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far the greater number of the shareholders reside in

Manchoukuo and North China. There is also great doubt as

to the propriety of the reasons on which the judgement of the Chungking Court is founded. Moreover, this judgement has been obtained against the will of the greater number of the Company's shareholders.

Should the Supreme Court of Hongkong, despite

the above-mentioned circumstances, dispose of the case on

the basis of the judgement of the Court of Chungking, the

result would be an unjust liquidation of a company peace- ably engaged in legitimate business in North and Central China and the disposal of its assets in compliance with

the desire of a shareholder holding only one and one-half percent interest in the company. The Japanese Government wishes to emphasize its concern in the case in view of the considerable Japanese interests in the Company and to point

out that it is confidently hoped that the Supreme Court of Hongkong will not fail to give a fair and equitable

decision.

Tokyo, May 13th, 1939.

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