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capital employed, but it should not be less than 10 per cent.
To contrast the enterprise of British and German merchants in Canton, it is of interest to examine the foreign staffs (exclusive of Portuguese) retained by firms of each nationality. The following figures are taken from the directory of 1914 published before the war.
German.
Arnhold Karberg and Company Berblinger and Company Bodiker and Company
Bornemann and Company
Brandes K.
Carlowitz end Company
Jebsen and Company
Melchers and Company
Reuter Brockel ann and Company Sander Wieler and Company
Siemssen and Company
Wedekind and Company
KNK-HOKAUNEN 19
British.
Butterfield and Swire Deacon and Company
Dent and Company Griffith and Company
Jardine Matheson nd Company
Loxley and Company
Reiss and Company
Shewan Tomes and Company
244L4N
23
The generally received proposition that the cut throat profits of German firms makes business in normal times unremunerative for British firms does not seem to be an adequate explanation of such a discrepancy. At any rate it seems clear that the time has now come when the difficulties in which German firms are involved should lead the principals of British firms in Hongkong to pay more attention to direct business at this port.
Adherence to traditional and conservative methods
of trading has also done much to fetter the development of the import trade at Canton. This factor of course is operative
at
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