ABSTRACT
The Russians lost the war with the Japanese, and the board of directors of the E.A.C. in Copenhagen were forced to realize that they had backed the wrong horse. In July 1904, when there was no longer any doubt as to the outcome of the war, the board sent a telegram to Frederik Kinch, ordering him to shut down all branches in China, including the Shanghai branch, by the end of the year. In Shanghai this meant that all stock had to be sold off so as to enable the new local agent, the Netherlands Trading Company, to take over the remaining assets.
