CO129-629-4 Commerce and Industry Department- supplies branch. Includes a statement of accounts for May 1946-March 1950-... 1-11-1951 - 31-1-1952 — Page 13

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LOWE, BINGHAM & MATTHEWS, HONG KONG

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Government as the information necessary to do so should

have been forwarded to the Section by the various Banks

authorised to open Letters of Authority. However, we

discovered that such was not always the case,

We attempted a complete check of the receipt

of all commissions and exchange differences due in res-

pect of Letters of Authority opened by The Chartered

Bank of India, Australia & China, Ltd., for the month

of December, 1950, but the fact was elicited that the

detailed information necessary for verifying that all

commissions of 1% on the value of Letters of Authority

opened had been collected and paid to The Hongkong Bank

for credit of Government was not available in the Japan

Trade Section.

Further enquiry revealed that the complete

details of 1% opening commissions paid to The Hongkong

Bank for credit of Government were not available in res-

pect of Letters of Authority opened during the year by:

The Chartered Bank of India, Australia & China,

Ltd.

The Mercantile Bank of India, Limited.

The National City Bank of New York.

All participating Banks forwarded copies of

Letters of Authority opened to Supplies Branch but as

the above named Banks paid opening commissions to The

Hongkong Bank at intervals it was essential that an

advice be forwarded showing the detailed composition

of lump sum payments by reference to Letter of Authority

numbers.

The under-noted Banks have, we understand,

forwarded complete details of opening commissions paid

to The Hongkong Bank for the credit of Government:

The Chase Bank.

The Netherlands Trading Society.

The Nationale Handelsbank N.V.

The Banque de l'Indo-Chine.

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