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This looks like just below Battery Path and I agree therefore opposite the HSBC HQ; although in those days the Hong Kong and Shanghai Bank or the Honkers and Shankers or simply the Bank. The path is above. It may be where the public toilets now are or perhaps near where the bus stop presently is?
here is the link to Google Streetview
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This thread is covered in http://gwulo.com/ARP-tunnels-in-central#comment-6641
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