This is a very crumpled photo at the very beginning of WRF's 1928-1929 album. I was going to relate it to https://gwulo.com/atom/34562 and the 23 March 1929 Hong Fours one mile race, but I see that WRF has labelled the photo 1928. Was this an annual event? Yes - moddsey has confirmed this in his following posting of the relevant newspaper reports.
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