"
7.
43
7.
Keinworts.
Fm. Brandt,
Dresdner Bank.
London & Hanseatic Bank.
e accepting commission on a six months Bill.
since the liquidation have cost 24.
Renewals
The goods were sold in Hongkong on a nominal creäit of
3-6 months, but the system was a very loose one, and
practically resulted in the Chinese squaring all accounts onos in the year viz: at China New Year,
The bulk of the business was done by the Firm for their own account, and they sold usually from stock or else to
arrive.
Reuter. Bröckelmann & Co. Large piece goods and sundry business. All import business financed on the London Acceptance system, A three months Draft with the option of
three months extension,
Agents for Friedrich Bayer of Leverkusen for dyes, receiving 5% nett commission on the Account Sales, which brought in
In addition to this there an average of $ 7,500 per annum, is ample evidence of a system of incorrect Account Sales, The full proceeds were not disclosed, false charges were in- cluded, and even spurious vouchers added for Chinese
charges.
The followire is the balɛnce of the profit and loss Account of the firm's Eastern branches of Hongkong Shanghai, Tientsin and Canton for the past seven years.
1911 $ 41,7
742
1907 $ 33,512, 1908 36,932.
H
#4
1912
39.725
1909
" 101,676,
1913 " 102,032.
1910
1
1,563,
Annual Average for the seven years -
the capital of $ 400,000
·
12%.
$ 51,000 which, on
Both Imports and Exporta all financed on D/A terms,