44
creditors are treated on a footing of
absolute equality with English creditors,
anu, even in cases in which local creditors
are entitled to local assets in priority
to creditors outside the local juris-
diction, their dividends are equated to
those of the English creditors out of
English assets, and that the Board
accordingly deprecated any amendment of
a local Act which would give priority to
local creditors.
The position is that
Romushal peculiar as It is understand that the capital and deposits of the Chinese
Banks in Hong Kong are largely held in
it appear is
China, and the S. of S. therefore cont
that the runs of the Bound based on) (are not slicitly
that English practice seareely applied. No
Mas Ways WAMED F
The consider therfore that subject
Whils
applicate in the ceramistances in the Colony, quiet fadition 2095 comment has recordings been made on this brany further rews the Board may
section in the enclosed draft despatch.
3. Mr. MacDonald would be glad to
learn whe ther
concur
(1) their Lordships
(2) you
(3) the Board of Trade
agree in the enclosed drafts. A similar
letter has been addressed to
(1) the Post Office Savings Bank and
the B.O.T.
(2) the Treasury and B.O.T.
(3) the Treasury and P.0.Savings Bank.
wish to express
noposed
Section
2754 showed be left in the Bill. Pending the reacupil of a apply
to this fees no
I am, etc.
(Signed) G. E. J. GENT.