I now wish to pass on to another important matter concerning the King's Order in Council with respect to company management. During the past year your Committee has been in communication with His Majesty's Consul on various points, and certain recommendations have been made which happy to think have influenced those responsible for the drafting of the latest King's Regulations.
'There are, however, certain provisions which your Committee strongly recommend should be add-..,¢d to the China Companies' Order in Council of 1915 when it comes to be revised. These suggest. amendments relate to the management of British Companies, and stipulate that none but British subts shall act as secretaries er agents of British Companies, The present Order in Council merely requires that the majority of the Directors of a British China Company shall be British subjects. Th requi is admirable as far ay it gors, but it certainly does not go far enough, Why leave the intimate management of a British company in the hands of persons who are not amenable to British law? You are well aware that there are many companies in Shanghai at present managed by agents who are not British, and T personally have 1.0 a to disturb these agencies, ire but your Committee are unanimous in their efforts to ensure that for the future only Britons shall manage British Companies. Some of you may be of opinion that such fa subject docs not come within the scope of an institution such as ours. T think, however, that as a British public institution which is conce ed almost solely with transact in the shares of British companies, it is our duty, especially at this to further any measures h may make for the greater solidarity and security of the laws governing British companies.
Turning from controversial matters, I would like to refer to th" absence of one of members, Mr. Vernon, who is at present serving with the forces. We all wish him the best of luck and we trust that we may soon sco him safely hack amongst us (hear, hear).
We are nil looking forward to taking possession of our new quarters which are now almost ready for occupation, They promise to be very comfortable, and -f trast that in them we may all experience riginal from
Text read from the printed page and cleaned; old type leaves the occasional error.