CO129-430 - Others & Individuals - 1915 — Page 408

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make arrangements for taking over the whole concern, but the matter could not be proceeded with, owing to the non-arrival of the necessary particulars from Hong Kong, notwithstanding the fact that they had been cabling and writing the LiquidatorE for the requisite information since November last.

The matter has been thoroughly discussed and the Creditors original conclusion is amply demonstrated that it would be a suicidal policy to attempt to sell the business in Hong Kong as undoubtedly no purchaser could possibly be found with sufficient experience to carry on the

undertaking with satisfactory resulta, except the Hanagers,

who would profit by the circumstances.

The Committee consider that the interests of the

Trade Creditors have not been adequately protected either

through incompetence or inadequate staff, notwithstanding that considerable costs are being incurred, which will deplete

the Assets.

We therefore ask your assistance in immediately

communicating with the Hong Kong Government with a view to preventing any offer being accepted locally without submission to them, It is essential that the fullest particulars should

be furnished the London Committee of Creditore, and we feel convinced from a practical standpoint we could deal with the