SYRIE

the time being of the Bill mentioned below and to all whom it may concern.

[/we have this day sold to the Canadian Bank of Commerce my/our Bill of exchange for... Sterling on... against a shipment per... as per Bills of Lading therewith. The bills of lading are lodged as collateral security for the acceptance and payment of the said bill and in case of a conditional acceptance which I/we authorise to be taken I/we assume all liability on account of the said bill. You are authorized if you think necessary to place the said goods, wares and merchandise at any time, in the hands of your brokers for sale at your discretion, to charge all expenses, including insurance, commission for sale and guarantee and to apply the proceeds in or towards payment of the Bill fort account of whom it may concern and in case of any deficiency I1/we hereby agree to pay the amount to you on demand...

The above shipment of property is fully insured in PA PR EEE and the policy will be transferred if required to you, in default of which you are herely fully authorized to effect insurance fort such an amount as you may deem necessary, for cost of which insurance you are to have a lien on the above merchandise ; and I/we hereby agree in case of loss that the said insurance shall be held for your benefit, for the payment of the said bill. If the documents hereby hypothecated are surrendered. Against payment of the said Bill, before maturity, the allowance of discount to the acceptor is to be at the rate of one half per cent per annum above the then advertised rate for short deposits of the leading joint Stock Banks in London. This agreement shall enuire to the benefit of the holder of said Bill from time to time and may be transferred from time to time to such holder and may be acted on and enforced by such holder as if made directly with such holder (CL Cité par Spalding, p. 82.

(1) Traduction : À la Banque Canadienne de Commerce et au

Lhut-D RD > à.