The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1911-11-25
BILLS LAD|NG
QUESTION UP
COMMITTEE OF AMERICAN BANK
ERS' ASSOCIATION APPROVE
LIVERPOOL PLAN, BUT IT WAS
REFERRED.
BY Associated Prssa.

New Orleans, Nov. 24.-The Ameri-
can Bankers Association in convention
today referred the report of the cotton
bills of lading committee back to the
committee for further consideration.
The report as read approved the GEN.
trail bureau plans for valuation Of
cotton bills of lading, known as the
Liverpool plan, which Southern bank
ers and cotton men recently con-
demned. The committee will make an
other report at the next conven-
ton.
The report of the bills of lading COM
mittee say in part:
1T is with the greatest pleasure that
the bills of lading committee can to-
day present its annual report to &n
audience, made up in goodly numbers
from those who are accustomed in
their daily business to handle bills of
lading representing large amounts of
cotton and other staple products.
why should your fourteen million
bales of cotton which are worth god
dollars to you when shipped to your
customers be impaired in their value
to you by fraud, carelessness or in
difference on the part of any one hand
ling the shipment?
Down here in the south you know
the value of good bill of lading as
distinct from poor one. You have
tried both kinds The raScally mis-
use of the poor ones has at times Sc
riously threatened your ability to use
your good ones"
Your committee has worked studi-
ously for the perfection of the valida-
ton plan adopted by the railroads, and
also been fully consulted with regard
60. ton alf hTTF 4
under the auspices of the Liverpool
cotton conference. All of the work
has been of an advisory character, but
ii has nevertheless been extremely
valuable in reconciling the attitude of
the foreign purchaser of cotton bills
to that of the home carrier and seller
of exchange. The real point at issue.
which has the protection of he true
bill of lading against fraud, careless
ness and indifference, has been some
times very much obscured in fog OF
suspicion prompted by business riv-
airy, but fortunately that condition is
fast passing away as the integrity and
the absolutely fair working of the CEN
trail bureau plan becomes under
stood"
The report then submits a statement
prepared by a b-committee, which
the main committee approves This
statement reviews the conferences
held in New York and New orleans
by Charles s. Haight, the American
representative of the Liverpool inter-
ests, and eastern and southern bank
ers.
The central bureau has been receiv-
ing bills of lading daily since Septem-
Der from all parts of the south" the
statement says. lone Of the objections
raised to the system. viz, that ercrs
would occur in the issuance of bills of
lading, and that unnecessary friction
would be caused shippers and bank
ers on this account has been proved
to be untrue. The actual working of
the central bureau has been proved
conclusively that it is possible to check
up bills of 1ading with certainty. This
includes the signatures of agents sign
ing hills of lading. the signatures of
agents signing the valuation certif1-
Gates the form of valuation certif1-
Gates and the fact that actual bills OF
lading had been issued. covering the
cotton represented hv documents at
tached to bills of exchange purchased
by American bankers. No other plan
which has ever been suggested would
have made II possible to have salts
factorily accomplished any of these
things"