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No. 10.
No. 6.
No. 9.
GOVERNMENT HOUSE,
HONGKONG, 18th August, 1916.
SIR,-Referring to your Confidential Despatch of the 23rd May, I have the honour to forward a copy of a letter from the Hongkong General Chamber of Commerce regarding the extension of credit facilities to German firms in Hongkong.
I have, etc.,
The Right Honourable
ANDREW BONAR LAW, M.P.,
do.,
&c.,
de.
3568/1915.
No. 11.
F. H. MAY,
Governor, de.
No. 9.
COLONIAL SECRETARY'S OFFICE.
HONGKONG, 23rd April, 1917.
St-Referring to your letter of the 5th August, 1916, I am directed to request that the Committee of your Chamber will be so good as to explain in detail their comment regarding the correspondence with the Secretary of State for the Colonies with reference to the credit facilities that were formerly extended to German firms in Hongkong.
The Secretary
I am, &c.,
CLAUD SEVERN,
Colonial Secretary.
Hongkong General Chamber of Commerce.
No. 12.
No. 11.
No. 9.
NEW GOVERNMENT BUILDING, Des Voeux Road,
Hongkong.
22nd May, 1917.
SI,I have the honour to acknowledge receipt of your letter of 23rd ult., requesting my Committee to explain in detail comment contained in this Cham- ber's letter of 5th August last regarding the correspondence with the Secretary of State for the Colonies and having reference to the credit facilities that were formerly extended to German firms in Hongkong.
In reply my Committee direct me to state that the position is very clearly set out in the following statement, a copy of which is already in your hands :-
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Arrangements are made with a certain Accepting House to accept the "Drafts of the shippers up to a certain amount. As the goods are shipped from Manchester, Bradford, or Hamburg, a Bill is drawin "at six months' sight on the Accepting House, which accepts it, "and the drawer then discounts it in the open market. Inasmuch as the Draft is fine paper on account of the standing of the Accep-
CC
44
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tor, it can usually be discounted at 1 per cent. below bank rate. The Acceptor usually charges per cent. per month for the
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