35
TABLE X-Contd.
Statutory
Name of Company
Deposit
Required
Nature of Securities Deposited
Middle Market Price on 31.3.60
Market Value
as at 31.3.60
$
Sumitomo Marine & Fire Insurance Co., Ltd.
200,000
$200,000 Fixed Deposit with H.K. & S. Bank,
H.K.
200,000
Tai Ping Insurance Co., Ltd.
200,000
A
Taisho Marine & Fire Insurance Co., Ltd.
Tokio Marine & Fire Insurance Co., Ltd.
200,000
$200,000 Fixed Deposit with II.K. & 5. Bank,
H.K. $200,000 Fixed Deposit with H.K. & S. Bank,
H.K.
...
144
200,000
+7
200,000
100,000
$100,000 Deposit at call with H.K. & S. Bank,
H.K.
---
100,000
Universal Insurance & Indemnity Co.
United Builders Insurance Co., Ltd.
200,000
$200,000 Deposit at call with H.K. & S. Bank,
H.K.
---
200,000
100,000
Wing On Fire & Marine Insurance Co., Ltd.
World-wide Insurance Co., Ltd.
---
200,000
100,000
Note:
$100,000 Fixed Deposit with H.K. & S. Bank,
H.K. $200,000 Deposit at call with H.K. & S. Bank,
H.K. $100,000 Deposit at call with H.K. & S. Bank,
H.K.
Under the former Section 11(1) of the Ordinance certain companies were exempted from making deposits in respect of fire and marine insurance business because they maintained deposits worth HK$200,000 in Singapore under the Singapore Fire Insurance Companies Ordinance. Under the present Section 11(4), which was introduced into the Ordinance by the Fire and Marine Insurance Companies Deposit (Amendment) Ordinance No. 25 of 1953 in place of the former Section 11(1), such deposits only entitle the companies to exemption from having to maintain deposits in respect of fire insurance business. One company has not made the necessary deposit for marine business but is being asked to do so.
CERTIFICATE OF THE DIRECTOR OF AUDIT
R. H. MUNAO, Acting Registrar General, (Registrar of Companies).
The above List of Deposits has been examined in accordance with Colonial Regulation 257. I have obtained all the infor- mation and explanations that I have required, and I certify, as a result of this audit, that in my opinion the List of Deposits is correct.
---
---
100,000
..
200,000
100,000
AUDIT DEPARTMENT,
Hong Kong, 22nd August, 1960.
W. J. D. COOPER, Director of Audit,