CO129-429 - Public Offices & Others - 1915 — Page 41

[1

1 f..

4

situation of the Shanghai Office is disclosed:-

ناة

Exchange oversold. £ 43,000 Averate rate 2/11. Exchange overbought, £ 37,000

-do-

2/62.

29

H.B.

Rates of the day on May 30th were

2/72/16

and

24% respectively!!

Salot eat

W

JET

་

In a private cable on May 19th 1914, the senior partners seriously contemplated the closing of Tientsin, Tsinan Fu, and the whole of the technical department. In a private oable from Hamburg on May 4th 1914 the branches are instruc-

M ted that in view of the serious losses, the account of 1913 are not to be sent home, but that every effort is to be made to secure a favourable showing in 1914. "It is imperative in ¦ the interests of all parties to secure a favourable result in 1914. The future of the Firm depends upon it."

Accounts,

were kept in a most archale and careless The branch hears evidences of very lax and un-

businesslike manɛgment.

manner.

Meverink & Co. This appears to have been a sound,

managed business. Bradford piese goods.

peculiar.

well

The principal trade was in Manchester and

The method of finance was somewhat

The Bradford Suppliers drew on a British London Discount House who accepted on behalf of the Nord-Deutsche Bank of Hamburg. The documenta were sent to the Deutsch-Asiatische Bank Hongkong for collection, who handed the goods over to

At the maturity of the Meyerink & Co. under Trust Receipt, Draft, the proceede were handed to the Deutsche-Asiatische Bank, who remitted to the Direktion der Diaconto Gesell- schaft in London (presumably for account of the Discount

House.)

Messrs. Meyerink & Co. were the Agents for the Ultramarinfabriken for dyes, receiving an allowance of 10% to cover all expenses and commission.

One of the most lucrative departmenta was that of fire insurance, for which they held the Agency of the London,