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Extract from the "Chung Kwok Yat Po" of the 10th May, 1907.
Taotai Wan forwards a Petition that something should be done to assist the Chinese Merchants in Hongkong at present have for the recovery of debts.
We learn that Wan Ho, Official Deputy in charge of the Imperial Telegraph Administration in Hongkong, has recently presented a petition to Viceroy Chau to the following effect.
Hongkong is the port where the Chinese and Foreign trading vessels usually call. Of recent years Chinese Merchants there have often, when heavily burdened with debt, wickedly taken advantage of the Hongkong Law which releases a debtor of his debts as soon as he is accepted as a bankrupt by the Court. When afterwards actions are taken by the Creditors to sue their debtor in the local courts in China, the Chinese Authorities dismiss the claims on the ground that bankruptcy proceedings have already been taken in Hongkong. In the interests of commerce therefore Wan Ho requests that a capable official be despatched to Hongkong to open discussion on this matter.