The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1911-09-06
COTTON VALUATION plan.
CENTRAL BUREAU BEGINS IT'S
OPERATIONS TODAY.
committee Holds That This Agree
mcnt Is Not an Insult to South Bu.
Is safeguard fer All Honest Inter-
eSts.

agreement intended to safeguard cot
ton shipping documents Will go into
effect tomorrow and the central bu-
reau, provided for in that agreement,
Will begin it's activities with the
carrying railroads, il was announced
tonight by the Liverpool cotton bills
OF lading conference committee in a
statement which explained the plan
adopted and answered various criti-
cisms. The committee says it issued
the statement in order to clear any
misrepresentation that may have
arisen from recent newspaper COM
ment, especially in the South" and to
make clear the ends for which the
committee has been working. The
statement refers to the safeguarding
previously of ocean bills of lading and
to the recent forgeries Of railroad
bills which led to a demand for a
change of system, and continues:
Acting upon the general demand
for reform Of some character the
Liverpool committee drafted the
agreement which, with some modifl-
cations, has now been signed by prac-
tically all the cotton-carrying rail-
roads. This agreement provides, as
in the case Of ocean carriers, that ex-
port bills of lading should be issued
againt physical cotton and not against
documents. the validity Of which was
unknown. The agreement also adopt
ed the valuation signature certificate
and provided for other safeguards
agains. irregularities on the part of
the railroad agent. The agreement
further provided for the establish
ment of central bureau to which all
Of the railroads would send signed
copies Of every export through cotton
bill Of lading issued in order that ex-
change buyers might advise this, CEN
tral bureau Of the bills Of lading
passing through their hands. which
bills could be checked up by the con-
;ral bureau against the copies In
their possession for the purpose OF
effectually preventing forgeries.
The committees statement explain
ed further the working Of the central
bureau plan and added that the pro-
posal to establish this bureau was
presented to a subcommittee Of tn.
oiii or lading committee of the Amer
lean Banking association and ap
proved before the railroads were ask
ed to sign this agreement.
AS far as possible" the statement
continues. the opinion Of exchange
buyers in various parts Of the country
was obtained, and 1t is the belief of
the Liverpool bill Of lading conference
committee that the exchange BUYERS
VIII unanimously cooperate when the
tull advantages Of the new safeguards
are appreciated-all bankers will
manifestly wish to safeguard them
selves II they can safely do so. and
II the plan of the central bureau as
now proposed Is not safe for the
bankers II will be made So"
The committee denies any intima-
ton that the central bureau plan has
been artificially devised to thrust nm
on the American exchange buyers
any new and unknown liability" and
says 1t Is not its desire nor that of
european interests to blacklist any
body connected with the cotton
trade"
III expresses the belief that Amer
lean exchange buyers will be glad to
cooperate with European interests
both for thoir own protection and
Tor the protection Of their friendly
correspondents abroad"
The committee disclaims any desire
to force upon any one plan which
is not fair and advantageous to every
one and If any modification is neces-
sary to increase its fairness of it's ad-
made"
The expense Of operating the CEN
tral bureau. 1T is stated will be borne
by transportation insurance com
pany, but If the burden is found too
onerous for the cotton underwriters
the American railroads and the En-
ropean bankers will very likely he
Wiling TO subscribe fair amount to
make up the deficiency"
OF another criticism the statement
says:
The local opposition which has
arisen in New Orleans IL certainly
due to misapprehension of the
working of the plan. The central
bureau ~ no more OF an insult to the
t,lr 9,T