416
This Document is the Property of His Britannic Majesty's Government.C. O.
AFFAIRS OF CHINA.
CONFIDENTIAL.
[6020]
(No. 11.) Sir,
No. 1.
9150
RECE [February 23.]
SECTION 3.
REGES MAR 07
Sir J. Jordon to Sir Edward Grey--(Received February 23.)
Peking, January 7, 1907. ON receipt of your despatch No. 368 of the 24th October, 1906, I duly communi- cated with Mr. Adams Oram, the British Delegate on the Bankers' Commission at Shanghae, and requested him to inform me who it was that received the benefit of the commission of per cent, which had been deducted at Shanghae from the monthly China indemnity payments since July 1905. If it was the Hong Kong and Shanghae Bank, 1 asked for an explanation of the precise nature of the service for which the Bank charged the commission.
From Mr. Adam Oram's reply, copy of which I have the honour to inclose, you will see the nature of the services for which the commission is paid to the Bank, and that it was deemed more convenient, on the introduction of the present system of monthly payments, to make a deduction at Shanghae of this commission from the last monthly payment each half-year, instead of its being drawn for separately each half- year on the "General Indemnity Account in London, as was done up to the 30th June, 1905.
71
Mr. Adams Oram states that if the Lords Commissioners of His Majesty's Treasury desire to revert to the previous system this can easily be done.
I have, &c. (Signed) J. N. JORDAN.
Sir,
Inclosure in No. 1.
Mr. Adams Orum to Sir J. Jordan.
Shanghae, December 24, 1906.
I BEG to acknowledge receipt of your despatch of the 16th instant, inclosing copy of a letter from the Lords Commissioners of His Majesty's Treasury with reference to the 4 per cent. commission charged on the indemnity payments.
The commission of per cent. is paid to the Hong Kong and Shanghae Banking Corporation for the service of the indemnity, i.e., receiving the instalments from the Chinese Government, seeing that these are correctly paid on due dates, granting receipts, remitting same to London, making payments there in accordance with the instructions of His Majesty's Government, and furnishing full statements of accounts.
The commission has been duly paid since the commencement of the indemnity service. Up to the 30th June, 1905, the half-yearly instalments were remitted to London in full for the credit of "General Indemnity Account" with the Hong Kong and Shanghae Banking Corporation, London, and the 4 per cent. commission was drawn for on this account separately each half-year; but on the introduction of the present system of monthly payinents which the Hong Kong and Shanghae Banking Corporation, London, had instructions to pay on receipt, half to His Majesty's Treasury and half to the Imperial Railways of North China, it was deemed more convenient to make a deduction of this commission from the last monthly payment each half year to insure the net amount being paid as above.
If, however, the Lords Commissioners of His Majesty's Treasury wish this commis- sion to be charged separately, as it was up to the 30th June, 1905, the previous system can easily be reverted to.
I have, &c. (Signed)
W. ADAMS ORAM,
(2376 z-31
British Delegate.
No comments yet.
Private notes are available after approval.