.
NEW GOVERNMENT BUILDING,
Des Voeux Road,
HONGKONG, 5th August, 1916.
Sin, I am directed to acknowledge your letter of the 8th July, 1916, Nos, 3 to 7. covering copies of correspondence with the Secretary of State for the Colonies
relating to the financing of British and German trade in Hongkong and China.
My Committee has only this comment to make thereon:--
First class British firms could undoubtedly have obtained the same facilities, but "facility" would be an actual misnomer if the strict terms of the lien were carried out, for then the question of the renewal of the Bills would have to be dealt with and the method in most cases would prove more expensive than the ordinary British system of drawing through Eastern Banks.
The Honourable
The Colonial Secretary,
Hongkong.
I am, etc.,
E. A. M. WILLIAMS, Secretary.