You are furtlier authorized, whether the aforesaid power of sale stall tave 
arisen or not (but not so as to make -the same in any case imperative), at any 
time before their maturity, to accept payment from the Drawees or Acceptors 
thereof of any of such Bills, and on payment to deliver the relative Bills ot 
Lading and Shipping documents to -such Drawees or Acceptors, -and m that 
event you are to allow a discount thereon for the time they may tave to 
run as follows, viz.:- if taten up in London, at one half per cent. per annum 
above the advertiscd rate of Interest for short Deposits allowed by the leadmg 
london Joint Stock Banks, but not to exceed the rate of hive per cent. per 
annum- if in France, Italy, Belgium, or Germany, at the current mmimum rate 
of discount of the National Banks of those countries, but not to exceed the rate 
of Five per cent. per annum; if in Switzerland or the United States of America, 
at the current rate of rebate for documentary Bills, but not to exceed the rate 
of Five per cent. per annum; if in India, Ceylon, Straits, Java, China, Japan, 
Mauritius, or other places east of Suez, at the current rate of rebate of tta day 
allowed by the Exchange Banks in India, Ceylon, Straits, Java, China, Japan, 
Mauritius, or other places of payment, as the case may be, but in no case to ex 
ceed the rate of Five per cent. per annum. In case of the Drawees or Acceptors 
of any Bill so desiring, you are authorized (but not so as to make tue same in 
anv way imperative) against part payment thereof pnor to maturity to deliver 
such proportionale part of the Goods held against same as you may think fit. 
You are also authorized (but not so as to make it imperative) to insure 
any goods from Sea Risk, including loss by capture and also from loss by fixe 
on shore, and to add the premium and expenses of any such msurances to the 
amount chargeable to ”* in respect of any such Bill, and in pnority to all other 
Claims thereon to take recoursc against the Goods or against for your reimburse- 
ment, and also to seil any portion of the Goods which may be necessary for 
payment of insurance, freight, or any other expenses, and you are to be at liberty 
to take such measures generally and to make such charges for Commission and 
to be accountable in such manner, but not further or otherwise, as m ordmary 
cases between a Merchant and his Correspondent, it bemg herebv declared that 
von are not to be liable for the default of any Broker, Auctioneer or other 
person employed in the sale of the Goods, or for any other purpose connected 
therewith, and that any Marine or Fire Policy on the Goods (wtajher effected 
by you or not is to be treated as part of your secunty and to the benefit of 
which and the full amount insured thereby you are to be entitled the same as 
if the amount represented the proceeds of Goods sold by you under the aforesaid 
power of sale, and you are to be at liberty to recover, receive and apply the 
full amount of any such insurance accordingly. 
Lastly, it is mutually agreed that the delivery of such collateral Securities 
to you stall not prejudice your rights on any of such Bills m case of dishonour 
„or stall any recourse taken thereon affect your title to such Securities to the 
extent of liabilitv to you as above, and that notwithstanding any alteration by 
death, retirement, introduction of new partners or otherwise m the persons from 
time to time constituting our firm or other the style or firm under which the 
business - at present carried on by us may be from time to time continued this 
Letter and the powers and authorities hereby given are to hold *ood as the 
Agreement on the part of the firm as aforesaid with you and that each negotiat on 
of a Bill or Bills hereunder is to be treated as a renewal by or on behalf of the 
firm as tlien existing of the terms of this Agreement. 
Your obedient Servants,