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be desired to retire from the said partnership and it was agreed
between us that the said joint adventure or partnership should
terminate and that if the said Chau Tung Shang desired to continue the said business of purchase and sale of coal on his own account
he should be at liberty to do so on paying to me the value of my
half share in the said partnership and if he did not so desire i
should have a similar option.
7. Later on in 1904 the said Chau Tung Shang ioforged me ne
did not desire to continue the said business on his own account and
i thereupon told him that I desired to continue it on my own Ac-
-count and it was agreed that as from the said S1st. December, 1904,
the business and assets of the said partnership should be entirely
baken over by and belong to me that the said Chau Tung Shang
should thenceforth cease to have any further interest therein. On the said 31st. December, 1904, the said Chau Tung Shang according-
-ly retired from the said partnership which then terminated.
8. A balance sheet was made out as on the said 31st. De-
-cember, 1904, and this shewed the assets of the said partnership
to consist apart from book debts of stocks of coal stored at
various places at Canton being coal taken delivery of ia pur-
-suance of the hereinbefore recited Agreements with the said Societe which had not yet been sold. amongst such stocks of coalbing
-
one of over 43,000 tons stored at Fati.
9. The said balance sheet after estimating the value of the
assets and deducting therefrom the amount of the liabilities
shewed a loss of capital to the said partnership of the sum of
#92,687.97 1.e. a loss of capital to the said Chau Tung Shang and
myself of $46,343.98 each out of the capital sum of $100,000 -
which each of us had contributed.
10. The value of the half share of the said Chau Tung Shang
in the assets of the said partnership on the said 31st. Lecember,
1904, was accordingly the sum of $55,856.12 and on the 11th.
February,