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23.9.16
[C. No. 118.]
It is requested that any reply to this Letter way be addressed to the Comptroller of the Companies Department, 55, Whiteball, Loudon, S.W. Telegraphic Address: "Gozn. panies, Lotion,") and that the following number may be quota 9312
Sir,
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44726
REC REGE 19 SEF IF
BOARD OF TRADE.
19th September 1916
I am directed by the Board of Trade to refer to your
Cop letter of the 17th August (36123/1916) transmitting a copy of a despatch from the Governor of Hong Kong with regard to the action to be taken respecting enemy shareholders in companies registered in Hong Kong in connection with the allotment of new issues in which existing shareholders are entitled to shares in proportion to their holdings, and in reply I am to say that the shares to which existing shareholders are entitled are shares for which the allottees have to subscribe and pay ever in cash and a time limit would be fixed by the company within which the shares must be taken up.
As a general rule the company would be issuing the shares in order to obtain further capital which it requires - in its business and the new shares would only be obtained by payment being made in oash.
In these circumstances the Board doubt whether the retention of the shares during the war by the company and notification to the Public Trustee is a satisfactory method of dealing with the position.
I am to suggest that the rights of the enemy share- holders to allotment of shares in such cases should be vested in the Custodian who would then be able to sell such rights if they are of value.
I am to add that the Board of Trade are not at present as a general rule making resting orders for the purpose of
0.