THEY ALL PAID.

Auckland Star, Volume LX, Issue 231, 30 September 1929, Page 17

THEY ALL PAID.

BRITISH MERCHANTS' HONOUR WAR-TIME INCIDENT ECLATED. One reason why London, despite the recent advance made "by the United States/is still regarded as the "world's clearing house" was related by Mr. W. D. Hunt in an address' in Wellington, A member of the Wellington Accountant Students? Society asked Mr. Hunt if there was any likelihood of an Engr lieh buyer refusing to aocept a consignment of New Zealand produce upon the question of quality. Mr. Hunt replied that London merchants had for years been dealing with overseas producers, and they valued bo hioUy their own good name that there was ino.t the remotest possibility of an ■English merchant refusing to take delivery of a shipment. ! "I will give you an instance," said I Mr. Hunt, "which will prove to you the high integrity of London merchants. Just before the war broke out, my firm I (Wright, Stephenson, and Cα., Ltd.), 1 shipped a quantity of produce to London , by the e.s, Kaipara, which wa.s attacked 'and sunk on the voyage Home by a German raider. The documents connected with the produce we had shipped went forward to London in the usual way, but, gentlemen, they were worthless, as the goods were at the bottom of the sea. Notwithstanding-the fact that the British Government had introduced the moratorium, all the London merchants, except one, when the drafts were presented for our produce promptly wrote out cheques for the full amounts as if this was lie natural thing to do, "The one exception advised our London office that he would have to shelter behind the moratorium, as he had been very severely hit by the outbreak of the war. Within a fottnight, this merchant called at our London office with a cheque for the amount of the goods we had forwarded by the Kaipara. 1 hope you will not hoJd this as a black mark against me,' he said, as he paid over the cheque for goode he had never received, *but I was so badly hit by the war that I had to keep, you waiting a fortnight for your money.' "Now, there was no liability on the part of these London merchants to pay for the goods whioh went down in the Kaipara," said Mr. Hunt, "They were not insured, as no; one thought of taking out war rreks before the world war started. I simply tell you thie to prove to you that English merchants are the soul of honour and integrity, and New Zealand producers need have little fear of.a. London, merchant refusing to accept of a shipment. An Englishmaa'e word is his bond. ,, -