Couttns and. Mir. Leighton Shields for ween: Mr, G. Richardson for, plain
defendant. stimulus to American corporations investing in China, The Act is use-{ful in promoting American trade smith China, he continued, and in developing the Act, the United States were only following in the footsteps of Great Britain, who had long experience in overseas trade.
Another feature of the China Trade Act was that it facilitated American trade in China in competition with other nations, When the Act was Passed Congress bore in mind the fact that American companies would have to compete with companies of other "nationalities and. nowhere has there been any discussion regarding the, prevention of companies eeaging the Insurance' business.
was not to be supposed, said. Mr. Richardson, that when " Congress adopted the corporation taw they meant Section 4 (e) of the China 'Trade Act to prohibit the holding of insurance shares or Section 4 (a) to prohibit holding shares is companies doing business outside of China," It that had been the ease' they would have said so in simple language.
'These privileges were enjoyed' by British companies, counsel continued, and also, he believed, by French companies. It did not' seem reasonable that' Congress would restrict holding companies in" China when they could be doing such business under the laws of Delaware. The China Trade Act was a better law business under in Shanghai {han corporation laws in the United "In conclusion Mr. Richardson asked that he be given some time for rebut tal after counsel for the respon: ent had finished his argument, whereupon Mr. Leighton Shields, attorney for Miss Smith, said that he did not Want to be in Court to listen to It. "Counsel has had 18 hours of argu: ment in chief by the clock," said Mr. Shields, "and if a man can't express himself on law in 15 hours. some-{hing must, be the matter rearing was adjourned until 10 am. today when Mr. Shields will commence his argument.
Text read from the printed page and cleaned; old type leaves the occasional error.