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No.C.20101/1926.

Private and Confidential.

684A

Downing Street,

2/ December, 1926.

Dear Stephenson,

Referring to our official letter of even date

regarding the payment made to the Colonial Secretary of

Hong Kong from Trade Loan Funds on the authority of the

Governor the matter is, as you have no doubt gathered,

extremely confidential but if you care to come and see

me I will explain the circumstances to you.

Yours sincerely,

(2+) woolles

SIR A.E.STEPHENSON, K.C.M.G.,

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