CO129-369 - Acting Governor May Governor Sir Lugard - 1910 [10-11] — Page 525

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forestall action by the Foreign Office, perhaps do what that

Office does not want done. On the other hand, the way in which

the question from the Hongkong point of view can be settled may

peasibly furnish the solution of a long-standing question of great difficulty. Reference not only to the Secretary of State

for the Colonies is necessary, but also to the Secretary of

State for Foreign Affairs.

Now as to the expediency of creating special

facilities, which it will now be seen meane supplying the Shanghai community with a company law by a side-wind. I am of

course not fully competent to speak to this point; but it is common knowledge that a great number of companies of considerable- importance are formed in Shanghai: that the principle of "limit... -ed liability companies" is generally admitted to be sound commercially, and to be essential to great commercial communiti- -ɛɛ: and that Shanghai is a great commercial community.

It will be readily understood what the promoters of Shanghai companies have done, They had no law of their own by which they could obtain limited liability; they saw a company law in Hongkong identical in principle with the English Act: its provisions as to jurisdiction are so widely drawn that they thought they could put themselves within the category of "foreign companies" who do in fact register under the English Act, and they have registered; but have not ful- -filled the essential condition. It was convenient for them; it was financially beneficial to the Colony; the matter was never very fully considered (though I understand that Mr. Gompertz did on one occasion go into it), and now suddenly, on the first winding-up petition, the question has been considered by the Court, and the practice has been declared not to fall within

the Act.

I think I ought to say this by way of further argument in favour of the practice being recognised and put upon a proper footing: that although it is, as I think, admitted law that the status of a corporation, or legal person,

creat