264
financing shipment of goods to German firms it is not the case that these advances were designed to,
or did in fact, benefit the German debtors of these acceptors.
The Scheme, as the Secretary of State will remember, was devised to meet the case of acceptors who were able to obtain remittances from their clients in payment of bills drawn and so to save the situation as regards the British acceptors. The assistance given to the Accepting Houses clearly placed them in a stronger, not in a weaker, position to collect debts owing to them from their foreign clients, and they are not only bound under the scheme itself to use their best endeavour to collect such debts and apply the amounts collected in repayment of the advances but the terms upon which the advances were made are such as to give them every induce- ment to do so wherever possible.
I am,
Sir,
Your obedient Servant,
JSN
Page 270Page 271
No comments yet.
Private notes are available after approval.