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(Copy)

TRANSLATION.

Confidential.

Mesare. Arnhold Karberg & Co..

Shanghai.

101

5, Adolphsplatz,

Hamburg, 21st May, 1915.

We gather from your letter of 11th March, sent to

us by your Berlin House, that the customary mean representatives

of the British Authorities, have compelled Messrs. Harry E.

Arnhold & Charles H. Arnhold to withdraw from your firm.

Meanwhile these gentlemen have confirmed that they

will remain responsible to us with their Capital, so long as

we continue to make shipments to your esteemed firm.

Yours respectfully,

Bgd: Berenberg, Gossler & Co.

(Hamburg).

-*

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