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organised under official supervision. The replacement
of German agents during the present crisis might re-act
unfavourably on a limited number of shippers in
Manchester, but they are after all a minor interest in
the great industry of Lancashire. It would be disastrous
to the real interests of the cotton trade 1f German firms
succeeded in dominating the China market. Several of
those firms, notably Melchers, Carlowitz and Arnhold
Karberg, have secured so fir a footing that they could
scereely have been ousted in normal tines. They have
established themselves by the sale of British goods, and
they are increasing their field of operations every year
It can scareely be doubted, however, that they make use
of British goods only so long as it suits their purpose.
The real interests of the cotton industry would appear
to be safer in the hands of British firms.
SHANGHAI,
April 21st 1915.
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