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51487 REC REG 8 NOVIS

I am to add that the recognition which has been accorded to Messrs. Arnhold may be to a considerable extent nullified if it is ignored by the Censor at Hong ∙Kong, and in view of the concluding paragraphs of his report the Board venture to suggest, for Mr. Bonar Law's consideration, the advisability of further explicit instructions being given to the Censor that Mesars. Arnhold are to be treated as a British firm, unconnected with Arnhold Karberg & Co., of China.

I have the honour to be,

Sir,

Your obedient Servant,

J. Jaim

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