· 4.
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of the Hong Kong Refineries should not be lost sight of.
We would venture to urge that whatever new scale of duties
may be agreed upon every possible effort will be made to ensure that the Hong Kong Companies shall not be placed at a hopeless disadvantage in relation to their Chinese competitors, and that the taxes borne by the latter shall be at least approximately the same as those imposed upon the imported article:
(Sd.) BUTTERFIELD & SWIRE
Hong Kong, 30th September, 1925.
JARDINE MATHESON & CO.LD.