CO129-375 - Governor Sir Lugard - 1911 [1-2] — Page 335

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Memorandum on my Conferences in Hongkong on the

subject of Shanghai Companies.

It would appear that the difficulties in the

ay of the satisfactory establishment of a local registry under pɛlish

sh Company law in Shanghai are greater that I at first anticipat-

ed. There is at present a large number of such Companies and unless hey should be transferred to the Shanghai Registry, its usefulness

buld be questionable. I believe, however, the view is still held by

he mercavile community that the establishment of a local registry for

future companies is desirable, on this point I have only to say

hat the necessity under such circumstances for the change does not

bem to me pressing. In order to remove themselves from the Hongkong

þgister, existing companies would have to be wound up by the Hongkong burt, or their removal would have to be effected by an Ordinance of he Colony. The former course would involve auch expense and trouble hat the companies would probably not likely lightly embark on it, and the latter course would not be facilitated by the Hongkong Government hich would naturally oppose a change which would involve a consider- able loss of revenue; I do not know what proportion of such Companies buld avail themselves of facilities which such Ordinance might provide.

It has occurred to me further that the exist-

would

ing Hongkong Companies which carry on business exclusively in China

ght continue as Hongkong Companies and that new Companies might prefer

register in Hongkong as heretofore in order to avoid the provisions the Engish Act if it were applied in China, with the result that he of our objects viz: the control of directors and promoters,

be defeated. This probably could be got over by making all British ompanies carrying on business in China subject to the Companies Act

though they were registered in Shanghai, but I am by no means sure hat such a course would be desirable or in consonance with legal

inciples. In view of these difficulties I have sought an alternative

the elaboration of the ■■ second proposition contained in my last

despatch