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A short letter, embodying the alterations of the Agreement and their effect, might have sufficed in ordinary circumstances. As itis, however, our arrangements with the authorities necessitated our being able to produce a new formal contract.

New Carro. We trust that you will be able to charter a vessel (HongKong or Whempos) at a reasonable freight, and shall be pleased to hear from you.

Branding of cases May we remind you to ask your Houston friends to be careful not to brand the cases with the Chinese characters representing Messrs. H.B. & Co's name, although if aur memory serves us aright, we believe you ceased doing this some time ago.

Yours faithfully,

Sanders, Rehders & Co.Ltd.

H.Sancell.

Managing Director.

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