COTTON FRAUDS.

Hastings Standard, Volume XIII, Issue 4444, 25 April 1910, Page 5

COTTON FRAUDS.

FALSE BILLS OF LADIN'G. London, April 23 The " Manchester Guardian " says that Knight, Yancey and Co., of Alabama, U.S.A., have been in the habit of sending forged bills of lading, themselves retaining the genuine ones. When irregularities were discovered, Liverpool and other European importers forced Knight, Yancey and Co. to file a petition in bankruptcy. It is still doubtful whether there is cotton against bills of lading representing 45.000 bales for Liverpool valued at £75,000. .New York cable messages state that most of the spurious bills are held abroad. The losses in Europe are •estimated at 4,000,000 dollars, including one Russian firm's loss of 750,000 dollars. New \ork firms have lost 1,000,000 dollars. (Received 25, io.ioa.m ) London, April 24 Some of the cotton turning up from America, representing a portion of the shortage for Europe, has tended to relieve anxiety at Liverpool. Mr Buxton, Postmaster-General, speaking at the Liverpool Stock Exchange, and referring to the frauds in America, stated that if any representations can be made suggesting a means whereby the Board of Trade or other Government offices could intervene, the Government •would go as far legitimately as they could t- assist the Exchange.