112
most wlikely to take exoaption; indeed the Treaty of
(azier00 of 1903 expressly recognises the existence of
British joini-etook companies and the binding force on
512
Chinose shareholders therein of the artioles of aesooda-
tion sild regulations frazed thereunder as intergreted by
} British Gourte. I entirely agree with sir F. Fraser that
placing arit ish oopan los under a Hongkong deputy in
Shanghai is far more likely to be resented by China than
the direct intervention of an Daperial off lor. The beet
ohance of averting this resentment lies in following the
policy adopted by Pranoe and Germany, and making the
registry a part of the Consulate; and though I can under-
stand Siz F. Lugszd'e desize to sonsolidate British in-
terests in the Far East and to foous thas in the Colony
of Hongkong, I fool that it would be unwise to give pro-
minence to this idea in the new Order in council if for
no other reason than that it would be likely to lay us
opan to the oriticism which it la dosirable to avoid.
I would beg leave, further, to emphasise the point
to