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business in China, concur liabilities and be wound up.
There would be very little chance of getting more out
of the Chinese shareholders personally after liquida-
tion than unpaid calls even if the creditors got that
much, and I doubt whether their European or American
colleagues would be able to take their place.
This class of company was left out originally
because we did not want any such company in China. We
wanted to prevent difficulties in recovering unpaid
calls, or as in this case a contribution to the pay-
ment of the unpaid debts. But the scope of the Order
has increased since then and the modifications result
in this that whereas it was intended that every com-
-
pany registered in Hongkong which carried on business
in China should be subject to the Hongkong Ordinances
as though registered in China, we shall now have, cer-
tainly, such companies limited by guarantee and, pos-
sibly, unlimited companies which are not China or
Hongkong Companies.
The readiest remedy seems to me to be to omit
the words "limited by shares" from the definition of
China Company, that will kill all unlimited companies
before they are brought to birth, and will ensure that
companies