CO129-462 - Governor Sir Stubbs - 1920 [7-10] — Page 95

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but also in correspondence between His Majesty's Legation and the Foreign Office. At that time it was pointed out that, since the Colonial Government's interest in China companies was (and still is) preponderantly as yielding income, cordial co-operation in our effort to meke such companies genuinely British could

scarcely be looked for.

The Colonial Office steadfastly upheld the Colony in its refusal to part with a source of revenue; and the British author-j ities in China finally accepted the compromise embodied in the Order together with a promise that in case a few years' working showed the control enacted to be ineffectual, the Order should be amended.

Apart from the theoretical objection recorded by the Crown Advocate the proposal to have an independent registry for China companies was rejected partly because of a fear (since proved unfounded), that a large and costly office organization would be essential and partly because English practice permitted, as such cases ea those of the Anglo-Austrian Bank and the Austrian Export and Import Company, Limited, showed, of British companies as completely alien as the Hongkong practice had allowed.

The terms embodied in the 1919 Order were in 1917 dis- cussed with His Majesty's Judge because it was found by experience that the existing control was not in fact adequate. The wording seems to have been misunderstood by many other than Americans. There is no prohibition of the employment of alien experts as technical managers or in any other important position, provided that such alien does not in fact exercise the general or substan- tial control of the company's working usually associated with the office of managing director. I venture to suggest that this fact provides such relief as is essential to the British-American Tobacco Company while securing adequate control for our authori-

ties.

The enactment as to the seat of the directorate not

being in itself sufficient to withdraw a company from the provi-

sions