CO129-417 - Public Offices - 1914 — Page 77

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nt ledanʊda ni agineymoƆ to TerdaigeЯ add to anoijonut

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vo batimil asinsqmoɔ Jurij Taeis Hind I at JI

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bne sasniɗo to anitatamos (ɔd tostjo ViminsitrAQ

Jdgim vjlignoifan ngierot to amoaraq [vidduob Tento

iaud ob vnaqmog bedimiínu na aa barajafgar lísaði Jeg

aam

business in China, concur liabilities and be wound up.

There would be very little chance of getting more out

of the Chinese shareholders personally after liquida-

tion than unpaid calls even if the creditors got that

much, and I doubt whether their European or American

colleagues would be able to take their place.

This class of company was left out originally

because we did not want any such company in China. We

wanted to prevent difficulties in recovering unpaid

calls, or as in this case a contribution to the pay-

ment of the unpaid debts. But the scope of the Order

has increased since then and the modifications result

in this that whereas it was intended that every com-

-

pany registered in Hongkong which carried on business

in China should be subject to the Hongkong Ordinances

as though registered in China, we shall now have, cer-

tainly, such companies limited by guarantee and, pos-

sibly, unlimited companies which are not China or

Hongkong Companies.

The readiest remedy seems to me to be to omit

the words "limited by shares" from the definition of

China Company, that will kill all unlimited companies

before they are brought to birth, and will ensure that

companies