P.S.

4

I am, My Lord,

Your obedient servant,

(sa.) C. CLEMENTI.

CHANCELLOR,

University of Hong Kong.

The dollar quoted in the letter is in each case

the Hong Kong dollar. For the purpose of

calculating the capital necessary to produce a

recurring charge in Hong Kong dollars interest

at 61% has been assumed.

Rt. Hon. Viscount Willingdon, G.B.E.,G.C.S.I.,G.C.I.E.,

The British Consulate General,

SHANGHAI.

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