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considerably depleted and it is understood that no further purchases have been made for the maintenance of the atook or business. As the expenses are continuing it is obvious that the longer the matter is delayed the worse the position must become.
The Hong Kong & Shanghai Bank as you are aware, charge, or claim to have a charge, on all the assets dated
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12th August 1914 and in the meantime their interest is accumulating and any sume being realised from sales of stock are being applied in reducing the loan from them.
At the request of the Committee, the Hong Kong & Shanghai Bank cabled through their London Office to their Hong Kong Branch last week and the following is an extract:-
"Are the Liquidators Gaupp & Co in a position to accept an offer to buy all assets both branches exclusive goodwill
You will notice that it is not proposed to buy the goodwill of Gaupp & Co's business and as mentioned the purchase would be effected by a new Company with some such title as "Mappin & Webb (Hong Kong & Straits Settlements) Ltd",
It has occurred to us that the Hong Kong Government may have referred the matter back to you and we shall be glad to hear that there is no objection to a sale being effected as expeditiously as possible.
When we have an assurance to this effect we propose to send a
representative out to Hong Kong to conclude matters.
Yours faithfully,
For the Committee of Creditors.
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