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(F5339/76/10).
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OUT FILE
DEPARTMENTAL No. 2.
Cypher telegram to Mr. Broadmead, (Shanghai).
Foreign Office 8th December, 1940. 10.40 a.m.
No. 1337.
86
Following for Financial Commissioner from Treasury.
Text of new Regulations
Your telegram No. 1027.
sent to you by air mail to-day.
2. Your telegram No. 1028. New Regulation requires all persons in United Kingdom who control companies incorporated elsewhere to ensure that holdings of currency securities etc. of such subsidiaries are notified to Bank
of England and offered for sale if Treasury so desire.
Where foreign subsidiary is controlled by company whose shares or loans are quoted on a United Kingdom stock exchange Regulation does not apply to such parent company unless Treasury so direct specifically.
We do not consider that similar measures should be imposed by King's Regulation in Shanghai, i.e. to deal with companies under the control of British subjects residing in Shanghai. If however you suspect forestalling action by local subsidiaries of United Kingdom companies which enjoy the exemption referred to in the immediately preceding paragraph, please give particulars.
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