CO129-393 - Governor Sir May - 1912 [11] — Page 114

102

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be entitled to any profit and responsible for any loss in due pro- portion to the amount of capital invested. However, since the owner. -ship of all mines rests with China, no co-operation in any mining undertaking between any Chinese and any foreigners should be al- lowed, unless the investment of the Chinese party consists of land as well as shares in money. Before the required capital is raised or increased, the numbers of shares to be subscribed by the 107 @hinese and the Foreigners shall be first fixed, and the share- -certificates properly numbered and submitted to the Comissioner of Industry for his consideration, after whose approval each party undertaking the enterprise shall raise the required shares within an appointed time; but the amount of capital invested by the Chinese and the foreigners respectively must be equal, otherwise no work shall be begun on any proposed mine. However, in case of any failure on the part of the Chinese or foreigner to secure the required number of shares, application may be made to the Commissio- -ner of Industry for an extension of time, but if after the expiry of the extension the proposed number of shares has not been acquir. -ed, the Deputy for Mining Affairs concerned shall after due in- -vestigation cut down the area of their mine so as to fit it to the capital already raised; and to such action the mine-owners have no right to object for any cause. Further in case of any discovery of any false statement as regards the fixed numbers of snares to be held by Chinese and foreigners, all shares in respect of which the false statement was made shall be liable to forfeiture. The Manager and other Principal Officers for the conduct of the propos- -ed mining enterprise shall be appointed by the share-holders by vote, and the functions and power of these officers and the number of members of committee to be elected, shall be determined in accordance with the number of shares originally fixed upon.

Whether the mine-owner is a Chinese or a foreigner,

the Comissioner of Industry shall have the right to send from time to time any deputy to his Company and made various investigations. Regulation 73.

Verification of the name, nationality, occupation of

any foreign mins-ower.