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Government cannot see their way to accord
the company any financial assistance.
3. A further point arises in connexion with the London Committee of the company.
It appears that, although the company itself is registered in this country, the large majority of its shares are held in China, mainly in Shanghai, and that the control rests with these shareholders, the only
really large individual holding being that of the Shanghai Municipal Council, and
further that this control is exercised through Shanghai directors (including two nominated by the Shanghai Municipal Council
who control and direct the London committee,
whose powers and duties are limited to
management of the affairs of the company in London. Inasmuch as this committee is
acting for the company controlled by an
enemy in the shape of the Shanghai
Directorate, it would appear that the
committee should apply for authority under the Trading with the Enemy Act, 1939, to
enable
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