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Mr. C.L. Seitz, as one of the few men who knew the lumber trade of the Pacific coast of America, whence the Company get their lumber, was absolutely indispensable; and that if he ceased to be Manager the business of the Company and the interests of its British shareholders would seriously suffer. The manage- ment of this Company, and that of many others, has however been duly transferred to Messrs. Arnhold Brothers & Co., Limited.
The Shanghai Life Insurance Company Limited, the Company which for British prestige, it is most essential to have removed from the British register, would, if excemption were possible, have pleaded, truly enough, that if it were known that official steps were being taken to have it wound up as not under British control a panic would have ensued amongst its Chinese policy holders. This is in fact the plea upon which no proceedings have yet been taken under Article 4 of the new order in Council so as to enable the negotiations for the transfer of the whole of the Company's undertaking to The China Mutual Life Insurance Company Limited to be
completed, as referred to in the letters from the companies
to yourself of January 30th and 31st last.
I have the honour therefore to confirm, on further
experience, the advice given in my despatch of 16th March
last in this matter.
My reasons for thinking that any relaxation of the
provisions of the new Order in Council would be inadvisable
are as follows :-
1. The transfer of all 'China' Companies heretofore
under non-British control to British control has been
practically/