30
AIO...
101
from the British creditors.
10.
The Liquidators' task has been considerably
and
added to owing to the confusion existing between the Hongkong and Singapore branches. As stated in the sixth paragraph of this despatch the stocks had become mixed; in the case of Messrs. Marks Cohn goods shipped to Singapore were ordered and financed through Hongkong; and the local Managers did not themselves know the trus position of affairs. The matter is further complicated by the fact that Singapore, which is situated at a very considerable distance from Hongkong, has separate legislation governing the winding up of alien enemies' firme; while liquidators were not put in charge of the Singapore branch until the 26th. February.
11.
It is perhaps unfortunate that the Liquidators did not at once inform the creditors in England as soon as they become aware of the Hongkong and Shanghai Bank's lien, but this information would not have been of much use unless accompanied by a full statement of the firm's position; and, without proper books
in Hongkong and in the absence of reliable information from Singa- -pore, and from Cannstatt it was not possible to give such a statement. The Liquidators have been asked to forward to the creditors at as early a date as possible a statement showing the present position both in Hongkong and in Singapore.
12.
Mr. Binje left the Colony for London in April last and he will no doubt have been able to inform the creditors on many of the points raised by them in their various letters and to advise them on the question of the purchase of the business. It is not improbable that Vesare. Mappin and Webb would find it greatly to their advantage to purchase, either by themselves or in conjunction with others, so well established a concern.
I may state in conclusion that I cannot agree with the opinion of the Committee representing the British creditors that the interests of the trade creditors have not been adequately protected an opinion which appears to have been
13.
based
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