judged against it, owing to want of funds; (d) that it has ceased to devote all' or part of the capital intended for operations in Bulgaria to that purpose.

Foreign insurance companies, before engaging in business in Bulgaria, must prove that their native country gives reciprocal treatment to Bulgarian companies; they must furnish the guarantee demanded, viz., 200,000 to 500,000 francs, either in real property in Bulgaria or in Bulgarian securities, and they must engage, when offering themselves for registration, to obey the laws of Bulgaria as to commerce in general, and as to insurance companies in particular. Further, every six months they must invest half the gross premiums in Bulgarian securities, which investments must not be touched except in the case of the cancelling of the contracts.

All persons or companies engaged in trade must register their signatures,. and keep certain books, which must be stamped by the notary, or juge de paix. Some of these must be presented at the end of the year, to be closed.

A tax also is levied on sign-boards, graduated according as the sign-board is in Bulgarian, Bulgarian and a foreign language, or in a foreign language only.

Servia.-Mills and factories worked by British companies and British commercial and industrial enterprises owned by private persons residing in Servia or the United Kingdom enjoy in all respects the same privileges as those worked by natives.

Roumania.-Mills or factories worked by British subjects or by firms. residing in Roumania, and British commercial or industrial establishmentsowned by private persons resident in the country, enjoy the same protection and privileges as those worked or owned by natives, subject always to the laws and especially to the Commercial Code of Roumania. But as regards mills, etc., and commercial establishments belonging to British companies, registered in the United Kingdom, which have their residence and principal work in Roumania. the law demands that such companies, though formed in the United Kingdom, should be subject, even for the form and validity of their statutes, to the requirements of the Commercial Code. Again, before a foreign company can establish a branch or agency in Roumania, it must prove by declaration of its government, that complete reciprocity exists between its native land and Roumania; and in compliance with the code, a branch so formed must deposit, translate, advertise and publish the statutes of the company, the balance sheets, and the names of those members of the management, who are to be responsible to the authorities in Roumania-all in the form prescribed by the code.

Before, however, a branch can exist, it must get the authorization of the Roumanian Government, which authorization depends on the decision of the Chamber of Commerce of Bucharest, or of the nearest Chamber of Commerce, and is also necessary for companies with chief office in Roumania. With the request for authorization must go—

(i.) Documents proving the legality of the company in the country of origin, and the authenticated statutes of the company.

(ii.) A statement of the willingness of the company to obey the provisions of the Roumanian Code:

(iii.) A receipt from the "Caisse des depôts et consignations" proving that caution-money to the amount of at least 100,000 francs (insurance companies 250,000 francs at least for each branch of insurance) has been deposited in Roumanian securities- the Government having the right to increase the sum up to one-fourth of the capital of the company. (If the company is founded in Roumania. the deposit of these sums is not necessary, but in that case the majority of the directors must be Roumanian subjects).

A foreign company must choose one town in the country in which their representative shall reside; he must be recognised by the Government, and together with his demand for recognition must deposit a copy of the power of attorney granted to him. The Government may require two or more members

of the company, residing in the country, to be associated with the representative in a Board which shall be jointly responsible to Government, or Government may lay down any regulations for each case. Foreign companies are to publish a balance sheet of their operations in Roumania every year (as well as those published in their central office).

The Government may examine the operation of foreign companies and limit their authorization

(a) If their capital is reduced to half the sum mentioned in the request for authorization.

(b) If the caution money has diminished and is not replaced in 30 days, even though the diminution be due to a fall in Roumanian Government securities.

(c) If the company is found to be carrying on any other business than that mentioned in its act of constitution.

All documents presented to the Roumanian Government must be legalized by the Roumanian Consul in the country of origin. Foreign companies may not acquire real property in the country districts, are taxed as Roumanian companies, and their shares may not be quoted in Roumania till they have been working there a whole year and published their balance sheets.

[These restrictions are not applicable to foreign companies conducting only isolated operations in Roumania :-these may work and use the Courts without hindrance.]

Turkey. As a result of Consular enquiries, it seems that British subjects and capital --under all the conditions suggested by the queries-enjoy equality of treatment with natives. They are more favourably situated in that a British subject "may protest against any injustice or illegality, and obtain redress through consular or diplomatic intervention," a course naturally not open to natives.

Egypt. The consent of the Egyptian Government is a necessary preliminary to the establishment of a mill or factory, but such mills or factories, if worked by British subjects or British companies in Egypt, enjoy in every respect the same privileges as if worked by natives. British commercial or industrial establishments in the same way enjoy national privileges.

Morocco. There are no factories worked by British companies and

capital.

