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under date Hong Kong March 4th, that he had personally

visited the Liquidators without obtaining eatisfactory information.

From another source he obtained a copy of that

purported to be a mortgage held by the Hong Kong & Shanghai

* Banking Corporation for 175,000 Dollars, dated August 12th 1914

(after the commencement of hostilities) and he stated that as

matters were being conducted it appeared, if the business were

liquidated, there would be barely sufficient to pay this

mortgage, and the British Creditors would get nothing.

The Creditors cannot think that it is the intention

of the legislature to summarily close, at the expense of the

English Trade Creditore, a business dealing principally, if

not exclusively, in goods of English manufacture.

The total loss involved thereby at a time when the

Jewellery, Silver & Plate Trades are particularly affected by the r

would be a very serious matter for the Trade and would

undoubtedly prejudice the future development of this branch

The only parties

of British industry in Hong Kong.

benefiting would be the Hong Kong & Shanghai Bank who appear to

have secured or endeavoured to secure themselves at the expense

of the Creditors, after War broke out, and whose security

should be investigated), and the possible local purchasers.

The original intention of Messrs Mappin & Webb was

to endeavour, with the co-operation of other Creditors, to

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