CO129-443 - Governor Sir May - 1917 [7-9] — Page 150

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H. B. M. Consulate-General,

Shanghai, 15th. April, 1916.

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.TOKE

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

Sharee in the new company (with or without option

to take further issues) cannot be given to enemy shareholders even if such new sorip is to be retained by the company till the end of the war.

Enemy shares and all rights pertaining thereto should in accordance with reconstruction resolutions be sold by the liquidatior and the proceeds paid into the enemy

dividends account.

As regards China Companies under preponderating enery control which reconstruct in order to acquire enemy nationality no opposition will be offered by the British Authorities provided the interests of British shareholders are bought out at a rate approved by me: in such passe I am to apply to E. M. Minister for licence to transfer to enemy shareholders the shares in the new enemy company corresponding to the British owned shares in the old Oc.

I should be glad if you would let the above statement of polloy be known to your members.

I am &o.

(sd.) E. H. Fraser,

Consul-General.

te Chairman,

British Chamber of Commerce &

Shanghai Stock Exchange.

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