(4)

This will obviate the very inconvenient practice of our

having to pay the Capital Fee in full on such shares and

then claim a refund, which we do not recei ve until nearly

three months later.

Encl.

We are,

Sir,

57

Your obedient Servants,

BRITISH-AMERICAN TOBACCO CO. (CHINA) LTD.

A. L. Dickson,

Director.

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