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approval of the Board of Trustees.
Further, in the event
of the repayment of principal and payment of interest being
in default, the Board of Trustees have the right to dispose
of the ships.
It appears from the letter dated 27th September last
from Messrs. Jardine Matheson & Company, Ltd., (a copy of which
accompanied your letter under reference) that the instalments
have not been paid at the due dates by the China Merchants'
Steam Navigation Co., and that the Board of Trustees therefore propose to sell the ships in accordance with the conditions of
the contract.
In these circumstances the Board see no objection to the four ships being registered as British ships at Hong Kong in the name of the Indo-China Steam Navigation Company, provided that the Company are in a position to satisfy the Officer Administering the Government of the Colony that they are the owners of the ships and are entitled under the Merchant Snipping
/Acts