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sions as to China companies seems to me most desirable in view
of the fact that Hongkong-China companies need not have even one
British director and may have alien managing directors. For
instance, the Wing On (China) Company, Limited, has resident here
the two officers who alone can affix the Company's seal which is
kept here: it is hard to suppose any better proof of substantial
control over such a company.
The amended Order-in-Council was no sooner promulgated
than attempts were made to evade it. 'Holding companies' were
ruled out by His Majesty's Supreme Court in a recent case: subsidiary companies equallyrequire scrutiny. Genuine branches
of Hongkong-China companies are of course not affected any more
than genuine colonial companies, since ex hypothesi in neither
case do persons resident within the limits of the Order exercise
general or substantial control over them.
The driving of certain companies off our register and
of certain vessels to fly other flags is in view of recent ship-
ping incidents on the Upper Yangtse a contingency that need not
cause alarm. During the war the difficulty of dealing with such
companies as the "Phranang Steamship Company, Limited, regarding
which the Hongkong Government forwarded correspondence with His
Majesty's Consul at Hoihow towards the end of 1914 and enquired
our position, casts doubt, I venture to think, on the desirabili-
ty of encouraging aliens to take advantage of our laxity in con-
trolling the use of our flag.
It has been argued that a broad policy of giving the
British name to concerns mainly alien affords a valuable adver-
tisement as well as large revenue and political prestige. But
nowadays the Chinese are not impressed by such pretension and
resent the cloaking of native concerns under a foreign flag; and, so far as I am aware, no department of His Majesty's Government has ever approved such a deceptive policy.
The Kwangtung Tramways Company, Limited, appears on
the list at this office as a Hongkong-China company to which the
new