thinking that the Colony has so far suffered
any loss except on paper.
The members of my Committee have no valid reason to suppose that the cost of the actual work done is excessive, and, this being so, they protest against the advocacy of the belief that there has been "gross mismanagement" in the construction of the British section of the Kowloon-Canton Railway.
Yours faithfully,
MURRAY STEWART,
Chairman,
Hongkong Branch
of The China Association.
459