_(b)_ In default of payment of the mortgage liability, the whole, _i.e._ the corporation, may be subjected to auction. This provides the means for transferring, together with the material properties, the original permission of the Government, namely, the licence, to the purchaser, viz. a new company. _(c)_ A company, which in reality may be taken as a syndicate, may be formed for advancing money by means of debentures. Such company may acquire legal recognition and may represent the creditors of debentures. It forms a particular kind of commercial company, and is called 'trust company.' _(d)_ At the option of the creditors, means of compulsory control of the railway in the interest of creditors are also provided for in the laws. _(e)_ Special provisions are made to meet the cases where the syndicate and investors are of foreign nationality: namely, the means of recognising foreign syndicates by the Japanese Government, and also the means of affording convenience for foreign investors. _(f)_ Further provisions are made for facilitating the registration of constituting the said corporation, and the registration of the mortgage thereof, for these affairs, as far as railways are concerned, are now entrusted, by the new laws, to the Minister of Communications, to whose control the railways belong, and not to the local courts of law, as is the case with all other kinds of mortgages. This change of our laws gives very great facility to foreign investors who may be willing to lend money on railway securities. The case of mining enterprises were similar because they are also based on licences. For them also much the same changes have been effected by the new laws, so that their economic entity may now be mortgaged in the interests of either an ordinary creditor or investors in debentures. The cases of ordinary factories differ in origin from those of the railways or mines, they not being based on a concession or licence like railway or mining enterprises. But for them also the new laws have made provisions for the means of constituting corporations for the purpose of guaranteeing debenture by mortgage. Provisions have also been made for guaranteeing debenture by mortgaging ships, any definite property either immovable or movable, or any legal claims which are secured by written instruments. [1] The _Outlook_. [2] The law also permits the companies constituting such a corporation of a part of the whole for a similar object. But as its general purport does not materially differ, I omit its account in order to avoid confusion.--_The Author_. VIII THE LANGUAGES OF CHINA AND JAPAN People often ask me if there is any affinity between the Chinese language and ours. I can at once say there is no affinity whatever, but this requires much explanation before I can clearly show it.