Leaving aside the loss, they will doubtless disregard it & claim from the firm their full pound of flesh in dollars!
1.5. Instruct Agents in reply to 561 that the money is to be invested on behalf of the firm. No separate account of Praza Fund is kept, it would seem, as they have misunderstood the P. of State's instructions on this point.
So inform E.W., repeating that the Praza Fund account is to be kept under Dollar Liability, the Loan having nothing to do with the manner in which the firm chooses to manage its balance to invest its funds.
(If this is agreed to, I will expand the despatch so as to make it clearer). I ask further for a balance sheet of the Praza Fund Account as of 31st July.
Put it mildly, Mr. O'Brien has probably got some explaining to do for not following his instructions to the firm. C.P(L) 57.15.10 dated 15 June 1921 did not follow the main tenor of the paper and it asked for an expenditure statement. What we want is a receipt.
Government House, Hongkong 6 December 189?.
My Lord Marquess,
I have the honour to acknowledge the receipt of Your Lordship's despatch No.169 of the 20th October last and to state.
Right Honourable Marquess of Ripon, K.G.,
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