CO129-451 - Public Offices - 1918 — Page 640

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understood that the Calcutta Branch of the Deutsch-Asiatische Bank will be re- paid such amounts as are ascertained to be the proportions due from the Hong Kong and Singapore branches, as soon as their available surplus assets are known.

We have the honour to be,

SIB,

Your most obedient, humble Servants,

CHELMSFORD.

C. C. MONRO.

W. S. MEYER.

C. H. A. HILL.

C. SANKARAN NAIR.

G. R. LOWNDES.

G. 8. BARNES.

W. H. VINCENT.

GOVERNMENT OF INDIA.

DEPARTMENT OF COMMERCE AND INDUSTRY.

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Enclosures to Despatch No. 16 of 1915.

No. 135-T-Com., dated Darjeeling, the 11th June 1918.

From The HON'BLE MR. JAMES DONALD, M.A., C.LE, ICS, Secretary to the

Government of Bengal,

To-The Secretary to the Government of India, Department of Commerce and

Industry,

With reference to Mr. Hardy's letter No. 12155, dated the 9th October 1917, and enclosures, regarding the payment of debis by branches of the Deutsch Asiatische Bank to the British establishment of the Disconto-Gescellschaft in London, I am directed to report, for the information of the Government of India, that the Liquidator of Hostile Firms, Bengal, has been requested by the remit to them a sum of Direction der Disconto-Gescellschaft, London, to £21,719-155-12. being the balance due from the various branches of the Ieutsch-Asiatische Bank in the East. The figures on which this sum has been calculated are set forth in a summary accompanying the letter from the Direction der Disconto.Gescellschaft, copies of which are herewith forwarded, and there is no reason to doubt their accuracy since they have been countersigned by the Official Supervisor.

2. The proposal is not in accordance with the procedure prescribed in Mr. Hardy's letter referred to above, by which the Calcutta, Hongkong and Singapore branches of the Deutsch Asiatische Bank should pay off first their debts to one another and to the Disconto-Gescellschaft in London and subsequently the debts But it will take some due by other branches in proportion to their assets. considerable time for the liquidation of these three branches of the Deutsch Asiatische Bank to reach the stage at which the surplus assets of each can be exactly estimated, and the satisfaction of the Disconto-Gescellschaft's claims will thus be delayed indefinitely. On the other hand it may be gathered from the letter of the Disconto-Gesellschaft that the payment now asked for is urgently required. The Liquidator of Hostile Firms, Bengal, reports that the Calcutta branch of the Deutsch Asiatische Bank has ample funds to meet the whole amount due from other branches. There is therefore no practical objection to complying with the present proposal, and since it is apparently approved by Sir W. Plender, the Governor in Council is disposed to accept it. He would suggest therefore that the Secretary of State be requested to pay the amount in question to the Disconto-Gescellschaft, London, from the funds held by the India Office to the credit of the Liquidator of Hostile Firms, Bengal. But to protect the Calcutta branch against loss, he would recommend that an undertaking should be are ascertained to be the proportions given for it to be repaid such amounts as due from the Hongkong and Singapore branches, so soon as their available surplus assets are known.

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