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LOWE, BINGHAM & MATTHEWS, HONG KONG
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Government as the information necessary to do so should
have been forwarded to the Section by the various Banks
authorised to open Letters of Authority. However, we
discovered that such was not always the case,
We attempted a complete check of the receipt
of all commissions and exchange differences due in res-
pect of Letters of Authority opened by The Chartered
Bank of India, Australia & China, Ltd., for the month
of December, 1950, but the fact was elicited that the
detailed information necessary for verifying that all
commissions of 1% on the value of Letters of Authority
opened had been collected and paid to The Hongkong Bank
for credit of Government was not available in the Japan
Trade Section.
Further enquiry revealed that the complete
details of 1% opening commissions paid to The Hongkong
Bank for credit of Government were not available in res-
pect of Letters of Authority opened during the year by:
The Chartered Bank of India, Australia & China,
Ltd.
The Mercantile Bank of India, Limited.
The National City Bank of New York.
All participating Banks forwarded copies of
Letters of Authority opened to Supplies Branch but as
the above named Banks paid opening commissions to The
Hongkong Bank at intervals it was essential that an
advice be forwarded showing the detailed composition
of lump sum payments by reference to Letter of Authority
numbers.
The under-noted Banks have, we understand,
forwarded complete details of opening commissions paid
to The Hongkong Bank for the credit of Government:
The Chase Bank.
The Netherlands Trading Society.
The Nationale Handelsbank N.V.
The Banque de l'Indo-Chine.
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