CO129-442 - Governor Sir May - 1917 [4-6] — Page 407

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to mattel **d at Want! abadalq sapok anidɔ add a‡a30"

"lien, not only to mest the Bill at maturity, but to keep the

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

"transactione and moneys belonging to other persona.

*In the case of the german Firme in Hongkong this trust has been

"broken in almost every case. The goods were handed over to

"the Chinese Buyer on 4-8 months' oredit, and as they were paid

"for, the money monies were placed to general account and used

*for the carrying on the business. Bille at maturity were met

'out of the general funds of the House".

1

Now had the funds been kept separate it is probable

the bills would have been running at least nine months before

being taken up, and the accepting commission of per cent per

month would thus have counterbalanced the cheaper discount rate.

As stated in the Chamber's letter of 5th, August last

First Class British firma oould have obtained the same facilities

and some undoubtedly did but the conditions were complied with.

My Committee trust that this information is what His

Excellency requires.

The Honourable

The Colonial Secretary,

Hongkong.

I have &c.,

(sd.) A. R. Love,

Acting Secretary.

J