Correspondence between Howard, Shanghai, and Elridge (Far Eastern Division), on the subject of the failures of British concerns in Shanghai during the depression of 1921, dated August 7, 1923. The letter recalled that the British failures were less important than the American ones, thanks to the support of British banks (especially HSBC). Provides a list of six British firms that have failed between 1921 and 1923:

• 1921: Cecil Humphreys Sanitary Laundry Co.
• 1922: Marriott, Beliatsky & Co. (China), Ltd. (Dissolved)
• 1922; Dowler, Forbes & Co. (China), Ltd. (Dissolved)
• 1923: The Jardine Engineering Corp. Ltd, (Formed Feb. 23, 1923 to take over Engineering Deept of Jardine, Matheson & Co. and this was believed to be a move on Jardine's part to distribute capital.)

Also mentions two other failures: 

• Dent & Co. (Undated), as a direct result of the refusal of the Hongkong & Shanghai Bank to further carry them
• Reiss Bros. Ltd. (1923), a failure that was said to hit the Hongkong & Shanghai Bank very hard