!
.a Jon neob redno gue qedɛ and tadt beteiserqqa od [Ikw Ji
bojsevni end to moitinoquib ademitlu edt „noitrosilnos of druome -minary retiserad Jnemrievað deitira sot yo Beniaredeb zaied sysnam JNE,NIGvod Malrieð gat yd bewaring senii sáð útiv som broom ni yide- .abned att ni sbruî deiðina my toequor ni
.T ai „moidaeup Loo of a ni ti na zal ou trožjaoup sit to noidɑmorq edit sot esød a otak qolereb od så yñoled edð reddede deitixa ent to viziwitinq bom veiðilanoidan Il to utaonačni add end de atestatak serted to noisomơng adó tot asad a odai to neitsa viza luoitzaq bas asitilanolžan tecide Ile lo atrezatai edi lo semqre emoided daisind aất lo sunno wa is to steeredni bus noitinoq edə onilson vilut eadðimeð yli adhetotni bos noitinoq dous tud erineo gniðudistsib s as yrofoð eldt
a'ynamisð at extmo yaitudinteib a animooed adi od bosdra den ob „aroitan teddo Ils to ednorodni odź to soitimas edt où staSTOJNI eorqueib yletukonda yerit tedt broder no Juq of eriseb settimmat yli - BweİV S'TonTevol eut yonel lecz #il ad of boodausbau sta dachu did tw ytineqeong and of vissssono ut ndandoteli neorted to sonaszą odd dadd
•ynolog edit to
yď no baino odredtid aseniaud edt to dinq radnery adip -ilanoitom Tedjo lo meril yd no bet 180 ed Liw has neo metið NamTeð to nawijado to mubariomem sex) milk cimitira yd yliniveque bus seİJ- -nismer yos bus (dioqez la Tê ezeq no noidmiosmak znic) is seedumo)
in doua to „eetdirmaŭ ym lo noiniqo edë në si aseninud marvel) yni- arit ni redtien ai di dedd sorti deum mo betoubnov boa redo BIBED ad bluoda ti dorit ankaŭ to exact në von = ynolɗ) add to atɛeretoi „beuringo To begewozus
ju evento bra skeiðitt) ulusno) yd nettiww need and dow
begalis edt has saith) at ebert no blod neurteð sda to dawong scid of Teltoyotis Jon ai waiv inicillo edt .stredovek nisitizä yd neemtionis
anid) to sbert Progrɑl adt ni.ytinumno) «lijnsotel add yd beradi. ntrogr¤ ©Ideuiny erom sdt nå erol sát od Ilaw era aðondoteli dinİJİTA .Tagwa bentleg,ynold sid♪ arribono sa tel os bas set bus àlis u to abnad ent ni yleyısi si troqre add yllstery soubo19 venido to ylezini has seasol Jneupert dóiw no ti yrics ode adueɗotel naaria)
by means of Speculative Exchange fixtures,
417
Wherever it is possible to do business by sound methods the British Merchant can easily hold his om.
The causes which enable the German Merchant to obtain the volume of import trade which passed through his hands were;-
(1). The financial assistance he received either directly or in- -directly from German Banks and London Accepting Houses, chiefly of German origin.
(2). The small marggin of profit he was content to deal on, which
the smallest adverse circumstance frequently turned into a lo88.
(3). The use of moneys to satisfy one obligation which had been earmarked by him to satisfy mother obligation. In fact by
in
the express disregard of the conditions under which his goods had been financed.
(4). The abnormal extension of credit to Chinese which necessarily led to extensive overtrading and further led, in times of crisis such as often occur, to the failure of Chinese firms and financial houses, & failure that correspondingly reacted on Market conditions as a whole. Chinese dealers of no subs→ -tance were enabled to do a large and increasing trade when things were booming, but when prices fell and demand slackened they came to the ground with a crash and often brought down more responsible institutions with them,
It is the opinion of my Committee that the Colony will be better off without trade carried on under these conditions which appear to have brought little profit to the German firms concerned and, periodically, to have jeopardized trading and financial interests carried on upon sounder lines.
Between the policy of ":
'as much business as possible no matter who eventually suffers from it" and the policy of "as much business as possible on sound lines" there is in the opinion of my Committee, only one choice to be made in the interests of the Colony.
In this connection it is worthy of note a general impression exists sht that Chinese Dealers in British products such
8.8
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