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Otherwise foreigners are as free as the Japanese to own shares in any Japanese commercial companies organized by themselves alone, or in combination with the Japanese, or to engage in any manufacture or other commercial operations.

"Foreigners may hold a long lease of land to plant trees or erect permanent structures, which may be arranged for an indefinite term almost perpetual, such as one thousand years, or as long as may be agreed upon. Such a holding is called superficies, and it is very much like a long English lease, the only difference being that trees or buildings do not, at the end of the term, revert to the landlord, his right being only that of pre-emption at current valuation. The most advisable way for the enjoyment of the actual and permanent holding of land is for a foreigner to buy land himself through a Japanese, as bare trustee, and to secure its superficies for the period of as long a term as may be desirable for his purposes.

"Although no foreigners may work mines individually, they may be taken on mortgage, and a company registered as a Japanese organization is entitled to engage in mining; the theory is that foreigners as members merge themselves in the entity of a Japanese corporation, although it may be composed of foreigners exclusively.

"No railway or tramway business is allowed to be carried on unless by a limited company and a concession for such purpose has to be secured from the proper authorities. No such railway can be pledged, but it may be hypothecated. Japanese pledge corresponds to English mortgage, differing therefrom in that immediate transfer of possession and holding the pledged property absolutely is essential. Hypothecation does not carry possession nor the right of entry. This con-