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for the purchase of the ship. on the formation of the copy

an Agreement was in accordance with the provisions of the

Company's Memorandum and Articles entered into dated the Eth.

May 1916 between Mr. MacDonald and the Gempeny duly filed with

the Registrar of Companies providing for the transfer of the

steamship to the Company in exchange for fully paid sharee. The

effpot of the registretice of the Company ard of this Agreement

were that the Company became entitled to the ship. je this

ecourrad prior to the Restriction Amendment Act of 1915, the

Company had on the agreement being entered into a right to own

and be registered as the owner of a British skip in spite of the

fact that the mejerity of the voting power lay in the herds of

fertiga shareholders. And had it not been for difficulties

raised to the registration of the Bill of Sale by the Australian

Authorities the ship would have been transferred to and registered

in the name of the Company there before the Amendment Act whe

passed.

Subsequently to the incorporation of the Company

and the execution of this Agreement, the British ships Transfer

Restriction Amendment Act was passed and this rendered it necessary

before the Company could be registered in Hongkong as the owner

of a British ship, te establish that it was not a foreign

contrelled Company. In view of the fact that the two Chinese

shareholders held the majority of the shares the position

appeared to be when the Act above referred to was passed that the

Company could not be said, at anyṭrate with certainty, to be not

foreign centralled. Amendmente have socordingly been drafted te

the Company's Articles and a meeting has been called of the

Company to alter ite articles in accordance with such amendmenta.

These amendments provide that the shareholders shall have no

centrel whatever over the exercise by the Directers of their

discretien and authority in managing the Compery and particularly

in their central and management of the ships. These amendments

it it considered entirely preclude any question of this Company

being a foreign centrolled Company . The object of the Aot abave

referred te was to prevent ships being owned during the war by

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