CO129-430 - Others & Individuals - 1915 — Page 155

Jagran

ercininal offence

Committe The German

has been Jane at

Traden,

but supporting d as at A.

We might also ask Treasing whether

aur

action can be

Vaken to bring pressure to bear on the Banks

through the cond

Storage

Scheme

свортрет

I agree Ace

3.12.15

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herun

hose tha

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of hike togel for hem an

German gene

is at an [and]

I

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receive my comfor

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TELEPHONE

CITY $866.

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CHINA AssociatION,

99, CANNON STREET,

150

C O

54364

REC

LONDON, E. C.

REG 25 LV15)

23rd November, 1915.

In the Report prepared by Mr. T. M. Ainscough, the

Special Commissioner of the Board of Trade on German Trading

in Hongkong, No. C.19835/1915, dated August 1915, it is

stated that practically the whole of the German Import and

Export Trade has been financed in London, partly by the

Eastern Exchange Banks, but principally by the large London

Financing and Accepting Houses. The procedure is stated to

have been that shippers of gooda in England to German firma

in Hongkong drew bills on the London Accepting Houses, handing

over the documents to the latter in consideration of their

acceptance of the bills. The Accepting House sent the

documents, with a letter of lien attached, to the German firm

in Hongkong either direct or through an Eastern Bank - usually

direct. The German firm in Hongkong signed the letter of lien,

retumed it to London and took delivery of the goods on arrival.

In most cases the German firm pledged itself in the letter of

lien not only to meet the bill at maturity, but to keep the

proceeds of the goods in trust, and separate from all other

transactions and monies belonging to other persons.

Under the terms of these letters of lien the goods

themselves were presumably to be held in trust until the

proceeds were forthcoming.

The Report goes on

H. M. Under Secretary of State

for the Colonies,

Colonial Office,

to state that in the case of the

Downing Street, 8.W.

-1-