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territorial limits reflects more accurately the feeling

in certain circles in the Colony.

Under the circumstances I have the honour to state

clearly my opinion that the proper solution of the

difficulty is to establish a registry in Shanghai for

Companies carrying on business in China, and to treat

all companies not so registered as unregistered companies

within the meaning of the Companies (Consolidation) Act

May

1908.

I have the honour

to be,

With the highest respect,

sir,

Your most obedient,

humble servant,

(sd.) H., de SausmATEZ.

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