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172 dition of Japanese railway law has not satisfied capitalists as not affording sufficient security to induce investment by them. There has been some attempt to have this law altered, but it has not yet been accomplished.

"Banking, insurance, shipping, and all other kinds of commercial business may be carried on in Japan by foreign companies by observing the treaties and certain regulations, such as the registration of their branch offices, their representatives or other matters prescribed by law.

"There are two kinds of civil corporations, the one consisting of persons associated together, and the other an estate of aggregate property somewhat like a trust in English law, formed or established for the purpose of religious worship, teaching, art, charity, education, or any other object of public benefit, not aiming at the making of a profit. Such a corporation can come in existence only with the permission of the competent authorities, while Japanese commercial corporations may be formed without it.

"No foreign association of persons or trust property is accorded the same rights and privileges as are enjoyed by similar Japanese corporations; such a foreign corporation has no standing whatsoever in the Japanese courts, and the only way in which it could obtain protection would be to appear in the individual names of its members, just as used once to be the case in partnership actions. Purely technical evidence must be procured and filed before any legal proceeding can be initiated, and the best interests of the corporation might easily be jeopardized. Some foreign religious societies have sought to get themselves incorporated as Japanese corporations, but failed. Japan has no State religion, and she is absolutely impartial in reli