Persia. Apparently there are no laws or regulations affecting foreign factories in this country; the privileges, for instance, of the Belgian sugar factory at Kerisek depend entirely upon the terms of its concession. Until recently, foreign merchants have been differentiated from Persian merchants in the matter of duties paid on goods imported or exported. Foreign merchants (except Turkish) have paid (in accordance with the Treaty of Turkmanchai, February 10th, 1828) a uniform ad valorem duty of 5 per cent. on imported or exported merchandise, whilst Persian merchants have paid a reduced duty varying according to the province and the nature of the goods.

Sir Arthur Hardinge, in a despatch of June 18th, 1901, writes as follows:"Now, however, foreign merchants have been placed on a footing of absolute equality with Persian merchants, each class paying a uniform 5 per cent. ad valorem import and export tax, while all interior octroi, road and other dues formerly existing have been abolished in favour of a uniform road tax (rahdari) of twenty shahis per mule load to be levied at the port of entry or of exit on all imported or exported articles whether their owners be foreign or Persian subjects."

As regards protection the foreigner is placed in a better position than the native. He is enabled through his Legation to recover from the Government the value of goods stolen from him, whereas the native merchant is left to protect his property as best he can.

Siam. By treaty, British subjects and capital enjoy equal rights as to trade, but there are certain restrictions on the purchase and renting of land. Import duties (3 per cent.), export duties (varying from 3 to 7 per cent.), and land tax have to be paid by British subjects as by natives; but no other taxes, direct or indirect, may be levied from them, except by the sanction of the supreme Siamese authorities and the British Consul. British subjects, when defendants, are tried in the British Consular Court; and native servants of British subjects cannot be arrested on British premises by Siamese authorities without the permission of the British Consul.

China. British commercial or industrial establishments are permitted only in Treaty Ports; but the same privileges are granted to them there as to natives, including equality of taxation on the products of British owned factories.

Japan. Speaking in general terms it may be said that British subjects. and other foreigners, trading either as individuals or as companies, enjoy the same privileges, favours and protection in Japan as Japanese subjects themselves, these rights being guaranteed by the treaties which came into force in 1899. There are, however, certain very important reservations, principally connected with the ownership and mortgaging of land and the working of mines.

No alien as an individual can own land, although he may hold a superficies," which is "the right to use the land of another person for the purpose of owning thereon buildings, or bamboos, or trees." The duration of this superficies is limited only by agreement with the owner of the land, or if there is no agreement to a period of 50 years, but land may not be held for agricultural purposes. The restriction against ownership of land also applies to partnerships or companies organised in a foreign country under foreign law, even though possessing a branch office in Japan. Foreigners can only own land by forming themselves into a duly registered partnership or company Japan, under Japanese law.

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The inability to own land affects in practise the treaty rights of foreigners to hold mortgages on land, for they are debarred in case of a sale by auction from buying in the land themselves. In such cases if the price realised at a first auction is unsatisfactory to a mortgagee, he is permitted to secure a second auction by depositing one-tenth of the price realised in the sale. Should the land at the second sale fail to realise the sum represented by the first auction, plus the tenth paid by the mortgagee, the land, in the case of a Japanese mortgagee, passes into his possession and is counted in liquidation of the debt at that price. A foreign mortgagee in such a case is compelled to make good the difference himself.

Foreigners unless incorporated according to Japanese law are not permitted to work mines in the country.

United States of America.—The question whether commercial and industrial enterprises conducted by aliens enjoy the same privileges as those managed by citizens, may be answered in a general affirmative. As regards individuals, a common principle of law prevails in all the States of the Union, viz., a resident alien has the right to labour or engage in trade, a right implied in the right to reside in the country. Every State, however, can control the commercial privileges to be extended to foreigners within its boundaries, so long as the imposed restrictions do not infringe the Treaty Rights of Foreign Nations or encroach on the powers of the Federal Government. Consequently there are various exceptions to the general principle for the most part of no great importance, but, owing to their diverse character and purely local application, almost impossible to classify under the suggested headings.

An attempt has been made below to group the States more or less comprehensively, according as the restrictions in force affect (i.) Labour; (ii.) Guarantees; (iii.) Holding of Real Property; (iv.) Legal Status; (v.) Taxation.

In the case of several States more detailed particulars, including in certain instances copies of the actual laws, have been forwarded home. These documents are open to the inspection of any one interested at the offices of the Commercial Intelligence Branch of the Board of Trade.

It should be noted that the term 66 foreign corporations" used by State Legislatures includes not only alien companies, corporations and associations, but also those companies, corporations and associations constituted in other States of the Union. Provisions restricting the operations of "foreign" corporations are therefore not necessarily discriminating against British companies.

(i.) Labour.-All persons or corporations doing business in the United States are subject to the Act of Congress of February 26, 1895– an Act to prohibit the importation and immigration of foreigners and aliens under contract or agreement to perform labour in the United States, its Territories, and the District of Columbia. In addition to this Federal restriction certain States have also legislated on this subject. For instance, in Indiana the importation of aliens into the State under contract to labour is unlawful, and the contract void. In Virginia such a contract can only be enforced for seven years; in Alabama for two years; in Wyoming for six months; and in the last named State the alien may recover reasonable payment for labour performed, although the employer may have paid other parties for it, and notwithstanding all contracts with parties claiming authority over such alien plaintiff.

