+
15
that the liquidators' belief that the particular brand of fine shirtings shipped by Messrs. Hilterman and Brothers and known as "No. 300" was sold at a loss seems to have been based on their experience of a particular lot of 25 cases which passed through their hands as liquidators and for which they were unable to obtain a remunerative price.
3.
It would appear inherently improbable that any
direct evidence of a State subsidy would be found in the books of a branch in a British Colony and one would rather expect to find such payments made to the head office in Germany.
4.
It may well be that some of the German firms received financial assistance from their Goverment. At the same time other factors in the success of the Germans must not be lost sight of. The long credit system introduced by them, and their application to their own general purposes of the proceeds of goods delivered to them on trust receipts, undoubtedly gave them an advantage the unsoundness of which might remain undisclosed for years. These breaches of trust have given rise to one of the great difficulties of the liquidations, but no difficulty was apparent so long as the firms concerned were still carrying on their business. Many of the Manchester and Bradford exporting firms seem to be of German origin and this might explain partly why so many agencies went to German firms originally. There is no doubt also that the Germans showed much energy in opening up new lines.
5.
I am having further investigations made in the cases of Messrs. Carlowitz and Company, Arnhold Karberg and Company and Helchers and Company, and hope to report further in
due course.
I have the honour to be,
gir,
Your most obedient,
humble servmt,
Governor,&C.