CO129-574-9 Provincial Bank of Fubien- establishment of branch in Hong Kong 1-10-1938 - 28-1-1939 — Page 16

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thus becoming a local national (cf. Arcos and Centrosoyus),

but in that case it loses its immunity.

We think, therefore, that the Hong Kong

Government could quite well reply to the applicants that

the project cannot be allowed, unless arrangements are

made enabling the Bank to be incorporated under Hong Kong

law, and it is so incorporated.

I am sending a copy of this letter to Young.

Yous

Arfel Jonass