1
THE HONGKONG AND SHANGHAI BANKING CORPORATION
(INCORPORATED IN HONG KONG WITH LIMITED LIABILITY)
REF.
DEPT
0/B
Notice to Exporters
1 QUEENS, HOND GENTRAL,
HIQ. VOX CA
HONG KONG,
TELEORANG
"WARDLEY” HONG
2nd December, 1968.
KONG
U.K. 50% IMPORT DEPOSIT
In order to facilitate a continued flow of exports to U.K. with trade terms unchanged, we shall be pleased to advance part or all of the 50% import deposit required by the British Government.
At exporters' request, we shall instruct our London Office to make this payment when requested by importers. Deposit receipts will be arranged so that the sums advanced will automatically be repaid to our London Office.
These advances will be debited to a £ Sterling current account in our books in the name of the exporter and interest will be charged on this advance at a rate 1% over our prime rate, i.c. 9% per annum at present, subject to fluctuation. This rate of interest includes a charge to cover our forward exchange risks in these transactions but there will be no necessity for exporters to fix forward exchange contracts with us since there will be no exchange risk for exporters' account. The only other charge involved will be our 1/2% commission in lieu of exchange when making the remittance to London. NO similar commission will be charged when the funds are repatri- ated to Hong Kong when the deposit is returned to the credit of the £ Sterling overdraft in exporters' names. Interest and commission will be debited to exporters' Sterling current accounts in advance.
PLEASE ADDRESS ALL LETTERS TO "THE MANAGER"
G. 21/4
/2
No comments yet.
Private notes are available after approval.