CO129-429 - Public Offices & Others - 1915 — Page 39

..

}

dutiz

38

2.

2.

After deduoting all departmental charges and share of

standing expenses.

The piece goods Department usually netted 3-4%

Sundrie

www

-do-

-do-

The

From to six months credit was granted to Dealers.

A Compradore guaranteed all Accounts, but his cash deposit standing in the joint names of himself and A. K. & Co. was endorsed some time ago to the Firm, and appears to have been

used by the Firm in the business.

Exchange. Large speculative transactions.

The rate of the

day was granted to the department on each sale or purchase, and the totals were manipulated by the Manager, who over- bought or sold whenever he saw the chance of a profit. The exchange account was run with the idea of making a profit

All Machinery and Government

just as a trading department.

business handled in Canton.

Banks. Very little business transacted with the Deutsch + Asiatische Bark. Mostly with British Exchange Banks.

Accounts. Very ordinary system, somewhat out of date. Carlowits & Co. Detailed Accounts will be found in the appendix, and these are carefully analysed in Part III, Dyes. Agents for the Aktien Gesellschaft für Anilin Fabrikation. Berlin, who sent out their trained chemist to South Chine. All dyes were consigned free, and were sold direct from the Firms branches against both cash and credit, The general Compradore guaranteed all Accounts.

In making up Account - Sales Carlowits & Co. included all obarges and deducted 5% for their remuneration,

Compradore's Security. $ 150,000 in Cash and mortgages. Importa. All financed on London Acceptanom basis by the

Oredit was given to Chinese without London discount Houses,

The dealer merely "

even a promissory note being signed. "chopped" the book.

Exports.

Exchange.

Heavy losses on these articles.

Extensive gambling.

The Manager was allowed 5%