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Memorandum on my Conferences in Hongkong on the
subject of Shanghai Companies.
It would appear that the difficulties in the
ay of the satisfactory establishment of a local registry under pɛlish
sh Company law in Shanghai are greater that I at first anticipat-
ed. There is at present a large number of such Companies and unless hey should be transferred to the Shanghai Registry, its usefulness
buld be questionable. I believe, however, the view is still held by
he mercavile community that the establishment of a local registry for
future companies is desirable, on this point I have only to say
hat the necessity under such circumstances for the change does not
bem to me pressing. In order to remove themselves from the Hongkong
þgister, existing companies would have to be wound up by the Hongkong burt, or their removal would have to be effected by an Ordinance of he Colony. The former course would involve auch expense and trouble hat the companies would probably not likely lightly embark on it, and the latter course would not be facilitated by the Hongkong Government hich would naturally oppose a change which would involve a consider- able loss of revenue; I do not know what proportion of such Companies buld avail themselves of facilities which such Ordinance might provide.
It has occurred to me further that the exist-
would
ing Hongkong Companies which carry on business exclusively in China
ght continue as Hongkong Companies and that new Companies might prefer
register in Hongkong as heretofore in order to avoid the provisions the Engish Act if it were applied in China, with the result that he of our objects viz: the control of directors and promoters,
be defeated. This probably could be got over by making all British ompanies carrying on business in China subject to the Companies Act
though they were registered in Shanghai, but I am by no means sure hat such a course would be desirable or in consonance with legal
inciples. In view of these difficulties I have sought an alternative
the elaboration of the ■■ second proposition contained in my last
despatch