The following questions raised by a'member were also discussed and decided upon:—(1) In case of a dispute arising cover quality of cotton sold even 1 terms of Bombay arbitration, woul it not be possible to apply to the Association for Shanghai arbitration if one of the contracting parties 0 desire, Decision—As the cotton was sold in terms of contract calling for Bombay arbitration, they cannot ask for Shanghat arbitration, (2) Whether it would not be advisable to include the Shanghai arbitration Clause in the contract to avoid such di cularize for their consideration the members who were absent from the meeting, On the passing of accounts made up to the and of July, 1929, and audited by our auditors, the amount available for distribution among the mill-members was Tis, 862,870.52 and the rebate per bale worked out At Tls. 1.2745199, The accounts doing passed, the distribution of rebates was made.
The question of Shanghai arbitration was further discussed and it was decided to write to the Bombay agent to take this matter up with the shippers in. Bombay. This followed. Five firms are emphatic cally opposed to arbitration in Shanghai, on the ground tha' Shanghai is not an organized mar ket for cotton at present, hence the ied blind survey, would be a if attempted. Three firms ined to support your scheme, provided rules and by-laws drawn up similar to those of Bro-men or Liverpool, and authoritative arbitrators secured. The rest are doing business on the terms of Shanghai arbitration, In the cie cumstances, it would be most advis-fable to work out. a preparatory measure on the following lines, so as to pave the way for a more satis factory sol draw up rules and by-laws similar to those of the Bremen oF Liverpool Cotton Markets.
2—To appoint a committee of arbitration whose expert knowledge {in cotton should command wid confidence in the trade.
1 "Ge—To pass a resolution by Shanzthai buyers to insist on Shanghai arbitration, Questisns of direct freight book-Sigs with the shipping companies, extension of free storage period up 16 days and inclusion of Tientsin in the agreement were also discussed and it was decided that the matters be conveyed to the chairman at saka to negotiate with the shipping companies concerned at the time of the renewal of the agreement, Membership od:—Japan Trading hai; Yuan, Hsing & Ca.
Text read from the printed page and cleaned; old type leaves the occasional error.