(ii.) Guarantees.- Before obtaining a certificate from the State Authorities an agent must in most States be designated with authority to represent the company, and the name of the agent and the position of the principal office of the company within the State have to be formally filed before the State Auditor or Secretary of State, and also in most cases with the County Clerk or Recorder; in Maine, Pennsylvania, S. Dakota, Wyoming, and Indiana, with the Registrar of Deeds, and in Massachusetts with the Commissioner of Corporations. In some States the certificates have to be renewed at various periods.

Only banking, brokerage, insurance, and express companies are subject to such regulations in Oregon. Compliance is optional in New York.

A copy of the charter of the company is also to be filed with the Secretary of State (in California and in Nevada also with the County Clerk in the one case and County Recorder in the other, and with the latter only in West Virginia, Utah, New Mexico, Arizona), or a copy of the certificate and of the general incorporation law under which it was issued, except in Rhode Island and Connecticut. Various other formalities are required in different States, such as a list of the company's officers (Nevada, Montana and Pennsylvania); a list of the bye-laws (Utah); a statement with elaborate details, sworn to by the president and secretary, and attested by a majority of the Board (Massachusetts and Montana). Railway companies are exempt in Massachusetts (and also mining and manufacturing companies when they conduct operations without the State); religious and charitable institutions in Nebraska, Iowa, Dakota, Arizona, Oklahoma.

In many States (Illinois, Iowa and the North-West States generally) special guarantees are required from insurance companies. A statement of the financial position of the company for the past year has to accompany the application for a certificate; the company is required to have a fixed amount of capital, and also to have on deposit, either in the same or another State, a fixed amount of securities; yearly accounts have to be presented to the Insurance

Commissioner and published in a local newspaper; and the company may be called to account or its books examined by the State Auditor at any time. The Secretary of State or Insurance Commissioner must in many States be granted power of attorney to receive service of legal process upon the company.

(iii.) Holding of real property.-On this point there is often a distinction made between alien corporations and foreign corporations (ie., those from other States), and this distinction is recognised by Federal Law (24 Statute Law, 1876, Act of March 3, 1887, section 1). This law enacts, in regard to the Territories of the United States and the District of Columbia, that no real estate shall be held by "persons not citizens of the United States or by corporations not created by the laws of the United States or of some State or Territory thereof," except such property "as may be acquired by inheritance or in good faith in the ordinary course of justice and the collection of debts heretofore created."

In certain State constitutions there is, further, differential treatment between alien individuals and alien corporationsthe alien as individual obtaining more favourable conditions in Illinois, New York, Mississippi, and Georgia. In the following States no distinction is made between "citizens" and aliens (individuals) bonâ fide resident in the State, viz. :-Michigan, Wisconsin, Wyoming, Iowa, Nebraska, West Virginia, California, Oregon, Nevada, Colorado, South Dakotah, Florida, Alabama, New Hampshire, New Jersey, Connecticut, Indiana, Montana. resident aliens (individuals) are more or less restricted in the holding of real property in Connecticut, Nebraska, Iowa, Wisconsin, Kansas, and Mississippi; while aliens generally are restricted as to the holding of real property in Arkansas, Arizona, Pennsylvania, Delaware, Minnesota, Missouri, and Illinois.

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The restrictions most commonly imposed are that aliens÷ individuals and corporations-may only possess land either definitely limited in area by statute or so much as is held sufficient for the purposes of their business, or land acquired in recovery of debt. Terms of years for leases are also often prescribed.

(iv.) Legal Status. In all States foreign corporations and individuals have rights to the Courts. In most States, however, they may be attached without other reason or special cause being assigned, as a security for the interests of resident creditors; and in most States, also, foreign corporations are not allowed to recover on any contract, made in the State, which is in violation of public policy. policy. In Minnesota, Indiana, Illinois, Wisconsin, and Iowa, foreign corporations are debarred from removing cases in which a "citizen" of the State is concerned from the State to the Federal Courts, if in such cases State jurisdiction exists.

(v.) Taxation. There appears to be in general no discrimination between native and foreign enterprises on this point-indeed, the statutes of several States expressly guard against this. In the State of Alabama alone all corporations having sites outside the State must pay a privilege tax before being allowed to transact or carry on business there. Only such property or capital of a corporation as is owned or employed within the State is liable to taxation by the State. In the State of Minnesota foreign mortgage or loan companies are exempt from the taxation imposed on similar domestic corporations.

In several States there is a provision to the effect that taxes, fees, etc., payable by foreign companies are not to be less than those exacted by the country or State under whose laws the