CO129-433 - Governor Sir May - 1916 [5-6] — Page 570

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H. B. M. Consulate-General,

Shanghai,

15th. April, 1916.

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Sir,

At the request of the Crown Advocate I have consulted H. H. Foreign Office in reference to the treatment of enemy shares in Chins Companies which are being voluntarily wound up and reconstructed and have received approval of Mr. Wilkinson's opinion which is to the following effect:-

Shares in the new company (with or without option to take further issues) cannot be given to enemy shareholders

even if such new scrip is to be retained by the company

till the end of the vII.

Enemy shares and all rights pertaining thereto

should in accordance with reconstruction résolutions be sold

by the liquidator and the proceeds paid into the enemy

dividends account.

As regards China Companies under preponderating ansmy control which reconstruct in order to acquire enemy nationality no opposition will be offered by the British Authorities provided the interests of British shareholders

in such cases I are bought out at a rate approved by mei am to apply to E. H. Minister for licence to transfer to

snemy shareholders the shares in the new omeny company

corresponding to the British owned shares in the old Co.

I should be glad if you would let the above statement

of policy be known to your members.

The Chairman

British Chamber of Commerce &

Shanghai Stock Exchange.

I am &o.,

(sd.) E. E. Fraser,

Consul-General.

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