[Cotton Credit Agreement, October 14, 1955] Page: 1 of 6
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CottoCredit 7l2 c Ja ,n
October 14, 1955
. a esr of the terms of the
auvs n exit, as presently in force.
Frank A. Richards, Assistant Vice President
hase Manhattan Bank
New York City
hate of Agreement - August 4, 1.955
Favor - Bank of Japan, Tokyo
Arent - $60,000,000
Covers - Cotton, ir 1uding was te pr chasa in the Unite d States and exported
from the United States to Japan for account of Japanese textile mills
fr spinning or processing in Ja pan. (The local purchaser of cotton
will proceed in the customary manner to negotiate for the purchase of
cot n - i Uible to be financed hereunder.)
Eligibility Requirenents - Cotton, including waste, must be of United States
growth, and must be purchased pursuant to contracts of sale entered
into subsequent to August 4, 1955. The cotton must be (A) shipped
from the United States subsequent to the date of the contract for
t.h.e sale of the said cotton, or (B) shipped from a United States port
-nd held on consignment in Japan or in transit to Japan consigned to
he shipper's agent in Japan, said cotton having been unsold at the
ime of export from the United States, and of which the title thereto
as been held continuously by the seller from date of export from the
United States to date of sale. The minimum amount of cotton held on
.onsignment in Japan or in transit to Japan eligible for financing
hereunder shall be 25-bale lots thereof , except that in order to
rm.it an unused balance of a letter of credit amounting to less than
re cost of one 25-bale lot to be utilized, cotton held on consign-
ment in Japan or in transit to Japan as aforesaid will be eligible
fi:'oiam Larondor 1n 1-os an a 25alc lot.
Th e Orea 0_ .n-ce re uJresi co ten to Yr shippcdain vessels of
United States registry unless a waiver is granted. A waiver has been
}ranted permitting partial shipment of cotton financed under this
-edit in vessels of Japanese registry. We are permitted to accept
aboard ocean bills of lading showing that the vessel in which the
etton is shipped is of United States or Japanese registry or of such
,her registry as may have been authorized by a waiver evidenced by
letter or photostatic copy thereof signed by the Maritime Adminis-
Yation, Washington, D. C. The cost of ocean freight of cotton shipped
Cm the United States subsequent to the date of the contract of sale
such cotton which is purchased on terms other than C.I.F. or C. & F.
not be eligible for financing hereunder.
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Bank of Washington. [Cotton Credit Agreement, October 14, 1955], text, October 14, 1955; (https://texashistory.unt.edu/ark:/67531/metapth1321863/m1/1/: accessed July 15, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Rosenberg Library.