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the position and will be able to make very much its own
rs as to the rate at which it will accept repayment.
4. As regards question (2) it is desirable if possi-
le to avoid repayment at Hankow, which is a comparatively
all and isolated place to which the necessary "taols"
buld have to be sent by water. The matter is also still
rther complicated by the fact that Shanghai and Hankow
aels" are not of the same value.
5. The only point in our favour is that it would
fobably be almost as inconvenient to the Hong Kong and
hanghai Bank to be paid at Hankow as it would be to us to
ike the payment there and therefore we may be able to
ke terms with the Bank for payment elsewhere.
It is not
wever desirable that we should approach the Bank until
are aware of our exact position in the matter.
6. The above explanations will show how unfortu-
te it has been that the arrangement which we had
made
r the payment of the £400,000 in New York on the 6th of
ptember was not carried through. The £400,000 was
read placed in New York when the business fell through
ad fortunately on such terms that the remittance could be
ld at a profit.
If however the exchange had gone the Her mye should have been placed in such a position wards our agents as could not have failed to act detri- tally upon our powers of doing such business satisfac- rily on any future occasion. 49.
I have the honour to be,
Sir,
Your Obedient Servant
Lerrary
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