194 FOREIGN CAPITAL

(c) The company should be required to enter in the
register of members, against the name of every
registered member, his nationality as disclosed
by, the declaration. In the case where the
registered member is not the beneficial owner,
the company should be required to record, not
in the register, but in another book, the nation-
ality of the beneficial owner as disclosed by the
declaration, and, as regards the latter book, to
record the nationality of any new beneficial
owner when and as disclosed by the registered
member. These particulars should be required
to be included in the annual list under Section 26
of the Act of 1908. That list would thus become
not a list of members only, but a list of members
with the addition of beneficial owners. The
company should, further, be required to add to
the annual list a summary of the result as
regards nationality showing (i) as regards
registered members, how many are British
subjects and how many shares they hold, and
how many are aliens and how many shares they
hold, subdividing the number of the aliens and
their holdings under their respective nation-
alities ; and (2) as regards the registered
members who are British subjects: (a) how
many of them are the beneficial owners and
how many shares they hold, and (6) as regards
the rest, what axe the nationalities and holdings
of the beneficial owners.

With regard to companies owning British
shipping, the Committee is satisfied that the total
exclusion of aliens from ownership of British ships
is not essential for national safety and is not ex-
pedient. It therefore considers that in these com-
panies it will be sufficient to ensure that not more