CO129-429 - Public Offices & Others - 1915 — Page 51

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to see them through and support them in case of trouble, which is exactly what has occurred during the present War.

At the commencement of the crisis in Europe the enemy Firma in Hongkong fearing that their property would be taken over by the Government, took the opinion of British solicitors and had drawn up a Hemorandum of Collateral Agreement (copy of which will be found in Appendix I) by which they pledged to the Banks all the goods and property in their possession against advances made or to be made,

!uses'

Salaries. The general level of malaries was slightly lower than those paid in British Houses, but on the othe hand almost every employe engaged in the trading de- partments was given a commission on the nett profits of his department, so that the total remuneration was quite as large as in the cage of British Hongs, On the other hand native salaries were higher than is usual in China, and shroffs, brokers, etc: were employed more on a commi ssion basis and in this way keener service was secured.

As an example of this, a piece goods broker would be ent gaged at - say $ 25 per month and 1% Commission. The

Firm would carefully work out the cost of given stooks, add on a fair profit, and then quote the price, with the

understanding that if the broker secured an advance on

this price he should participate in the extra profit

gained,

Accounts. Business Management. The Accounts of MessrB

Carlowits & Co, which will be found in the Appendix, would serve as a model to many British Honge for de-

partmental detail, They are an exception, however, and

most of the German Accounts were kept in a very old

fashioned and crude way. In very few cases are de-

partmental abstracte available, and instead of having

running expense, departmental charges etc; worked out to a fine percentage, the position was arrived at from